Hot Profit Robot developers promise traders that the EA will provide them with unique opportunities to earn profits from Forex trading. Created with full market expertise, the robot can supposedly assist users who desire to earn extra money to trade successfully. The EA is associated with accurate trade execution and exit. It conducts thorough assessments on Forex markets day and night determining the best profitable and entry opportunities. It also manages trades for the user by computing the Take Profit and Stop Loss prices. The calculations of lots are based on installed settings. The lot size can either be fixed or based on the increasing account balance.
Is this robot worthwhile?
The developers highlight the bot’s live performance tests, how it benefits the trader, trading strategies, subscription plans and support contact form. However, we believe that the robot’s presentation is very brief.
Vendor transparency is absent. The developers have not provided their real identities. For this reason, we could not determine what they do and what their reputation in Forex trading is. This makes it hard for us to trust them.
The EA features the following:
- Continuous customer support
- Full automation
- User manual
- Runs on the MT4 platform only
- Trades on AUDCAD, EURAUD, GBPUSD, USDCAD, CADCHF, EURCAD, NZDUSD, and GBPAUD currency pairs
As per the vendor claims, the EA applies 3 trading strategies. The first one is known as range trap. It focuses on SnR and unique candle patterns in conducting trade rebounds from the top and bottom. The second approach is the momentum rider. Here, the robot leverages political or news events to determine the strength of price movement. It then enters and exits the market early based on these. Trend capture is the last strategy. The EA utilizes basic and technical analysis to ascertain and pursue the strong lasting trend of a Forex currency.
How to start trading with Hot Profit Robot
Hot Profit Robot has three distinct payment methods. The mini package costs €17/week and comes with 1 trading account and configuration support. The smooth package is €64/month and features 1 trading account and monthly support. The aggressive plan is priced at €99/month and integrates 2 trading accounts and monthly support.
The robot performs trading automatically. When a user subscribes to the Hot Profit EA service, they receive a detailed User Documentation. This resource explains exactly how the bot works and steps the trader needs to follow to set it up. Once installed, the user can start earning profits.
Hot Profit Robot Backtests
Backtest results for the robot are lacking. Backtests are vital as they help us evaluate an EA’s performance over a long time period. Therefore, when the developers fail to provide them, we cannot tell if EA is really able to generate profits for the user in the long-term as they purport. As a result, we are forced to question their reliability.
Trading Results
The above screenshot indicates that the trading results are from the smooth account. So far, the EA has managed to grow the account from an initial deposit of $5,045 to $8,630.74. The total net profit generated is $3,585.74 which is equivalent to a gain of 71.08%. The daily and monthly profits stand at 1.94% and 71.08% respectively. The drawdown which is 82.32% is very huge. It highlights the account’s increased risk of incurring losses.
The account has made 182 trades and has attained win-rates of 72% for longs and 75% for shorts. The profit factor (1.74) is relatively mediocre as a trader does not stand to gain significant returns on money invested. The pips are 919.2. The average win which is 14.90 pips is nearly two times lesser than the average loss of -23.23 pips. This indicates that the account’s risk of making losses is high. The lot size (77.41) is high and illustrates a high-risk approach the EA takes.
The robot trades with high risks. For it to lose 10% of the account, it has to lose 4 deals in a row. The risk of losing 10% of the account is 19.9%.
From the trading history above, it is quite clear that the gains made by the account are very small.
People Feedback
Customer reviews for this robot are lacking. We could not find any user testimonials on the EA in the various Forex trading customer review sites like Quora, myfxbook, Trustpilot and Forex Peace Army.
Summary
Advantages
- Continuous customer support
- Fully automated
Disadvantages
- Very high drawdown
- Lack of customer feedback
- Vendor transparency is absent
- Backtest results not provided
We advise traders to refrain from using this robot. Its drawdown is very high and this increases the trader’s risk of losing money invested. The lack of backtest results makes us wary of the bot. It would thus be risky to use it as the trader would not know what to expect. The lack of user reviews makes it hard to ascertain if the EA is able to deliver profits as claimed by the vendor. Lastly, since the developers have not provided any information about themselves, they cannot be relied on.
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