Detailed Review of FXGoodway
Novice and experienced traders alike have started using automated trading robots. With some research, traders can find suitable robots that match their trading needs and fit their budget. Among the sea of robots available in the market, FXGoodway is one that catches the eye. This review of the FXGoodway EA will breakdown the highlights and the lows of the robot for you.
The FXGoodway robot features a single-page vendor website that does not look very thoughtfully developed. The vendor promises smooth profits with a unique risk calculation algorithm. The developer promises that the robot will bring maximum profits while keeping the risk to the minimum. However, you will find no mention of the developer of the robot on its website. It is not clear how long it took for the EA to be developed, how long it was tested for or if the developers have created any other robots. Traders can get suspicious about why the developers are not transparent in claiming their hard work.
The FXGoodway forex trading robot is available at only a single license option, priced at $289. This will provide you with access to only one live account and free updates. With a promise of consistent profit, the developer assures you that you can get a refund within 30-days if you are unhappy with the performance of the robot. However, many vendors promise a refund to persuade traders. Whether this is practiced in reality or not cannot be guaranteed.
General Characteristics of FXGoodway
The developer of FXGoodway claims that the robot will generate stable profits, perfect for traders who are tired of incurring losses. The EA has been designed to trade in the EUR/USD currency pair, using any timeframe. Like most robots today, the EA is compatible with the MetaTrader4 trading platform and can be used with any MT4 broker. In order to trade, one needs to maintain a minimum account balance of $700. This obligation is quite high for most traders, especially novices.
Trading Strategy Employed by FXGoodway EA
The FXGoodway EA automatically decides the opening and closing positions of the account, using certain special algorithms. Combining several logics, the EA can adjust to the market conditions. The robot follows a grid trading strategy, trading only in the direction of the trend. The EA can also decide the appropriate lot size based on the size and risk appetite of the account, eliminating any need for human interference. The EA opens a new session if there are no trades in the current pattern, or an independent grid if the price moves in the opposite direction. Each order grid is closed based on the take-profit level established.
The developer provides verified Myfxbook trading results on the website itself. The results appear to be decent providing a monthly return or about 15%. Since its creation in July 2018, the account has shown a gain of more than 470%. However, the aggressive performance by the robot creates a potential risk of blowing your account. Further, we noticed that the developer has chosen to keep the open trades private, which can be unnerving for a Grid strategy where every single trade affects the account. This lack of transparency is a red flag for the robot.
Customer Reviews of the FXGoodway EA
Strangely, the developers of the robot haven’t provided any customer testimonials on their website. Even for further research, we were unable to find any reliable customer reviews. Considering that the EA has been in the markets since 2017, the lack of customer reviews is weird. It fails to give a clear picture of how real customers have fared in the markets with the robot.
The product earns an overall rating of 5.5/10.
Traders are advised to take caution and research well before investing in the product.