FxGoodway is a forex robot that has been in the market since 2017. They pride themselves on being the robot that can guarantee you ‘smooth profits’ every week. They claim if you’re tired of losing money with forex EAs that hit stop loss every week, you’ll definitely love FxGoodway.
But do they really uphold that claim?
The creators of this forex robot are unknown. They don’t explain who they are or where they are from. Or even, how many years of experience they have.
As for the robot, they say that FxGoodway has four features that separate it from the rest in the market. And why you should choose this one.
1: Smooth profits. Where you’re earning profits every week. ‘Smooth profits’ is a weird word choice but hey.
2: Multisession logic: The trades can be opened in multiple timeframes.
3: Auto risk calculation: If you can’t calculate how much to risk, the robot will do that for you.
4: Backtesting results: They say the robot has more than 4 years of backtesting history on a live account.
How FxGoodway works
This robot only trades the EurUsd. As they said, it works on all timeframes. But, a look on their Myfxbook account shows their trades last an average of 3 days.
This means it’s not ideal for scalpers. Some of the trades are closed within a few hours. And some last for even a week.
It’s unclear whether you can self adjust the settings. But after in-depth research, the answer is No.
They say that the trades are opened in the direction of the trend which is determined by various patterns in settings. But they don’t explain if you can adjust. Due to that, safely assume you can’t self adjust and instead, your trades will be similar to those they trade.
Live Trading Results
This Forex EA has a monthly profit of 14.16% and a drawdown of 36.3%. The account shown on Myfxbook was opened in July 2018 and during this year, has experienced a growth of almost 500%.
These are impressive results. With such a low drawdown, these guys definitely know what they’re doing.
Most trades average 30 pips. And again, an impressive success rate of 72%. The Risk: Reward is 1.2+ which also is quite good.
In these 13 months tracked, they’ve opened 384 trades. This is about 30 trades a month which goes to less than 2 trades in a trading day.
As you can see, despite the fact that you can’t adjust your settings (assuming), your account is in safe hands.
Price And Refunds
This EA costs $289. You get 1 account license and free updates and also responsive customer support.
This comes with a 30-day money-back guarantee if you can prove that the automated forex trading system has failed. This could be due to technical issues or if it has caused more than 50% loss on your account.
Minimum Deposit And Recommended Broker
The minimum deposit is $700. If you had deposited that while they started in July 2018, your account could be a staggering $3500. Almost. They say that this robot can work with any forex broker on MT4.
They don’t say the leverage they use, but due to how disciplined they are, assume it’s 1:100.
What You Don’t Know About This Forex Robot
There’s no denying. This forex robot is great. It has impressive results and uses good risk management in all their trades.
In fact, they’ve upheld all their promises because all months they’ve locked in some profits. And in these 13 months, the lowest profits they had was in June 2019 with only 2.77%.
But despite this, be cautious.
Before they hopped on Myfxbook, they had an account on FxBlue where the account was running for 500+ days.
And while indeed they’d made some profits, it didn’t last long. There wasn’t a chart to analyze but this account that they’d grown from $2000 to $29,000 crashed.
It’s unclear whether the losses were gradual or immediate. But it seems like immediate because they experienced a loss of -31,000. Closing the account with a -100% drawdown.
As you can see, this Myfxbook account has been active for less. So while the results are impressive right now, practice caution while purchasing the robot.
If you had an account back then and you were directly copying their trades, your account would have the same story of -100% drawdown.