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HiRider was the 2nd place winner of the 2009/2010 Forex Robot World Cup. It was the most consistent winner during the competition period using a combination of 5 strategies that can open (and often does open) up to ten trades at a time. HiRider is a scalper that will buy or sell when an extreme of a move is detected and a reversal is expected.
The developer is South African, Leeslee Gouws, who has since helped the Forex Robot World Cup team develop HiRider Advanced (also available to members) which gives the trader more control over which of the 5 strategies to run.
So let’s take a look at what people are saying about HiRider…
Considering HiRider is fairly new to the market you’re not going to find traders who have used it for more than 1-2 months. That said there are still genuine reviews to be found.
This traders review below outlines HiRiders strategy nicely (from my limited run of live trading and back test results anyway).
The two traders below show how newbie traders can be deceived by what looks like a solid system. When you’ve been round the track a few times you know that there is no holy grail… even if it may look like one initially.
I’ve already used HiRider for a number of weeks now, so take a look at my lab results below…
Test 1: Independent Strategy Testing
2000-2009 Strategy Test results show growth from $10,000 to $48,389 at 96.57% accuracy.
View full 2000-2009 HiRider Strategy Tester results
2009 Strategy Test results show growth from $10,000 to $33,427 at 99.51% accuracy.
View full 2000-2009 HiRider Strategy Tester results
Test 2: Live Trading
After ordering HiRider (and the other FRWC EA’s) straight after launch I felt there was enough positive data to put it on a live account immediately. Unfortunately, they only show one year of back test results on their site and I hadn’t carried out the full 9 year back test as above, so I jumped right in… and here’s the result:
Lab Result:
9th April 2010:
- Back Tests showed 8.5 years of inconsistent results from 2000 to Mid 2008
- The strategy uses a large Stop Loss in comparison to the small Take Profit, so one losing set of trades (I say “set” because it tends to trade in sets of 10) will be hard to recover from, especially given the performance of the back tests from 2000 – 2008. It just doesn’t leave me with enough confidence.
- The live trading results above have proven that although it ran at near perfect accuracy for about 1.5 years, it could just as easily have a long run of choppy trades as it did during the 2000-07 back test period.
If you have used this Forex EA then please post your review below, making sure you give it an overall star rating. Thanks!
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