Wolfgrid EA is a special Forex trading robot designed with customized indicators in mind. These indicators are allegedly looking for trend reversal patterns in the market so they can take advantage of those opportunities. When we see trend reversal in the equation, we automatically know that the system in question is utilizing a grid trading strategy, which most of us want to avoid because of the associated risks that come with such a strategy.
However, Wolfgrid EA is still backed by a few positive reviews from the Forex trading community. For that reason, we will take a closer look at this product to determine whether this is a really unique product compared to many other products that use grid trading and kill accounts for that matter. According to the sales page, the developer is called Dorian Baranes, and appears to be a self-proclaimed Forex trading analyst. This developer specializes in automating trading strategies from traders who want to automate their approaches. In addition to that, they provide their own products and services which are sold through the MQL5 marketplace.
Since they are selling through the MQL5 marketplace, that means they can be contacted by accessing their profile on that platform. This is certainly an interesting product to review. So let’s find out whether the methodology is going to yield something different from what we are used to.
Note: We are still championing for the best Forex robots here.
According to the sales page, this robot seeks to identify and enter trades first. It is also aiming to delay trading positions if it detects that a trend reversal is likely to happen. The scariest part is that the system is managing trades via a “smart grid system,” which gradually increases the lots traded after a loss has been suffered.
On top of this, the vendor is providing us with explanations that are not very clear concerning the operational aspects of this expert advisor. They say that this robot is equipped with a security feature to “prevent the possibility of getting into an unexpected trend without rollback cost by a new release.”
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The site is only providing us with a few sentences but not telling us more concerning the intricate nature of the things which they’ve included in the grid methodology. So we are a little bit hesitant when it comes to such methodology. These trading systems have ruined havoc on our accounts before. That is why when faced with a situation where we have to decide whether or not to buy an expert advsior that relies on grid methodology of trading, we have to really take find out the intricacies of the algorithm that goes into the making of that particular robot.
However, we still do appreciate the little information that the vendor has provided regarding the optimum trading conditions that this robot should operate in. For example, they say that traders need a minimum of $1000 in order for the robot to work efficiently. They must trade 0.05 lots for a $1,000 account. The robot trades on the 15 minute time frame and only trades EURUSD pair.
The Wolfgrid EA trades grid strategy and despite that fact, it is still compatible with brokers who are based in the US. By the way, if you want good brokers, you should pick from this list.
The pricing for this robot is quite on the higher side as one license for the robot goes for $395. This is a one time payment which if traders cannot afford, they should be renting it for $85 per month or at a cost of $195 for 3 months.
As you can see, the rental prices for this robot are pretty steep. It wouldn’t make economic sense renting this robot for that matter. The good thing, however, is that the vendor is providing a free demo. You should utilize that to see if this is something you’d want to try in the long run.
Wolfgrid EA was first created in July 2017 and was last updated in August 2018. We do believe that at such high pricing points, the developer must find it their obligation to keep updating the product to ensure that their reputation is not going down the drain like those of their competitors.
Trading results are quite useful when it comes to gauging the long term viability of a trading robot. The sales page of Wolfgrid EA with much other than a few back tests and a video. There are also a lot of comments which are accompanied by back tests. However, what we are not able to find is a myfxbook account where this robot has been tested to prove its worth.
The vendor is seemingly doing all they can to prove that this robot can be viable in the long run. However, we still think that the manner in which those results have been presented are mediocre at best.
It would have been more professional if Wolfgrid EA was being tested on a working myfxbook account, and that has been our recommendation from day one.
There are mixed opinions regarding the way this robot works. There are a mixture of 4 stars, 2 stars and 1 stars here and there. This really shows that the EA is getting mixed opinions from the Forex marketplace. But always remember that your experience might not necessarily be the same as the experience of the other person. For that reason, we do not want to completely rely on these reviews without first testing to see just how far we could go with this expert advisor.
This developer is doing certain things right and many things wrong. Their support looks impressive, and so is the manner in which they update the algorithm. However, once beaten, you become shy. We are still against grid based trading robots because they have a bad reputation. So please, if you want to invest in Forex robots, you’d better consider these trading software.
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One Reply to “Wolfgrid EA Review: Scam Alert for Those who want to Buy”
Francis Fischer TradeFintech puts on a robot that guarantees loss itself the idea is that the customer enters more money