Waka Waka EA is an expert advisor designed for automated trading on the MetaTrader desktop platforms, including MT4 and MT5. Simply load it onto your platform’s charts, and it will diligently scan the forex market for potential trading opportunities. This feature is particularly appealing to traders who may lack the time or expertise for manual trading.
In this review of Waka Waka EA, we’ll examine its strengths and weaknesses, analyze its trading strategy, review historical backtests, and scrutinize real live verified results. Hopefully, this evaluation will assist you in determining whether this automated trading system aligns with your forex trading goals. Developed by the highly skilled Valeriia Mishchenko, Waka Waka EA joins her collection of top-performing forex EAs, which are available on her personal website.
Live Results
Additionally, there is a Myfxbook-verified real account showcasing the latest results of the Waka Waka EA. This account has been operational for several years and boasts one of the lowest drawdowns observed among grid trading robots. The overall results are remarkably impressive, indicating a consistent performance.
Trading Strategy
The Waka Waka EA employs an advanced grid system designed not to merely reflect historical data but to exploit existing market inefficiencies. Consequently, it transcends the conventional “hit and miss” approach associated with grid trading, aiming instead to leverage real market mechanics to its advantage. Grid trading involves placing orders above and below a predefined price level, creating a grid of orders at incrementally increasing and decreasing prices.
The strategy of the Waka Waka EA combines various technical indicators, primarily relying on the Relative Strength Index and Bollinger Bands to identify entry points in the forex market. While the RSI detects overbought and oversold market conditions, the Bollinger Bands are utilized to pinpoint breakout and reversal opportunities. The integration of multiple forms of market analysis enhances each trade’s confirmation, allowing for well-timed initial grid entries.
Aside from its remarkable performance, one notable feature of the Waka Waka EA is that the developer has made all crucial EA input settings accessible for user customization. This flexibility allows traders to experiment with settings in the MetaTrader strategy tester, tailoring them to suit preferred financial instruments and chart timeframes. Often, traders can devise settings better suited to their needs than those provided by the developer.
In theory, the Waka Waka EA can be used on any trading instrument and chart timeframe, although the developer offers recommendations based on backtests and optimizations. Users can opt for default settings or tweak them according to their skills and preferences. Adjusting the lot size or risk level to suit individual trading styles is crucial, as every trader’s risk tolerance varies.
Back Testing
The backtests of the Waka Waka EA are remarkably impressive. Conducted with a modelling quality of 99%, they utilize tick data and, equally importantly, variable spreads. I appreciate the thoroughness of the backtesting process, which includes simultaneous testing across multiple currency pairs using a substantial amount of historical data. Nonetheless, it’s essential to remember that past performance does not guarantee future results. Nevertheless, these backtests provide valuable insights into the trading strategy of the particular expert advisor. Based on these tests, the Waka Waka EA has demonstrated exceptional performance across various market conditions.
Conclusion
In conclusion, the Waka Waka EA stands as one of the premier forex robots accessible to retail traders. Its long-term consistency and impressive performance in historical testing, complemented by substantial real, verified results, underscores its quality. With pre-optimized settings provided by the developer, the Waka Waka EA is ready for immediate use.
Additionally, the Waka Waka EA offers extensive customization options to suit individual preferences alongside active developer support. It includes a user guide, free updates, comprehensive assistance, and a money-back guarantee.
While it may not be the most economical choice available, there is a free demo version for those interested in testing it before committing. Quality often justifies a higher price, and the Waka Waka EA truly distinguishes itself among the myriad of forex robots reviewed and tested over the years.