Forex Profit Robot is a Forex expert advisor that promises daily profits and the closure of all trades within 24 hours. As per vendor claims, this Forex robot only accepts profitable trading and works on the basis of an advanced algorithm that allows it to outperform its competitors. Of course, the truth of these statements can be verified only after carefully assessing all of the system aspects.
Detailed Forex Robot Review
The vendor has made an extremely brief presentation on the official website of Forex Profit Robot. We can see that live trading results have been shared, and the requirements for MT4 accounts have been listed. We also have the pricing details, along with a contact form using which users can get in touch with the service team for assistance.
Nothing at all is mentioned about the vendor or the company behind the product. We don’t know the developers’ identities and backgrounds, and no physical address has been provided for the company. Thus, we can say that vendor transparency is a department where Forex Profit Robot fails to shine.
This Forex Robot has a simple installation process and the only thing a user needs to do is to set it up on their MT4 account. It is a fully-automated system with an in-built money-management feature that selects lots after analyzing the account balance. You also have the option of selecting a custom lot size, so it offers you added flexibility while trading.
Although the vendor strongly recommends using the default setting for the Forex EA, you can tweak them as per your convenience, provided you know what you’re doing. The EA settings also allow users to disable pairs they don’t like to trade with.
To trade using Forex Profit Robot, you require a minimum account balance of $1000 and minimum account leverage of 1:500. As per vendor recommendation, you should use this system on a single chart. It functions perfectly on a normal internet connection.
Forex Profit Robot Strategy Tests
On Forex Profit Robot’s official website, there is no mention of the strategy used by the robot. Technical details of the trading strategy are vital for some Forex traders who can analyze it to assess the system’s profitability. We think the vendor should have at least touched upon this subject since we have no way of knowing how the expert advisor gauges the strength of a trend or identifies profitable trading occasions.
Backtesting data is something that most Forex traders look for since it tells them whether a system is worth trying out in the live market. Additionally, it tests the robot against adverse market conditions, so a system that’s based on backtesting data worth several years is considered reliable by most individuals. By comparing the backtesting data with the live trading results, we can gauge the true worth of an automated trading system like Forex Profit Robot.
Live Account Trading Results
In spite of the tall claims made by the vendor regarding high profits, the live trading results do not look too impressive. The gain generated through this account currently stands at -99.9%, which is due to the fact that it has suffered some huge losses along the way. The daily and monthly gains are -7.99% and -94.02%, respectively, while the drawdown is astonishingly high at 99.96%.
Although 240 out of 423 trades have been won by this account, we can see that in some trades, the losses were as high as -75.22%, which tells us that the system follows a high-risk approach. In fact, it has one only 1 of the last 20 trades, and this is enough to deter a person from investing in it. Forex Profit Robot must improve its win percentage if it wants to be taken seriously by Forex traders.
There are two pricing plans for Forex Profit Robot, one which offers only the software license, and another which offers you access to an MT4 VPS server in addition to the license. These plans are priced at $100/per month and $140/per month, respectively. A 30-day money-back guarantee is provided by the vendor, so you will get a refund in case the results are unsatisfactory.
There are no customer reviews available for Forex Profit Robot. This is not surprising, however, since it has only been live since January 2021, and in that time it has not managed to generate enough profit. It is clear that not many traders trust this system as of now.
Thus, we can see that Forex Profit Robot is not a profitable system that can earn your profits consistently. It follows a risky approach which often leads to huge losses, so you’re better off looking for other options.