FX Speed Trader is an EA which falls into the category of pre-Asian scalper, as it works during the few hours after New York closes and before Asia opens. Most Europeans tend to be in their wincyette jimjams at that time of day, and markets tend to get range-bound in thin trade as a result.
Unsurprisingly, robots that trade at these times have very low take profit values, and FX Speed Trader is no exception with a default TP of 4 pips and a default SL of 35 pips.
Whenever TPs are this low, broker stops levels and spreads are always going to be an issue and, for that reason, this type of EA is most likely to work best with a raw spread ECN broker.
To get the best out of the EA, I have set FX Speed Trader up on an FXCC raw spread ECN account which charges a 1.0 pip round turn commission per trade. To compensate for the commission charges, I have increased FX Speed Trader's take profit value to 5 pips and reduced its SL to 34 pips. FX Speed Trader works on four different currency symbols, namely EURCHF, EURGBP, GBPUSD and USDCHF, and is delivered in the form of a separate EA for each different symbol. I presume this is because the optimised settings for one symbol are different to the optimised settings for each of the other symbols, but I'm only guessing here as FX Speed Trader's precise Modus Operandi is hidden away inside a black box.
FX Speed Trader supposedly works identically on all chart timeframes, but I've set it up on 5-minute charts because that's the timeframe the developer uses himself.
The EA can either trade using fixed lot sizes or it can risk a percentage of the account's free margin on each trade. I've elected to risk 4.0% of the free margin for my forward test and readers are welcome to monitor FX Speed Trader's progress at MellyForex by clicking here.
The ParaSwing EA is supposedly a swing trading Expert Advisor which looks to track trends on the 15-minute timeframe of the EURUSD symbol.
It casts some magic spells on an assortment of indicators to decide when to enter a trade, and then trails a stop-loss behind the price action if or when that trade becomes profitable. Aside from the trailing stop-loss, ParaSwing also uses some internal magic to decide when the time is right to exit trades.
In terms of simplicity of use, ParaSwing is pretty much idiot-proof, and users really only need to validate their copy and decide whether they wish to trade fixed lot sizes or whether they want to risk a percentage of their account on each trade. Regular readers will know by now that's the manner in which I believe commercial EAs should be designed.
I've set ParaSwing up on an FXCC raw spread demo ECN account to risk 4.0% of the account balance, and readers can monitor the EA's performance on MellyForex by clicking here.
As things stand at the moment, I don't really have the time necessary to prepare a comprehensive review of every EA that I've got in forward test, and it's therefore impossible to say yet whether I'll be carrying out a full review of either FX Speed Trader or ParaSwing.
If either Expert Advisor starts to appear in the top part of my Live Leaderboard after being in forward test 30 days or more, then I guess that will be the best time to examine them in further detail.