Forex Worldwide Robot review:
Forex Worldwide Robot designed for MetaТrader 4. It works with the part of a trend determining strategy which is the general direction of a market together with appropriate stoploss and takeprofit levels. Trading flow is completely automated immediately after assigning it to a chart. The robot decides when to buy or sell, but trader can disable or enable long or short trades. Max spread, market execution, stop loss, take profit and robot’s general options can be adjusted by a trader.
currency pair/timeframe: EURUSD M15.
As a general method, it is the best way to be in the trend direction and trade with it safely using stoploss and takeprofit, meaning that if the general direction of the market is uptrend, traders should be aware about taking any positions that depend on the trend going in the opposite direction. This strategy is triggered to show itself when there is a potential desire in the market and among both buyers and sellers with signs that are considered to be as a short or long trend direction’s weakening and reverse during both volatile and non-volatile hours of trading. Many indicators such as CCI, ATR, WPR, … are used in order to enhance the robot qualification in trend detection and trading.
Relative drawdown is close to 25% on average (with the broker leverage of 1:500).
Note that results can be incorrect when testing with MetaTrader tester because MetaTrader strategy tester is not working on real ticks; so testing results are not good criteria for evaluation of robot. It is highly recommended to confirm the robot on a demo account.
Tips for getting best results
- When loading the EA to the chart, you will see a set of options as input parameters. All the settings are default and the robot is completely ready to use.
- The minimum balance is $1000 for trade. If you are a risky trader you can increase FixedLot according to the minimum balance and drawdown that are required accordingly.
- Timeframe to use: M15
- Using the following pair in trading can lower the risk based on the FixedLot of the robot and margin level.
- Symbol to use: EURUSD
- IMPORTANT NOTE: you can increase the Fixedlot size in certain levels of the deposit.
All the above elaborations with the autotrading robot itself make it an easy-to-use trend trading system for all traders.
Requirements and recommendations
ECN account with leverage of 1:500 and normal spread ranging from 0-15 pips (5-digit brokers), order execution.
Deposit currency: USD or EUR.
- FixedLot – lot amount for orders.
- TakeProfit – user-defined take profit, the level that designates a price for closing the trade.
- StopLoss – user-defined stop loss level for trading.
- MaxLossPoints – maximum points defined for loss that can be set by a trader.
- IsMarketExecution – type of order execution for trade that should be true or false.
- MaxSpread – filter by maximum spread. If the spread exceeds the specified value, then the trade is not opened.
- iMA_Period – number of bars for Moving Average indicator calculations.
- iCCI_Period – bars number for Commodity Channel Index indicator calculations.
- iATR_Period – number of bars for Average True Range indicator computations.
- iWPR_Period – amount of bars for William’s percent range indicator calculations.
- LongTrade – option for enabling or disabling long trades.
- ShortTrade – enable or disable short trades.
- MagicNumber – unique identifier for the robot orders.
Copy and paste the file into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)