There are different ways forex traders can choose to trade the markets. It all depends on what type of a trader you are and the kind of results you are looking for. It’s good to diversify your investments in the forex market just like you would do in any industry.
Some traders may prefer to trade themselves and at the same time run a trading system on their other accounts. This gives the trader the ability to earn from more than one trading account.
In this article, we dive into Galileo FX to bring you up to date with the right information on whether to consider using it in your trading or not.
Galileo FX is an automated trading software that analyzes market data in real-time and automatically opens and closes trades based on customizable settings.
How Galileo FX Robot Works
The information about the identity of Galileo FX robot developers is not revealed.
The robot is compatible with MetaTrader 4 and MetaTrader 5 brokers and can run on any account balance.
Galileo FX robot features include:
- Fully automated trading software
- Automatically find and execute trades
- Loss protection with stop loss settings
- 24/7 support
- Over 60 optimized settings
- It is capable of trading multiple currency pairs at once
- Comes with installation guide including videos
- Free lifetime updates
- Can used together with other systems
- Can trade micro, mini and standard lot size
Upon purchase, the trader is supposed to attach the robot to a chart on MT4 or MT 5 using instructions provided. Then load presets or adjust settings until consistently profitable. The robot developers recommend that it should be let to run without interruption for at least 5 hours a day.
Galileo FX robot strategy is based on high-probability consecutive signals and does not use a Martingale or Grid system. According to its developers, the software helps traders by removing human error from their trading as well as analyzing market data 24/7 to find and execute trades.
Taking a look at the screenshots below for EURUSD back test results, we can see that this trading tool made a net profit of $4398.40 from a deposit of $10,000 in 9 trades. Percentage of winning trades was 77.78% whereas the maximal balance drawdown was 4.65%.
However, there is no clear information on the number of lots used. We cannot tell what the strategy method deployed in achieving these results was as there is no information on the website to help us analyze and verify them. The results were also for a demo account.
Galileo FX Trading Results
There are no live trading results provided on the developer’s website, myfxbook, fxstats or fxblue. It’s a red flag for the Galileo FX robot.
Pricing and Refund
Galileo FX robot is available for purchase in three versions at different prices. The first one is known as Personal going for $249.95 and it allows a maximum profit of $1,000 a month. The second one is Plus with a price of $449.95 and allows a maximum profit of $5,000 a month whereas the third one is Pro going for $949.95 and gives unlimited profits.
All the versions are one-time payment with no monthly fee or recurring subscription.
There is also a discount of 20% to customers who first sign up to their newsletter.
There is no refund guarantee. Once you purchase the robot, you cannot request for a refund if it’s not working for you.
The Galileo FX robot has a star rating of 4.8 out of 5 on TrustPilot however we found no results on Forex Peace Arm platform. From the customer feedback from both TrustPilot and the robot’s website, we can tell that this trading software has no proper tool for controlling bigger drawdowns and the settings may be complicated to understand for someone with no skills on how to use robots.