Wall Street Forex Robot created by a team of professional traders especially for those who may not even have experience in trade, but wants to profit from trading Forex market
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Strategy
Well, you already know the important facts: Wall Street Forex Robot is a scalper, it runs 24/5, it uses the M15 timeframe and the pairs recommended by the vendor are EURUSD, GBPUSD, USDJPY and USDCHF, while USDCAD is working but not officially supported.
The manual is a bit confusing on the topic of the supported pairs as in the beginning only EURUSD, GBPUSD and USDJPY are mentioned, but later on it proceeds to mention USDCHF as well; in addition, as you will see, USDCHF is present in the backtests on the product website as well as in the official live forward test.
There are a few other things that you should know and I’ll try to briefly list them. Although you can 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, while the TP is around 25 pips, with the notable exceptions of GBPUSD where it’s 50 and USDCAD where it’s 14. The stop loss is rarely hit, though: from what I could see in the backtests, like any sensible scalper EA, it’s able to close the trades before they hit SL in most cases when the market goes against it, the average win:average loss ratio 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 positions hit the take profit target, when it figures that’s as many pips as the market is going to give it.
The strategy itself is not excessively complex: it uses a few of the indicators that are shipped with Metatrader in a creative way to determine entry signals. While I was 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 live trading. Although 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 thread safe.
The Wallstreet Robot averages about 3.5 trades per day when running on the recommended 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 around the clock, there’s no GMT setting, so (thankfully) that’s not something 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 of the EAs not being able to open trades.
Conclusion
Personally, I like Wall Street Forex Robot, otherwise I wouldn’t have written a review. It does have a few drawbacks, though, and when I say this I am not only referring to the style of the website, but also to the rather steep price: a copy costs $489. The whole deal is sweetened by the fact that it’s licensed to run on three live accounts and that a MT5 version is already available, but it’s still not something that I would count as a cheap product. With a $1000 account, you’d have to run it for something like half an year with risk 3 just to have it make a profit equal to the investment in the EA, so I’m guessing it’s targeting people with larger account sizes. Finally, there’s a $50 discount exclusive to eareview.net readers, bringing the price down to $439 – all you have to do is buy using this link to take advantage of it.
Sure, given the fact that it’s pretty much the only scalper that I know of that’s profitable and opens positions around the clock, I can see how the high price might be justified. The official forward test seems to be fully in line with my backtest results, so it looks very promising so far. Finally, it’s worth mentioning that there’s a 60 day refund policy, conditioned upon the EA failing to produce profit.
