Today we'll be reviewing a very profitable expert advisor - the Flex EA, which however uses rather risky, gambling methods to deliver these gains. The name of the robot comes from the alleged flexibility of its settings – the developers claim that it can work any way, ranging from scalping to gambling. You can check out the various experiments in that respect on this page, but we'll be using a particular account, which is with FXOpen and has been active since July 23, 2013. We've chosen this account for two reasons: firstly, it's a real account; second, the robot works with its default settings.
The Flex EA works with six rather popular currency pairs: EUR/USD, GBP/USD, AUD/USD, USD/CHF, USD/CAD, and USD/JPY, with the trading distributed relatively equally amid all of these trading instruments. As far as my observations go, the EA uses the one-hour time frame to detect trends and to enter the market when a new trend emerges.
Photo credit: Myfxbook.
The EA opens several positions one after the other – their number does not usually exceed five, so this is not an issue here. The trades in a series are closed simultaneously. The bigger problem is the raising of the trade contract size, which shows that the robot uses a gambling method, resembling Martingale. And this may lead to serious troubles for your account, as one series of loss-making positions can lead to heavy drawdown and deplete your account. This is why with this sort of robots it's important to follow certain rules, concerning the type of account used, the regular withdrawal of profits, etc.
In the case of Flex EA, the gambling approach has been rather profitable and you can see that from the growth chart.
Photo credit: Myfxbook.
For a period of nine months, the robot managed to generate gains of 154% which is a very solid result. Moreover, the gains are accompanied by acceptable drawdown of 26% - it's actually surprisingly low for an EA that uses such a risky trading method. The resulting return-to-drawdown ratio is at 6, which is way above the recommended level of 2.5, so we can safely say that we can expect some decent returns in exchange for the money we pump into the trading with this bot.
The reading of the average pips per trade is also very good at 6.3 – it's not the best we've seen, but it still suggests that the trading system is stable enough to recover after periods of drawdown and to offset effects of spreads and slippage. The choice of a suitable Forex broker for this EA should not be a problem.
In case you're not afraid of Forex robots that use risky trading methods, then you'd perhaps be willing to give the Flex EA a try. You can purchase it from the designated website and you can choose amid three packages (Silver, Gold and Diamond). The price is rather lump: the cheapest package that includes license for one live account costs $399. On the brighter side, the vendors offer a 20% discount for the Easter weekend. Choice is yours!
Any opinions and statements in this article are strictly subjective and should not be treated as investment advice. Forexbrokerz.com and all of its authors are not affiliates of any of the discussed signal providers, expert advisors and their vendors.
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