In this post, we review a forex robot known as August Forex Golem. This EA is fully automated and trades without human interventions.
We determine if this expert advisor is worth buying. Moreso, we examine the performance results and user reviews. Finally, we will let you know what we think of this forex robot.
What is August Forex Golem?
This forex robot is a completely automated robot that uses Fibonacci retracement with a combination of other robust indicators. The website claims that this EA is self-optimizing in real-time. This translates to more accurate and profitable trades.
The website states that this robot utilizes speed to optimize trading opportunities. Moreso, it eliminates human emotions from trading.
Additionally, this robot can monitor multiple currencies at a go, unlike humans, and can operate 24/5. It trades multiple currency pairs, including EURGBP, EURUSD, GBPUSD, with a 1-minute timeframe. However, the website recommends trading EURUSD with the 1-minute frame for better results.
This forex robot allows you to trade using any amount. You have the ability to choose trading accounts types, including micro, mini or standard.
EA Review: August Forex Golem
The forex robot is offered at a starting price of $197. Compared to other forex EAs, this is less expensive.
The strategies listed on the website are far from convincing. All we know is that this EA uses Fibonacci retracement. We did not find out what criteria this EA uses to enter and exit trading. Moreso, the strategies it uses to lock in profit. For forex traders beginners, this information is vague.
This EA works on the MT4 platform. It also works with 4 and 5 digit forex brokers and all ECN brokers.
Moreover, note that this robot only works with brokers that allow hedging. The EA also provides optimum values for trading.
August Forex Golem: Statistics and Community Trust Levels
We did not find any backtest results for this EA. Live trading results from FX Blue show a monthly return of +8.5%. Currently, the site shows that profits stand at $1,845.67 from an initial deposit of $400. This is over a period of 2 years.
However, results on Myfxbook paint a very different picture. Gain over a period of 6 months stands at -99%. The drawdown is almost at 100%, which means a complete loss of money.
The real account hosted on Myfxbook ceased updating in 2018.
Additionally, on one popular site, the real account shows that this EA status stands as abandoned.
We analyzed user reviews to find out how traders feel about this robot. Here are some of those customer reviews. The ratings show an average feel to this EA.
The user experience is split right in the middle. Some of the users labeled this EA as a scam, while others believe it is good enough.
Verdict: Whatever is happening with this EA is hard to pinpoint. On one hand, you see positive results, while on the other, you see dreadful performance statistics. Moreso, we could not draw a conclusive decision based on customers’ experience.
Additionally, the fact that updates for real account stopped in 2018 is a red flag. Moreso, the fact that we have absolutely contrasting performance results shows something is not right.
Although the website and some EA marketplaces are selling this robot, we recommend that you avoid it.
Our Final Thoughts
August Forex Golem starting price is not prohibitive. However, we discourage you from investing in this EA, especially for beginners.
The strategies used are not entirely clear. Results shown on on various sites are contradictory.