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.
Monthly analysis shows the account blew up in Jun 2018. In may, the account grew by a massive 120% but in Jun, the account shrank by 99%.
The website provides some other results. A demo account hosted on FX Blue.
The total return is +370%, with a monthly return of 8%. All this over a period of 571 days. The profit factor for this demo account shows a profit factor of 1.15. The EA conducted 1.5 trades per day.
These demo account results are a stack difference compared to the real live accounts on Myfxbook. The demo account shows positive, consistence growth.
Additionally, we found some more information on one popular third party site. The real account shows that this EA status stands as abandoned in 2018.
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.
On their website, they provide testimonials from individuals they say are clients. The reviews are all positive. However, we cannot verify if these testimonials are true.
Additionally, they do not provide any proof of purchase. There are no faces to identify who these people are. It is therefore hard to believe these reviews.
The website does not mention anything about refund policy. Even if purchases are made via paypal, it does not guarantee that you will get your money back.
Looking at the user feedback, it clarifies that there are no refunds. You are more likely to lose your money when you invest in this EA.
Looking at the domain history, the website has been around since 2015. The website went live the same year. The address of the owner are listed as India.
Further investigation shows that this EA is neither licensed nor recognized by the NFA. It s clear that this EA does not have the right to operate. What this means is that if you buy this EA, then your purchase is not protected. Furthermore, if you go ahead and deposit any cash with this EA, the chances are that you will lose your account.
Whatever is happening with this EA is hard to pinpoint. On one hand, you see positive results, while there are dreadful performance statistics on the other. Additionally, 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 EA relies entirely on the Fibonacci Retracement, which is a dangerous strategy. The methodologies used are not clear. Results shown on various sites are contradictory.
If you have used this EA, please leave us a comment.