Achieving success in trading is no easy feat, especially when it comes to meeting the requirements of a funded account, but using the Best Forex Expert Advisor will go a long way in helping you achieve your goals. Once you pass the rigorous FTMO challenge and receive funding, the real challenge begins.
You’re expected to generate consistent profits while adhering to strict trading objectives. In today’s video, I will introduce you to the best Forex Expert Advisor that I currently trade on my FTMO funded account. Not only will you learn how to test this Expert Advisor for free, but I will also provide realistic expectations if you decide to incorporate this robot into your trading strategy. Let’s dive in!
Introducing the Waka Waka Expert Advisor
In this blog post, I’ll be discussing the Waka Waka Expert Advisor, which I reviewed on my channel some time ago. I noticed a significant level of interest among my viewers regarding this Expert Advisor. I decided to create a second video as a continuation. After conducting extensive tests on both Demo and Live accounts, I’ve concluded that the Waka Waka Expert Advisor is highly suitable for my FTMO funded account.
Understanding the Waka Waka EA
In case you missed the first video, don’t worry—you can watch it by clicking on this LINK. However, let me give you a brief overview of the Waka Waka Expert Advisor. You can use this fully automated trading tool with Demo accounts as it is compatible with the MetaTrader platform. This in addition to Live accounts, or funded accounts with Prop Firms.
The video above demonstrates its performance on a funded account. This is because the developer specifically designed it for long-term trading and generating stable income. It’s important to note that Waka Waka may not be suitable for passing short-term trading challenges within a single month. This is often required by Prop Firms. If you’re interested in mastering the FTMO challenge, I have created a comprehensive course that includes another Expert Advisor specifically designed for this purpose.
Best Forex Expert Advisor: The Ultimate Goal of Using Waka Waka
My ultimate goal is to successfully pass the FTMO challenge and implement an Expert Advisor like Waka Waka on my funded account. By utilizing a fully automated system, I can eliminate the need to actively trade or worry about account management. This allows me to focus on other aspects of my trading business while enjoying the benefits of stable, automated income generation.
Exploring the Waka Waka EA
As I sit here, I have a $10,000 funded account in front of me, trading with the Waka Waka Expert Advisor. In the account history, you can see that I already have one profitable trade with $1.70 for the AUDCAD pair. Currently, I have three open positions: two for NZDCAD and one for AUDCAD.
Best Forex Expert Advisor: Understanding the Grid Martingale System
Let’s discuss the trading approach of the Waka Waka Expert Advisor. The system employs a Grid Martingale strategy. Now, I understand that many of you might be skeptical about Martingale systems, but with careful usage and thorough backtesting, it can be a viable option. When the price moves against us, the Expert Advisor adds to the position at a better price, thus improving the average price. This helps to mitigate risks associated with the Martingale approach.
Backtesting the Waka Waka Expert Advisor
To gain a better understanding of the Waka Waka Expert Advisor’s performance, let’s delve into its backtesting results. Right-clicking on the AUDCAD chart, I access the Expert Advisors menu and select Strategy Tester. By removing the visual mode, I initiate the test for the maximum historical data available from the FTMO server.
As the graph unfolds, we can observe the balance and equity lines. The balance represents the blue line, while the equity is depicted by the green line. Since the Waka Waka Expert Advisor uses a Grid Martingale system, the balance may fluctuate as trades move into negative territory. However, as the system adds positions at better prices, the balance tends to stabilize over time.
Best Forex Expert Advisor: Assessing Backtest Results and Drawdowns
Analyzing the graph, we can see that the Expert Advisor yielded approximately 10% profit during the tested period. There are instances of drawdowns, such as the one in mid-November last year. Upon inspecting the Results section, we can observe the sequence of short trades that were opened during that time. Despite the drawdowns, it’s important to note that the Expert Advisor remains within the risk management rules set by FTMO.
FTMO Risk Management and Protection
To protect traders from excessive drawdowns, the Waka Waka Expert Advisor includes built-in features. In the Expert Advisor’s Properties menu, you’ll find the Maximum Daily Drawdown Limits setting. For instance, when the drawdown reaches 4%, the Expert Advisor closes all trades and suspends trading for 24 hours. This protection ensures that the drawdown remains within the limits specified by FTMO. It’s worth mentioning that if you’re trading with a different Prop Firm, you should adjust these settings according to their risk tolerance.
Best Forex Expert Advisor: News Filter and Swing Account
Another crucial aspect for FTMO funded accounts is the ability to avoid trading during important economic news releases. The Waka Waka Expert Advisor incorporates a News Filter to prevent the opening of trades during crucial news events.. Additionally, we recommend having a Swing account with FTMO for smoother trading. This type of account allows trades to remain open during news releases and over weekends. This reduces the need for manual intervention.
In conclusion, finding the best Forex Expert Advisor to use on your FTMO funded account can significantly enhance your trading experience. The Waka Waka Expert Advisor, which I have thoroughly tested and reviewed, offers a reliable and stable approach to long-term trading. It may not be suitable for passing short-term trading challenges. But it is an excellent choice for those aiming to achieve consistent profits and automate their trading process. Keep in mind that if you’re eager to master the FTMO challenge, I provide a comprehensive course that offers valuable insights and includes an Expert Advisor specifically designed for this purpose. With the right tools and strategies, you can maximize your chances of success in the Forex market. Happy trading!