Loss Recovery Trader EA is an expert adviser that is programmed to recover the loss on a losing trade by initiating an opposite trade, or multiple trades if necessary. A very simple but effective method of hedging a losing transaction such that it will close at break-even, if not in profit. Technically, the EA executes an opposite pending order with a larger lot size at the Recovery Zone distance (in pips) from the opening price. This is in place of the traditional stop loss, which results in a loss when it is reached.
EA Review: Loss Recovery Trader
Both an EA and a Loss Recovery Trader are tools that can be used in conjunction with external expert advisors to improve trade results. The technique makes use of a “zone recovery algorithm,” which effectively hedges against losing trades through the use of a grid trading strategy. Michalis Phylactou sells the robot via MQL5 and his personal website, the Forex Cabin. Although the location of the offices is unclear, this service appears to be handled by a single man, which leads me to conclude that it is most likely a home-based operation. Traders can contact Michalis by leaving a remark on the MQL5 website or by sending an email to info@theforexcabin.com.
Loss Recovery Trader Review
The Loss Recovery Trader’s motto is that traders can now avoid prematurely completing good transactions and prevent letting loss trades train your account. The EAs’ initial task is to help protect the traders from losing trades by utilizing the use of an automated hedging approach. If you trade manually or through an expert advisor, the software will cycle between “buy and sell trades at preset levels, with exit points above and beyond these levels.” They expect that by opening many trades on either side, the EA will automatically close trades at a profit or at breakeven. Traders can control the number of heads transactions that the system can open, allowing them to set their own personal risk threshold.
Breakdown
- Type: Forex Robot
- Price: $149.99
- Strategy: Grid Trader
- Timeframe: Any
- Pairs: Any
At $149.99, this product appears to be designed to assist traders in recouping their losses. If you intend to use this with another expert adviser, I would contact the developers or conduct some more analysis to ensure that the technique is compatible with a grid trading approach. Not all methods will be protected by this system. Additionally, bear in mind that if your brokerage firm is controlled by the NFA, the technique will be in violation of the FIFO rule. Michalis Phylactou of the Forex Cabin sells a variety of systems in addition to the most popular, Loss Recovery Trader, via the Forex Cabin website.
Trend Extreme Dashboard
The Trend Extreme Dashboard is a multi-currency expert adviser that use a trend pullback method to trade 25 currency pairings. Additionally, they urge traders use this in conjunction with their Loss Recovery Trader program.
Double Trader Dashboard
The double Trader dashboard is characterized as a hedging EA that will launch “a sell trading up by trade on the selected instruments when there are no active transactions.” It is designed to repeat this procedure indefinitely, until the maximum number of open deals is met.
Currency Power Indicator
This indicator rates currencies on a scale of 0 to 10 by comparing them to nine of their counterparts. This manner, you can get a holistic view of how each currency performs relative to the wider market. This type of tool will assist traders in identifying strong trending pairs to trade and in identifying non-trending pairings.
Trading Results
Despite the fact that the Forex Cabin website sells numerous EAs, neither the Loss Recovery Trader nor any other method has any trading results.
Client Feedback
The MQL5 website’s review area features numerous 5- and 4-star reviews. There are a few one-star evaluations, but they are far more infrequent, given the system’s current rating of four stars out of 99 reviews.
Conclusion
It’s tough to endorse a method that has no trading outcomes, but the Loss Recovery Trader has a number of strategic components that appeal to me. Any solution that offers to work with your existing software and improve it is a compelling pitch that is difficult to ignore. Recovering losses from wrongly initiated positions is the goal of the loss recovery trader. Your loss is recouped, and your position is closed at a profit that you specify.
