Targeting traders who are not comfortable with trading methods such as hedging, grid, or Martingale method, Forex Auto Millions claims to use a unique trading concept. The MT4 compatible automated Forex trading system provides backtests as proof of its effective trading method.
Focusing on EURUSD pair with a timeframe of 1 minute, the robot assures profits for traders. Is this expert advisor, that assures huge profits on a small investment, a trusted system or not? Read this Forex Auto Millions review to know our recommendations regarding this robot.
How Forex Auto Millions Robot Works
According to the vendor, the software system has seen profits of around $46.125,309 as shown in its backtests taken over a span of 8 years. So, how does the Forex robot manage the high profits it guarantees? The robot trades only during specific times daily and all are short trades.
From the results shown on the site, we assume that a combination of technical indicators is used for deciding the entry time. We could not find any specific account size for traders, to begin with, in this trading software.
From the website information, we could not gather much data about the features of the software or the specific strategy used. There are just the backtests and demo account results besides the refund information displayed on the site.
Results from backtesting done with real tick data are shown on the official site. With a timeframe of 1 minute and done on the EURUSD pair, the results show 45.21% drawdown and 99.96 as winning percentage.
Taken over a span of 8 years, the backtesting was done in the MT4 strategy testing system. While the results look fine, they are historical data and should not be taken as predictors of future performance of the system. And, the modeling quality used is not shown on the results page.
Forex Auto Millions Trading Results
Although the official site displays a verified real account result from the myfxbook site, it does not seem to be a genuine one as clicking on the results does not take you to the myfxbook site. Instead, a page with the trading performance of the expert advisor is shown from which we could not confirm the authenticity of the results. The profile of the EA on the myfxbook site is shown below:
From the profile page information, we could see that the drawdown was quite high and only from a demo account and not a real account. Shown below is a live demo account on the Myfxbook site with trading privileges verified but not the track record. A leverage of 1:500 is used and overall gains recorded is 843.22% with a drawdown of 36.71%.
Moreover, the high drawdown and drop in profits in 2020 compared to 2019 show the lack of effectiveness of the system.
This demo account does not align with the vendor’s claim of huge profits from a minimal deposit as the high drawdown signifies greater risk, which a trader will not be ready to accept.
Pricing & Refund
Sold at $99 per license, the price of the software looks suspicious as most of the Forex trading automated systems are priced at a range of $250 to $500 or more. Furthermore, the vendor offers a refund period of 60 days. Setting up the system is easy with the installation guide provided.
We could not find any user reviews other than those posted on the official site, which we think are manipulated as all are positive. Besides, the lack of information related to the vendor and strategy used show there is no vendor transparency.