Odin Forex Robot is an automated Forex advisor that gained fame in 2017. It is a whole system that has based on a number of algorithms. The system has based on the Grid trading strategy. Many potential traders have doubts about the effectiveness of the forex robot during long trials on a real account. After all, this is a standard network advisor, which have characterized by the opening of several transactions in different directions at once. This leads to drawdown of the deposit.
Let`s see why we should pay attention to Odin.
Features of automated trading with Odin Forex Robot
The official website of the adviser states that the algorithms have based on the Grid strategy. This is a network strategy, which involves opening orders through a certain time step or price in a delayed way. The methodology of trading have focused to the fact that, eventually, the price will move on the flat in both directions, and Take Profit will close all profitable trades. It is important to clarify that the trading have conducted mainly in stable markets, where there is no trend or protracted tendency.
Such strategy is difficult for efficient and profitable trading even without automation. The fact is that it is very important to choose the right timeframe and take into account all the risks. After all, the opening of numerous orders in different directions leads to a drawdown. Therefore, to use Odin Forex Robot, have recommended holding a good deposit margin per $ 500.
Trading conditions of this automated advisor:
- The minimal lot for opening trades – 0.01;
- The recommended deposit – from $ 500;
- Leverage level – up to 1: 500;
- Type of orders – pending;
- Trading terminal – Metatrader;
- The currency pairs – EUR / USD, USD / CAD, USD / JPY, AUD / USD, GBP / USD, USD / CHF.
Advantages of the Odin Forex Robot network Advisor
The Odin’s network advisor has a number of features and advantages:
- All settings have optimized for more than 20 currency pairs, for which this fx robot is best suited;
- Installation will not take more than 5 minutes (for installation instructions read below in the article);
- Built-in patented the user data protection technology (Shield);
- The ability to generate income up to 300% per annum (according to objective reviews and test results).
The robot has downloaded by the archive, including all necessary for installation.
Disadvantages of the robot Odin
The obvious drawbacks of the bot:
- A network of orders, as a trading strategy, sooner or later leads to the discharge of the entire deposit (as an analogy, you can specify the Martingale method of doubling lots);
- The official site indicates clearly overstated test scores (evidence of real returns are not freely available);
- For trading, you need to have a good deposit margin so that have not drained;
- The algorithms built into the adviser are not based on real technical indicators, and fundamental factors and the behavior of candles are not used for the analysis.
Accordingly, experts and experienced traders will not recommend Odin’s system for real money trading. Since the risk of discharging the deposit is too high.
How to install and optimize automated system Odin Forex Robot
If you still decide to try your luck and test this robot, we recommend to doing it on a virtual account. You should to download bot archive. Unzip the main folder and move it along the path: Metatrader (or another name of the root folder of the trading terminal) – MQL4 – Expert (the main file in the ex4 format has copied.). The indicator has copied to the MQL4 folder – Indicators.
If you desired, you can optimize the following parameters of an automatic robot:
• The trading lot (according to the standard set to 0.01); • The order network step (with what interval deals are opened); • The Stop Loss and Take Profit levels; • The price of the asset to open and the price of the asset to close the order (as the pending transaction type is used).
After copying the advisor files to the root folder of the trading platform, please, restart the program. Then you can activate the robot on any chart. The bot has its own user interface, expressed by the information block on the chart (there you can find all the information on trading).
Odin Forex Robot Reviews
Odin Forex Robot deserves the potential attention of a trader. But only if he objectively assesses the risks of losing the entire deposit due to the use of a network of orders. Trading has conducted 24 hours a day, so the user will have to either monitor the indicators around the clock, or deactivate the robot for a while. You can all run to chance, but in the reviews indicated that without control and optimization, Odin Forex Robot drains the deposit for a couple of weeks.
To obtain the desired results (which are so actively published by the creators of the robot), you must correctly use Money Management and Time Management. You can feel more confident with a deposit of $ 2000, but this is not a small amount, and not everyone is ready to test the next robot on it.
Today, reviews of Odin, as an automated trading system based on the Grid strategy, are mostly neutral. A lot of negativity has also found in relevant forums, in discussions. Despite this, the robot continues to “collect” nominations for the best Forex bot from various organizations.