Aside from the fact that things are getting increasingly busy in MellyForexLand, there were a couple of things in particular that attracted me to this EA.
Firstly, unlike the vast majority of Expert Advisors, this EA isn't a scalper. Instead, if the strategy tests on the developer's website are anything to go by, it looks to win, on average around 180 pips profit on each winning trade, with a low Risk/Reward ratio of approximately 0.5.
Secondly, aside from working on the EURUSD pair, it also runs on a couple of Yen crosses, namely the GBPJPY and EURJPY symbols. I'd need to check thoroughly to make sure, but I don't believe that I have any profitable EAs working on either of those two crosses at the moment, so my initial hope is that Forex Trend Hunter might redress the balance.
The larger than normal profits do have a trade off, however, and the downside is that Forex Trend Hunter is expected to win less than 45% of all its trades. Hey, you can't win 'em all. :roll:
All joking aside, the lower than normal win rate doesn't concern me in the slightest, but I'm not sure that this type of system will be too popular with everybody. I've never been one to judge a book by its cover, however, and I'm pretty sure that the tests I plan to carry out will soon determine whether or not Forex Trend Hunter is any good and if it's capable of mixing it with 'The Big Boys'.
For the time being I've put Forex Trend Hunter into forward test on a $5,000 FXCC demo account. As I've stated previously in other articles, FXCC are a raw spread ECN broker and the performance of the EA in forward test should match near identically to the performance users can expect on a live FXCC account.
I've set Trend Hunter up to run on all three of its recommended symbols that I mentioned above on the 1-hour timeframe.
Because FXCC charge a 1.0 pip round turn commission on each trade, I've increased Trend Hunter's recommended take profit values for each symbol by 1.0 pip and decreased the recommended stop-loss values by the same amount to compensate for the commission cost.
Otherwise, I'm generally using Trend Hunter's default settings although I have limited the maximum allowed spread and I'm not allowing any trade slippage whatsoever.
I'm hoping to risk no more than 3.5% of my account balance on any single trade, although I've noticed already that this might not be possible, and I plan to discuss this matter in detail when I publish my full review. Anybody interested in Forex Trend Hunter's performance can monitor it at MellyForex by clicking here.
Before I close this post, I'd just like to put in a shameless plug for an old friend of mine who has recently set up a new business to provide a VPS service for automated traders. I've known Gordon now for close on 10 years from when we first worked on a trading project together. Both Gordon and his partner, Norman, have got a lot of experience of automated trading software at institutional level and their Beeks FX VPS has some interesting introductory offers which might appeal to some of you.
I can promise that I'm not making a penny out of Beeks FX and I'm literally giving Gordon this plug to help raise his profile as a favour for an old friend. I know how difficult it can be to get yourself heard when you first set up a business, and I'm always happy to help anyone who's brave enough to give it a go.
Unfortunately, I can't vouch for the quality of the product as I don't have any need for a VPS service myself (MellyForex has its own servers), but I'm sure that you're all capable of clicking a link and deciding for yourself if Beeks FX might be of benefit to you.
There's also a Beeks FX thread on the MellyForex forum, and both Gordon and Norman are happy to visit the thread and answer anybody's questions.