The first believed I had concerning this EA was some thing alongside the lines of “omg lolz what an uninspired identify, no one trades Forex around the Wall Street”. Okay, I do not actually think in phrases of “omg” or “lolz” and I’m considerably harsher than “uninspired”, but which was the main practice of believed. At first look, I thought it to be yet another Asian session scalper and I was questioning if it is just a copy of the current EA or something first. But once i acquired to examine the opening instances of the placements, lo and behold: I noticed that it was not limited to the Asian session; trades were getting opened in the forward assessments throughout the clock! You do not really see many 24/5 scalpers presently and given my quite suspicious mother nature I had been inclined to imagine it’s some sort of a fraud. A lot of EA sellers are already caught likely in terms of faking statement benefits and to distinct my doubts I naturally proceeded to ask for a Wall Street Forex Robot review duplicate, request that’s been granted by using a really prompt e mail response.
The reality that I’m now creating over it should be very clear indicator that I do not think about it to be described as a scam in any way: it really is a really authentic scalper that trades many pairs throughout the clock and it appears to deal with scraping a good profit off it. The pairs it runs on are EURUSD, GBPUSD, USDJPY, USDCHF and to a lesser extent USDCAD, even though the very last one isn’t even talked about in the manual and I only happen to find out about it as the creator described it. As several other scalpers these days, it operates within the M15 timeframe, so there is nothing at all out of the regular there.
Effectively, you already know the critical facts: Wall Street Forex Robot can be a scalper, it runs 24/5, it uses the M15 timeframe and the pairs encouraged from the seller are EURUSD, GBPUSD, USDJPY and USDCHF, even though USDCAD is working although not officially supported.
The manual is really a little bit perplexing on the theme from the supported pairs as in the start only EURUSD, GBPUSD and USDJPY are pointed out, but later on it proceeds to point out USDCHF also; in addition, when you will see, USDCHF is present in the backtests around the item website as well as in the formal dwell ahead exam.
There are several other items that you just should know and I’ll attempt to briefly listing them. Though you are able to manually configure the SL & TP for each pair, it’s probably not a good idea to do it. The EA updates its settings from the server upon a successful authentication, configuring (among other things) the preset values for each pair; the stop loss ranges from 120 pips on EURUSD and GBPUSD to as high as 160 on USDCHF, whilst the TP is around 25 pips, with the notable exceptions of GBPUSD where it is 50 and USDCAD where it is 14. The stop loss is rarely hit, though: from what I could see in the backtests, like any sensible scalper EA, it truly is able to close the trades before they hit SL in most cases when the market goes against it, the average win:average loss ratio currently being roughly 1:2.75. Just like its ability to close trades before they hit SL, it has an ability to take profit early, before its placements hit the take profit target, when it figures that’s as several pips as the market is planning to give it.
The strategy itself is just not excessively complex: it utilizes a few in the indicators that are shipped with Metatrader in a creative way to determine entry signals. While I used to be taking a look at this, I also checked its order sending and I noticed it has retry loops for opening/closing orders, denoting a certain degree of experience with automated are living trading. Despite the fact that the DLL programming can sometimes be a problem for EAs running on multiple pairs with the same DLL, in this case it seems to be fully threading safe.
The Wallstreet Robot averages about 3.5 trades per day when running on the encouraged four pairs and almost 5 trades per day when running on all five, so it qualifies as a rather frequent trading EA. Since it trades throughout the clock, there is certainly no GMT setting, so (thankfully) that’s not some thing that we have to worry about in this case.
The EA is fully compliant with the NFA rules: since it doesn’t open more than one trade at once on each instrument traded, there are no problems with FIFO and hedging. Careful, though: operating it together with other EAs that trade the same pairs on an account with the NFA restrictions in place might result in one in the EAs not getting able to open trades.