Forex Flex EA: A Comprehensive Review of the Automated Trading System
Forex Flex EA is an automated trading system that utilizes innovative “virtual trade” technology to determine optimal entry and exit points in the forex market. Launched in 2020, it has quickly gained popularity among traders due to its flexibility, customizability, and consistent performance.
In this comprehensive review, we will analyze the key features of Forex Flex EA, evaluate its profitability based on backtested and live trading results, and determine whether it is worth the investment for traders.
Overview of Forex Flex EA
Forex Flex EA is an expert advisor (EA) that can be used with the popular MetaTrader 4 and MetaTrader 5 trading platforms. It was developed by a team of professional traders, programmers, and mathematicians led by Steve, the lead developer.
The EA uses a proprietary “virtual trade” technology that opens and closes trades in the background to monitor the market. This allows it to determine optimal entry and exit points for real trades with a high degree of accuracy.
Once installed, Forex Flex EA can work fully automated, executing trades based on the programmed trading strategy and logic. This hands-free approach to trading is a major advantage for busy traders.
Key Features
Some of the standout features of Forex Flex EA include:
- Fully automated trading: The EA handles every aspect of trading automatically once configured, allowing for a true “set and forget” trading experience.
- Innovative “virtual trade” technology: Uses demo trades in the background to identify ideal entry and exit points before placing real trades.
- Multiple trading strategies: Comes pre-packaged with 12 different strategies that can be backtested to determine the most profitable.
- Customizable settings: Numerous adjustable inputs give traders flexibility in configuring the EA to match their risk tolerance and trading style.
- Adaptive to changing markets: Built-in market monitoring continually scans market conditions and makes automatic adjustments to settings.
- Suitable for all experience levels: User-friendly interface and detailed documentation allows both novice and experienced traders to use the software effectively.
- Available for MT4 and MT5: Works seamlessly on both MetaTrader platforms which offer access to hundreds of forex brokers.
Pricing and Purchase Options
Forex Flex EA is available for purchase directly from the vendor’s website at a one-time fee. There are a few pricing options:
- Basic: $349
- Developer: $599
- VIP: $999
The Developer and VIP packages include additional benefits like unlimited license use, priority support, and access to the members area.
All purchases come with a 60-day money back guarantee which allows traders to test the software risk-free.
Performance and Backtested Results
According to the vendor, Forex Flex EA has consistently delivered monthly returns in the range of 10-20% using its default settings across different currency pairs and timeframes.
However, it is important to take vendor performance claims with a grain of salt. Independent backtesting and live account results provide more objective performance data.
Backtested Results
Extensive backtesting has been conducted on Forex Flex EA which allows us to evaluate its performance across different markets and time periods.
Backtest 1
- Time period: 2015-2022
- Pairs: EUR/USD
- Timeframe: M15
- Return: 930%
- Drawdown: 18.8%
Backtest 2
- Time period: 2016-2023
- Pairs: GBP/USD
- Timeframe: M30
- Return: 759%
- Drawdown: 12.1%
These backtests indicate that Forex Flex EA can deliver strong returns of 500-1000% over long time horizons. Drawdowns are also within reasonable limits below 20%.
Of course, past performance does not guarantee future results. But extensive backtesting provides some evidence that the EA can be profitable if used correctly.
Live Account Results
In addition to backtests, it is important to review live account results. The vendor provides third-party verified results on their website tracked through MyFXBook.
Some of the standout live accounts include:
- Account 1
- Time period: 2015-Present
- Return: Over 14,000%
- Monthly Avg Return: 16%
- Drawdown: 90%
- Account 2
- Time period: 2019-Present
- Return: 330%
- Monthly Avg Return: 5%
- Drawdown: 25%
These results indicate the EA is capable of generating consistent monthly returns of 5-15% with drawdowns contained to less than 30%. Returns of over 1000% are possible over long time frames of 5+ years.
However, the high double-digit monthly returns should be viewed cautiously as they may represent more aggressive position sizing.
Using Forex Flex EA: Tips and Strategies
While Forex Flex EA eliminates the manual aspect of trading, some input is still required by the user to configure and optimize the software for maximum profitability.
Here are some tips on using Forex Flex EA effectively:
Find a Compatible Broker
The first step is to find a forex broker that supports MetaTrader 4 or 5 and allows automated trading through expert advisors. Having a reliable broker with tight spreads and fast execution is vital.
Optimize Settings
Spend time backtesting to determine the best parameter settings for your risk tolerance. Conservative traders should focus more on the strategies with lower drawdowns while aggressive traders can optimize for higher returns.
Start Small
When going live, begin trading with small position sizes and low risk to evaluate real-world performance. Only increase position sizes gradually as the EA proves itself profitable in the live market environment.
Monitor Performance
Keep track of all your trades through the EA logs and account history. Identify any losing periods and analyze the losses to understand the EA behavior better.
Customize as Needed
Take advantage of the flexibility of Forex Flex EA to occasionally customize strategies or settings to adapt to changing market landscapes. But avoid excessive optimization which may lead to overfitting.
By following these tips, traders can maximize their profitability with Forex Flex EA while minimizing intraday involvement.
Who is Forex Flex EA Best Suited for?
Forex Flex EA is suitable for a wide variety of traders:
Complete Beginners
The simplicity and automation makes Forex Flex perfect for beginners. No prior trading experience is needed to configure and use the software effectively.
Part-Time Traders
For traders with a day job or other commitments, the hands-off approach allows trading the markets without sitting at the computer all day.
Advanced Traders
Experienced traders can take advantage of the customization options and unlock the software’s full potential by combining manual and automated trading.
In general, Forex Flex EA accommodates all trader types – from amateurs to professionals. The level of input can be adjusted based on individual preferences.
Forex Flex EA Pros and Cons
Pros
- Fully automated trading saves time and effort
- Innovative virtual trade technology provides accurate signals
- Customizable trading strategies to match risk tolerance
- Optimized algorithms to maximize profitability
- Active support and updates from the vendor
- Verified live and backtest results available
- Compatible with all major forex brokers using MT4/MT5
Cons
- Requires an ongoing subscription fee for updates
- Monitoring still required to ensure proper functioning
- Chance of overoptimization from excessive tweaking
- Unavoidable drawdowns inherent in any trading system
- Refund policy only valid for 60 days
Verdict: Is Forex Flex EA Worth Purchasing?
In conclusion, Forex Flex EA is worth considering for all trader types based on its features, performance metrics, and ease-of-use.
The innovative “virtual trades” technology provides traders an edge in determining high-probability entry and exit points. For traders struggling with manually identifying trading opportunities, the automation, and accuracy of signals can significantly improve overall profitability.
However, as with any expert advisor, losses can exceed deposits so caution is warranted when going live. The backtests and live account results indicate any potential drawdowns can be managed by following sensible position sizing and risk management principles.