The Forex Growth Bot Expert Advisor is not a brand new EA but has actually been around for a couple of months now.
Having seen a number of positive reviews among early adopters of the system and also having been made aware that the vendor has recently dropped the price of the system, we decided to check it out for ourselves.
| Where To Buy: | Forex Growth Bot |
| Price: | $99.99 |
| Currency Pairs | EURUSD |
| Time frame | 15 minutes |
| Type: | Trend |
| What You Receive: | Forex Growth Bot installer, manual |
| Guarantee: | 60 Day Money Back |
The Strategy
The strategy of Forex Growth Bot seems to have followed a progressive path of development since its initial release. This means that early reviews of the system don’t provide a true reflection of the way in which the EA performs today.
Several performance enhancements have improved both the stability of the software as well as providing more optimised trade entries.
This is essentially a ‘trend’ strategy EA which at its core makes use of a volatility indicator to identify the beginning of a trend.
Once confirmed an initial position is opened with further orders being added as the trend is confirmed. This offers the potential for high profits to be made when the robot identifies the trend correctly.
For those times when the trend is called incorrectly, the initial position is closed out and no further trades are opened.
Forex Growth Bot does not boast of a high win rate, nor in fact does it need one. Over the longer term the win ratio of the system is close to 40%. Now this may not sound too impressive when compared along side the likes of say, Forex MegaDroids mighty 95%+ win rate.
The difference with the strategy used here is that the typical risk reward ratio is around 1:5 (1 pip risked for 5 pips profit). This is completely the opposite to Forex MegaDroids 12:1. This strategy backs winners and cuts losers quickly.
There is both a standard version of the Forex Growth Bot EA or a ‘Power Source Edition’. In addition to the standard optimized settings, the Power Source Edition offers access to various system parameters including an options to set fixed Take Profit and Stop Loss levels (by default the system uses soft targets), an option called Wave Trailing which provides the ability for a dynamic stop loss and a couple of other minor features that may be of interest to more advanced traders.
For most users the standard settings will however suffice. These are the settings we are running in our live forward test.
Published results of the system are impressive. You can gain full access to a wide range of live account results and a wealth of back tests on the vendors website.
Set up
This is a simple EA to set up and use. An installer is provided which simply requires you to click through the options and select your MetaTrader folder for installation. The limited settings in the basic version of the EA make this a pretty much plug and play affair.
The strategy is optimised to run on the 15 minute chart time-frame on the EURUSD pair. However the EA is not locked to only this currency pair so can experiment with the strategy across other currency pairs and chart time-frames.
Both 4 and 5 digit brokers are supported. As is the case with any Expert Advisor you may experience different results depending on the broker used.
BackTest Results
EURUSD 2011
EURUSD 2010
EURUSD 2005-2010
A quick run up on the MetaTrader Strategy tester using Alpari UK data makes for quite pleasant viewing. You can click on each of the charts below to drill down into the full Strategy test results.
It is no surprise to find that the trend following strategy used here is dependent upon strong trends existing in the market in order to perform at its best.
During periods where the market is ‘range bound’ the performance is much less pronounced, as is evidenced by the long periods of sideways movement shown in the tests.
However even when trading these periods that are unfavourable to the strategy, the system seems to be able to preserve trading capital. Maximum Drawdown remained under 6% across all testing periods which is impressive.
Verdict
The Forex Growth Bot Expert Advisor has a lot of things going for it. Firstly it is one of the very few strategies that we see which makes use of favourable risk/reward settings. This is something that helps to stack the odds in the favour of the strategy from the outset.
Secondly for those who like to see some trading action on their accounts this system is happy to accommodate. It is a frequent trader which means you are likely to several trader taken by the system each week.
As mentioned above there did seem to be some disconnect issues which could cause open trades to be lost when the system was first reviewed. However the latest 1.7 version of the indicator seems to have resolved many of these early problems.
Ultimately any strategy is judged by its performance and on this score the system looks set to excel. You will however need to re-educate yourself if you are used to using the usual low profit/ big loss systems out there.
Forex Growth Bot hits a few losers but when it wins, it tends to win big. Patience is needed as there will be periods of weeks or even months, when sideways movements in the markets will see gains limited. However the longer term potential of this strategy is obvious.
This is real grown up Forex trading for a pocket money price.
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