• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Currency Pairs
  • Charts
    • Candlesticks
  • Trading Strategies
    • Day Trading
    • Swing Trading
    • Scalping
  • Technical Analysis
  • Fundamental Analysis

Forex Traders Guide

The Ultimate Forex Knowledge Base

  • Welcome
  • Forex Glossary
  • Forex Basics
    • Trading Tips
  • Forex Brokers
    • Best Forex Brokers
    • All Forex Brokers Reviews
  • Forex Robots
    • Best Forex Robots
    • All Forex Robots Reviews
    • All Forex Signals Reviews
  • Forex News
  • Mustreads
  • CONTACT US

FXGoodway EA

December 24, 2019 by Forex Winner Leave a Comment

fxgoodway ea

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.

fxgoodway robot features

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 forex robot on its website. It is not clear how long it took for the forex 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 Product

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.

fxgoodway

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. 

Trading Results

fxgoodway myfxbook

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.

Review Summary

The product earns an overall rating of 5.5/10.

Traders are advised to take caution and research well before investing in the product.

5.5

Filed Under: Forex Robots, Review

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

fifty four − = forty nine

Primary Sidebar

Latest News

Gold Price Retreats Even as Inflation Expectations Soar

Gold Price Retreats Even as Inflation Expectations Soar

March 5, 2021

U.S. Logs 379,000 Additional Jobs in February as Lockdown Restrictions Ease

U.S. Logs 379,000 Additional Jobs in February as Lockdown Restrictions Ease

March 5, 2021

Oil Prices Surge 2% as OPEC+ Extends Output Cuts

Oil Prices Surge 2% as OPEC+ Extends Output Cuts

March 5, 2021

Reviews

IG Group

IG Review

Review by Forex Winner
May 20, 2020

Pepperstone

Pepperstone Review

Review by Forex Winner
May 19, 2020

Darwinex

Darwinex Review

Review by Forex Winner
May 14, 2020

Best Forex Robots

  1. ROFX 10
  2. Forex Fury 7.7
  3. Gump EA 6.4
  4. Forex inControl Reborn 6.0
  5. Forex Robotron 6.0

Best Forex Brokers

  1. IG 9.2
  2. Pepperstone 9.0
  3. AvaTrade 8.8
  4. Forex.com 8.4
  5. Darwinex 8.2

Footer

Latest Forex Brokers

Darwinex

Darwinex Review

May 14, 2020 By Forex Winner

tastyworks

tastyworks

April 28, 2020 By Forex Winner

FxPro

FxPro Review

March 20, 2020 By Forex Winner

Latest forex robots

Forex Pip Shooter

Forex Pip Shooter Review

March 4, 2021 By Forex Winner

FXMath X-Trader

FXMath X-Trader Review

March 4, 2021 By Forex Winner

IProfit EA

IProfit EA Review

March 4, 2021 By Forex Winner

EMAIL NEWSLETTER

Sign up to receive email updates daily and to hear what's going on with us!

Copyright © 2021 · Forex Traders Guide · About Us · Contact Us
Privacy Policy · Risk Disclosure