If you’re someone who’s interested in algorithmic trades, you might have heard of Forex Dragon EA which is an advanced professional EA. It’s a popular fully automated Expert Advisor in the Forex market that executes trades in mid and long term time frames, typically 1 hour or 4 hours. In this article, we’ll provide more information about Forex Dragon EA to help you get more information about it.
If you are interested in learning more about trading robots; We suggest you read the article What is a forex EA?
Buying the Forex Dragon EA
There is no doubt that Dragon EA is a well-known robot in the Forex market that claims to generate monthly profits of 70 to 100%. However, our expert researchers have found that the actual profitability of the Expert Advisor is much lower than what the company claims. Traders who have used this robot on a real account have not experienced the same level of profitability as advertised. If you’re interested in purchasing the unlimited version of this robot, it would cost you around $1497, which is quite expensive. However, the limited version is available as a free demo.
The Forex Dragon EA installation training
The installation process is simple and easy, just like installing any other Expert Advisors in MetaTrader. First, open MetaTrader and click on “Open Data Folder” from the “File” section.
Once you have done this, navigate to MQL→Expert and paste the downloaded file that you have extracted earlier. Finally, close and reopen MetaTrader to refresh it.
Your desired Expert Advisor will now be added to the “Expert Advisor” section in MetaTrader’s “Navigator” menu on the left side, and you can run the Expert Advisor by clicking on it.
So far, we have met training install expert in metatrader complete and step-by-step tutorial.
The best trading session for using Forex Dragon EA
The Forex Dragon robot’s optimal performance time frame is from the start of the London session until the end of the New York session. During this period, the Expert Advisor exhibits its best performance.
The best trading symbol for using Forex Dragon EA
The dragon Expert Advisor is operational 24 hours a day and can simultaneously execute trades on multiple currency pairs. However, the creator’s company only runs it on three specific currency pairs, namely USD/JPY, EUR/USD, and EUR/JPY, to showcase its optimal performance. This indicates that the Dragon robot performs best when trading on these three currency pairs. Additionally, I have checked for any spelling, grammar, and punctuation errors to improve the clarity of the text.
The best time frame for using Forex Dragon EA
The creators of Forex Dragon recommend using the Expert Advisor with its default settings in 1-hour and 4-hour time frames for optimal results. When you purchase the robot, you will receive a file called SET which contains the recommended settings that you can load into the Expert section. This will save you the trouble of trial and error in finding the right settings for the robot. You can still adjust the main settings based on your preferences after loading the SET file.
The Forex Dragon robot performance
Dragon EA has a useful feature that allows the creator to activate the Expert Advisor on multiple trading accounts, and users can view the live results of these accounts on MyFxBook. When you access the robot’s website, you can check the active accounts and review their performance details. However, it’s crucial to understand that these results may not reflect the actual performance of the robot. If you downloaded the free version, it’s recommended to test it with backtesting. Keep in mind that backtesting results may not be entirely accurate due to the possibility of human intervention.
The Forex Dragon EA trading strategy
The creator of Dragon EA stated that this robot uses the Triangular correlation pairs strategy or a triple currency correlation strategy. Generally, this robot opens long term trades in high time frames. It indicates that the creators intended to stay away from market fluctuations.
According to traders’ opinion, it’s better to activate the Expert Advisor on an ECN account in order to gain better results. The company recommends traders that at least they must have a $5000 balance to start this Expert Advisor.
Advantages and disadvantages of the Forex Dragon EA
Overall, using any Expert Advisor in the Forex market contains pros and cons, we have tried to have brief look at some of them:
Advantages Forex Dragon EA:
- Online results can be viewed
- Ability to test without paying a fee
- Trading on higher time frames
- Fully automated
- Ability to customize settings
- Ability to use on MetaTrader 4 and 5
Disadvantages Forex Dragon EA:
- High price
- Does not provide services to Iranian users
- Irregular updates
- Lack of strong support
The advantages and disadvantages might be different in other people’s point of view. All in all, the above list was gathered according to users and expert opinion that examined the Forex Dragon EA.
The Best Alternative for Dragon EA
When it comes to a reliable trading Expert Advisor for long and short-term trades, Alpine is the best alternative to Dragon EA. It offers adjustable settings to meet your desired trading plan, or you can simply follow the pre-set plans to ensure a profitable outcome. Unlike Dragon EA, Alpine is a suitable robot for those who don’t have a lot of capital to invest. It offers three different plans, each with a reasonable price, giving you the opportunity to choose one that meets your investing goals.
Additionally, the support team is available 24/7, so you can get help whenever you need it. Developed by Xpress Advice, Alpine is one of the most up-to-date and advanced robots in the Forex market. It doesn’t require personal management and automatically controls all market conditions, including news and financial management, and stops loss and profit limits. You can observe the online results on the reference website MyFXBook. If you’re not sure whether Alpine is the right choice for you, you can use the demo version for free without any payment. And if you decide to go ahead with Alpine, you can get a 10% discount by registering via email. Click to buy forex EA.
What we read in this article
As we read in the Forex Dragon EA article, we realized that this product is a really famous Expert Advisor/robot that is presented at a high price to users. This Expert Advisor works in a long time frame and is based on the Triangular correlation pairs strategy. The best trading session for using it is London and the New York session.
Also, there are online results on MyFxBook but we can not confirm these results. As it’s recommended by experts if you’re interested in algorithmic trading, Alpine EA is one of the best robots in the Forex market that has high profitability and credibility with a great support team. Also, Express Advice gives you a %10 discount on each plan of Alpine EA, if you activate your email.
Is Dragon EA reputable?
Dragon is a famous Expert Advisor but it can’t be confirmed as a reputable Expert Advisor based on its popularity. The results of its performance is on MyFxBook.
Which currency pairs are the best for Dragon EA performance?
Currently, the best performance of the Expert Advisor is on GBPUSD, GBPJPY, and USDJPY pairs.
How much does it have profitability monthly?
The company itself professes a monthly profitability of 70 to 100%, which is likely to be obviously far from the real profitability of the Expert Advisor.