The world of Forex trading has been revolutionized by automated trading systems, and amongst them, the Genie MT5 is gaining recognition for its impressive performance and unique features. This article focuses on a comprehensive review of Genie MT5, a scalper Expert Advisor (EA) designed for major forex pairs, that is currently offering a whopping 50% discount.
Genie MT5: The Breakout/Scalper EA
Genie EA is a scalper and breakout EA that operates on major forex pairs such as EURUSD, USDJPY, AUDUSD on the H1 timeframe. The EA is in a class of its own, showcasing remarkable stability and robustness since its inception in 2003. It has consistently outperformed other scalpers in the market, offering an edge to its users with its unique algorithm that can efficiently work on multiple pairs.
Optimal Brokers and Unique Features
For optimal results, it is recommended to use Genie EA with ECN quoted brokers such as Icmarkets, Tickmill, Darwinex, and GlobalPrime. The EA offers distinctive features such as automatic increase in lot size, which assists users in setting up the EA efficiently, reducing the likelihood of mistakes and ensuring proper risk management.
Flexible Risk Management
Recognizing that each trader has a unique risk appetite, Genie EA offers five risk categories: ultra-low risk, low risk, normal risk, medium risk, and high risk. The projected maximum drawdown (DD) ranges from 2.5% for ultra-low risk to 30% for high risk. The minimum balance for normal risk trading on 4 pairs is 100 USD, while for trading on 5 pairs, it is 600 USD.
Setting Up Genie EA
Users are required to allow web requests for automatic GMT offset calculation, open three H1 charts for EURUSD, USDJPY, AUDUSD and add Genie EA to each of them. No need for setfile, just adjust your risk appetite accordingly. The EA should run on a VPS continuously without disruption to store the historic data.
Backtesting and Past Performance
Backtesting should ideally be done with Tick Data Suite GMT 2 with US DST for MT4 or with a broker that offers 100% quality tick data for every tick for MT5. While past performance is not a guarantee for future profits, Genie EA’s backtesting results have been uploaded on mql5.com for user reference.
FAQ
1. Where can independent testing of this product be watched?
Independent testing of Genie MT5 can be viewed on the forexroboteasy.com website.
2. Can I subscribe to updates on the results of testing this product?
Yes, you can subscribe to updates on the results of testing this product.
3. Can I share my experience of using this product?
Absolutely, we invite all users to share their experiences of using Genie MT5.
In conclusion, this Genie MT5 review has provided an independent and comprehensive analysis of the product. It has highlighted its capabilities, unique features, and flexibility in risk management. The current 50% discount offer presents an excellent opportunity for Forex traders to leverage this robust and efficient EA for their trading strategies.
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