WallStreet Forex Robot
JAN
24
2014
24
2014
What came into my mind at the first glance after reading the name of this EA was something like "oh naivety, what an uninspired name, Wall Street is not a Forex market". I thought it was another Asian session scalper or even just a copy of an existing original EA, but when I tried to inspect the opening times of the positions, lo and behold, I noticed that it wasn't restricted to the Asian session, and trades were being opened in the forward tests throughout the day! there are really very few 24/5 scalpers nowadays and this have given me a high feeling of suspicion and mistrust and tended to think it's kind of a scam. A lot of EA providers were discovered to fake statement results, and to cut removes all doubt, I decided to try to ask for a Wall Street Forex Robot review copy, that request has been granted with a very quick email response.
Being writing about it here now is a clear indication that I do not consider it a scam in any way, It's really original scalper where trading several pairs around the clock and it seems to manage scraping a nice profit off it. The pairs it works with are EURUSD, GBPUSD, USDJPY, USDCHF and to a not with the same efficiency USDCAD, although the latter is not even mentioned in the manual and I only could know about it as the author mentioned it. As most of other scalpers nowadays, it runs on the M15 timeframe, so there's nothing new about this.
Strategy
Well, now we know the most important characteristics of Wall Street Forex Robot; it's ascalper, running 24/5, uses the M15 timeframe and the pairs recommended by the provider are EURUSD, GBPUSD, USDJPY and USDCHF, while USDCAD is also working but not officially supported.
The manual is a somewhat confusing for the supported pairs as in the beginning EURUSD, GBPUSD and USDJPY were only mentioned, but later on USDCHF was mention as well; in addition, as you will see, USDCHF is there in the backtests presented on the EA website as well as in the official live forward test.
More few facts about this EA should be known, I'll try to list them briefly. It's probably not a good idea to manually configure each pair SL and TP although you can. The EA gets its settings updated from the server after authorized access configuring each pair preset values; the stop loss ranges from 120 pips on EURUSD and GBPUSD to as high as 160 on USDCHF, while the TP is around 25 pips, with the notable exceptions of GBPUSD where TP is 50 and USDCAD where TP is 14. The stop loss is rarely touched, though - by deeper inspecting the backtests - as any sensible scalper EA, in most cases when the market moves against it it can close the trades before hitting SL the average win / average loss ratio being roughly 1:2.75. It has also an ability to take profit early before the take profit target is hit by its positions, when it figures that's as many pips as the market is going to give it.
The strategy itself is fairly simple; a few indicators which are shipped with Metatrader are involved in a creative way, so the entry signals are determined. It has retry loops for opening/closing orders, denoting a certain degree of experience with automated live trading. Although the DLL programming is sometimes an obstacle for EAs running on multiple pairs with the same DLL, in this case it seems to be entirely thread safe.
When running on the recommended four pairs, the average of WallStreet Robot is about 3.5 trades / day and almost 5 trades / day when running on all five, so it qualifies as a rather frequent trading EA. There's no GMT setting as it trades around the clock, so it's not to worry about in this case.
Wall Street Forex Robot is completely compatible with the NFA rules as it opens only one trade at once on each instrument traded, there is no problem with FIFO and hedging. But you need to be careful as if it operates together with another EA trading the same pairs on an account with the NFA restrictions in place, this might lead to inability of one of the EAs to open trades.
Website
If you don't already know it, I am frank. So, with respect to the EA seller, I think the Wall Street Forex Robot website is a miscellany collection of routine marketing stuff with all available font sizes and colors and I think that this website is what gave me the impression that I was to deal with a scam in the first place.
The website contains 5 main areas, the first which is the home page involves the buy links in addition to some interesting information about the EA, the second is the backtests area with four 1999 - 2011 backtests which are performed using a large lot on a low starting balance, resulting in some rather large drawdowns, despite the steep ascending balance curve.
The more interesting is the third area where a live Alpari account is running the EA since December 2010 and three Alpari demos, but I didn't really get the difference between the demos except for the starting date. All of the accounts are stamped with the independent verification of myfxbook. There are also an account statement.
