Today I’m looking at both an EA, and a tool that can be utilized with external expert advisors to help better the outcome of trades, Loss Recovery Trader. The system takes advantage of a “zone recovery algorithm,” which pretty much hedges losing trades with a grid trading strategy.
The robot is sold by Michalis Phylactou through MQL5, and his personal website, the Forex Cabin. It is unknown where the offices are, but this service does look like it’s run by just one man, which leads me to believe that it is likely a home-based outfit. Traders can get in touch with Michalis by either leaving a comment on the MQL5 website, or emailing email@example.com.
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Loss Recovery Trader Review
The tagline for the Loss Recovery Trader is that traders can now “avoid closing profitable trades too early, and avoid letting losing trades train your account.” The first job for the EA’s to protect traders from losing trades by utilizing an automated hedging strategy that I explained in the first paragraph of the review.
If you’re trading manually or with an expert advisor, the software will alternate a series of “buy and sell trades a to specific levels, with to exit points above and beyond these levels.” Their hope is that by opening multiple trades on each side, that the EA will naturally either close trades and combined profit or at a breakeven point. Traders have the ability to set the amount of heads trades that the system can open so that they can set their own personal level of risk.
- Type: Forex Robot
- Price: $149.99
- Strategy: Grid Trader
- Timeframe: Any
- Pairs: Any
At $149.99 this tool looks to help traders recover their losses. If you plan on using this with another expert advisor, I would contact the developers or analyze the strategy a little bit to make sure that it will work with a grid trading approach. Not every method is going to be protected by this type of system. Also, keep in mind that if your brokerage is regulated by the NFA then the strategy will not be compliant because of the FIFO rule.
The Forex Cabin
Michalis Phylactou sells quite a few systems outside of the most popular, Loss Recovery Trader, through the Forex Cabin website. There are currently 11 products being sold on this website, but today I’ll just look at 3 of the under other systems that are referred to as “our top products.”
- Trend Extreme Dashboard
The Trend Extreme Dashboard, is an expert advisor built to work on 25 currency pairs utilizing a trend pullback strategy. They also recommend the traders utilize this alongside their Loss Recovery Trader software.
- Double Trader Dashboard
The double Trader dashboard is described as a hedging EA that will simultaneously open “a sell trading up by trade on the selected instruments when no trades are active.” It is built to continue repeating this process over and over again, until the max open trades level is reached.
- Currency Power Indicator
This indicator assigns currencies with a score from 0 to 10 by comparing it to 9 of its counter currencies. “This way you can get the whole picture of how well each specific currency is performing against the overall market. This type of tool will help traders find strong trending pairs to trade, and pick out pairs that are not trending.
Despite selling many different EA’s, neither the Loss Recovery Trader or any other system on the Forex Cabin website has any trading results.
The review section on the MQL5 website shows many 5 star and 4 star reviews. There are a couple of one star reviews but these are much less frequent, as the system currently has a rating of 4 stars out of 99 reviews.
It’s difficult to recommend any system that doesn’t have any trading results, but there’s a lot of strategic elements that I like about the Loss Recovery Trader. Any system that promises to work alongside your current software and make them better, is a strong proposition, and one that’s hard to ignore. I would like to get some feedback here at Forex robot nation before I decide to jump in and test this with some of my other strategies.
So, with that being said, please leave your experiences with this system below the article now.
PaulDV, What is your forum to see the configurations of LTR?
Are you still using LRT? Can you please share your updated experience if so.
I’ve been using this in conjunction with ForexSteam for the past week or two, and it has flawlessly saved every losing trade, even turning them into wins!
The only caveat I would have for this EA is that you have to be aware of the margin your trades are going to generate should they start losing, as each counter trade can increase greatly in size very quickly, depending upon the settings you use.
I would also recommend anyone using this (or any hedging strategy) to use a broker that supports “Margin Netting”. If your broker doesn’t support it, you are creating a restriction on how many trades the EA can open.
I would also recommend controlling how many currency pairs you have on an account: if you are trading on 6 pairs, bear in mind it is possible for you to have 6 trades open at once, and for all 6 trades to go the wrrong way…you will run out of margin VERY quickly. Limiting the number of pairs on an account will drastixally reduce the chances of the EA getting into trouble.
What settings are you using? (Recovery pips range and recovery exit pips) since I use the same ea .
I have found that using the ATR of the H4 timeframe for RecoveryZone and half that for RecoveryExit seems to be working well at the moment.
I have detailed all of my settings on my forum.
Are you still using this Loss Recovery Trader with Steam? If so, can you please advise on your experience after so much time? Also, you mention that you have a forum. Can you please let me know where that is?
Can you share your current LRT settings, and how is it performing for you in conjunction with Steam EA?
Thanks in advance.
Thank you for reviewing this!
I currently use a similar EA (called ALR) to do exactly the same thing, only it comes with a monthly subscription that is greater than the purchase price of this EA!
Assuming that LRT uses the same methodology (and it appears to do so – even using some of the same terminology) then I can assure potential customers that it works, and has saved me thousands on converting losing trades to either break even or, occasionally, small wins.
I’ll be downloading LRT and running it in parallel with my existing Loss Recovery EA to see how they compare. As long as LRT performs to the same standard as ALR, then I will be making the change.
I’ll post an update once I’ve had sufficient time to check it out.