Forex Profit Robot Review

Feb 17, 2021 03:43 PM ET
Forex Profit Robot Review

Forex Profit Robot

Type

Expert Advisor

Price

$100, $140

Strategy

Grid + Martingale

Compatible Platforms

MT4

Currency Pairs

AUD/CAD, EUR/GBP, EUR/USD, GBP/USD, USD/CAD, USD/CHF, USD/JPY

Timeframe

n/a

Recommended Min. Deposit

$1000

Recommended Deposit

n/a ($3000-$5000)

Leverage

from 1:500

Trade length

Less than two hours

 

Forex Profit Robot presentation

Forex Profit Robot is an expert advisor that was introduced on three pages. The presentation lacks much useful information. It means the developers avoided disclosing it to force us to make decisions only based on the absolute gain chart. 

Trading Strategy Explanation

  • The robot works fully-automatically.

  • It works only on MT4.

  • There's a money-management system that allows calculating Lot Sizes for each open deal automatically.

  • We can set Lot Sizes manually if needed.

  • We are free to disable some of the currency pairs we don’t want to trade.

  • The developers insisted that the best option is to run the robot with default settings.

  • The minimum deposit should be not less than $1000.

  • The optimal leverage has to be set at 1:500 or higher.

  • The robot has to be deployed only to a single chart to run them all.

  • We should discuss Support the settings we want to change before going life or on a demo account with them.

  • There's an insane Grid with Martingale on the board.

  • The robot trades AUD/CAD, EUR/GBP, EUR/USD, GBP/USD, USD/CAD, USD/CHF, USD/JPY.

  • We don’t know anything about the time frame the robot works on.

Backtest Data Analysis

The developers didn’t provide backtest reports because the high-risk Grid plus Martingale chart will look like a dangerous roller coaster. 

Live Trading Data Analysis

Trading Results

Myfxbook Account

Real (USD), FBS

Started

January 04, 2021

Deposit

$6,218.68

Balance

$7,997.77

Gain

+95.08%

Daily

+1.46%

Monthly

+53.59%

Drawdown

-23.22%

Profitability

1.62

Forex Profit Robot Myfxbook

The robot runs a real USD account on a well-known broker - FBS automatically on the MetaTrader 4 platform. According to trading results, it should use data from technical indicators. The leverage was set 1:1000. The account has a verified track record. It was created on January 04, 2021, deposited at $6218, and withdrawn at $31 in total. Since then, the absolute gain has become +95.08%. An average monthly gain is high +53.59%. The maximum drawdown is high as well - 23.22%. Twenty traders track the account.

Forex Profit Robot advanced statistics

As we can see from a negative number of gained pips, it’s Grid plus Martingale. The robot has closed 296 deals with -468 pips. Ab average win is 4.80 pips when an average loss is -10.31 pips. The win-rate is 57% for Longs and 57% for Shorts as well. An average trade length is over an hour. The Profit Factor is 1.62. It’s a standard number for a Grid + Martingale combo.

Forex Profit Robot trading results

The most traded and most profitable symbol is GBP/USD - $1388.

Forex Profit Robot trading results

The robot focuses on trading the closing of the European trading session.

Forex Profit Robot trading results

Tuesday (69) and Wednesday (67 deals) are the most traded days.

Forex Profit Robot trading results

Forex Profit Robot runs the account with high risk to the account balance.

Forex Profit Robot trading results

As we can see, the standard Lot Size is 0.20. The system can increase it 48 times to recover after losses. It’s insanely risky. Also, it hides SL and TP levels from a broker preventing hunting them.

Forex Profit Robot monthly gain

Now, it’s profitable, but how long it’ll be, no one knows.

The company

The company looks like a reincarnation of the “Forex Profit bla-bla-bla” robot that has burnt the real account several months ago. Why? They have mirror presentations.

Forex Profit Robot ratings

Also, it had exactly the same fake claim. Most likely, they fixed the robot. The last time the robot destroyed a $5000 account. Now, it’s the $7,7k one.

Pricing

Forex Profit Robot Pricing

There are two packs: one license and one license plus VPS. The first pack costs $100 monthly. It includes one real and one demo account license, email support, and a 30-day money-back guarantee. The refund is fake, because it’s a monthly subscription. The second pack costs $140 for a month. $40 for VPS is a bit overpriced. We pay around $19.99-$29.99 monthly. In addition to this, we can rely on free installation and free license transfer.

Review Summary

Pros

Cons

  • Real account trading results
  • No strategy explanation provided
  • Affordable pricing
  • No settings explanations provided
 
  • No backtest reports revealed
 
  • Horrible trading results
 
  • Insane Grid plus Martingale on the board
 
  • Fake money-back guarantee
 
  • No people feedback provided
 
  • The site looks like the similar one where the robot has burnt a $5k real account

Conclusion

Forex Profit Robot is not a total scam. It’s so scary to run the robot on the real account that can increase the Lot Size from 0.20 to 9.60 to recover. The presentation lacks everything we need to know to make a wise decision. So, if you are not ready to handle these risks, just go ahead. There’s nothing to watch.

Rating: 4/10


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