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Forex Tracer Review

 

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Forex Tracer Screenshot



Forex Tracer is another expert advisor based on the MT4 platform. It's primary selling position (stated in the headline) is that backtest results show a profit of $335,000.  Featuring backtest results as your most prominent selling point is a caution sign because most seasoned traders know that back testing does not always correlate to future results..

 

Forex Tracer Is Incredibly Popular

 

Forex Tracer BoxForex Tracer is very popular because it does have several positive attributes.  One of these attributes is that it is designed to trade several different currency pairs unlike many other EA's that focus on a singular pair. 

Forex Tracer also is a little more risk sensitive than many other EAs in that it trades with a fixed stop loss.  This is good from a risk limitation stand point but it does subject your account to hitting your stops frequently in a high volatility market.

The trading logic for Forex Tracer is proprietary but the behavior indicates that FT examines the market for trending action.  Its algorithm evaluates the longer time frames (for examples...12-24 hour) for trends and uses the shorter time frames (for example...30-60 minute) to determine pivot points and entry positions.  It expects to catch part of any trending action that is spotted.


If the market is in a consolidation phase with a tight range then Forex Tracer may not enter the market.  The markets frequently go sideways showing no trend and as result Forex Tracer may not make many trades.  If you are a trader that likes lots of action then Forex Tracer may not be for you. 

It recommends a risk level of 2-4% which is a little high for most conservative investors.  It is capable, however, of adjusting that percentage to whatever risk level you like.

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