Success in Forex trading is all about the approach you use. With an effective strategy, you can make the right trades and reap the benefits. However, finding one that works for you is not an easy task. Luckily, there are several automated trading systems available now that will make it easier and effective for you. One such system is the Medusa X Forex robot. The system focuses on two main currency pairs and claims to produce phenomenal performance with its revolutionary strategy. In this review, we have analyzed the system in detail and provided you with the facts regarding the system’s reliability.
How Medusa X Robot Works
Developed by Oon Kar Lee, Medusa X was first published in December 2020. The Forex robot is a result of the vast experience gained by Lee. He began his trading experience with stocks and moved on to Forex and has now over 7 years of experience in the field. The developer has created 11 products and 14 signals and is from Singapore. We could not find any other contact information for the developer.
This system uses trend, EMA, volatility, and RSI filters with enhanced optimizations. Additional averaging trades are used with similar lot sizes for increasing the winning trades. As per the developer, this system does not use the Martingale approach. Lee also claims that the system is more effective when used on two pairs in a single account. Recommendations for the system include a timeframe of H1 and a minimum account balance of $500.
Backtesting results for this Forex robot are shown on the MQL5 site. The strategy tester reports are generated using the Tick data suite with 99% tick data, slippage, and variable spreads. A screenshot of the results is shown here:
From the above screenshot, we could see the system has used an initial deposit of $10000 and generated a net profit of 64903.28. The profit factor is 1.86 and the drawdown is 50.56%. While the modeling quality of 99.9% is appropriate for finding the spread, slippage, etc., the high drawdown indicates the risk used is high.
Medusa X Trading Results
We could not find verified trading results for this system on the MQL5 site. While the developer posts trading results on the site, they are not verified by trusted sites such as myfxbook, FXBlue, etc. Here is a screenshot of the results on the site:
From the screenshot, we could find the profit is 320.17 SGD for a deposit of 500 SGD. Other than the growth graph indicating an increase in profits from January 2021 up to March 2021, we could not find further details of the performance.
The reason we prefer sites like myfxbook.com is that we could find more about the trading stats. Details like the absolute profit, drawdown, profit factor, lot sizes, pips, etc. are given accurately. The information is critical to evaluate the performance and the strategy used. We could assess whether the system is worth spending your money on.
Pricing & Refund
The system costs $399 and is also available as a subscription package costing $120 for the monthly subscription and $250 for three months rental. A free demo version is provided for the system. When compared to the existing Forex robots in the market, the cost of this system is very expensive. The vendor does not offer a money-back guarantee for this system which makes us suspicious of the reliability of the system.
We could not find user reviews on reputed third-party sites such as Forexpeacearmy, Trustpilot, etc. The reviews on such sites are unbiased and help to provide a true picture of the performance and support offered by the system. With such genuine reviews not present, we are unable to do a comprehensive analysis of the system.