Forex Fury uses a range-based trading technique when the market volatility is low. The sellers say the EA can produce over 10% gain each month. While the claims seem captivating we have looked for their authenticity and found them to be bogus. To unveil the full prospects of the algorithm and uncover the other false statements we will review it in our article.
How Forex Fury EA works
The algorithm scans multiple currency pairs on the M5 chart based on the coded information. According to the developers, it can generate an overall 10% each month which we find contradicting while observing the live records. The false statements put the credibility of the system in question.
Forex Fury has been developed by three individuals, Patrick Ryan (CEO), Joe Damien (Head Analyst), and Haroon Mir (Head Developer). They state that they are a group of Forex traders who aim to “make a winning robot.” and have been providing their services for more than six years.
Apart from this, they provide us with the Linked In profiles which shows that they have a negligible social following. This reduces the level of trustworthiness.
The developers list out multiple characteristics of the EA which we find out to be common with most algorithms in the market. The system has the following features:
- It is a 100% fully-automated system.
- The EA comes with effective money management.
- This bot works on both the MT4 and MT5 platforms.
- It can trade on all currency pairs
- The algorithm requires a minimum deposit of $100 on a micro account
- The EA runs on the M5 chart
The developer states that their system trades for 1-2 hours each trade on multiple currency pairs. There is no further information on the topic, which is quite concerning.
To understand better, we had to use the live records on Myfxbook. We observe the use of virtual stop losses with an average holding duration of 1 day. The algorithm opens trades at the end of the New York trading session. The combined lot size of 3.5 is too large, while the overall gain is miniscule. With a high drawdown value this shows us that it is extremely risky to trade with Forex Fury.
Backtesting records of the robot have not been provided on the website. This is a terrible practice, as this makes us and all prospective customers blind to know the past performance of this system.
Forex Fury EA trading results
Verified live trading results have been provided on the personal website of this robot. These are for the USDJPY currency pair from March 25, 2020, until June 01, 2022. A leverage of 1:200 has been used on a demo account at the MT5 platform. A monthly growth rate of 8.01% has been observed, with a very high drawdown value of 43.10%. This points towards risky operations.
Deposits stood at $3,000.00, with a total profit of $20,224.42 and a deductive interest of -$1,024.92. The bot executed 1630 trades out of which 95% were profitable. The high win rate comes from the averaging strategy in which positions are only closed when they are in profit.
The monthly charts on Myfxbook show us that the algorithm was only showing average gains in the year 2020. Even then, it was only able to hit the promised 10% profit target in a few months.
In the years 2021 and 2022, the algorithm has shown a lackluster performance. This means that it cannot adapt to the changing market conditions and will fall as the volatility changes.
Pricing & refund
This product is sold in two different packages: Gold for 229.99 USD and Diamond for 439.99 USD. The only difference between these two is the number of live accounts provided. Other than that, both contain unlimited demos, free updates, and installation videos. Payments are only accepted in PayPal, which is inconvenient for customers who reside in countries where PayPal does not operate. There is no money-back guarantee offered, hinting that the developer is not confident in their product.
Alt. Pricing of the EA on the website.
This robot has a rating of 1.713 for a total of 143 reviews on Forex Peace Army, a trusted third-party site. A customer comments that the algorithm is a total scam and that the developers are altering results on the Myfxbook account.