“Channel Trader PRO incorporates this micro breakout strategy and scans the lower time-frames. When the breakout occurs the robot automatically enters the trade and manages it for you.”
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Official Author Web Site: [Here]
- Review Status: In Progress | Live Test Begins: 24.08.2015
- Review Status: Test Completed| Live Test Ended: 06.11.2015
Performance Review Mission: Educate the traders about the EA’s actual performance in the live market running by our own terminal without any access from the author of that EA.
We been asked to review Doug’s famous ChannelTrader PRO expert advisor for Forex and decided to give it a go. ChannelTrader PRO promises fully automated, no hassle trading experience for both new and experienced Forex traders. Doug Price the trader and the developer behind this EA has made as per his promise $4,950 into $130,000 within a single year period. Furthermore, we did like the fact that ChannelTrader PRO based on micro breakout strategy “quick in, quick out” approach so chances it will be affected from long term market events supposedly lower in a theory and we truly hope to see in the reality while we are running our live test. Those points all in all, certainly brought our attention and made us even further eager put this EA on a live performance test / review.
Those who are new to Expert Advisors, will find this EA very easy to setup, since it uses fully automated integration, you simply put in a single pair (EUR/USD, 1H) and it will trade all it’s supported currency pairs automatically from that single chart. No need to open different charts and apply the EA few times on your terminal.
ChannelTrader PRO is designed to work on 3 Currency Pairs:
Let’s observe the key features of this EA as listed by it’s authors:
- Trading automatically on 3 (three) supported currency pairs
- Built-in fully automated Money Management system
- On-Chart trades management gives you all the needed information towards the running trades
- Fully automated self trade management system
- Unique micro breakout strategy
- Account Balance Protection mechanism with long term growth approach
Some past results from the EA Developers:
Personal EA introduction by the trader behind this EA development:
But have you ever thought about trading the less mainstream pairs? Frankly, there is no reason not to – especially because of these 3 very important reasons.
- In many cases they can be easier to trade for a profit!
- They have unique patterns that are different than you might think and can be exploited for a nice profit.
- And these trades can be entered and managed completely on auto-pilot for you.
I discovered three currency pairs that can be traded automatically with insane accuracy.
First, let me introduce myself,
My name is Doug Price I’m a full time Forex trader.
For almost a decade I worked for funds trading massive amounts of money with my strategies.
It was fun, it was profitable, but it was time to move on and go off on my own.
I was tired of what I was seeing and wanted to start trading for myself and helping others.
And that is why I want to give you a chance to access my software today.
The Test Begins..
- We’ve arranged dedicated Server located in Germany high-end data center / network facility for lowest latency
- We have installed dedicated MT4 terminal running the default supported pairs: AUD/USD, EUR/JPY, AUD/CAD.
- For test we are using highly reputable, regulated Forex Company Server “Alpari” in demo account with 1,000USD balance to see how common trader with a medium account size will experience this EA.
- Testing Start Date: 24.08.2015
So what’s Next?
- We will be running this Demo terminal on it’s dedicated server for a period of two months.
- We have connected this terminal to MYFXBOOK so everyone can see in real-time whats happening.
- After two months we will be able to write here an add value information to conclude our impression from this EA running on a live market for that period of time.
- As always, we hope that our review and real market test helps you to make your educated decision about making your right choice.
Product Official Description (as per the author):
Although you may have doubts that you could ever be a successful Forex trader, you should not give up hope.
Because you’ve been led to believe it’s difficult and complicated to be successful, but it really is not.
The secret is broken down into: Emotion, Verifications, Trade Management, Money Management, and Market Awareness.
You must be tough, relaxed, and persistent.
This may right now, seem like a basic secret. But it’s very important. If you become emotional, then it will get in the way of your trading. Stick with a strategy, and be open to drawdowns, they will happen.
Often I see traders doing great, and then all of a sudden they pull a 360 and do horrible.
All because they had some draw-down and started to fear losing trades and thus closed out trades and started questioning everything.
Don’t do this! This is a recipe for failure.
No matter how well designed a strategy is, there will always be conditions that invalidate a strategies signals.
That’s okay, because it’s normal and expected and we can prepare for it.
Using tools to verify a signal is valid is what helps you to avoid a bad trade.
A few examples are using certain indicators, such as oscillators, using multiple time-frames, using the trend, etc.
Your trade management is one of the most important aspects of your strategy.
No matter how good your signals are – it doesn’t matter, because your trade management can close you out a winner or loser.
There’s different ways to manage your trades, dynamically and fixed, with optional trailing stops.
Don’t worry if this doesn’t make sense to you right now.
Basically, a simple way to put this, some people use small, medium or big stop loss.
Now you can understand why someone would do a small stop loss, but many times having a too small stop loss can result in the trade closing in loss and then the price action moving towards where you would have profited.
This is why it’s very important to manage your stops accordingly.
Another important aspect of your trading is how you manage your money. And by this I mean the lot size you select for each trade.
An issue I often see with traders is poor risk management with their money.
Don’t rush to make a lot of money. Grow your account safely, reinvest the profits, and you’ll do great.
Use safe risks.
Do you read the news? The news you should be reading is the global financial news.
Now, most news you can trade as normal. But from time to time there are news events that cause the currency markets to move rapidly in a way that can cause you to lose money on a valid trade signal. Unfortunately, you won’t be able to avoid all bad movements, but you can increase your chances of avoiding bad trades with basic market awareness.
For example, pending news of a vote on a major issue in Greece repaying it’s debt, may be a good signal to avoid trading during and right after the vote results are announced.
Lastly, awareness is watching a currency pair and understanding how it moves. Believe it or not, currency pairs have personalities and move in different patterns.
You might not have the time, knowledge, or skills to implement each of these points discussed, but that’s okay, I have got you covered.
Luckily I have created a unique micro breakout strategy that implements these secrets with maximum account protection and account growth in mind.
Our Test Account Live Performance (Begins on 24.08.2015 – 06.11.2015):
Author’s Account Live Performance:
Author’s official web site: