Odin Forex Robot Review
The Odin Forex Robot is an automated forex trading system that uses a grid strategy and has been designed to run in the MT4 platform. Despite its features, the robot doesn’t have any verified results or backtests available.
The Odin Forex Robot is an automated trading system from Don Steinitz that is designed to run on charts in the MetaTrader 4 terminal. It uses a built-in algorithm that automatically scans currency pair charts for potential trading signals. When the Odin Robot finds what it deems to be a valid signal, it can place and manage a trade position on behalf of the user. The software can also be set to semi-automated in which instance it will send a trading signal alert via push notification, SMS or email. From then on, you can decide whether to enter the forex market based on your own additional analysis. In this Odin Forex Robot Review, we will look at the EA’s key features, trading strategy and perhaps most importantly, its results.
The Odin Forex Robot uses a grid trading strategy to automatically find forex signals. All of the grid trading rules are coded directly into the software. Odin monitors the market 24 hours a day, 5 days a week. If you cannot always have MT4 up and running on your computer, then you may wish to consider a Forex VPS which will allow you to run the MT4 platform around the clock.
Grid trading is most commonly associated with the foreign exchange market. Overall, the grid technique seeks to capitalize on normal price volatility in an asset by placing buy and sell orders at certain regular intervals above and below a predefined base price. Because levels are set on both sides, this is sometimes referred to as a double grid trading strategy.
An advantage of grid trading is that it requires little forecasting of market direction and can be easily automated. The principle behind a successful grid trading strategy with the trend is that if the market price consistently moves in one direction, your position to capitalize on it gets larger. As the price rises, the grid triggers more buy orders causing your position to grow. Your position can grow and become more profitable if the price continues to run in this direction. Odin uses automated protective stops which move behind each candle to try and lock in any profit while the trade remains open.
On the other hand, grid trading can be very dangerous and has the potential for gigantic equity drawdowns. If we have so many sell trades open and the market continues moving up, just imagine how large the losses from the original sell trades can be. The same applies to if we had lots of open buy positions and the price kept falling. Therefore, we believe grid trading robots to be very risky and only suited towards a specific type of trader.
This software has been designed by Don Steinitz and a team of programmers that are well versed in the MQL code, the programming language used for the MetaTrader platforms. They initially started out with a basic design and have ended up with the final product known as the “Odin Forex Robot”. Don has been quite a controversial figure in the forex industry, with complaints being made about the performance of his software and lack of verified results.
Some of the key features of the Odin Forex EA include the following:
Fully Automated
The Odin Robot can automatically open, manage, and close trades on behalf of the user. It can also be used to send trading signals if you prefer to maintain control over your activity and trade manually.
Grid Trading Strategy
The software uses its unique trading algorithm to plot chart prices in real time whilst attempting to find the best possible entry and exit points with minimal lag.
Real Time Broker Shield
This is a popular feature that you will find in many commercial forex robots. It is technology that keeps your trade and terminal information hidden from brokers. The purpose of the broker shield feature is to prevent the Forex Odin Robot from taking a position if the current trading broker conditions are deemed unsuitable. This means it will not trade if the spread is too high or there is too much slippage.
These are factors that can have a great impact on the success of any trading strategy, essentially helping to avoid highly volatile forex markets. For best results, we would always choose a forex broker with tight spreads, low commission fees and reliable trade execution speeds.
Money Management
The Odin Forex Robot has built-in money management which calculates the lot size for you automatically. You can choose your desired risk size whilst micro, mini, and full lots are supported.
Fully Optimized Settings
The Forex Odin Robot comes with pre-optimized settings for over 20 popular forex pairs. You are also free to experiment with the EA settings and adjust them according to your own needs. Otherwise, it can be used as is, with instructions provided for a setup process that shouldn’t take more than a few minutes if you already have the MT4 platform installed.
When it comes to choosing a forex robot, one of the most important things we look for are verified results and top-quality backtests. Without these to hand, it is impossible to get an idea on the historical performance of a particular trading system. Let’s take a look as the Odin Forex Robot results, or should we say the lack of results.
