The Happy Forex franchise has yet again come up with another forex bot. The creators of Happy Forex provide traders with stable profits and a low drawdown to save your investment from high-risk trades. We perform an EA review on Happy Forex by analyzing stats on Myfxbook, user reviews, and many more factors. Is Happy Forex legit?
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What is Happy Forex?
All we know about Happy Forex is the group that created it. The bot is fully automated and aimed at giving its users stable profits in the long run. Happy Forex is supported by operating systems like Windows, Mac OS, and Linux. It’s also compatible with Meta Trader 4 and uses the M30 timeframe. To invest, and you can choose between mini, micro, and standard accounts. The minimum deposit you start with is $1000.
You can get Happy Forex in one of two ways. You can get a 2-license package at 299 Euros or a 5-license package at 499 Euros. With this bot, you get 24/7 support, and easy to install the software. Because it’s compatible with MT4, it also supports ECN brokers with Auto-quotes detection of 4 to 5 digits. You are guaranteed risk-free trading for 30 days, with the choice of returning your money back if things didn’t work well.
EA Review: Happy Forex
Happy Forex aims to provide traders with stable profits and low drawdowns. Is this viable? The bot works with grid strategy without having to use martingale. The grid strategy works in such a way that the trader places limits above and below a set currency price, which creates levels of increasing and decreasing prices at regular intervals. This strategy is profitable, especially when the market is volatile. From this explanation, we can deduce that grid trading is a market trend trader.
The good thing about this strategy is that it can be automated, and you can choose to either make a profit from trends or ranges. Happy Forex has a technical analysis indicator and news filter, allowing it to determine when to enter and exit the market safely. The bot is relatively easy to install and use.
Martingale, on the other hand, is a negative progression strategy. It comes in when a trader loses by increasing the lot size every time until the robot has recovered all losses. In theory, this technique should give you a 50% chance at winning but sometimes, the account never wins, and because the robot kept increasing the lot sizes, a trader may end up blowing up all their funds. The technique also brings a menial profit margin because it’s high risk. This drawback is the reason why most forex robot developers shun it.
Upon purchasing this bot, you will gain access to the .exe file containing the bot, a complete user guide in English, and unlimited use. All updates and upgrades are free of charge. You buy a license for the first month, and consequently, you will receive a free license renewal every month for a lifetime.
EA Review: Happy Forex Stats and Community Trust
We start with the robot’s site. Like all Happy Forex Sales Pages, this robot pays keen attention to the upgrades and backtests rather than an entire narrative of how the robot works, which we have mixed feelings about. As reviewers, we pride ourselves in deducing how the product works, first, from the sales page before diving deeper.
Happy Forex Backtests
Happy Forex Provides traders with impressive backtests using the 99.9% modeling quality, which is an excellent choice because it will have more accurate-leaf-like results.
The AUDUSD currency pair’s backtest that was set between 2012 and 2016 works with the H1 timeframe. The backtest begins with a 1000 deposit which makes a gross profit of 4298.24 over the four years. From the gross profit, we get a net profit of 2250.03. The spread is 10, and the maximal and relative drawdowns stand at 21.70%. For this backtest, Happy Forex won 443 short positions and 448 long positions of 891 trades. The profit factor is 2.10, which is slightly above average. Considering this is a four-year backtest, we were expecting better profit margins. The backtest portrays Happy Forex as an average trader.
Happy Forex on MyFxBook
The stats that Happy Forex provides on Myfxbook are verified and from a real trading account. The account is set to a 1:500 leverage and works with MT4. The trader started with a $1,568.00 deposit in 2015, making them $1847.33 in profit. The account has grown by 154.03% over the years, with 0.04% daily and 1.20% in monthly gains. The drawdown is at 23.70%.
The robot has won 1118 out of 1637 trades so far. The average win is 47.75 pips / $4.84, and the average loss stands at -67.72 pips / -$6.86 with 68% of both long and short trades won. The average trade length in this account is eight days meaning that the robot prefers longer trades to shorter ones. The profit factor is 1.52, which falls under our recommended factor of 2 and above.
Looking at monthly analytics, the robot has maintained growths of 0.3% to 1.19% this year.
We found a few user reviews on TrustPilot and FPA. The robot mostly has good ratings and averages a 4/5 score on both the review sites. We also found user reviews on Forex Protect, but these were less than favorable. Happy Forex has a 1.5-star rating on this site.
As usual, there is an air of mystery around the creators of this bot. Despite the developers promising us a money-back guarantee, who do we ask if we can’t find them for a refund? Traders get a profit of 0.04% daily, despite other bots in the same price range making way more than this. The drawdown is getting higher, which increases trading risk.
I won’t recommend this trader for beginners because the grid strategy is not usually favorable to inexperienced people. It’s very easy to lose money using grid, and with the menial gains, you won’t make enough to warrant the risk.