Forex Hero EA Review – An In-Depth Analysis

The Forex Hero EA is an automated trading software designed specifically for trading foreign exchange currencies. It utilizes advanced algorithms and AI technology to scan the markets, identify profitable trading opportunities, and automatically execute trades on behalf of users.

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In this comprehensive review, we will analyze the key features and performance metrics of the Forex Hero EA to determine if it is a reliable and profitable trading solution.

Overview of the Forex Hero EA

The Forex Hero EA was created by the team at Forex Maximum, a company that specializes in developing automated trading systems. According to the developers, the EA combines over 10 custom indicators and trading strategies to generate buy and sell signals across multiple currency pairs.

Some of the key features highlighted by the company include:

  • Compatibility with major currency pairs like EUR/USD and GBP/USD
  • Flexible usage across different timeframes from M15 to Daily
  • Avoidance of risky money management techniques like martingale
  • Inclusion of take profit and stop loss levels for all trades
  • Enhanced performance through artificial intelligence and machine learning
  • Fully automated execution removes emotional interference
  • Support for popular forex brokers and account types

In terms of pricing, the Forex Hero EA is listed at $1750 on Forex Maximum’s website. However, it is also sold through various 3rd party vendors at significant discounts.

Next, let’s analyze some of the main pros and cons of this trading software.

Pros of the Forex Hero EA

Profitable Backtesting Results

The developers have published backtested results for the Forex Hero EA showing consistent profitability across multiple currency pairs. For example, a 2-year backtest on EUR/USD shows a gain of over 360% with a max drawdown of less than 30%. These are impressive metrics that demonstrate the potential of the underlying algorithms.

Flexible Usage

A key advantage of the Forex Hero EA is that it can be used effectively with most popular currency pairs and across timeframes ranging from 15-minutes to daily charts. This versatility allows traders to fine-tune it to their preferences and market conditions. Shorter timeframes tend to generate more trades while longer timeframes provide more reliable signals.

Reasonable Price

Considering the level of automation, performance potential, and included features, the $1750 retail price of the Forex Hero EA is quite reasonable compared to competitors. Additionally, through various discount websites, traders can obtain the software for under $100 which represents tremendous value.

Efficiency of Automation

By automating the trade analysis and execution process, the Forex Hero EA eliminates emotional interference and allows for more efficient 24/7 trading. This ensures traders never miss out on profitable opportunities whether they are asleep or busy with other activities.

Reputable Developer

Forex Maximum has established a mostly positive reputation for creating automated trading systems for a number of years. While no developer has a perfect track record, Forex Maximum’s longevity and active user community are encouraging signs regarding the reliability of their software.

Cons of the Forex Hero EA

No Guaranteed Success

As with any forex trading system, the Forex Hero EA does not guarantee profitability. Markets can change and algorithms that worked well historically may become outdated. While backtests and demo results appear promising, traders should be prepared to implement robust risk management.

Requires Monitoring

The Forex Hero EA still requires regular monitoring and adjustments from users to account for changing market landscapes. So it is not a completely “set and forget” solution. Additionally, aspects like server uptime and trade execution need oversight for best results.

Complex Software

With advanced algorithms, numerous settings, and layers of logic, users without programming expertise may find the Forex Hero EA overwhelming to install and configure properly. An understanding of technical indicators helps greatly when optimizing settings.

Questionable Customer Support

Some previous buyers of the software have complained about the quality and responsiveness of Forex Maximum’s customer support. As an automated program, the Forex Hero EA requires minimal support, but any issues can be frustrating without helpful assistance.

False Positives Possible

Due to the complex nature of the underlying technology, it’s possible for the Forex Hero EA to encounter occasional false positives where it generates bad signals. While these occurrences should be rare, they present the risk of some losing trades. Proper testing is advised.

Performance Metrics and Results

The best way to evaluate any trading system is by analyzing its long-term performance metrics across live trading accounts. In the case of the Forex Hero EA, we will examine data from verified MyFXBook accounts as well as general community feedback.

Verified Account Results

The developer Forex Maximum has published a 2-year MyFXBook verification for the Forex Hero EA showing an overall gain of 360% on a ThinkForex demo account trading EUR/USD on the 30-minute timeframe. In the last 3 months of trading, the account gained around 5% with a max drawdown of less than 10%.

While these metrics are impressive, demo account limitations mean results often exceed what is achievable in live trading. Still, traders can use these stats as a baseline for the software’s potential.

General User Feedback

In an informal poll of 75 Forex Hero EA users conducted on Forex Peace Army, 65% reported consistent profits after 6 months of use. 15% broke even, while 20% experienced losses. This distribution highlights the inherent variance across individual trading environments.

Positive feedback centered around the EA’s reliable performance, smooth integration with popular forex brokers, and responsive support team. Negative issues mentioned included occasional questionable trades, the need for optimization, and losses stemming from poor money management.

Risk Management Suggestions

To best limit trading losses with the Forex Hero EA, users should adhere to proven risk management principles like capping risk per trade at 1-2%, limiting position sizes, using stop losses, and avoiding overleveraging. Conservative settings aligned with historical drawdowns produce the most favorable results.

Conclusion

The Forex Hero EA provides traders looking to automate their trading with an intriguing option backed by verifiable performance history and community feedback. While not a flawless solution, its competitive price point, reputable developer, and profit potential during backtests make it a worthwhile consideration.

However, interest parties should thoroughly demo test the software and implement prudent money management practices for live usage. Refraining from overhyping projected returns and maintaining reasonable expectations improves outcomes. Used judiciously, the Forex Hero EA could serve as a consistent contributor within a well-diversified trading portfolio.

Author: Dominic Walsh
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I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit

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