Forex Truck EA Review
The Forex Truck EA is a forex robot that uses a martingale strategy on the 1-hour charts of the USD/CAD currency pair in the MT4/5 platforms.
The Forex Truck EA is an automated forex trading robot that runs in the MetaTrader platforms. It can scan the forex market for trading signals based in its built-in algorithm. When it finds what it deems to be a valid trading signal, the expert advisor can place and manage trades on behalf of the user. Alternatively, you can set the software to send you alert notifications if you prefer to check each signal that it generates and trade manually. You will need the MT4 or MT5 desktop platform up and running in order for the Forex Truck EA to function. If it is not possible to keep your computer switched on, a Forex VPS can be a useful solution as it will allow you to remotely run the MetaTrader platform 24/7. In this Forex Truck EA Review, we will take a look at the strategy, features and results, to help you decide if this is a forex robot that you would like to use.
The Forex Truck EA has been developed to trade on the 1-hour chart timeframe of the USD/CAD currency pair. It is 100% automated and can be used on any forex broker that offers the MT4 or MT5 platforms. Users can just attach it to their platform and it can handle the rest. It is ready to use out of the box with the default settings but you will want to adjust the risk accordingly, especially due to the fact that it uses a martingale system which we will discuss below.
The Forex Truck EA strategy is based on two blocks that goes as follows:
First Trading Block
To begin with, the software will look for the ideal entry point and use fixed lots for the positions that it takes. Depending on the market conditions, the Forex Truck EA may open multiple orders and try to close them in a profit. However, if the market condition changes, the system may exit all positions for a small loss to try and avoid unnecessary drawdowns. In an instance where trades are not close, the second block can be executed.
Second Trading Block
If the trade positions from the first block have been open for a while and are in a loss, the second block is designed to try and fix the situation and eventually close all trades in total profit. The trading algorithm of this particular block will open additional orders based on the underlying market movement. These orders could be opened by the Forex Truck EA with increasing lot sizes, in an attempt to make up losses from the unsuccessful trades.
It should be noted that the Forex Truck EA uses a martingale money management strategy. The martingale strategy involves doubling up on losing trades and reducing winning bets by half. It is essentially a strategy that promotes a loss-averse mentality that tries to improve the odds of breaking even, but also increases the chances of severe and quick losses. It is imperative that you have a clear understanding of how a martingale strategy works and if it is something that you are comfortable with before even considering this particular forex robot.
Risk Control
That being said, the developers have implemented a risk control feature with the purpose of trying to limit drawdowns and protect funds. In the case of failure and multiple losing positions being opened by the martingale system, you can set a specific limit to how much drawdown you are willing to allow. The Forex Truck expert advisor uses a stop loss and constantly monitors the status of orders in real time so that it can close all orders immediately if required. All of this works in accordance with a customised risk value that the user specifies in the settings of the software.
When choosing a trading robot, one of the most important things to do is to check the latest results and see how it has been performing historically. Whilst this is no guarantee of future performance, it can help to give us a rough idea of the trading system being used.
Forex Truck EA Myfxbook
Here you can see a graph that shows how the verified Forex Truck EA Myfxbook account has been trading. Clicking on the graph will take you to the Myfxbook page where you can view the statistics in more detail. Impressively, the software has been running on a real money account for a number of years.
Forex Truck EA Backtesting
The developer has shared a couple of Forex Truck EA backtests from the MT4 strategy tester, showing performance of this forex robot based on historical data with normal and aggressive settings. The backtests are limited to 90% modelling quality which means they were not conducted in the best possible test conditions.
We would have preferred to see 99% modelling quality backtests that used real tick data, variable spreads and included commission. This could have had a significant impact on the Forex Truck results, especially when using a martingale system that could possibly go wrong in just one trade.
Forex Truck EA uses a 2-step system that aims to make a profit from the USD/CAD currency pair regardless of the direction that it is moving. Although it uses a martingale money management strategy, you can still set drawdown limits according to your own risk preference. The developer has kindly provided backtests and verified Myfxbook account to get an idea of how the software has performed historically. It comes with instructions for a quick setup, full support 24/7 and a 30-day money back guarantee.
What is the Forex Truck EA price?
Forex Truck costs $329 which includes 1 live account license which you can switch between accounts at any time.
Where can I download the Forex Truck EA?
You can download the software from the official Forex Truck EA website here.
What kind of customer support does Forex Truck EA offer?
You get 24/7 customer support via email.
What are the best brokers to use with the Forex Truck EA?
The Forex Truck EA has been designed to work with any forex broker that provides the MT4 or MT5 platform. Whilst it does not require specific spreads or commissions, choosing a forex broker with tight spreads and low commission fees, can help to save on trading costs.
What’s the minimum amount required to trade with the Forex Truck EA?
There is no minimum amount required to start using this forex robot. As with any manual or automated trading system, you should only ever invest what you can afford to lose.
What is the Forex Truck EA refund policy?
Forex Truck has a 30-day refund guarantee.
Is the Forex Truck EA a scam?
No, we don’t believe that the Forex Truck EA is a scam but this is no guarantee on how good or bad the results will be. The forex markets are highly volatile and unpredictable.
Can I get the Forex Truck EA for free?
You may be able to score the internet for a free copy of the Forex Truck EA but it is probably going to be an old version that is not supported and potentially dangerous.
What currency pairs does the Forex Truck EA trade?
The Forex Truck EA has been developed specifically for the 1-hour charts of the USD/CAD currency pair.
What are the best Forex Truck EA settings?
Apart from the risk settings which depend on the indicial user, the best settings for the Forex Truck EA are more than likely going to be those that are provided by the developer. Nobody should know more about the implemented trading algorithm and how it works than the person who created it.
Can I change the Forex Truck EA settings?
If you have the knowledge and experience, you are free to experiment with your own settings, this includes the lot size, stop loss, take profit, and more. You may wish to test your settings on a demo account to begin with. You could also backtest the robot in the MetaTrader strategy tester with your own combination of settings to get a rough idea of historical performance. For this we would always recommend 99% modelling quality.
What do I need to run the Forex Truck EA?
You will need either the MetaTrader 4 or MetaTrader 5 desktop platforms and an account with a forex broker. Most forex brokers will let you open a free demo account or an account with a small deposit and provide the MetaTrader platforms free of charge.
How much money can I make with the Forex Truck EA?
There cannot be any guarantees on the results of any trading robot due to the unpredictable nature of the markets. You should have a clear understand on all of the risks involved using any automated trading robot such as the Forex Truck EA.
Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.
