ForexFalcon is a new automated trading software designed to work with MT4 trading platforms. The ForexFalcon Expert Advisor trades on a unique concept of trading fake outs. Live test results of this profitable EA has shown to make on average of 8% return on a monthly basis with a 16% draw down. Having a profit factor of 2.47, ForexFalcon EA trades the fake out patterns that occur regularly on the forex charts.
Designed to work with 18 currency pairs (a mix of both majors and minor crosses), ForexFalcon’s EA performance test results on a live trading account over the past four months has shown consistent returns, making this a serious and a profitable EA for traders who are looking for automated trading solutions.
ForexFalcon EA – How it works
The ForexFalcon EA makes use of the Martingale grid system for position trading. In this type of position trading a new trade is opened in the direction of the signal for every “x” number of pips, thus stacking up orders. The martingale position sizing also helps in creating larger entries in the initial levels and reduces the number of stacked orders as the levels increases. For example, in the first level 10 sub trades would be open. By level 3, only 5 sub trades would be open.
The ForexFalcon EA can open up to 15 trades in a level. The chart below shows how the positions are opened after “x” number of pips.
ForexFalcon EA Settings
The ForexFalcon EA can be configured to work in two modes:
- Fully automatic
The image below shows how the ForexFalcon EA’s settings can be configured and the various configurations that are available for the trader.
- startSize: This parameter defines the position size of the first martingale basket. In other words, new sub positions within a Martingale grid are opened with a 0.01 lot size.
- completeAutomatic: Toggle between true or false, sets the ForexFalcon EA to work in fully automatic or semi-automatic mode
- BreakEvenTarget_Level: This level specified the level up to which the sub positions can be opened. For example, if set to 5, the ForexFalcon EA opens trades up to martingale level 5 (remember, ForexFalcon EA can up to level 15).
- Hedge_Level: This specifies at which Martingale level hedged positions should be opened. Click here to learn more about hedging in forex and how it helps. The hedged positions automatically have the same position size of currently opened trades. For example, if the total basket of open positions was 0.07 lots, then the hedged position would be 0.07 lots in the opposite direction.
- closeAllLongs: Toggle between true or false, this parameter can be set to true if you want the ForexFalcon EA to close all long trades. In other words, use this feature if you want to close all long positions immediately.
- closeAllShorts: Same as closeAllLongs, but used to close all short positions immediately
- disableLongsAfterTP: Toggle between true or false, when set to true, no long positions are opened after the target price is reached.
- disableShortsAfterTP: Same as disableLongsAfterTP and when set to true, no short positions are opened after target price is reached.
- logInfos: When set to true, ForexFalcon EA logs all trades taken which can be used for statistical purposes. For example, if you want to know how many trades were closed at a certain Martingale level and so on.
ForexFalcon – Dashboard
An impressive feature of the ForexFalcon EA is its dashboard. Presented in a tabular form, this dashboard gives a complete picture of what price is doing across the 18 currency pairs the EA can trade. The dashboard can be especially helpful when trading in a semi-automatic mode.
The arrows are visual representation of how the ForexFalcon EA would trade. So when a red arrow is printed, it is indicative of a short position. The pip distance shows how many pips price has travelled from the time the signal was given. The dashboard shows three time frames, 30 minutes, 60 minutes and 4-hours. This can be especially useful to get the underlying bias or trade direction.
ForexFalcon EA – Reasons to buy
- The EA is based on trading with the trend, while picking entries based on fake outs. Traders who have traded break outs would know how profitable it is to trade fake out.
- Works in semi and fully automatic mode thus making it easy for automated as well as manual trades to take advantage of this EA
- Generates a healthy 8% return with a profit factor of 2.47%
- 30 days money back guarantee if the EA does not make you profit during the first 30 days of use.