WallStreet Forex Robot EUR33+GBP30 REAL System | Myfxbook
Started
Nov 02, 2011
Leverage
1:500
Broker
Alpari NZ
Account Type
Real
WallStreet System by forexwallstreet | Myfxbook
Settings
Default Settings
Started
Dec 17, 2010
Leverage
1:500
Broker
Alpari NZ
Account Type
Real
Starting Balance
$1000
WallStreet Recovery PRO - Real System by forexwallstreet | Myfxbook
Settings
WallStreet Recovery PRO
Started
2014-10-01
Leverage
1:500
Broker
FXOpen
Account Type
Real
Starting Balance
$5,000
Then you can go to the third area which contains some explanatory text revealing the most important trading principles the EA uses, and finally you can find the package details and links to buy the EA by its two versions, Single Licence and Full Licence. In addition to those 5 main areas, there are also frequently asked questions area.
Anyway, if you came here, I ask you to disregard the website and proceed with the review. An ugly website is no reason to dismiss a good product, it's just a matter of taste and may some people actually like this marketing style. An important notice which I was to forget is mentioned on the website, it's that the EA is already available for Metatrader 5 and buying the MT4 version will give an access to the MT5 version too, both are available for download in the members' area.
Parameters
The only one parameter that you will have to set is the AutoMM which is basically the risk that the EA runs with, failure to configure it will make the EA trade a constant 0.1 lot size. Forward test will be shown here will be ran with AutoMM set to 3, but I think that many of you will set it to something like 5. If you don't want to use fixed lots, you will have to change the default of 0.1 to your desired lot size.
Another important parameter is the RecoveryMode that I strongly recommend to let it disabled. While it may seem to gain higher, it will certainly increase the drawdown dramatically, ven the manual recommends that. One other parameter is which is used to limit the maximum risk per trade and is configured to 20 by default, if you let it as is, you would probably do well, it basically works as a safety setting.
A featured StealthMode parameter is there, where it's likely better to off disable it id you don't suspect your broker misbehavior. Some very heavy losses were detected due to a similar setting with another EA. Any trader could configure the pair parameters manually instead of using its defaults. The stop loss, take profit, secure profit and secure profit triggerparameters are also configurable.
Every parameter is explained in the manual and there is a whole chapter concerning money management that explains the correct configurations of the EA to use the risk that you want, but you have to care for that each currency pair has its own inherent risk and as the EA runs on multiple pairs, this usually leads to smoothed out drawdowns, sometimes combined drawdowns. A backtesting chapter is also featured in the manual. It also contains some really reasonable broker advice with no affiliate links.
The EA features a HUD (chart display) that looks like the same style asKangarooEA but with a bit less information. The most important data shown is the lots it will trade, the current spread and trade status along with the authentication result.
Backtests
The beginning would be by running history center data backtests on the 1999 - 2011 time range. on an average spread for each pair:
- EURUSD: 2.0 pips
- GBPUSD: 2.0 pips
- USDJPY: 2.0 pips
- USDCHF: 2.5 pips
- USDCAD: 3.0 pips
If you have an account on an ECN broker, you will certainly have lower spreads which will affect the EA performance positively. While if you are trading on a fixed spread broker, the spreads could be higher, so I advise not to use Wall Street Forex Robot in that case as it'd not be a good idea.
Every backtest performed on the history center data was made using all the parameters default settings except for the AutoMM which was set to 3. A GO Markets terminal was used for all the backtests and FXT file creation.
Wall Street Forex Robot 3.6, 1999-2011 EURUSD M15 history center data, spread 2.0, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 1999-2011 GBPUSD M15 history center data, spread 2.0, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 1999-2011 USDJPY M15 history center data, spread 2.0, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 1999-2011 USDCHF M15 history center data, spread 2.0, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 1999-2011 USDCAD M15 history center data, spread 2.0, default settings, AutoMM 3
GBPUSD surpassed all the other pairs, but EURUSD, USDJPY and USDCHF are also working well, constantly ascending balance chart curve. On the other hand USDCAD looks quite confused and I guess that's why it isn't an officially supported pair. It will not be include in the forward test definitely, but the other backtests will be run on it as well, aiming for matchmaking. USDCAD weird balance curve is probably due to the poor average win / loss ratio, in spite of its high winning trades percentage.
To save time clicking each balance chart, A small table with some relevant data for each backtest is available. So that you can click the "Backtest Summery" button to see the backtest summary or if you need to view the whole backtest results, you can click the "View Full Backtest" button.
| Currency pair | Net profit | Relative drawdown | Profit factor | Expected payoff | Profit trades | Average profit / loss |
| EURUSD | 53505.54 | 13.47% | 1.88 | 28.31 | 83.97% | 1:2.79 |
| GBPUSD | 207559.46 | 18.67% | 1.82 | 111.71 | 77.45% | 1:1.89 |
| USDJPY | 22846.34 | 12.18% | 1.40 | 13.24 | 74.22% | 1:2.06 |
| USDCHF | 48432.26 | 12.70% | 1.36 | 16.21 | 82.89% | 1:3.56 |
| USDCAD | 13284.28 | 20.06% | 1.12 | 2.87 | 86.00% | 1:5.47 |
Some more backtests were done on Dukascopy tick data next, using fixed spreads equal to those used with the history center data above. Also with the same EA settings; all default settings with AutoMM set to 3.
