Forex Glory Review

Sep 10, 2021 08:04 AM ET
Forex Glory Review

Forex Glory EA is a fully automated system that claims to make 100% profits a month while maintaining a low drawdown. The robot can work on MT 4 and five accounts and requires at least $100 in trading capital. The developer makes many promises on the performance of the EA and states that it can make your dreams a reality by locking all the profits. 

Forex Glory EA 

Type

Fully-automated EA

Price

$70

Strategy

Grid

Compatible Platforms

MT 4 and MT 5 

Currency Pairs

Gold

Timeframe

M15

Recommended Min. Deposit

$100

Recommended Deposit

$100

Leverage

1:500

Trading strategy explanation

The developer does not share any information on the algorithm's strategy and locks the history on Myfxbook, which could have been used to predict the methodology. They forget to hide the open trades through which we were able to see that the EA uses grid trading. The average trade duration is 2 hours which conforms to a day trading approach on positions. It has a money management function which traders can employ to keep the drawdown in check.

Open trades on Myfxbook.

How does the EA work?

Traders can install the robot in the following steps:

  • Purchase the system from the developer.

  • Download and place it in the experts' folder of MetaTrader.

  • Enable auto trading and attach it to the charts.

Features

The robot has the following features:

  • It has money management settings that traders can tweak accordingly.

  • It can work with a minimum deposit of $100.

  • It closes all the trades within 24 hours.

  • It requires leverage of at least 1:500.

There are no customer reviews present on Forex Peace Army that can guide us on the system's performance. The system might have been released recently, and no traders have tried it. Lack of feedback keeps us blind to the viewpoint of other traders.

Backtest data analysis

Backtesting results are available for XAUUSD. The duration of the tests is nine months, from 2021-01-04 till 2021-08-31. For the duration, the robot had a maximum drawdown of 9.20% and turned an initial deposit of $100 into $31286.46. It had a winning rate of 74.10% with a profit factor of 12.55. The average amount of profitable trades was $8.5, while the average amount of losing deals was -$1.94. There were a total of 5398 trades executed during this period.

Backtesting results.

Live trading data analysis

Verified trading records are available on Myfxbook that show performance from Aug 20, 2021, till the current date. The system made an average monthly gain of 141.29%, with a drawdown of 4.97%. The winning rate stood at 90%, with a profit factor of 16.29. The best trade was $5.66, while the worst was -$2.53. There were a total of 41 executions. The developer made $50.01 in deposits and $0 in withdrawals. The initial cash-in amount is small, which might mean that the developer is afraid to take significant risks with money. The live results are for a short duration which can not give us a good idea on the working of the system.

Trading Results

Myfxbook Account

Real (USD), Roboforex

Started

Aug 20, 2021

Deposit

$50.01

Balance

$120.67

Gain

141.29%

Daily

4.97%

Monthly

141.29%

Drawdown

4.97%

Profitability

16.29

Review summary

Pros

  • Live records tracked via Myfxbook

Cons

  • There is not enough transparency in the strategy

  • There are no customer reviews available

  • Live records are for a short duration

Forex Glory trading robot has been recently introduced in the market. The algorithm produced a hefty gain during the period, which might have been due to implementing grid or martingale strategy, which he hides. They are hiding the trading history on Myfxbook not to show that the EA uses risky game plans from traders, as most investors are cautious with the use of such algorithms. 

Rating: 3/10


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