FxProud EA Review

Is FxProud a good EA to trade in 2020?

According to the main picture of the FxProud presentation, there are two robots. One trades XAU/USD, another is “VIP”. The main statement about the robot is “While a human brain is capable of achieving great things, there are some functions that are best left to the advanced A.I. Recent developments in the computational power of A.I. have allowed machines to predict patterns more accurately than people.” 

There’s a list of the robot’s features the devs want us to pay attention:

• User-friendly interface
• Fully-automated trading
• Money management system
• Supporting all account types (ECN, NDD, Standard, and micro-accounts).
• No hedging
• No scalping
• Supporting all currency pairs
• Free updates
• Welcome and knowledgable support

Backtests

There provided many backtests. Let’s take a look at CHF/JPY one. It’s performed on the H1 time frame for 15 months. The model was Every Tick. The modeling quality was 88.84%. The initial deposit was $10000. The total ned profit equaled $9661. The win-rate was 73% for shorts and 79% for longs. The max drawdown was as low as 6.31%.

fxProud myfxbook verified trading results

The robot runs a real USD account, through the PaxForex brokerage company, with 1:500 leverage, on the MetaTrader 4 platform. The account has been funded at $10000. The robot has just passed two years of live performance. The monthly gain is 3.66. The max drawdown was extremely high and equaled 43.07%

As you can see from the chart, it’s easy to notice that there are two periods of drawdowns equality. 

The robot traded 795 deals with 2179 pips. The win-rate is 73% for both: logs and shorts. The profit factor is low and equals 1.28. The average win ($111.71) is twice low than the average loss (-$245.50). The average trade length is 3 days.

FxProud trades all currency pairs and most of them with success.

We’ve checked the robot performance history and, as you can see, the robot didn’t use stop-loss levels at all, so, several opened trades can easily blow the account, especially with 1:500 leverage.

The robot preference to trade after the main 10 a.m. scalping hour when most news is realized and European and the US markets are opened.

The robot tries to recover the balance with trading with high risks.

As we can see, there was a period with trading with extremely high risks and it ended in August 2018. After that, the robot manages to provide 2-5% of the monthly gain with high enough risks.

The offer

We’ve got two packages. The Gold Membership one costs $300 and includes 2 real (?) accounts, a 12-month license, free updates, and 24/7 email support. For $400 we’ll receive 3 real (?) accounts and 24/5 remote support.

FxProud Robot Review Summary

Pros

• 3-rd-party verified real account trading results
• Two years of trading experience
• Trades all currency pairs
• 30-day money-back guarantee
• Updates and support provided

Cons

• No strategy explanations provided
• No money-management system features and settings explanations provided
• Low monthly gain
• Extremely high the max drawdown
• Trading without SL placements
• Trading with high risks
• Mediocre results of trading in 2019
• High price
• No demo accounts in the packages provided
• License-based offer
• No people feedback provided
  

We’re not sure about the robot at all. If you want to buy it, you have to ask the devs about SL levels placements in general, as well as, make it clear about what they don’t use this feature to save the account. Trading with 1:500 leverage and high risks can easily zero the account. The price is high too. The $400 annual payment for what? Realy? The robot can’t provide you with the gain that is over 2-4% with high-risk trading. The final decision is up to you, we wouldn’t buy it.