Wall Street Forex Robot 3.6, 2007-2011 EURUSD M15 tick data, spread 2.0, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 2007-2011 GBPUSD M15 tick data, spread 2.0, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 2007-2011 USDJPY M15 tick data, spread 2.0, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 2007-2011 USDCHF M15 tick data, spread 2.0, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 2007-2011 USDCAD M15 tick data, spread 2.0, default settings, AutoMM 3
The GBPUSD and EURUSD pairs are still the title holders, the same as in the last backtests. Ironically, the USDCAD looks revived, but this is still not enough to be used in forward testing, especially after considering the fact that it's not an official pair. If you decide to run USDCAD even on demo, we would be very grateful if you to dropped a comment in here of the results after about a month.
Here is another table, this time with the tick data fixed spread results put together:
| Currency pair | Net profit | Relative drawdown | Profit factor | Expected payoff | Profit trades | Average profit / loss |
| EURUSD | 21883.64 | 10.22% | 1.87 | 22.04 | 84.09% | 1:2.82 |
| GBPUSD | 40734.62 | 19.67% | 1.75 | 41.65 | 79.65% | 1:2.23 |
| USDJPY | 8735.06 | 8.34% | 1.49 | 10.65 | 74.02% | 1:1.91 |
| USDCHF | 6649.38 | 13.02% | 1.31 | 7.73 | 74.88% | 1:2.28 |
| USDCAD | 13686.47 | 15.35% | 1.27 | 7.52 | 84.73% | 1:4.39 |
Here is a merged analysis of EURUSD, GBPUSD, USDJPY and USDCHF results (excluding USDCAD), and to make results more relevant, all the trades were set to lot size 0.3 - the value due to running the EA with an AutoMM of 3 on a 10 K balance - so that, the resulting chart - shown below - would have had a much larger ending balance with the original lot sizes, but in order to obtain an analysis, this is fair enough:
Wall Street Forex Robot 3.6, merged results for the fixed spread tick data backtests for EURUSD, GBPUSD, USDJPY and USDCHF
The total monthly profit nearly 8.3%, while the combined maximal relative drawdown is about 20%, that was the the target as a maximum by setting AutoMM at 3. Many trades - over a third of them - are closed within one hour while most of the trades - over 80% of them - do not last over 5 hours. Anyhow, the longer a trade is, the lower the chance of ending up with a return from it. The average profit factor is 1.59, while the winning trades accounted for 78% of the total, with an average win / loss ratio of 1 / 2.28. A quickMonte Carlo projection is also available here.
Finally, some backtests are available here using the real Dukascopy spread and adding a commission of 0.8 pips:
Wall Street Forex Robot 3.6, 2007-2011 EURUSD M15 tick data, real spread, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 2007-2011 GBPUSD M15 tick data, real spread, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 2007-2011 USDJPY M15 tick data, real spread, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 2007-2011 USDCHF M15 tick data, real spread, default settings, AutoMM 3
Wall Street Forex Robot 3.6, 2007-2011 USDCAD M15 tick data, real spread, default settings, AutoMM 3
The results are nearly the same as those resulted from a fixed spread, but as expected, they were alittle poorer because of the commission and variable spread.
