Waka Waka EA Review
The Waka Waka EA is a leading forex robot for MT4/5 with years of excellent verified results and dedicated support from a #1 ranked MQL developer.
This Waka Waka EA is an MT4/MT5 trading robot that is developed by the very talented Valeriia Mishchenko from Valery Trading and is ranked among one of the best trading robots on the MQL marketplace – the number one source for expert advisors. Valeriia has studied algo-trading and global economics for over two decades and been programming automated trading strategies for over 10 years, with one of them reaching +6300% account growth with over +58 consecutive months in profit, all of which live track-records are available on third-party verified Myfxbook profile as well as on the live signals of the MQL market profile.
The Waka Waka EA is an automated forex trading system that runs in the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. You will need the desktop version of either MetaTrader platform up and running in order for the Waka Waka expert advisor to analyse the markets, place trades and manage open positions. It uses a unique and innovative trading algorithm with real market mechanics that are optimised for stability and long-term growth.
The Waka Waka EA strategy is based on an advanced grid trading system. This means that is will try to catch the market regardless of the direction in which it moves. Hence, money management is a very important aspect of its success as it needs to make sure that it can protect the account should the market continue against open positions. As per the verified results and extensive back tests, it seems to do a good job of this.
The actual entry signal is based on a combination of technical analysis and price action. This includes some of the most popular technical indicators such as the Relative Strength Index (RSI) and Bollinger Bands. This is a great combination because it ensures that the EA is taking into consideration both trending and ranging market conditions. Therefore, it can trade reversals and breakouts in direction of the overall trend.
How Does It Work?
- Buy a license for the Waka Waka EA
- Download the MetaTrader files and instructions
- Install the expert advisor on your MT4/MT5 platform
- Place the Waka Waka EA on your charts for auto trading
- Check the performance!
The Waka Waka expert advisor has fully customisable settings that you can amend according to your own requirements. However, the developer has already optimised the EA so it does come with 3 different preset files which means that it is ready to use straight out of the box if you prefer. This makes it an option for traders of all experience levels. Beginners can simply setup the robot on their charts and let it get to work, whereas the more advanced trader may wish to experiment with settings and run their own optimisations on various financial instruments and timeframes.
Currency pairs and timeframes
The Waka Waka EA has been developed primarily for the EUR/USD, GBP/USD, AUD/CAD, AUD/NZD and NZD/CAD currency pairs. You will find that these pairs should have enough liquidity to make sure your broker delivers low spreads and reliable trade execution speeds. It trades on the 15-minute charts, so can avoid the noise of the lower chart timeframes whilst having the potential to discover plenty of trading opportunities. You don’t need to adjust the trading hours as the EA does this automatically which can save some hassle trying to configure the difference in time zones.
Bult-in risk settings
The Waka Waka robot comes with a variety of different built-in risk settings that you can choose from, ranging from low to high risk. We all have our own individual risk preferences, so it is good to be able to choose depending on your own appetite for risk. As with all trading systems, the higher the risk, the higher the potential reward. That being said, you should only ever risk what you feel comfortable with.
Profit calculator
There is a feature where you can calculate your potential profits from using the EA. These results are calculated depending on your deposit size and risk settings. Your estimated total profit will appear on the right-hand side of the calculator, along with your estimated monthly gain and drawdown.
This can give you an idea of the what the difference between using low and high risk can have on the account so that you can choose accordingly. It is important to keep in mind that this is based on historical data and by no means any guarantee of performance.
Software updates
It is important that an EA developer takes time to work on improving their trading software so that it can stay relevant to the dynamic financial markets. Whilst the Waka Waka EA already uses real market mechanics to adjust to the current climate, it is refreshing to see that it is constantly updated, incorporating some of the latest innovations when it comes to automated trading systems.
Trading brokers and platforms
You can use the Waka Waka EA on any trading broker, provided that they have either the MT4 or MT5 platform. It doesn’t matter if you use the MT4 or MT5 platforms as the trading algorithm is the same on both. Many forex traders still use the MT4 platform but the MT5 platform does have better back testing capabilities if that is something that you want to explore.
The EA is not sensitive to individual brokers and you can even run on multiple broker accounts if you want to compare performance. Just like any expert advisor, the lower the broker spreads and commission fees combined, the better prices you can get and the more you can save on trading costs in the long run.
