You see those sites where they’re reviewing a product and you’re there confused wondering if it’s still the same thing you’re looking for? That’s what I experienced while looking for this forex EA. The information is so skewed you just scratch your head because the reviewer is just spouting whatever comes through his mind. But, after in-depth research on this robot, I’ve compiled some information to create an unbiased Smart Forex Trading EA Review.
In-Depth Smart Forex Trading EA Review
The first thing to understand is, this forex robot is a trade copier. You’re not purchasing a robot that is your cash cow. The trades you make are analyzed from the main directory by a human then sent to you via the trade copier EA.
It’s unclear where the owner resides as no information regarding that is released online. There’s no office address or even who is behind it. To contact them, send an email to [email protected].
How Smart Forex Trading EA Works
They haven’t explained the strategy they use in trading. But, a look at their performance on fxblue shows they aren’t scalpers. First, 90.8% of all trades taken are for EurUsd pair. The other pairs favored include AudUsd and EurGbp. All other pairs are categorized as other and occupy a tiny percentage.
The average risk reward per trade is 1: 1.52. It’s slightly lower than the recommended 1:2 but may give you a better edge than what most traders bag.
At the same time, their monthly return is 24.9% and their overall drawdown is -12.1%.
Now when it comes to monthly pips, they’ve been crawling for some time but seems like they’ve begun to pick up at a good pace. In April they were in negative profits but as of July 1st, 2019 they had bagged more than $1600 from the month of June. And almost zero in July.
While I was looking at the data from the account, I couldn’t help but think they’re quite savvy. They open on average 3 trades per day. The winning trades are held on average 170 hours. The losses last an average of 14 hours.
They’re great at cutting the losses and letting the winners run. I think this is was impressed me about them. That, and the low drawdowns. The EurUsd they insist on trading seems to be the cause of their huge losses. But still, I think it’s great they let their profiting trades run for longer.
Since this automated forex trading system is a trade copier, they offered an option to subscribe on a monthly basis and purchase a one-off time for a lifetime. The basic package is $200 for a month where you’re offered 1 live account license. You also get 24/7 customer support and you’re allowed to change your accounts any time you wish.
The highest package goes for $3500. There are several packages you get in between but all levels come with a money-back guarantee.
I think one disturbing aspect is the fact that the high-level lifetime packages still get a 30-day money-back guarantee similar to the lesser packages. Does this mean once you purchase a lifetime package and want a refund you won’t get it after one month?
I don’t know. If you’re interested you could inquire with them. Alternatively, just purchase the basic package and review for yourself first.
PS: The money-back-guarantee isn’t offered anytime you want your money back. It’s offered if AND only when you’ve used the system and it has caused more than 40% of losses to your account.
Recommended Broker And Deposit
They haven’t specified any minimum balance to start with. But a look at their initial deposit shows they started at $2500. I believe considering the payment you’re making for the service, it’s best to do start with a good amount so you can make your experience worthwhile.
The forex brokers recommended include FXTM and FBS. If you’re concerned about your broker, again, best consult with customer support. This way, you’ll know whether your broker is compatible or not.