Siphon X Review

Dec 29, 2020 08:23 AM ET
Siphon X Review

Siphon X is an innovative Forex expert advisor developed by the Trading Strategy Guides team. This robot focuses on the most popular and the most frequently traded currency pair – EURUSD. The main goal of this EA is to maximize traders’ profits when trading with this pair’. The devs make sure that this trading system suits both experienced traders and newbies. They add that it makes ‘big trades, fast’ without the need to study and analyze charts or sit in front of a PC for an extended period. In this Siphon X review, we will analyze the trading performance, vendor transparency, price, customer experience, and more to determine whether it is a good choice for traders or not.

Siphon X

Type

Forex EA

Price

$49-$149

Strategy

Technical Analysis

Compatible Platforms

MT4, MT5

Currency Pairs

EURUSD

Timeframe

Multiple Timeframes

Recommended Min. Deposit

n/a

Recommended Deposit

n/a

Leverage

n/a

Trading Strategy Explanation

The devs say:

Siphon X Trading Strategy Explanation

The trading Strategy Guides team has provided this screenshot to show that their robot can provide a winning trade of 70 pips. They add that the robot only requires a sixty percent win rate to provide profits.

Siphon X Trading Strategy Explanation

Siphon X trades only EURUSD pair.

The devs claim:

Siphon X Trading Strategy Explanation

Unfortunately, there is not much detail about the trading strategy behind the robot.

Siphon X Trading Strategy Explanation

We know that the system can work on different timeframes and that it ‘uses RSI for signals’.

Siphon X Trading Strategy Explanation

EA has picked 45 pips in a few hours. This example was provided to demonstrate how the EA trades EURUSD currency on the H1 chart.  

Siphon X Trading Strategy Explanation

Backtest Data Analysis

The trading Strategy Guides team provides single images of backtesting results and trade samples of their robot that cannot be checked. These images are not clickable and we cannot see or analyze the drawdown, trade length, win rate, profit factor, or profit the system earned in the past. Without backtesting results, we are unable to analyze the trading strategy and its efficacy the EA used for trading.

Siphon X Backtest Data Analysis

No proof could prove the statement above is true.

Live Trading Data Analysis

The devs provided neither myfxbook nor fxblue trading results on their sales page. In the highly competitive Forex market, developers of automated trading systems try to be as smart as possible and providing live trading accounts on fxstat, myfxbook or fxblue is one of the main criteria.

Trading Results

Myfxbook Account

n/a

Started

n/a

Deposit

n/a

Balance

n/a

Gain

n/a

Daily

n/a

Monthly

n/a

Drawdown

n/a

Profitability

n/a

Price

The robot is offered for a special launch price of $49 and $149 for just a strategy.

Siphon X Price

Siphon X Price

Customer Reviews

We have not found any customer feedback for the Siphon X robot. This makes it impossible to get a firsthand opinion of those traders that have already bought and used the robot. Perhaps it is because not many users are willing to try out this EA. It is clear why:  no backtests, no live trading results, and undisclosed trading strategy.

Review Summary

Pros

  • We know who the developers are
  • 30-day money-back guarantee

Cons

  • Single images of backtests provided
  • No live trading results provided
  • Undisclosed trading strategy
  • No customer reviews

Conclusion & Rating

While Siphon X is a good-looking presentation, lack of info where it is the most required is a red flag for this trading tool. There are no backtests, live trading results, or detailed trading strategy details provided. The Trading Strategy Guides team has a lot of work to be done yet. Until we do not see the info required to reconsider our review, we are not in a position to recommend this robot to the public.


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