Forex Herd Review

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Broker Platform : Metatrader 4 (Work on both 4th and 5th decimal digit brokers)

Back-test and Forward Test Generated With : Alpari UK

Price : S99

Refundable: 60 Day Money-back Guarantee

A package consists a portfolio of 7 EAs on 7 different currency pairs:

1) EUR/CHF

2) EUR/USD

3) GBP/CHF

4) GBP/USD

5) USD/CAD

6) USD/CHF

7) EUR/GBP

All of the EAs uses scalping strategy.

1. Money Management

Money management setting parameters included and customizable according to one’s risk appetite. The option of being able to trade multi currency pairs may be tempting so for those who are just starting out or seasoned EA traders, it is always advisable to start with 2-3 pairs on demo trading to observe the potential of the EAs first.

2. Draw-down

We did a backtest result of 5 years with drawdown % ranging from 0.59% to 14% which is well within our review team expectation and very impressive as well.

3. Ease of Use

It is relatively easy to install where most of the installation help are featured in their guide.

Their other parameters featured in their EA is also explained in the guide clearly.

One note is that you have 7 different EAs for 7 different currency pairs so just make sure you attached the right EA to the right chart.

4. Honest Result

Currently, we are forward testing Forex Herd EA in a Alpari-UK demo account with the EA provided to us from Forex Herd developer for the purpose of reviewing and providing honest feedback.

Click below for Backtest results  for all 7 currency pairs

ForexHerdBacktest

Trade analysis on default settings:

Forex Herd is to be used on a 15 min chart for all the 7 EAs.

Default take profit: 6

Default Stop loss: 60

TradeGMTHour20: False

TradeGMTHour21: True

TradeGMTHOUR22: True

TradeGMTHour23: False

Default Risk: 5%

Default Money Management: True

So from the default settings the risk to reward ratio will be 10:1 and having 5% of your account risk for each trade.

From the backtest results, it will take around 10 trades to recover back a single loss.

Here is our forward test result:

Click below to view our forward test result

We will be starting with 3 outstanding pairs from our backtest results for forward testing which are:

1. EUR/CHF

2. EUR/GBP

3. GBP/CHF

which will be tested at their default settings.

By the result from the backtest is impressive with low drawdown, higher frequency of trades and impressive equity curve. But more time is needed to able to determine its potential  from forward test and will be updated.

5. Features

There is an option in its parameter for allowing trading during certain GMT period.

4 of the GMT periods to be exact which allows trading during 2000GMT, 2100GMT, 2200GMT and 2300GMT period. You can activate or deactivate the time period for trade with the given default options of 2100GMT and 2200GMT already being set to true.

These purpose of the parameters are explained in the manual clearly but the strategy for its usage of this parameters will have to be clarified further with Forex Herd.

6. Weaknesses (If Any)

So far, we have not seen any obvious weaknesses in Forex Herd EA as it currently does its job as a scalping strategy to enter numerous trades for what we have backtested.

7. Support

Good support with replies to our email within 24 hours. Provided us with detailed answers to our questions.

Summary

With  flooding of scalping EAs in the market right now, it is hard to discern the potential of an EA as many others are also claiming to be the best at what their EA can do. Only time will tell which EA can attest its true potential as a winner or just another flop. In this case for Forex Herd EA, it is easily affordable to most traders out there at $99 and having pass our first test from its backtest result being impressive. Although we did saw how Forex Herd perform quite well in their live account in their default settings during these past weeks especially with the problem in Europe, we need to test it ourselves to verify its credibility in forward testing and will therefore revise its rating.

Rating:

7/10

Feel free to use this article on your website or ezine as long as the following information about author/website is included.

Charlie examines existing Forex EA products on the market and starts analysing and testing critically to add to the current portfolio of dynamic and profitable trading systems. By publishing all the research papers and detailed analysis online, he seeks to educate potential investors and traders on the world of trading the forex market with automated systems.

To read more about these research papers and analysis, go to

http://www.FxEAReview.com

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