Robinhood FX EA Review

Sep 2, 2021 10:58 AM ET
Robinhood FX EA Review

Robinhood FX EA promises to generate steady profits for the user every month without losing. According to the vendor, the system is professionally created to cut losses early and permit good trades to run so as to optimize gains. But can it deliver on these promises? Let’s have a closer look at some of the bot’s aspects in this review. 

The owner of this EA is anonymous. There is no information on the website that reveals the identity of the vendor. So, many things remain unclear. Are the developers professional traders? What are their experiences and achievements in Forex? How many years have they operated in this market? What is their agenda? Which company is involved? Since we lack answers to these questions, we are forced to doubt the credibility of this provider. 

Robinhood FX EA

Type

Fully-automated EA

Price

$127, $147 and $167

Strategy

N/A

Compatible platforms

MT4

Currency pairs

EURUSD

Timeframe

H1

Recommended min. deposit

$100-$200/0.01

Recommended deposit

N/A

Leverage

N/A

Trading strategy explanation

Robinhood is an expert advisor. In essence, it is a program that runs on the MT4 platform and monitors and carries out trades in Forex automatically on the trader’s behalf.  It comes with the following additional features:

  • Offers 24/5 customer support

  • Can work with any broker 

  • Does not applies the martingale strategy

  • Manages risk based on automatic lot based on the account balance

  • Easy to set up

  • Offers a lifelong license and demo accounts based on the package purchased

  • Can work on ECN, STP, Micro, or Cent Account

  • Works in all market conditions even during bad news

  • A 30-day money-back guarantee is available

The vendor has not disclosed much about the trading strategy the bot uses. The only thing that we could gather about the approach on board is that it calculates trade entries and exits carefully and uses stop losses to manage risks. 

Surely, any professional Forex trading tool provider should be able to offer much more than mentioning the method their robot applies. We may as well conclude that the vendor doesn’t understand how their method really works. They just had to say something about the strategy since this is what many vendors in Forex are doing.

Backtest data analysis

Backtest data has been provided. Let’s look at the analysis below:

Backtest report for the EURUSD pair.

According to the report, this EA used the EURUSD currency pair on the 1-hour time frame. It worked between January 2017 and June 2021. The account was initially deposited at $900, and during the 4-year period, the robot produced a total net profit of $1,564,437.07. It should be noted that this amount of profit is hard to attain in the real market within such a short period. The profit factor was 9.69. The drawdown was 14.83%. 

The bot made 1251 total trades. The winning rates for short positions were 96.55% and 84.50% for long positions. The average profit trade was $1,597.55 when the average loss trade was -$1,132.63. 

Live trading data analysis

Trading Results

FXBlue Account

Real (CNH), Pepperstone

Started

July 10, 2021

Deposit

$752.94

Balance

$1,021.43

Gain

N/A

Daily

N/A

Monthly

57.3%

Drawdown

N/A

Profitability

$268.49

Trading results of Robinhood FX EA on fxblue.

We can see that the robot has made a profit of $268.49 for this real account. As a result, the balance has increased from $752.94 to $1,021.43. However, the loss made is not indicated. The EA’s trading stats. 

According to the stats above, the system has traded for 47 days. During this period, it has attained a total return of 95.2%. The weekly and monthly returns currently stand at 11.4% and 57.3% respectively. The drawdown rate is unknown since it is not highlighted. The profit factor is 8.89. The pips made are 444.3. 

Account’s risks.

We can see here that the risk/reward ratio is 2.90. On its worst day, the robot made $0.78 and $132.16 on its worst month. The risk of ruin is 4.9%. The average loss of -$17 is almost twice higher than the average win of $9.45. Clearly, the system has been making losses at higher rates compared to wins. 

Monthly profits.

July is the most profitable month so far with $136.

Number of trades conducted from Monday to Friday.

Wednesday was the most traded day (35.3%). 

Customer reviews

There is no customer feedback for this system on its official site. Forex Peace Army has created a page for the bot, but there are no reviews yet.  

The EA’s page on Forex Peace Army.

Review summary

Pros

  • Live trading results and backtest data are provided

Cons

  • Vendor transparency is absent

  • No customer reviews

  • Inadequate explanation of strategy used

The owners of Robinhood FX EA do not seem to know their way around this system as they do not explain how its strategy works. They also keep their identities hidden probably because they do not want traders to know that they are inexperienced. The act of concealing information on losses made a point untrustworthy of the vendor. So, the best thing for traders is to not give this EA a chance.

Rating: 3/10


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