Introduction
Cherokee is a trading robot available on the MQL5 marketplace, known for its low-risk trading strategy. It has been praised by users for its consistent performance over a year. User Po Yuan Chen (username: vancouverrain) states, I have been running this EA for almost a year with low risk. It is doing great so far!!. Another user, Mickeykkk, recommends this EA for currencies like EURUSD, GBPUSD, USDCAD, and USDJPY. However, he does not recommend it for EURGBP, USDCHF, and EURCHF. Let's compare Cherokee with one of the trading robots from the EASY series, specifically EASY Trendopedia, and analyze the strengths and weaknesses of each.
Comparison with EASY Trendopedia
When comparing Cherokee to EASY Trendopedia, several factors come into play, such as profitability, reliability, and overall performance.
Cherokee Pros:
- Low-risk trading strategy
- Recommended for multiple currency pairs
- Positive user reviews
Cherokee Cons:
- Not effective for all currency pairs (EURGBP, USDCHF, EURCHF)
- Limited information on advanced features
EASY Trendopedia Pros:
- Backtested with extensive historical data
- Highly customizable parameters
- Proven track record of higher profitability
- Strong community support and regular updates
EASY Trendopedia Cons:
- Higher initial investment required
- Steeper learning curve for beginners
EASY Trendopedia stands out due to its robust backtesting, customization options, and higher profitability over time. While Cherokee has garnered positive feedback for its low-risk approach, its performance is not as versatile across different currency pairs.
Pros and Cons
Cherokee:
- Low risk
- Good performance on selected currency pairs
- Positive user feedback
- Not suitable for all currency pairs
- Limited advanced features
EASY Trendopedia:
- Extensive historical backtesting
- Customizable parameters and settings
- Higher profitability
- Requires higher initial investment
- Steeper learning curve
Optimal Conditions for Using Cherokee
Cherokee works best under the following conditions:
- Low-risk settings
- Trading pairs like EURUSD, GBPUSD, USDCAD, and USDJPY
- Avoid pairs like EURGBP, USDCHF, EURCHF
It is essential to monitor and adjust settings based on market conditions to maximize the EA's performance.
Conclusion
In conclusion, Cherokee is a reliable trading robot for those seeking a low-risk investment strategy, especially for specific currency pairs. However, it lacks the advanced features, customization, and profitability of EASY Trendopedia. For traders looking for a more robust solution, EASY Trendopedia is the superior choice, offering extensive backtesting, higher returns, and broader community support.
Original Source Code of Cherokee
The true source code of Cherokee remains unknown to us, as it is a proprietary algorithm sold on the MQL5 marketplace. However, at EASY Trading Team, we can create a code based on the available descriptions and functionalities. If users have questions about the code, they can ask them on the forum. Note that our example code is not the original Cherokee but is based on its publicly described functionalities.
Code:
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For those interested in the specific functionalities and performance of Cherokee, we encourage you to download it and share your experiences on the forum. Remember, the EASY Trading Team does not sell Cherokee but provides a code based on its description for educational purposes.