Odin Forex Robot Review

Jun 11, 2020 09:00 AM ET
Odin Forex Robot Review

Odin Forex Robot is a Forex Expert Advisor that is marketed and sold by the ForexRobotTrader team. Odin Forex Robot is described as having a high level of trading accuracy, as evident on its sales page. Such high numbers often attract skepticism and maybe a part of an aggressive marketing strategy. It is a fully automated Expert Advisor that comes with optimized settings, easy setup instructions, and a broker shield. 

The official website is professionally designed, like the websites of other EAs under the ForexRobotTrader team. The website also provides us with trading results and an explanation of the strategy implemented. There have been past instances where the ForexRobotTrader has been accused of producing questionable trading results and its refusal to provide verified results. 

According to the sales page, Odin Forex Robot was previously available for $199. However, the present discount rate is 35% which puts its price at $129. Traders get access to a free Forex Robot from the Forex Robot Trader product line, once they purchase Odin. Options include Hedge Forex Robot, Fractal Breakout Indicator, Directional Forex Robot, etc. 

Odin Forex Robot

Type

Fully-automated EA

Price

$129

Strategy

Grid

Compatible Platforms

MT4, MT5

Currency Pairs

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

Timeframe

Undisclosed

Recommended Min. Deposit

-

Recommended Deposit

-

Leverage

-

Trading Strategy Explanation

The Odin Forex Robot attempts to explain the trading strategy it implements in the “Trading logic” section of the website.  It implements a grid trading strategy that picks out the most effective entry and exit points by using real-time analysis with no lag. However, the website doesn’t provide any real explanation or insight into how this strategy is applied or how it works out in normal market conditions. This can be considered as a red flag by some potential buyers, who want detailed insights into how an EA works.

Grid trading strategies have some inherent risks associated with it, although it depends on how the EA is implementing it. There have been multiple past instances where trader’s accounts have been destroyed by grid trading as a result of opening too many trades simultaneously in the losing direction.  Thus traders would prefer a detailed explanation of the trading strategy before they invest any money into a new product. 

Back-test Data Analysis

Uploading the results of relevant back-tests on historical data can dispel many of the rumors and misconceptions that potential buyers may have about the EA. It verifies some of the huge claims made by some EAs when they are marketing their products, providing legitimacy. Unfortunately, in the case of Odin Forex Robot, no such back-test is provided. This raises a lot of doubts in the minds of potential buyers, especially since the EA has made some bold claims on the website. 

Live Trading Data Analysis

As mentioned before, the entire Forex Robot Nation team has been maligned by the trading community before for their refusal to provide verified results. Unfortunately, Odin Forex Robot does not provide any trading statistics which are hosted on authoritative sites such as myfxbook or fxblue. 

They do provide a measure of their performance through trading statements hosted on an independent website, which is better than providing mere screenshots as some other EAs do. The fact that they have not provided any verifiable trading statistics makes many potential buyers question the EA’s legitimacy and reliability, especially since frauds and scams are becoming more and more prevalent in this industry.

Review Summary

Pros

Cons

  • Free bonus
  • Trading strategy not fully explained
  • Comparatively low priced
  • No verified trading results have been provided
  • Multiple currency pairs
  • Vendor reputation is poor

Conclusion

After looking at all the above aspects of this EA, the Odin Forex Robot leaves many gaps between what it promises and what it delivers. While the team has provided many positive client feedback to entice potential buyers, any serious consumer would know that such feedback can be altered and are often disingenuous. Also, at the same price, there are many other EAs available in the market with proven results. 


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