This Average Spread EA was used to check out the whole data spread and you can see now how it looks like on the real spread files (not including the commission, that's added on top of the spread):
| Currency pair | Smoothed min spread | Average spread | Smoothed max spread |
| EURUSD | 0.66 | 1.17 | 1.87 |
| GBPUSD | 1.18 | 2.05 | 3.35 |
| USDJPY | 0.70 | 1.32 | 1.95 |
| USDCHF | 1.29 | 1.96 | 2.95 |
| USDCAD | 1.90 | 2.63 | 3.85 |
By adding the commission, this is reasonably larger than the fixed spreads used, so Logical that the results will be slightly worse, but I think these are more realistic. Here is another table for this as well, just if you wanted to compare the results:
| Currency pair | Net profit | Relative drawdown | Profit factor | Expected payoff | Profit trades | Average profit / loss |
| EURUSD | 16776.70 | 12.41% | 1.74 | 16.78 | 84.10% | 1:3.03 |
| GBPUSD | 25562.40 | 20.04% | 1.57 | 26.49 | 78.55% | 1:2.33 |
| USDJPY | 6491.61 | 9.72% | 1.38 | 7.96 | 73.04% | 1:1.97 |
| USDCHF | 4213.53 | 16.86% | 1.21 | 4.97 | 75.00% | 1:2.47 |
| USDCAD | 5606.10 | 16.44% | 1.14 | 3.19 | 83.80% | 1:4.53 |
New Pairs & Settings
AUDUSD and NZDUSD are supported in the latest versions of WallStreet Forex Robot, in addition to a whole new setting for EURUSD with a tight 33 pip stoploss. So that this have to be re-investigated by creating backtests of the new pairs.
At the start only tick data backtests were run using the Dukascopy data with variable spread, but as a mistake they were run with risk 2, what made them incomparable with the previous backtests, so some history center data backtests and some tick data backtests with risk 3 were also run, all are presented down here.
Wall Street Forex Robot 3.9 EURUSD M15 backtest 1999-2011, history center data, spread 1.0, EURUSD33 default settings, AutoMM 3
Wall Street Forex Robot 3.9 EURUSD M15 backtest 2007-2011, tick data, real spread, EURUSD33 default settings, AutoMM 2
Wall Street Forex Robot 3.9 EURUSD M15 backtest 2007-2011, tick data, real spread, EURUSD33 default settings, AutoMM 3
Wall Street Forex Robot 3.9 AUDUSD M15 backtest 1999-2011, history center data, spread 1.5, default settings, AutoMM 3
Wall Street Forex Robot 3.9 AUDUSD M15 backtest 2007-2011, tick data, real spread, default settings, AutoMM 2
Wall Street Forex Robot 3.9 AUDUSD M15 backtest 2007-2011, tick data, real spread, default settings, AutoMM 3
Wall Street Forex Robot 3.9 NZDUSD M15 backtest 1999-2011, history data, spread 2.0, default settings, AutoMM 3
Wall Street Forex Robot 3.9 NZDUSD M15 backtest 2007-2011, tick data, real spread, default settings, AutoMM 2
Wall Street Forex Robot 3.9 AUDUSD M15 backtest 2007-2011, tick data, real spread, default settings, AutoMM 3
The most impressive of the 3 new update of the EA is the new EURUSD setting, but anyhow I prefer to keep it as close to "factory settings" as possible. WallStreet Forex Robot performed more nicely on AUDUSD too, in line with the other pairs, but concerning NZDUSD, although the backtest looks like an indication of a pleasant performance, the amount of trades taken is a lot lower than for the other pairs, so the backtest is not as relevant as the others.
The Bottom Line
In fact Wall Street Forex Robot deserved to write a review about here, it does have a few drawbacks. While this is not counted as a cheap product as a copy costs a $429, for a license running on 3 live accounts with an MT5 version is included, or you can buy a single live account licence for $299. If a $1000 account would be using this EA, it has to be run for about half a year with risk 3 just to result in a final profit equal to the investment. So this EA is more targeting larger account sizes. After the 2 year anniversary of the EA, the authors have updated the EA and now latest version includes also an advanced news filter.
No doubt, this is surely the only scalper robot with this profit and opening positions around the clock I even knew, in a way that the high price might be justified. The owners' forward test totally comply with the previous backtsts, so it seems to be so promising. Finally, you may need to raise your intend level to buy this product if you knew that there is a 60 day refund policy, conditioned upon the EA failing to produce profit.
WallStreet Forex Robot Info Summary
Version Used: 3.6
Pairs: GBPUSD, EURUSD, USDJPY, USDCHF
Timeframe: M15
Visit WallStreet Forex Robot WebsitePairs: GBPUSD, EURUSD, USDJPY, USDCHF
Timeframe: M15
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Information, charts or examples contained in this post is for illustration and educational purposes only. It should not be considered as advice or an endorsement to purchase or sell any security or financial instrument. We do not and cannot give any kind of financial advice. No employee or persons associated with us is registered or authorized to give financial advice. We do not trade on anyone's behalf, and we do not recommend or receive any payments from any broker. On certain occasions, we have a material link to the product or service mentioned in the post. This may be in the form of compensation or remuneration.
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