Forex Profit Robot is a fully-automated Forex EA promising daily profits and trades that are closed within 24 hours. The vendor claims that it is a user-friendly system that used advanced algorithms for earning continuous profits. It is also claimed that other Forex EAs cannot compete with Forex Profit Robot.
Is This the Perfect Forex EA You Need?
The presentation on the official website is very brief, with the main advantages and the requirements for the system being outlined by the vendor. We also have the details of the pricing plans and a contact form that lets you send a message to the service team.
In terms of vendor transparency, Forex Profit Robot fails to impress us, since there is no information provided about the company at all. We don’t know anything about the company or whether it has developed any Forex robots in the past. The identities of the traders and the development team are also not revealed.
It is not explicitly mentioned on the website which currency pairs this Forex EA trades in. After checking the trading history from the live trading account, we can see that it deals in pairs like CAD/CHF, EUR/CAD, USD/CAD, NZD/CHF, AUD/CAD, EUR/CHF, AUD/USD, USD/CHF, GBP/USD, AUD/NZD, etc.
Although it has been mentioned that Forex Profit Robot uses technical analysis based on several algorithms for making profits, we don’t know exactly what kind of strategy it uses. In the absence of technical details, we cannot analyze the trading strategy to determine how robust and reliable the system is.
How to Start Trading With Forex Profit Robot
Forex Profit Robot has two separate pricing plans that cost you $100 and $140. With both plans, you get a single software license, along with free email support, free installation, and free license transfer to another MT4 account. However, the second one gives you access to a fast MT4 VPS server.
The vendor provides 30-days money-back guarantee for this product, so you can always ask for a refund in case you’re not getting the expected results. It is easy to set up this software and after it has been linked to your MT4 account, no further installation needs to be performed.
You have the option of increasing and decreasing your lot size with Forex Profit Robot. Moreover, the EA settings allow you to disable the pairs you don’t want to trade in. The minimum account balance is $1000, while the minimum MT4 account leverage is 1:500.
Forex Profit Robot Backtests
Backtesting data is not provided for Forex Profit Robot, so we have no way of finding out if the Forex EA could have held its own during difficult market situations in the past. Backtests are vital for most Forex traders since they reveal the system’s profitability, relative drawdown, profit factor, etc. We can only hope the vendor would consider including this in the future.
Trading Results
On the official website of Forex Profit Robot, we have the link to a live trading account on Myfxbook. This account has been active since January 1st, 2021 and in that time it has completed 423 trades, winning 240 out of them. Hence, the profitability of the EA for this account is 57%, with the system winning 55% of short trades and 57% of long trades.
Currently, the net profit generated by this account is only $689.84, since it has suffered some large losses recently. On the other hand, huge deposits amounting to $6218.68 were made for this account, and this has resulted in the time-weighted return being -99.9%. The daily and monthly gains are -8.69% and -94.02% respectively, while the absolute gain is 14.47%.
High Drawdown
The live trading account of Forex Profit Robot has an extremely high drawdown of 99.96%. This means that the Forex EA lost a lot of money while trading. By studying the recent trading history, we can see that Forex Profit Robot has suffered from several consecutive losses in the month of March 2021, with some of the losses being as high as 75%.
People Feedback
Forex Profit Robot has an account on Forexpeacearmy, but there are no user reviews for this Forex EA as of now. Since it has only been trading live for roughly 3 months, it is possible that most traders are not aware of its existence.
Wrapping Up
Advantages
- Verified live trading results
- Affordable pricing plans
- Money-back guarantee provided
Disadvantages
- High drawdown
- No backtesting data
- Lack of vendor transparency
Summary
While Forex Profit Robot is definitely not a scam, we cannot really call it a reliable system right now. It is currently going through a period of high drawdown and as such, it is risky to invest in this robot. Furthermore, it is a relatively new system with no information about the vendor and no backtesting data.
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