Forex Warrior EA Review: Is It The Best or Nothing?
Forex Warrior EA is a trading robot which utilizes grid and martingale-based strategies. It looks for trends and opens multiple positions in the same direction with respective stop losses implemented. Entry is by limit and stop orders.
Based on what is presented on the Forex Warrior expert advisor sales page, I can say that this is one of the riskiest trading robots to trade with in a live Forex account.
Therefore, in this Forex Warrior EA review, I will present my facts here and also why I strongly believe that this Forex robot is a money loser.
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Forex Warrior Expert Advisor Review: Is this EA reliable and worth it?
First of all, we begin with pricing of this EA. The cost of this expert advisor is $179 (which is a one off payment).
However, if traders are not sure, there is a subscription-based pricing plan which enables them to pay $59 for 3 months before the license can be theirs for a lifetime.
The vendor is accepting payment through a wide range of channels such as WebMoney, PayPal and Skrill.
I was not able to establish who this developer was on their website forexwarrior.argolab.net. However, the domain has been around since 2013 and is set to expire in October 2018.
Forex Warrior myfxbook performance
Given that this unknown developer has been around for quite some time, it makes sense for us to see how they have been performing.
This can be independently verified through their Forex Warrior myfxbook account.
Indeed there are many different Forex Warrior myfxbook accounts on their sales page. Strangely, none of those myfxbook accounts have been verified in both track record and trading privileges.
Some of these myfxbook accounts begun tracking results as early as 2013 when the website of this vendor first appeared online.
Each one of those myfxbook accounts is showing some positive gains and a rising line graph which suggests that the Forex Warrior EA has been performing well over time.
The problem with an unverified myfxbook account is that it can be manipulated, and the results we see here are definitely not independently certified by myfxbook.
And even if they were verified, I’m sure that a grid and martingale system wouldn’t last a long time.
Every Forex robot that I came across tends to have one or more setbacks these days. Even an EA that looks decent is somehow plagued by these problems. I wish developers were more keen on how they present myfxbook results.
Forex Warrior Review: why I don’t recommend this EA
Grid and Martingale systems are very dangerous strategies of trading because they open multiple positions at once and and thus ignoring the crucial principles of money management and risk reward.
Any Forex robot that utilizes grid and martingale strategies won’t preserve your capital. Any one or a series of trades gone wrong will result in a huge draw down. You are not likely to recover from this draw down because somewhere along the way, a series of trades will go wrong and that will result in magnified account losses.
It is for this reason that I am not recommending Forex Warrior EA. It also explains why the vendors myfxbook accounts are not verified. This EA cannot trade a live Forex account long enough to last a week.
At this point in time, I feel that Forex Warrior EA is a risky investment.
You have two choices to make. You can either explore our top rated expert advisors or opt to get proper training where we learn the basics of how to trade for consistent profits.
Otherwise, thank you for reading this Forex Warrior EA review. Feel free to drop your thoughts in the comment section.