The Skilled Trader Review
The Skilled Trader EA is an automated trading robot developed for the MT4 platform that is auto updating to try and adapt to the current market conditions. However, the verified trading account is out of date and there are no backtests available.
The Skilled Trader is a forex expert advisor that updates, adapts and trades automatically in the MetaTrader 4 platform for desktop. It was developed by the LeapFX team who have a whole host of commercial forex robots available that you can purchase including DynaScalp, Trade Explorer, Bounce Trader, AX Trader, Jet Trader Pro, The Fund Trader, Automic Trader, InstantEA, Funnel Trader 2.0, Arbitron, Easy Money X-Ray Robot, News Action Trader and Econ Power Trader. The Skilled Trader will study the charts in MT4 platform for trading signals based on its built-in algorithm that combines 3 principles of forex trading. Once the software identifies a potential trade opportunity, it can enter and manage a position on behalf of the user running the EA in their trading platform. Alternatively, the robot can be set to semi-automated mode in which instance it can send a forex signal alert via SMS or email notification. You could then decide if you would like to manually take the trade according to your own market analysis or wait until the next signal comes along. In this Skilled Trader Review, we will take a look at the strategy it uses, key features and how it has been performing.
- Fully automated forex robot
- Can trade on multiple currency pairs
- Customisable settings
- Not broker dependant
- Auto updating
- No backtests
- Myfxbook has not been updated in years
- MetaTrader 4 only
The Skilled Trader strategy implements an automated forex trading strategy that is based on 3 core principles which are: Follow the big money, manage the risk and adapt to the market. It has been developed to primarily trade gold although it can also be used on some other trading instruments, including the major EUR/USD and GBP/USD currency pairs.
The Skilled Trader attempts to follow trades in line with the overall trend, and will close trades if it determines the trend is changing and there are pullbacks. It will then re-assess and act dynamically based on the situation and handle it accordingly. It essentially tries to ride market trends for you and works around pullbacks and trend reversals.
The Skilled Trader takes into account certain risk factors and automatically manages them for the user. It will attempt to close losing trades for a small loss whilst letting winners run and only allow a certain number of trades open at any time.
As markets tend to move in cycles usually trending or sideways, this trading software will try to identify when markets are changing and adapt to these changes with internal adjustments that consider changes in the range of the market and direction.
This forex robot does not use any scalping strategies so it should not be too dependant on broker conditions. That being said, we would always look for a broker with tight spreads, low commission fees and reliable trade execution speeds. These are all key factors that can help to save in trading costs over the long-term and make sure we get access to some of the best forex market prices available at any particular time.
Now that we have an idea of the Skilled Trader strategy, here we will take a look at some of the robot key features.
The Skilled Trader robot is fully automatic which means that it can do everything from conducting market analysis to placing, managing and eventually closing trades. This makes it a hands-free solution for those who may not have the time to trade manually. Of course, as with any manual or automated trading system, you should be aware of the risk involved.
It can be confusing to know if you are running the latest version of a forex robot, especially if the developer is constantly working on improvements and optimisation just as the LeapFX team are. It is easy to miss an email and be stuck with an outdated version. However, that shouldn’t be a problem with the Skilled Trader EA as it uses a convenient auto updating system to ensure that you always have the latest version and settings running.
Despite the Skilled Trader software not being dependant on certain broker conditions, it can still be wise to avoid unsuitable spreads and too much slippage. That is where the broker filter features of the EA can come in handy. You can set the maximum spread and slippage values that you are willing to accept. If the spread or slippage is greater than these values set, the robot will not trade.
Trend Trading with Volatility Component
Although the Skilled Trader is designed to try and take advantage of trends, it is capable of spotting sideways markets and volatility. Because of this, it is able to fully function and adapt to varying market conditions, including volatile, sideways and trending markets.
Quick & Easy Installation
While this automated trading software is advanced, it is relatively easy to install and setup within minutes. Detailed instruction manuals with screenshots and set files are included so that users can get setup fast, regardless of their experience level. You can reach out to the LeapFX support team anytime and they will be there to assist.
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.
The Skilled Trader Myfxbook
The LeapFX development team have published and shared a real verified Myfxbook account with us so that we can see how the Skilled Trader system has been performing. Unfortunately, the results haven’t been updated for a while. None the less, you can see the results in the graph below from the time that it was running. If you click the graph you will be taken to the Myfxbook page where you can view the robot statistics in greater detail. We would like to see the results updated so that we can gauge more recent performance.
The Skilled Trader Backtesting
Disappointingly, we don’t have any Skilled Trader backtests so we cannot see how it may have traded over many years of historical data in the MT4 strategy tester. We feel that the developer could help potential buyers make their minds up with some 99% modelling quality backtests across various trading instruments and timeframes.
The Skilled Trader is a fully automated trading system that dynamically adjusts to market conditions through instant, free updates performed by the LeapFX team of programmers who have years of experience when it comes to trading robots. The fact that it takes into consideration 3 different elements of trading principles does mean that it is able to adapt to various scenarios. Whilst there is a real verified Myfxbook account showing the robots performance, it has not been updated for a long time. Furthermore, we don’t have any backtests to get an idea of long-term historical performance. If we were to try the Skilled Trader expert advisor, we would only do so on a demo trading account to begin with and see how things go. Alternatively, you may want to take a look at a forex robot with up to date results such as the Forex Flex EA.
The Skilled Trader EA is an automated trading robot developed for the MT4 platform that is auto updating to try and adapt to the current market. However, the verified trading account is out of date and there are no backtests available.
What is The Skilled Trader price?
There are 2 plans that you can choose from. You can pay for a 3-month membership for $247. Or if you pay a year up front the price is $497. You can also purchase a lifetime membership for $899. All options include the Skilled Trader Automated Software, free updates, hands on support and a 30-day money back guarantee.
Where can I download The Skilled Trader?
You can download The Skilled Trader from the official website here.
What kind of customer support does The Skilled Trader offer?
LeapFX provide dedicated email support.
What are the best brokers to use with The Skilled Trader?
You can use any MetaTrader broker to run The Skilled Trader software.
What’s the minimum amount required to trade with The Skilled Trader?
There is no specified minimum amount required to start using this trading software. You should only use what you feel comfortable with and can afford to lose.
What is The Skilled Trader refund policy?
If for any reason within 30 days of your purchase you are not satisfied, just send LeapFX a quick email to let them know and they will refund you.
Is The Skilled Trader a scam?
We don’t think that the Skilled Trader is a scam but that does not mean it will produce good results. No matter how good any trading robot is, none can predict the future.
Can I get The Skilled Trader for free?
You probably could spend countless hours looking for a free version of The Skilled Trader being shared but it is likely to be out of date, unsupported and potentially dangerous.
What currency pairs does The Skilled Trader trade?
The Skilled Trader has been designed to trade on EUR/USD, GBP/USD, and XAU/USD (Gold).
What are the best The Skilled Trader settings?
The best settings for The Skilled Trader are more than likely going to be those that are provided by the developer. Nobody will know the robot more than the person who created it. They would have spent countless hours over many years optimising the settings so that you don’t have to. However, you should always check the default lot or risk size and adjust according to your own risk preferences.
Can I change The Skilled Trader 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.
What do I need to run The Skilled Trader?
You will need the MetaTrader 4 desktop platform 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 MT4 platform free of charge.
How much money can I make with The Skilled Trader?
There are absolutely no guarantees on how good or bad any trading robot will perform, including this one. Due to the unpredictable nature of the financial markets, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved using any automated trading system such as The Skilled Trader 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.