The WallStreet Forex Robot 2.0 Evolution is a trading bot, or an "Expert Advisor", designed to trade the Forex markets for you.
It requires no prior knowledge of Forex trading and once set up it can be left to find profitable trades from Monday to Friday when the markets are open.
We are testing this as a complete beginner, so we started by opening up a demo account with a broker and installing MetaTrader 4.
The MetaTrader 4 software is free and required to use any of the FXAutomater bots. The manual included with this bot explains how to get everything you need installed and ready to use, but the broker that we used also included links to the software with instructions for getting a demo account working on it.
How does WallStreet Forex Robot 2.0 Evolution work?
The bot is called an "Expert Advisor", which is basically a tool that tells you when to make trades or in this case, automatically trades for you based on a predefined strategy.
The WallStreet Evolution 2.0 bot aims to make low risk profits by following short and medium-term trends. However, it is not aiming to make 1 or 2 pips here and there.
They claim to make an average 10-15 pips per winning transaction, so brokers would not view this as aggressive scalping and your account wouldn't be at any risk of being blacklisted.
The bot is designed to for the most liquid currency pairs, including EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, NZDUSD and AUDUSD. These are said to offer the steadiest spreads so that you can profit consistently.
The software has a built-in high spread protection system to protect from unexpected losses due to high market volatility. It also has a broker protection system which conceals your stop levels and protect you from unfair brokers.
The service provides a backtesting feature and there are 20 years of backtested results available to view. Results reported on the website show 151.63% profit over 3 years, which has been verified by an outside source.
There are actually 4 bots included in the package; WallStreet Evolution 2.0, WallStreet Asia, WallStreet Recovery Pro and WallStreet GOLD Trader. Our review is based on the main bot, but we may look into the others at a later date.
Month One Results
Our review started off positively and our starting balance of £10,000 in demo funds had grown, but it was just a small increase of 0.1% from a total of 54 trades.
We were trading three sets of currencies, GBP/USD, EUR/USD and USD/JPY and we were just using the main bot.
We were impressed by the high strike rate of 81.5% and things had been very steady, which seemed like a good sign. We didn't want to see anything too rash with our first venture into Forex trading bots.
|Short Positions Won||70%|
|Long Positions Won||88.2%|
|Largest Profit Trade||£1.46|
|Largest Loss Trade||(£5.31)|
|Average Profit Trade||£0.73|
|Average Loss Trade||(£2.18)|
|Most Consecutive Wins||8|
|Most Consecutive Losses||2|
The team FXAutomater team responded to our first month's results with the following message:
"Going to success fast is not the best way to earn in this market. Our robot will have periods with good trades and they may have periods with bad periods, unfortunately. What is important is to have good results at the end."
We soon discovered that we were going to need to be patient, not just with the bot, but with trading Forex in general. We were pleased to see things heading in the right direction at least.