Online community
There is an exclusive Telegram Group community, filled with thousands of active expert traders and Waka Waka EA users. This is a great place to share ideas with and learn from like minded traders. This is not something that you will see from many other EA’s and can help users to get the most out of the Waka Waka expert advisor.
Excellent support
In terms of customer support, the Waka Waka EA is second to none. The robot developer Valeriia will personally respond to you and answer any questions that you may have. Excellent customer support is available 24/7 for anything you might need, including remote configuration via AnyDesk. There are instructions and easy to follow installation videos provided with the Waka Waka EA download, but this can be very helpful for those of you who are not confident about getting things setup.
Forex VPS
A forex virtual private server (VPS) is ideal for running automated trading system around the clock without needing your own computer switched on. You can get access to a custom forex trading optimized cloud server to ensure the Waka Waka EA is running 24/7 for you.
Free bonus
You will be pleased to hear that the Waka Waka expert advisor comes with some free bonuses. This includes a handy volatility filter indicator and 6 months of the Valery Trading VPS. This can save quite a bit of money given the monthly cost of a forex VPS.
Pass FTMO challenges
You can use the Waka Waka EA to pass the FTMO challenge or other prop firm challenges. Just make sure that you check the trading challenge conditions and see if you need to adjust some of the EA settings to ensure that you stay within the trading rules and can achieve the profit objectives within the allocated timeframe. You will also need to confirm that the prop firm does allow automated trading with expert advisors, although the majority do, including FTMO.
As mentioned above, the Waka Waka robot does come with 3 preset files that have already been optimised by the developer. You just need to choose and load your desired set file from the provided downloads and all of the EA inputs will be updated for you. You can see a comprehensive list of the input settings that can be adjusted below.
MM & Risk settings
- Allow Opening a new Grid – on/off opening of new grids. It does not affect the already open grids
- Lot-sizing Method- select the lot sizing method according to the risk you want to take: Fixed Lots will use fixed lot size from the “Fixed lot” parameter, Dynamic Lots will use ‘Dynamic Lot’ parameter, Deposit load will calculate lots based on deposit load%, and 4 predefined presets will calculate risk automatically for you
- Fixed Lot- fixed trading lot for the initial trade.
- Dynamic Lot (Balance/Equity based)- balance/equity to be used per 0.01 lot
- Deposit Load % – % of the deposit that will be totally used to open the initial trade
- Maximum Lot- max allowed trading lot
- Maximum Spread, in pips- maximal allowed spread
- Maximum Slippage for a non-ECN acc, in pips – max allowed slippage
- Maximum Symbols at a time – max allowed number of symbols that can be opened at the same time
- Allow Hedging – allow opening multi-directional trades on the same symbol
- Allow Trading on Holidays – on/off Christmas/New Year trading filter
- Allow to Buy/Sell- on/off Buy/Sell trades
- Maximum Drawdown Percent- if current floating drawdown exceeds the specified % the EA will close open positions
Strategy
- Symbols- symbols separated by comma (custom if empty)
- Bollinger Bands Period- period of BB used to calculate the upper/lower levels
- RSI Period- period of RSI used to filtering out trades with small potential.
- Maximum RSI Value – value for the RSI filter
- TakeProfit for Initial Trade, in pips- take profit for the initial trade (if no grid trades opened)
- TakeProfit for Grid, in pips(weighted if zero) – take-profit for the grid. If zero, then TP is weighted, i.e. it is equal to TP of the initial order in money (not in pips!)
- StopLoss for Grid, in pips(1000 pips if zero) – stop-loss for the initial/grid trades
- Hide StopLoss – on/off stop-loss hiding
Grid settings
- Trade Distance – min. step in pips between grid(averaging) trades
- Smart Distance – auto- adjusts the trade distance depending on market volatility
- 2nd Trade Multiplier- multiplier for the 2nd trade
- 3rd-5th Trade Multiplier- multiplier for the 3rd-5th trades
- 6th- Trade Multiplier- multiplier for the 6th-…. trades
- Maximum Trades- max number of grid(averaging) trades
Others
- Trade Comment- comment for orders
- UID (0…9)- unique EA instance number. Usually no need to change it
- ShowPanel – on/off Info-panel
If you are considering buying the Waka Waka EA, then you will certainly want to check out how it has performed over many years of historical data. Verified results and back tests give us a great way to see how good or bad the results of any expert advisor are throughout various different market conditions. Some may only do well given the ideal economic climate, so the longer the account has been running, the better. This means there will be plenty of statistics to analyse how the EA trades so that you can see if it meets your needs. Let’s take a look at Waka Waka EA results verified by Myfxbook and historical results based on backtesting in the MetaTrader strategy tester.
