Today I’m reviewing a new Forex EA by the FXProSystems development team, Wallstreet Asia EA. This development team has been selling Forex robots for a handful of years, and I recall reviewing a couple of them back in 2013. It’ll be interesting to see how they’ve changed their approach to the markets, and what their take is in this new Asian session scalping software.
The FXProSystems website is owned and operated by Daniel Alard. The company is located at 9870 St Vincent Place, Glasgow, DC 45 Fr 45. Traders can get in touch with the support team for each product by using the contact form on the main webpage, or emailing email@example.com, or calling +1 800 603 6035. There is also a fax number, but considering this is 2017, I don’t see any purpose of supplying this to you.
Wallstreet Asia EA Review
First of all, it’s important to note that the Wallstreet Asia EA is not associated with the aggressively marketed Wallstreet Forex Robot. This is a separate EA, by different developers that trades much differently. In this case, this Asian scalper looks to take advantage of trends by utilizing a pullback method and filtering signals based on volatility and other indicator channels.
The team at FXProSystems want the community to know that the software uses no martingale or grid strategies, and is currently being offered to the Forex community free of charge. It seems that the main purpose of this software, is to generate interest in their website, and other product offerings that they charge for.
They provide us with a full list of the settings, some back tests and a couple Myfxbook accounts, but I’ll get into this more in the results section of the review.
- Type: Forex EA
- Price: Free
- Strategy: Asian Pullback Scalper
- Timeframe: M15
- Pairs: GBPUSD, USDJPY, GBPCAD, GBPCHF, EURGBP, EURCHF, USDCAD, USDCHF
I don’t normally review free expert advisors, but one of the Forex Robot Nation readers emailed me about Wallstreet Asia this morning, so I thought I would take a closer look. When it comes to free trading systems, they are fun to play around with an test, but I never use them on live accounts. You can have a nice run with a free software, but over time these type of trading products do not provide the stability and reliability that a paid commercial expert advisor will.
That being said, you can still benefit greatly from testing many different EA’s to learn from them, as long as you have the free time to do so.
The creators of Wallstreet Asia, are also behind 8 other Forex robots. I have reviewed a couple of them already, and I’ll probably take a closer look at the rest of them in the coming weeks. You can see a list of the products FXProSystems created here:
Most of the products have pretty extensive testing, but despite being in the marketplace for quite some time and providing many different solutions, there aren’t many customer reviews. I have researched online, and gone back through my reviews, and none of these products are discussed by the community. This makes it difficult to get a better understanding of how well they’ve performed over the years for actual traders.
Despite being a free EA, the developers of Wallstreet Asia provide us with quite a few back tests, and a couple of Myfxbook accounts as well. This is much more than I expected, considering the system is free. Out of the 2 accounts, one of them stopped trading in 2016, so we will take a look at the account that has been running since mid-2015.
The longest running account, is showing a gain of nearly 400%, with a drawdown of just 5.17%. These numbers are quite impressive, but the majority of the gains for this account has been accumulated in 2015 in 2016. In 2017, the strategy doesn’t seem to be performing as well, with more losing months than winning months. Yes, the software is still trading successfully in this demo account, showing a gain on the year, but it is certainly trending in the wrong direction.
As far as free Forex robots go, the Wallstreet Asia EA is one of the more impressive ones that I’ve seen. That doesn’t mean that this is the type of system I would drop everything for, but it would certainly be beneficial to those that have the time, to tested and learn from it on a demo account.
If you have anything you would like to add to the review, please do so now.