Forex Fury is a 24/7 trading robot that works on both MT4 and MT5 platforms. According to the vendor, the algorithm is suitable for beginners and experts with the available tutorials and walkthrough analysis. Luckily, the robots’ performance for different pairs, such as USD/JPY, GBP/USD, etc., is available for users on the Myfxbook.com website. So, to determine the success and profitability of this software, we will analyze its features, strategy, live results, and much more in this Forex Fury review.
Detailed forex robot review
The official website of Forex Fury states that over 10300 traders trust the system, and it has been activated on 14800+ accounts. The vendor tries to convince us that the robot aims to gain 10-20% every month. We find out that the live records on USDJPY show lower profits. The picture is even worse for other currencies: USDCHF–3,65%, GBPUSD–6.68%, GBPUSD (low risk)–1,16%, AUDCAD–5,50%, and USDCAD–2,51%. These numbers are significantly lower than what the developer has promised.
The team of developers includes Patrick Ryan as CEO, Joe Damien as Head Analyst, and Haroon Mir as a head developer. The authors share links to their LinkedIn profiles, where they tell about their trading journey and experience on the way to developing this EA.
They list the following features of their EA, believing that it should convince us immediately invest in this robot:
- Includes several low, medium, and high-risk strategies.
- Provides installation guide and videos.
- Support for MT4/MT5 trading brokerage.
- Works on VPS, Windows, or MAC.
Frankly, the above-listed is a common offering for most EAs available on the market, and there is nothing special that could convince us to buy the algorithm.
According to the disclaimer, the figures on Forex Fury’s website are based on simulated or hypothetical performance results. It warns that traders should not use them as a reference for the algorithm’s output. This leads to question the credibility of the live records.
Forex Fury strategy tests
The algorithm uses a range-based strategy that is only suitable when the market is capped between support and resistance levels. The robot trades for only 1 hour each day.
The Myfxbook paints another picture in our mind where we observe the use of no stop loss and poor risk management. While trading with a high lot size can cause a high drawdown on the portfolio, which is evident from the live stats. The algorithm is most active during Wednesdays and trades towards the end of the New York session
There are no backtesting records available for Forex Fury. This is a poor practice from the developer, which raises many concerns about the efficiency of the EA.
Live account trading results
|Started||Mar 25, 2020|
From March 25, 2020, till today, Forex Fury has placed 1630 deals, 1551 of which were profitable. The daily and monthly gains are 0.26% and 8.0%, respectively, with a high drawdown of 43.10%. With a balance of $23.188.86 and interest of -$1,024.92, the absolute gain is 682.24% while the total gain is 676.94% This means that the system has produced a over 600% output as of now.
The average profit is 5.93 pips ($15.42), with an average loss of -29.34 pips (-$46.74). This shows us that the algorithm has a much higher risk than the reward. It will take three winning trades to cover up one loser.
The monthly chart for 2020 shows a stable output of the EA. The overall gain for the first two months was super high. The developer may have used a high lot size in the initial stages to boost the performance to convince traders to buy.
We find a different story while analyzing the years 2021 and 2022. Here the performance drops significantly as the market conditions change. This depicts that the EA fails to adapt to the current market conditions.
There is nothing to see except poor trading performance and losses.
Forex Fury is available in two-lifetime packages that are costly for the available features. There is no money-back guarantee and no free trial to test the bots, which shows that the developer is not confident in the product’s performance. It accepts payments via credit card and PayPal.
- Basic plan: $230/ lifetime membership/1 live trading account/etc.
- Premium plan: $440/ same services as basic plan other than support for 2 live trading accounts.
The customer feedback is present on Forex Peace Army where the algorithm has an abysmal rating of 2.7/5 for 143 reviews. A trader mentioned that this platform is a scam and warned other traders not to trade with this robot.
A trusted website, TrustPilot, shows 184 client testimonials where a user comments that the system is a bad investment.
As you can see from the customer feedback, the algorithm is not a good investment choice and is a potential scam.