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Today, we perform an EA review of the FXRobotGO. The robot is a newbie to the forex market and seems to be hidden under traders’ rudders. We analyze the forex bot’s sales page, trading techniques, stats and user reactions to understand what makes it tick.
Table of Contents
What is FXRobotGO?
This is an automated forex expert advisor that claims to be compatible with all brokers. The robot is powered by the Forex Store and seems to have come up in 2019. According to its website, you can trade on ten currency pairs on the FXRobotGO. These include AUDCAD, AUDCHF, AUDUSD, AUDJPY, CHFJPY, EURCHF, NZDCAD, NZDJPY, USDCAD, USDCHF, and USDJPY.
We have no clue who created of this bot are or where it is hosted. FXRobotGo only offers one package at a $ 275-lifetime payment. Upon purchasing the software, you will gain access to a real account, comprehensive user instructions, all-around user support and free updates.
Traders need to provide a deposit to trade using this robot; for reliable trades, a trader needs a $20000 deposit for a 0.1 lot and $200 if they’re using a cent account. For normal accounts, traders require $10000 or $100 for cent trades, and aggressive accounts require $5000 or $50 in case of a cent account.
EA Review: FXRobotGo
According to FXRobotGO’s website, having diverse currency pairs spreads the risk of gaining from periods of low volatility. This way, when certain pairs aren’t doing well, you can hope on to better performing pairs to gain profit.
The site talks of smart filters inherent to the forex software. They essentially use the filters for market trend analysis which then triggers the robot to adapt to the changes. The site also goes on to talk about the forex trader’s ability to win trades.
To further protect your forex investment, the robot can suspend a trade going south to avoid massive drawdowns. The currency pairs are uniquely configured, each with its parameters.
EA Review: Back Tests, Live Tests and User Reviews
The first thing we noticed is that the robot’s sales page was very brief. Normally, I’d be congratulating the brevity, but the site looks rashly done, with all the key information left out. The trading methods weren’t properly discussed, and we are still in darkness when it regards this bot. The information provided fits in one sales page, and the dodgy explanations make one think twice.
The robot has been produced for all the trades, but we will focus on the AUDCAD. Studying the backtest, we notice that the modeling quality is 90%. On a $20000 deposit, you expect a 1.32 expected profit. The estimated drawdown for this robot is 43.79% which is quite higher than normal.
Final Thoughts
There is an information barrier when it comes to this trader. The creators remain silent on how the robot works and who the said creators are. Working blind is never a good idea. The robot shows a steady performance until things seem to take a turn for the worst so suddenly. If you’re looking to invest in this bot, think more carefully and explore other options.