Odin Forex Robot Myfxbook
Unfortunately, the Forex Robot Trader team have not shared any real verified Odin Forex Robot Myfxbook accounts for us to see how good or bad this trading software has been performing recently. This makes us wonder if the expert advisor is actually being used on a live account.
Odin Forex Robot Backtesting
With the lack of results from a real trading account, we would at a bare minimum expect Odin Forex Robot backtests over historical data. Disappointingly, the developer hasn’t even provided any backtests so we cannot see how this grid trading robot held up across various market conditions.
Despite the development team implementing a range of innovative features in the Odin Expert Advisor and them having many years of experience in the forex industry, the product is let down by a lack of transparency in terms of verified results. We don’t even have any backtests to go by whilst there is a no refund policy. For these reasons, we would look for an alternative forex robot such as the Forex Flex EA. If you are curious and attracted by the reasonably low-price tag, we would certainly only run this robot on a demo account to begin with.
What is the Odin Forex Robot price?
The Odin Forex Robot costs $99.
Where can I download the Odin Forex Robot?
You can purchase and download the Odin Forex Robot from the official website here. All future upgrades will be sent to paid licensees at no extra charge by email.
What kind of customer support does Odin Forex Robot offer?
If you have a sales question or need support, you can reach the Forex Robot Trader customer support team via email using a contact form on the developer’s website. There is also an online support centre which provides a resource of information and helpful guides.
What are the best brokers to use with the Odin Forex Robot?
You can use any MT4 forex broker to run the Odin Forex Robot. In general, the lower the broker spreads and commission fees, the more you can save in trading costs over the long term.
What’s the minimum amount required to trade with the Odin Forex Robot?
The software does not require any minimum amount to get started. Typically, a micro account can be opened with as little as $1, depending on the broker you choose. Obviously, you can open your account with any size balance and trade with as much as you would like. However, it is important to only trade what you feel comfortable with and can afford to lose.
What is the Odin Forex Robot refund policy?
The Odin Forex Robot website states that all sales are final and there are no refunds.
Is the Odin Forex Robot a scam?
We cannot say for sure if Odin Forex Robot is a scam as we do not have any verified results to see how it has been performing. This may be a red flag for some potential users whilst we would prefer to see some verified Myfxbook accounts before using any forex robot.
Can I get the Odin Forex Robot for free?
If you are willing to spend the time looking around online, chances are you could find a free copy of the Odin Forex Robot. However, it will need come with support, maybe outdated and is probably a pirated copy.
What currency pairs does the Odin Forex Robot trade?
The Odin EA can trade a diverse mix of 20 popular fx currency pairs.
What are the best Odin Forex Robot settings?
The best settings for the Odin Forex Robot are most likely going to be the preset parameters provided by the developers. Other than that, you will need to adjust the risk to a level that you feel comfortable with as every trader is different with a different risk tolerance.
Can I change the Odin Forex Robot settings?
Yes, if you have the knowledge and experience, you could experiment and test your own Odin Forex Robot settings on demo accounts. The MT4 strategy tester can be used to test a combination of settings to get a rough idea of historical performance.
What do I need to run the Odin Forex Robot?
The Odin EA was designed to run inside of the MetaTrader 4 forex platform. The majority of trading brokers offer instant free access to MT4 demo accounts. You can simply drag and drop the Odin Robot onto your MT4 platform and attach it to any forex currency pair chart. Installation is quite simple and shouldn’t take more than 5 minutes to complete. Keep in mind that forex robots cannot be run from mobile phones or tablets. You will need the MT4 desktop terminal.
How much money can I make with the Odin Forex Robot?
There is no guarantee on the results of the Odin Forex Robot. Due to the unpredictable nature of the forex market, nobody can predict with certainty what will happen in the future. You should make sure that you understand all of the significant risks involved using any automated forex trading strategy such as the Odin Forex Robot.
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.
