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RED FOX EA Review

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RED FOX EA

RED FOX EA is very new to the market, having been introduced to traders in May, 2021. Apparently, it is created for users desiring to have a low drawdown and consistent profits. The vendor asserts that it manages risks and this prevents your account from blowing up.

How RED FOX EA works

RED FOX EA is a fully hands free Forex robot that executes all trades automatically. You are not required to check it daily or set anything manually. When you buy it, you download the file and once that’s done, send your demo or mt4 account number to the support team and ask them to activate them. The next step is simply to watch the installation video and add it to the MT4 and run it. 

Some of the robot’s prominent features include:

  • Uses a news filter to prevent trading on big market event days
  • Easy to use
  • Runs on all MT4 account types
  • No martingale strategy
  • Full setup guide is available in PDF format
  • Provides 1 demo and 1 live license key per order
  • Auto lot management whose basis is the account fund
  • Spread control which serves to prevent trading in volatile markets
  • The minimum recommended deposit is $1,000
  • Applies a variety of currency pairs including EURCAD, EURUSD, GBPUSD, GBPCAD, USDCAD, AUDUSD, EURAUD, EURNZD, GBPAUD, and GBPNZD
  • The recommended by the dev broker is Opoforex

RED FOX EA was developed by My Ea Academy which is part of SinryAdvice, a company famous for creating Forex trading systems. It claims to bring the best trading experience for its clients across the globe. 

However, details about the qualifications of professionals behind the EA and their respective profiles are not disclosed. The year of foundation, vision, history and achievements of the company are also missing. To that end, the reputation of this team in the Forex community remains unknown.   

Applied strategies

RED FOX EA utilizes an approach that is based on market reverse price. It applies internal custom indicators so as to assess the market. This strategy description is unsatisfying. Information on the kind of tools and patterns observed is unavailable. Does it track trend-lines, break-outs, price bars, channels, or candlesticks? These are some of the questions that arise. 

It is also unclear what time frames are used. We would like to know if it focuses on intraday, daily and weekly reversals. This way, it is possible to have a clear picture of how this strategy works. 

Backtest results are not present. So, we have no clue about how it performed in the past. It would thus be difficult to determine if it can deliver profitable results in the live market in the long-term. 

RED FOX EA trading results

The vendor has provided links to its live trading statistics. Let’s have a look at them.

Chart illustrating the trading results of RED FOX EA.

The real USD account was opened in May 2021 and up to this point, it has attained a gain of 24.93%. The EA has been making daily and monthly profits at rates of 0.23% and 7.25% respectively. As a consequence, the deposit has increased from $1,000 to $1,248.42. The profit value is $249.22. The drawdown which is 38.55% is very high. It points to the high-risk approach used. 

The robot’s trading performance.

The system has performed 510 trades with 5.10 lots. The win rates for longs are 79% and 78% for shorts. We can see that the profitability rate is not good at all. The profit factor is 2.43. 

The EA has made 3180.4 pips. The average loss of -17.90 pips is slightly higher than the average win of 12.57 pips. We cannot ignore this trend. The account has only been operating in the live market for 3 months and is already making more losses than wins. If this continues, the capital will decrease significantly. 

Trades carried out from Monday to Friday.

Wednesday was the most traded day (133 deals). 

The account’s risk of ruin.

The account cannot be easily wiped out. 

The monthly performance of the EA.

The robot has been making profits that are below 10%. 

The account’s trading history.

The EA used fixed lot sizes (0.01). It utilized trailing stop losses and take profits to minimize losses and ensure profits respectively. 

Pricing & refund

The vendor is presently selling this robot at $266 after reducing the price from $400. There is a 14-day money-back guarantee. This refund period is too short to ascertain the profitability of the EA. At least one month is needed to determine if its performance is satisfactory or not. In light of this, we believe that it is not worth your money. 

The EA’s pricing package.

Customer reviews

There are a total of 49 user reviews for this product on its official website, and unsurprisingly, it has been given a 5 star rating. Clients say that the robot is good and generates amazing results. Unfortunately, these testimonials are not credible. It is very likely that this input has been manipulated or customers have been paid to leave positive feedback. All this is done to convince potential traders to try it out. 

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