YES - we recommend the BFT AutoTrader
Whether you are new to the forex markets or experienced, the BFT AutoTrader may be a great addition to your arsenal. If you are looking for an automated solution and/or don’t have a huge pile of money to invest, the BFT AutoTrader is probably the best performer you will find that you can get your hands on.
Forex autotraders, also known as mirror traders, are quickly becoming a very popular feature among FX traders, and the BFT AutoTrader is no exception. To help you determine whether this service is the right one for you, we’ve done a full BFT AutoTrader review and provided our findings below.
Customer Service is Great…
First thing we really took notice of was the consistent customer service on their Facebook page. Rare to come across a group that treats each customer as someone who is already a paying member. Response time to requests was fast, but also effective. This is something we can appreciate. Because of their customer service, we decided to jump into their autotrader to see if it’s all that it’s cracked up to be on their Facebook posts.
We Started with $500 …
Starting out with an initial account of $500, the setup process is not complicated at all, in fact they keep most of the set up on their side as they aim to keep building out their proprietary framework and trading system over the next year or two.
No Downloads was a Huge Plus …
Unlike most autotraders, you don’t actually download their EA and load it into your MT4 account. They connect your trading account to their master trading account (this is where the autotrader runs). Once you are connected, trades essentially mirror into your account with a very impressive latency.
We really appreciated this feature, because with other EA’s it can be very cumbersome to keep MT4 software open, internet connected, and so on 24/7 like it must be! BFT made all of this extremely easy because they handle all of that for you.
This is typical in the automated Forex trading software world these days but it does keep the customer’s involvement in setting things up to a minimum – which is ideal. Very happy with them in this regard.
Performance So Far…
We’ve been running the EA on our account since October of 2018, going on nine months now. This account was opened with the recommended minimum of $500. After 3 months, the account already grew to just under $2,500 (without compounding anything). We were certainly impressed with the results, but realized that such high performance could not continue long-term, so we tried to remain realistic. We haven’t had any losing months yet … although we haven’t had any 100%+ months since then, either. But still – very strong performance and we will likely start compounding this account by the end of 2019, or early 2020.
As you can see, some months outperform others – which is to be expected in any real trading system. But allow me to point out a few key notes that we’ve learned while using this system.
- This autotrader is programmed with very objective trading logic that leverages as many pullbacks and breakouts in a trend on multiple time frames.
- It’s also programmed to follow squeaky clean money management rules. Stop losses and profit targets aren’t actually revealed to us (it’s a proprietary trading strategy after all). But from what we can tell, the autotrader will not place a trade without scanning for a 1:2 or 1:3 risk reward setup.
- Even on months with bad market cycles, we still manage to profit through drawdown phases, which is key to remember.
- I have a theory that a lot more EAs work than we lead ourselves to believe if we just give them the time to respond accurately to market conditions.
All in all, this is programmed to follow an objective and clear cut trading strategy, which is something the EA industry has NOT seen in a while. That said, let’s talk about some pros and cons and ins and outs of this system that you’ll want to know especially if you are planning on joining this program.
- 100% Automated Forex trading system, using a proprietary algorithm (which we did get to see – quite fancy). Hands free system to traders.
- REGULATED Brokers Only! Your money stays in your broker account with a regulated broker. You have access to your account and funds at all times. This means you don’t have to send your trading capital to some person you’ve never met before, your money goes into a regulated brokerage account. Huge plus!
- Fast and easy set up, minimum investment was only $500 as opposed to other systems charging upwards of $5,000-$10,000.
- Reliable and REAL trading team. Can’t stress this enough. Rarely do we come across a team of traders who have more than 20 years of trading experience (i.e: these guys are the real deal).
- Higher price tag + 20% of the profits: This isn’t exactly a con, but to some traders, this could come across as “expensive”. We didn’t mind handing over the 20% to a good team. Minimum investment is $500 USD which is higher than most of the automated trading systems on the marketplace today. But the price tag is worth it (in our opinion).
- Risk settings is set on their end, this means that when you want to up your leverage up lower your leverage for one reason or another, you’ll have to go through their support team in order to change it (Side note: the support team is great and really friendly as well as superesponsive, so when we wanted to increase leverage, it was handled pretty quickly (pro/con?).
The BFT AutoTrader is a WINNER …
Overall this is probably one of the more robust systems that we’ve tested here. Typically you have to purchase an EA and download it yourself, and run it yourself with no help from the programmer. So it certainly is a massive benefit to be able to link your account directly to their master trading account and actually have an ongoing conversation with professional Forex traders – which is very rare in today’s world.
We’re looking forward to see where this system goes next as they’re implementing hedging systems as well as an upcoming managed account service traded by one of their veteran FX traders (with over 20 years of institutional trading experience – should be awesome).
There is a lot of value in systems like this. If you happen to sign up and start trading with their autotrader, make sure to tell them Sam from reviewautotrader.com sent you! Also be sure to leave your feedback in the comments to help fellow FX traders.