Forex Trend Detector is a Forex EA, which combines ‘the power of technology, statistical probability, and raw math’. The developers of this trading tool claim that with the help of their product, traders can obtain stable income and consistent trading results. However, with so many EAs available in the Forex market (most of them are making similar claims), how can you decide which Forex robot is right for you?
In this Forex Trend Detector review, we will analyze this trading tool and decide whether it is worth its price. Keep on reading to find out whether it is a robot to be trusted or just a scam that must be avoided.
Detailed Forex Robot Review
The WallStreet Forex Robot team (FX Automater) with over 15 years of trading experience in the Forex market designed this EA. The devs add that this trading software is easy to install and can easily be run even by an inexperienced trader.
They provide us with a short guide on how to get started with this EA:
- Download the software
- Install the software
- Start trading with the software
The old version of this EA supported only 1 currency pair: EURUSD. Now, when a new Forex Trend Detector v5.0 was released, this robot supports 2 currency pairs: GBPUSD and EURUSD. This updated version of the automated trading tool can work either on MT4 or on the MT5 platform. Additionally, it supports Windows/Mac OS.
FX Automater team point out the main features of their Forex Trend Detector v5.0 software:
Forex Trend Detector Strategy Tests
The team behind Forex Trend Detector claims that they use ‘the volatility breakout strategy religiously’. They also add that they have implemented a smart money strategy into this robot. They convince us that their robot has an inbuilt drawdown compensating algorithm to protect traders’ accounts from high drawdowns.
Sounds great, doesn’t it? However, do their words have any value or are they just written to attract our attention?
On the sales page of the developer, we have found backtesting results of the Forex Trend Detector robot, started in the mid of 2010:
The backtesting results lasted approximately 10 years, reflecting good trading performance on the M5 timeframe. This Demo account was trading EURUSD currency pair. The initial deposit was $5K, which grew up to over $320K of the total net profit. For 10 years of trading, the robot has traded 2262 trades with 1614 winning ones and 648 losing ones, meaning that its risk-reward ratio was 1:3. Its profit factor was high and equaled 2, 13. A peak drawdown was small – 4, 33%.
Demo Account Trading Results
On the official site of the developer, we are provided with trading results of only 1 live account verified by myfxbook.com:
This is a demo USD account running on the MT4 platform with Alpari RU brokerage and a 1:500 leverage. The account was launched on May 19, 2020, and since that time, it has obtained a total gain of only 4% with a monthly gain of 0,87% and the maximum drawdown of 17, 68%! The initial deposit was $2K. Taking into account that the robot has been trading for over 5 months, $87 of profit does not motivate us to invest in this EA.
The robot has traded 111 trades and 120.8 pips. The average win ($22.61) is smaller than the average loss (-$26.81). The average trade length is 16 hours and 5 minutes. Its profit factor is small and equals 1.07.
The robot’s best monthly gain was in July – 3,81%:
In addition to small gains, this expert advisor has a high risk of ruin and there is a 61, 84% chance of losing 10% of the account:
It is risky for trading because the high risk of ruin leads to money loss. Thus, do not wonder when one day you will see that you have lost those 80 dollars you had earned for 5 months of trading.
Currently, the software is being sold with a $130 discount, and interested in this robot traders can buy the product for $167 instead of its regular $297 price. It includes 1 real and 2 demo accounts, EUR/USD + GBP/USD currency pairs, and 60 days money-back guarantee.
Additionally, we always try to find customer reviews written on third-party websites (customer reviews written on the site of developers may easily be paid, manipulated, or concocted). As a result, we have found 2 reviews from customers on the Forex Peace Army forum.
One review was written in 2018. It is a positive one, where the trader claims that this EA is one of the best robots available in the Forex marketplace:
However, this feedback was removed by FPA, because it came from the same location used by the representative of this EA.
The other review was written in 2017. The trader says that he was not impressed with the trading performance of Forex Trend Detector. As a result, he asked for a refund and got his funds back.
Unfortunately, we have found no review written in 2020, so we are unable to analyze how the robot is trading on different traders’ accounts.
If you do want to pay $167 for an EA, which will bring you 80 dollars for 5 months of trading, then welcome!
If not and you would like to invest in a profitable product that will provide you with a decent, stable income and constant profit growth with minimal trading risks, then do not invest in Forex Trend Detector.