As an automated trading software package in Forex, FXTraderKit offers two different trading systems – Trader’s Sun and Trader’s Moon. This EA claims that the strategy used for its Sun system does not include hedging, averaging, and Martingale methods and instead focuses on two main currency pairs namely EURUSD and USDJPY.
In the Trader’s Moon system, Martingale is used with important advantages and enhancements. Does this EA measure up to what traders look for in a Forex EA? You can find out about the reliability of this EA kit with this detailed FXTraderKit review.
How FXTraderKit EA Works
Running on the MT4 platform, the currency pairs used by the EA include EURUSD and USDJPY pairs for the Trader’s Sun and 8 currency pairs for the Trader’s Moon system.
The Trader’s Sun uses an algorithmic strategy that focuses on trading from levels with a 38-33 risk reward ratio. The developer claims that this package is ideal for beginner, experienced, and conservative traders. On the other hand, the Trader’s Moon uses the martingale strategy that is high in risk. It utilizes drawdown of numbers, news, and management of currency pairs.
Applied Strategies
Trader’s Sun EA uses resistance and support, direction, and behavior of the movement of price in the market for identifying impulse strength and its continuation probability. A smart money management system employed by this EA ensures it stays away from risky strategies, such as hedging, averaging, and Martingale. This type of trading method is appropriate for conservative traders and beginner traders as well as traders who can assess the risk factor accurately.
Trader’s Moon is based on the Martingale method and positions are opened using indicators like Bollinger bands alongside candlestick patterns. While daily trading is present, opening orders are done based on night signals, when the Asian session is underway. The Martingale method is generally not used by traders as it is known for its high-risk strategy. Other than the explanation of the strategy, we could not find any information regarding the timeframe used and other trading features.
Backtests Analysis
FxTraderKit site offers backtests for the Trader’s Moon and Trader’s Sun systems. While the former dates back to 2010, the latter has historical results from 2012. All backtests are of 99% quality and provided by Dukascopy, a Swiss broker. Slippage simulation and floating spreads are used along with Birts Tick Data Suite using the MT4 software. However, we could not find the commissions used, which can influence the results shown.
FxTraderKit Trading Results
As seen in the screenshot of the real account trading results, while the trading privileges of this EA are verified, the track record is not verified on the Myfxbook site. From Trader’s Moon system trading results on the Myfxbook site, we found the overall gain percentage to be 190.51% with daily profits accrued at 0.16%.
A 41.35% drawdown is mentioned, which is quite high and goes well with our opinion that the Martingale system is not a viable option due to the high risks involved. The loss percentage is considerably reduced with the average win coming in at 24.13% and average loss at -52.78 pips.
On a closer look, the trading history reveals a very low-profit percentage or even loss at different trading points in October. The monthly gain percentage for 2020 also reveals a low profit with February and September revealing negative gain percentage.
As shown in the above screenshot, the Trader’s Sun EA shows a 329.06% gain and a drawdown of 27.82%. However, the absolute gain is just 62.84 % with profitability being 74%. The high drawdown and difference in the absolute and overall gain seem like the results are manipulated to look profitable.
Pricing & Refund
Trader’s Sun and Trader’s Moon packs are available separately at $269, while both are priced at $405. This price is inclusive of a lifetime license, updates, and support along with a user manual. The price is expensive than many EAs available in the market now that feature a much better strategy and effective features. Refund option is provided by the vendor for 30 days.
User Feedback & Vendor Transparency
We could not find any user feedbacks for this Forex EA kit. Reviews help traders to know about the effectiveness of a product and when these are from reputed third-party sites, they are even more valuable. However, there are no reviews available to assess the user experience of this EA.
Another important aspect we noted about the EA is the complete lack of information regarding the vendor. This makes the EA unreliable.
