Waka Waka EA review

Waka Waka EA is the advanced grid system which already works on real accounts for years. Instead of fitting the system to reflect historical data (like most people do) it was designed to exploit existing market inefficiencies. Therefore it is not a simple “hit and miss” system which only survives by using grid. Instead it uses real market mechanics to its advantage to make profit

Leverage and broker

The EA is NOT sensitive to spread and slippage. But I advise using a good ECN broker
The EA should run on a VPS continuously
With only 1:30 leverage I advise not to use higher than low risk settings on a less than $6000 account, otherwise you might have problems with free margin. With 1:100 leverage it should be fine with up to significant risk setting on a $1000 account

Expert Advisor settings

Strategy

Symbols – symbols separated by comma (custom if empty)
Bollinger Bands Period – period of BB used to calculate the upper/lower levels
RSI Period – period of RSI used to filtering out trades with small potential.
Maximum RSI Value – value for the RSI filter
TakeProfit for Initial Trade, in pips – take profit for the initial trade (if no grid trades opened)
TakeProfit for Grid, in pips (weighted if zero) – take-profit for the grid. If zero, then TP is weighted, i.e. it is equal to TP of the initial order in money (not in pips!)
StopLoss for Grid, in pips (1000 pips if zero) – stop-loss for the initial/grid trades
Hide StopLoss – on/off stop-loss hiding

Waka waka EA reviews

Conclusion for this robot

Waka waka EA is currently one of the most popular expert advisors. Especially grid traders love it. Although grid trading can show amazing results, it is important to understand how grid strategies work. Therefore it is highly recommend to first trade this robot in a demo account.

 5/5

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Risk warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particularly trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk. Variables such as the ability to adhere to a particular trading program in spite of trading losses as well as maintaining adequate liquidity are material points which can adversely affect actual real trading results. Currency trading involves high risk and you can lose a lot of money.

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