Home Forex Robots Featured Robots Forex Profit EA Review

Forex Profit EA Review

613
0
Forex Profit EA

Forex Profit EA is a fully automated Forex trading tool that promises stable and continuous profits using its technical Analysis based on various Algorithms. The developers of this MT4 tool guarantee daily profits, a full money management system, and closing trades within 24 hours. Frankly saying, the Forex Profit EA presentation lacks much useful and important information where it is the most required. Probably, the devs decided not to disclose it to force us to make decisions only based on the absolute gain chart.

Forex Profit EA presentation

With so many EAs available in the Forex market today, choosing the best one becomes a challenge, especially for newbies. Most trading systems have the same claims and promises and it is difficult to tell from a first glance how they truly perform in the live market. The main goal of our Forex Profit EA review is to analyze this trading system and conduct a thorough analysis of its trading results, drawdown, risk factors, profitability, vendor transparency, price, money-back guarantee, and other important data.

Forex Profit EA presentation

How Forex Profit EA Works

The website presentation is quite brief and we could not find all the necessary info about the robot. Everything we could find about Forex Profit EA is gathered in this list:

  • The robot works 100% automatically on the MetaTrader4 platform
  • It closes trades within 24 hours
  • It has a Full Money Management System, that calculates Lot Sizes for each open deal automatically
  • Traders can also set Lot size manually if needed
  • Traders are free to disable currency pairs they do not like to trade
  • Default settings are recommended for trading
  • It is said that the robot identifies only profitable trades
  • The minimum account balance should be $1000
  • Minimum MT4 account leverage is 1:500
  • This EA can be applied to 1 chart only
  • The expert advisor uses Grid and Martingale for trading
  • It trades AUDCAD, EURGBP, EURUSD, GBPUSD, USDCAD, USDCHF, and USDJPY currency pairs
  • Traders need to have a good Internet connection for smooth trading
  • It is easy to install and setup
  • Traders are provided with 24/7 customer support

There is no information about the developer or the team that stands for Forex Profit EA provided on the official website. Thus, we have no proof to believe they had any prior trading experience in developing Forex robots. They are unknown developers who claim they know what they do. It is madness to trust them blindly.

The one thing we know is that their website was created on April 15, 2020.

Forex Profit EA - domain profile

Applied Strategies

The dev mentioned that his trading tool uses technical analysis based on various algorithms, but he failed to provide further details about the trading strategy the robot uses. It is a huge con, especially for experienced traders who look for a detailed trading strategy insight.

The backtesting report is not provided on their website. Probably it is because the vendor does not want to show the risky trading approach the EA uses for trading. If a trader sees a dangerous Grid + Martingale combo, it will discourage him/her to invest in Forex Profit EA.

Forex Profit EA Trading Results

The dev provides live trading results of his EA on their website. We are provided with a direct link to a myfxbook trading account. 

This is a Real USD trading account running on an FBS broker. It trades with 1:1000 leverage on the MT4 platform. Its track record, as well as trading privileges, are verified. The account is being tracked by 21 traders. 

Taking into consideration that the account’s trading activity length is only 1 month and 3 weeks old (was created on January 01, 2021), we have very little data to analyze. Since the time of its activation, the account managed to grow its income to 113, 92%. It has generated $3933.05 of profit from deposits of $6,218.68. Its monthly gain is high – 52, 15%, while an average daily profit is 1, 39%. The peak drawdown was on January 11, 2021, and reached 23, 22%. Drawdowns under 30% are acceptable for trading. Thus, there are no reasons to worry here.

Forex Profit EA Myfxbook

The robot placed 328 trades in total. It should be said that 187 out of 328 trades have been won, representing profitability of 57%. Its average win is $55. 50/4,98 pips and the average loss is $-45, 71/-10, 36 pips. The average trade length is 1 hour and 15 minutes. It has won 57% of long trades and 56% of short trades. Its profit factor is 1, 61.

Forex Profit EA advanced statistics

It trades 7 currency pairs: AUDCAD, EURGBP, EURUSD, GBPUSD, USDCAD, USDCHF, and USDJPY. The most frequently traded as well as the most profitable symbol is GBPUSD – 110 trades and 1748.05 USD of profit.

Forex Profit EA trading results

The robot trades with high trading risks to the account balance.

Forex Profit EA trading results

We’ve also analyzed its trading history and found that the standard Lot size is 0,20. However, the robot increases it in 16, 32, or even 48 times to recover after losses:

Forex Profit EA trading results
Forex Profit EA trading results

It is abnormal and dangerous for any trading account.

Pricing & Refund

The robot comes in 2 different packs: one license and one license plus VPS Server. The first pack costs $100/month and is valid for 1 MT4 Demo or Real account, free installation settings, free email support, and free user transfer to another MT4 account. The second package costs $140 per month. It comes with one Real and one Demo license, MT4 fast VPS, free installation settings, free email support, and free license transfer. Both packages include 30 days money-back guarantee.

Forex Profit EA Pricing

Customer Reviews

Customer reviews are very important for us as they provide additional information about the system, company, customer support, risk factors, and more. Lack of customer reviews on third-party websites like Trustpilot, Forex Peace Army, and Quora is not a good sign. If the EA was as profitable as its dev claims, we’d see at least one positive review from a user claiming that the third Forex robot does work for traders, not for their developers.

REVIEW OVERVIEW
Overall rating
Previous articleRedshift Review
Next articleTrading With Harmonic Price Patterns: Step by Step Guide

LEAVE A REPLY

Please enter your comment!
Please enter your name here

  +  79  =  89