ForexTruck Review

Nov 19, 2020 05:27 PM ET
ForexTruck Review

ForexTruck is advertised as a ‘smart trading robot’ that was designed to trade without any human interference and trade USD/CAD currency pair. The team behind this EA (the creators of the Forex Store) advertises their product as a ‘reliable truck on the highway of Forex market’, thereby, trying to convince us that ForexTruck is the system traders are looking for.

Today in this ForexTruck review, we are going to tell you all about this expert advisor for letting you know whether it is a decent choice for its price, training performance, and productivity.

ForexTruck

Type

Fully-automated EA

Price

$277

Strategy

Hedging/Martingale

Compatible Platforms

MT4, MT5

Currency Pairs

USDCAD

Timeframe

Undisclosed

Recommended Min. Deposit

N/A

Recommended Deposit

N/A

Leverage

N/A

Trading Strategy Explanation

The developers claim that this EA works 100% automatically, which means that it does not need any human interference to manage the trading process. They add that its inbuilt algorithm makes the system compatible with any brokerage. The robot can work on MT4 or MT5 platforms.

Its trading strategy is based on 2 different blocks:

ForexTruck trading strategy

The first block is responsible for opening orders, the other one for fixing everything and closing all trades in total profit:

ForexTruck presentation

In the case the robot notices some changes in the market, it closes all trades, remaining a profit or a small loss. If it decides that its strategy falls, it moves to the block#2 – fixes the problem or closes all trades in total profit.

ForexTruck presentation

It looks like a Martingale or Hedge approach to making up a larger loss. They do not mention this on their website, but they are quite vague in their explanations.

Backtest Data Analysis

The devs provided 2 backtests on their website. The one with an aggressive style, and the other one with normal style:

ForexTruck Backtest Data AnalysisForexTruck Backtest Data Analysis

It is a USDCAD aggressive style:

ForexTruck Backtest Data Analysis

The robot traded USDCAD on the H1 timeframe. The backtesting started on January 6, 2014, and ended on August 28, 2020. The modeling quality was 90%. The initial deposit was $1K. For over 4 years of trading, the total net profit has grown to $1177627. The peak drawdown was 35, 65%. The robot has placed 1617 trades and has won 856 out of them. Its profit factor was 1, 86. The average consecutive wins equaled to the average consecutive losses: 2 vs 2.

Let’s analyze how the robot traded with normal style:

ForexTruck Backtest Data Analysis

The initial deposit was $5K, the total net profit equaled $75759. It has traded 1609 trades and won 852 trades. Its profit factor was 1, 75. The maximum drawdown was 23, 42%. The robot traded smoothly and without any rapid ups or downs in terms of profit growth (what cannot be said about the aggressive trading style of this robot).  

Live Trading Data Analysis

Trading Results

Myfxbook Account

Real (USD), FXOpen

Started

Jan 16, 2020

Deposit

$2000

Balance

$7431.95

Gain

271, 6%

Daily

0.43%

Monthly

14, 05%

Drawdown

23.08%

Profitability

2.20

The developers provide 1 myfxbook trading account on their sales page:

ForexTruck myfxbook

This account was launched on January 16, 2020. It is a real USD account, which is working on the MT4 platform with FXOpen brokerage and unknown leverage. For 11 months of trading, it has gained a 271, 6% gain with 14, 05% of the monthly gain. The peak drawdown was 23, 08%. The initial deposit was $2000 and now the total balance equals $7431.95 with $5431.95 of profit.

As you can see on the screenshot below, the robot trades smoothly and predictably:

ForexTruck myfxbook

It has already traded 203 trades (with 122 winning trades) with an average win of $81.53 and an average loss of -$55.74. The average trade length is 2 days and the profit factor is 2, 20.

ForexTruck advanced statistics

Robot’s profits vary, depending on the month:

ForexTruck monthly gain

Review Summary

Pros

  • Myfxbook trading results
  • Backtesting results

Cons

  • High price
  • No community results
  • Conclusion & Rating

We have noticed that ForexTruck has all chances to stay viable in the long turn. The developers shared the positive trading results of their robot. However, we would like to see more information about this EA as well as see some real client accounts to compare them and decide whether this system can be profitable for traders. We would like to wait and see some people's feedback to have more information to analyze. At this point, we do not recommend this EA.

Rating: 6/10


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