Sweet Profit Robot Review

Dec 2, 2020 06:10 AM ET
Sweet Profit Robot Review

Automated Forex trading systems have become a staple addition for traders looking to make high returns with as little hassle as possible. Sweet Profit Robot is one such system that claims to bring easy profits daily.

This automatic trading system is MT4 compatible and uses different algorithms for its technical analysis. Is this expert advisor as profitable as the vendor claims it to be? How reliable is this system and is it worth your money? Find out in our well-researched review here.

Sweet Profit Robot

Type

Fully-automated EA

Price

$99.99

Strategy

Not disclosed

Compatible Platforms

MT4

Currency Pairs

Multiple pairs

Timeframe

Any

Recommended Min. Deposit

$100

Recommended Deposit

$1000

Leverage

from 1:500

Trading Strategy Explanation

Sweet Profit Robot is a system that uses 100% automatic trading on MT4 accounts. This expert advisor has a complete money management system for analyzing account balance and placing the lot sizes accordingly. Users can customize the software for the lot sizes, disable pairs they do not want to trade, etc. However, the vendor recommends using this system with the default settings.  

According to the information provided by the vendor, this Forex robot uses technical analysis based on diverse algorithms to make continuous profits. It executes only favorable trades and reaps high profits. 

While the vendor claims that the system is unrivaled in performance when compared to other competitor systems, we could not find any detailed explanation of the strategy used. The official page has very minimal information regarding the trading method and there is no mention of the developer or the team behind this system. This raises a red flag concerning the authenticity of this Forex robot.

Backtest Data Analysis

We could not find any backtest results on the official website of this Forex robot system. Backtesting helps users to assess the performance of a system and evaluate whether the system is right for their specific trading style. The absence of backtesting results indicates that this expert advisor does not have a notable performance.

Although backtest are historical data that do not serve to predict a similar performance, the use of such testing gives traders pertinent information regarding the system like the spreads, commission, etc. so a more informed decision can be arrived at.

Live Trading Data Analysis

Trading Results

Myfxbook Account

Real (USD), FBS

Started

September 03, 2020

Deposit

$5000

Balance

$1.01

Gain

-99.9%

Daily

-7.55%

Monthly

-99.90%

Drawdown

99.97%

Profitability

0.84

Sweet Profit Robot myfxbook

A real account (USD) with the FBS broker using the Metatrader 4 system verified on the Myfxbook site is shown on the official page (see the screenshot above). However, this is not a live account. It traded roughly over 30 days and was stopped due to the heavy loss it sustained.

From the results shown, we could see a gain of -99.9% and a monthly drawdown of 99.97%. This indicates that the system ended up losing all of its deposit money with the balance showing $1.01 for an initial deposit of $5000. 

A closer look at the trading history shown in the screenshot below, we could see an abnormally high number of traders being done over a short span of around 30 days. The lot sizes are huge and the system shows losses all through its trading history with only a few of the trades indicating profits and low risk: reward ratio. From the numbers provided, it is clear that the system is a work in progress and requires heavy tweaking to make it usable. 

Sweet Profit Robot trading results

Pricing

Sweet Profit Robot is available in two packages, namely standard and premium. You need to shell out $99.99 per month for the standard package that comes with a license for an MT4 account that is real or demo. For the premium package, the cost is $169.99 per month and includes 2 licenses for 2 MT4 accounts that can be real or demo type.

Both packages include free live installation support. This pricing is clearly expensive and not something that traders would go for when there are one-time payments for automated systems that are far cheaper and effective.

Review Summary

Pros

  • Automated Forex trading system

  • Is MT4 compatible

Cons

  • Is very expensive

  • Performance is very poor

  • Strategy is not explained clearly

  • No backtesting results

Conclusion 

Concluding this Sweet Profit Robot review, we do not find any positive aspect in this automated Forex trading system. To start with, the website is poorly designed with very little information regarding the developer and the strategy used. Apart from the absence of vendor transparency, the trading results despite being verified on the Myfxbook site display dismal performance.

Huge lot sizes and a large number of trades over a short span all indicate an extremely high-risk strategy used. To cap it all, the system is expensively priced making it a system that is not suitable for traders of any level.

Rating: 2.2 /5

  • Features: 2.5/5
  • Performance: 2/5
  • Functionality: 2.5/5
  • Price: 2/5
  • User Feedback: 2/5

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