Forexgrinder is a piece of software that contains an algorithm exclusively designed to trade EURUSD currency pairs. You can buy the Forexgrinder at a limited edition price of $139.99 with unlimited support and guarantee of getting updated versions whenever they are released. This is a one-time payment for the software and does not involve any recurrent fees whatsoever. You will be told to download the product as soon as you make the payment. What you get when you make the payment is, The Forexgrinder Metatrader4Expert Advisor, Installation Manual, and Recommended Settings.
For any question and concerns about the product they provide a dedicated 24/7 email support which is adequate. All product updates are automatically sent to you at the email address you provide. In case you are not satisfied with the results produced by the software you can return it within the 30 day grace period and get your entire money back.
In Forexgrinder several features combine into one algorithm, which in turn exclusively focuses on EURUSD. What are these features that combine into a single algorithm?
Here is a brief explanation on ADX feature and MFI Trend feature.
ADX feature: It measures the strength of the trend to see if it is a potential market trend or not. Or it checks up if it is a sideways movement.
MFI Trend indicator feature: MFI stands for Money Flow Index. The idea behind this feature is to provide long-term consistent profitability even during periods of worst trends. How does it do that? The software compares the currency value traded on up-days to the currency value traded on down-days. Then it tries to figure out any trend weakness on points of reverse shift.
Although Forexgrinder works with any broker it works best with those brokers who don’t have a spread of more than 3 pips on EURUSD. In other words, if the spread exceeds 3 pips Forexgrinder may not work effectively.
However Forexgrinder could work on an unlimited number of accounts. The only catch is that it works best on EURUSD and product support is only provided in relation to this currency pair. Forexgrinder has been found to work fairly well with some other currency pairs like EURCHF and EURGBP, but then you have to change the magic numbers on the respective charts should you be running multiple currencies on the same account.
Of course Forexgrinder comes along preloaded with the recommended settings.
Avoid running Forexgrinder on Sundays and Fridays which means you should be running it on a 24/4 basis from Monday to Thursday. As Forexgrinder could trade at any time of the day, leave it running as much as possible on 24/4 basis. This would give you fairly optimal performance.
The problem is, other expert advisor softwares do not use a close Take Profit to Stop Loss ratio. That could at times lead to big drawdown and losses. This is not so with Forexgrinder. It uses a close Take Profit to Stop Loss ratio. Therefore the possibility of huge drawdown occurring is minimal. This feature is done so well that it is probably the key to making consistent profits with Forexgrinder.
Interestingly the makers of this software have published at their website the forward testing results of Forexgrinder since the beginning of 2009. These results are impressive. The fact that they have a smart money manager built-in with the software is a useful feature. This money manager aims to increase your trade sizes as your equity grows. On the whole Forexgrinder looks a real deal for both the novice and expert trader alike.