A setup and forget type of system in Forex is a definite advantage to Forex traders. This is the reason for the popularity of Forex robots. You need not worry over the numerous details connected to making a trade.
Forex Profit Robot is an MT4 automated system that offers full money management. It claims to provide you with continuous profit when you use its software. Our analysis of this Forex robot will reveal the truth behind the claims of this system. Read this Forex Profit Robot review to find out.
At the outset, the website design is very minimalistic. The information is not presented well. Besides a few words about the robot, the recommendations, price, and contact form there is not much info you can gather about the system.
Vendor transparency is lacking as we are unable to find info about the strategy used, the trading results, and other crucial information. More importantly, there is no mention of the developer or team behind the system, their location, contact info, etc. This makes it difficult to rely on this system.
|Forex Profit Robot|
|Price||$100 – $140 per month|
|Recommended Min. Deposit||$1000|
Two main price packages are offered for this system. The first package costs $100 per month. It includes a single license that is valid for an MT4 real or demo account, free installation and support, and free transfer of the license to other MT4 accounts.
For the second package costing $140 per month, all the features of the first package are included along with an MT4 fast VPS server. A money-back guarantee of 30 days is offered by the vendor. Despite the money-back assurance, the price charged per month is too high when compared to the price of competitor robot systems.
As the vendor does not disclose the strategy used, we are unable to know about the type of advisor this Forex robot belongs to. There is mention of technical analysis performed based on different algorithms but no clear-cut info on the exact approach used.
A minimum account balance of $1000 and minimum MT4 leverage of 1:500 is recommended by the vendor. The system can be applied on a single chart only and the vendor mentions using the default settings and to consult with support before making any changes. We could not find any information on the currency pairs this system can be used on or the time frame.
No backtests are posted on the site. Strategy tester reports are a crucial part of any Forex system. They provide a candid view of what the system can do. This is particularly true for the backtests of 99.9% modeling quality. However, the vendor provides trading results verified by the myfxbook site. You can find the screenshot of the trading result below:
The real USD account traded via FBS broker with leverage of 1:1000 reveals a profit percentage of 116.83% and an absolute gain of 83.41%. A daily gain of 1.20% and a monthly return of 44.46% are provided. The drawdown for the account is 29.66%. For trading done over two months with 350 trades, the profit factor is 1.60.
From the trading history, we could see that the lot sizes are too high ranging from 0.09 up to 0.25. The high drawdown and big lot size indicate a high-risk strategy that many traders would steer clear of. Moreover, the discrepancy in the absolute and total gain value is puzzling.
Although the vendor claims on the official site that the system has received more than 12,000 positive reviews, we generally prefer reviews from trusted third-party sites, such as Forexpeacearmy, TrustPilot, etc. The absence of genuine user reviews for the system indicates that it is not a reliable system.