In our review today, we will talk about the acclaimed robot FXCHARGER. For getting started, let’s go to the official page with a presentation and look around.
FXCharger Forex Robot Review
The first we see it’s the prices and the list of advantages: 24/7 trading, Intellectual Takeprofit, and Stoploss, the various setting for any level of previous trading experience, and working well with any brokerage company.
How does FXCharger trades
The developers explain why the product is so unique in this way: “The system calculates Takeprofit in such a way so that it could close a trade in profit. That is why our EA always trades in profit, but at the same time, it does not leave orders in the Market for a long time. Usually, orders are closed within 1-4 days. Also, each trade has Stoploss and it is calculated by special technology. This technology will not allow you to lose more money than you have specified in the settings of the EA, even if the system crashes. Because of the Stoploss limits drawdowns, your account is safe even if you lose internet connection or MetaTrader 4 terminal turns off. We took care of the protection of your account!”.
So… it sounds jolly good. Let’s take a look at the myfxbook accounts.
The devs run the robot on the two accounts: the general one and AUD/USD. Let’s proceed to them.
The first and probably the main account is the real USD one with FXOpen broker and trades on the MetaTrader 4 platform with no leverage,
The account has been deployed almost 4 years ago at $2000. During this such a long period the robot has been able to grow it to $44700. It’s so impressive result we’d like to say.
Daily gain equals 0.23, monthly one is 7.17%, the total gain is +2135.22%.
How we can see from the sheet, the robot has been topped. It’s happened on 14 November 2019.
During the period FxCharger trades 514 deals (1601 pips) with 61% of success. The average trade length is 4 days and the profit factor is 1.74.
Checking monthly results we’ve noticed that the robot got different results depends on months and even years.
The last three months were good, in the first two weeks of November 2019 the robot could make just 0.48% of the gain and it’s in two times worst results than in the previous three months.
If you pick any of the months you’ll notice that the robot ran just one currency pair: EUR/USD.
Let’s check the second account.
FXCharger AUD/USD has run a little bit over a year and shown +580% of the gain, 0.35% daily, and 14.15% monthly one. The account has been funded at $1500 and finally had $10212 at the end. The total profit has been $8712.5
During the period the robot has been performed just 96 trades, with the average trade length of 8 days, and 2.65 of the profit factor. Longs have been won 51%, shorts 73%.
So, the monthly profit was good. As the devs have told this account is only for trading the AUD/USD currency pair.
The robot could trade smoothly. There were just to pick of high drawdowns in April and October 2018. During the April one, the account lost $6000, the second one about $7000. It’s so so much as for the well-designed robot.
The second account has got a high-level of drawdowns: almost 55%.
The robot has been run with a high level of risks too. Lossing 10% of the account could be possible if there were lost 6 trades in a row.
The robot sells in two packages. The basic version costs $385 and includes trading just only one currency pair: EUR/USD. The MAX one costs $500 and allows us to trade three currency pairs: EUR/USD, AUD/USD, EUR/GBP.
The robot has performed very-well showing good results, but we can’t understand why they’ve been stopped if everything went fine. Probably, the robot cold got some kind of issue that should be solved or something like that.