Waka Waka EA Myfxbook
When it comes to forex trading robots with proven results, the Waka Waka EA is leading the way. This is because it has a proven track record of around 5 years running on a live account that shows an impressive 58+ consecutive months of profit. It has made consistent gains with a relatively low drawdown. You can check the results to see how the robot has done during recent market conditions.
Waka Waka EA Backtesting
In addition to real account results, back tests are another way to analyse the performance of an expert advisor over historical data. Whilst they have their limitations and are not as good as real results, it shows that the developer knows what they are doing and can give us a rough idea of the trading strategy implemented within an EA. That being said, the Waka Waka EA has been intensively back-tested over 20 years of real tick data with consistent top-notch results.
The multi-currency backtesting results above were conducted in the MT5 platform and show how the EA traded over 13,806 trades. This is a huge amount of data and gives us plenty of insight into the consistency of the Waka Waka expert advisor. What’s most impressive, the backtest are using tick data, real variable spreads and include commission. This is as accurate as backtesting in the MT5 platform can get.
Overall, the Waka Waka EA is one of the leading trading robots that is offered by the #1 ranked MQL developer with several expert advisors considered to be among the best on the market. This is backed up by real live verified account results, an innovative trading system that is frequently updated and excellent customer support.
You can see the results for yourself and even give it a try on a demo account by taking advantage of the free Waka Waka EA trial. It is not the cheapest expert advisor on the market but as the old saying goes, sometimes you get what you pay for. It also comes with a generous 30-day money back guarantee is it does not live up to your expectations.
Valery Trading have other top performing trading robots that you might want to check out including Night Hunter Pro EA, Evening Scalper Pro EA and the Golden Pickaxe EA.
What is the Waka Waka EA price?
The Waka Waka EA costs $2,00, although you can get a discounted price of $1,800 by purchasing directly from the Valery Trading website rather than the MQL marketplace.
Where can I download the Waka Waka EA?
You can download the Waka Waka EA from the Valery Trading website here.
What kind of customer support does Waka Waka EA offer?
Valery Trading provide excellent 24/7 support via email and Telegram. They can even connect remotely to your computer to help you get setup or do the setup for you on a VPS.
What are the best brokers to use with the Waka Waka EA?
You can use any MetaTrader 4/5 broker to run the Waka Waka EA.
What’s the minimum amount required to trade with the Waka Waka EA?
There is no specified minimum amount required to start using this forex robot. You should only use what you feel comfortable with and can afford to lose.
What is the Waka Waka EA refund policy?
If you are unhappy with the software for any reason, there is a 30-day refund policy when bought from the official website, compared to a 7-day policy when purchase via MQL.
Is the Waka Waka EA a scam?
No, Waka Waka EA is not 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 Waka Waka EA for free?
You probably could spend countless hours looking for a free version of the Waka Waka EA being shared illegally but it is likely to be out of date, unsupported and potentially dangerous.
What currency pairs does the Waka Waka EA trade?
In theory, the Waka Waka EA could trade on any currency pair or other financial instrument available in your trading platform. That being said, the developer has optimised the EA for the EUR/USD, GBP/USD, AUD/CAD, AUD/NZD and NZD/CAD currency pairs.
What are the best Waka Waka EA settings?
The best settings for the Waka Waka EA are those 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.
Can I change the Waka Waka 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 Waka Waka forex 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 Waka Waka 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 an account with a small deposit and download the MetaTrader platforms free of charge.
How much money can I make with the Waka Waka EA?
There are absolutely no guarantees on how good or bad any trading robot will perform. Due to the unpredictable nature of the 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 Waka Waka 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.
