Today we would like to tell you about a new robot called CovertFX. Going to the developers website, we see a presentation in HTML 20 years ago. The first thing that catches your eye is the screenshots from myfxbook where you can’t see if those accounts were real or demo accounts, whether they belonged to the owner of the robot, or if they weren’t at all.
Further in the presentation, there is a lot of stupid text about financial freedom and blah-blah-blah.
Covert FX: To Trust Or Not to Trust
CovertFX is focused on breakouts trading. “It really depends on how you trade breakouts, but when you lock in the right formula, with the right type of money management the profits are mind-blowing. Second, the reason breakout trading is so powerful is that it allows for a safer risk to reward that you normally can’t achieve with other trading systems,” they said.
The devs provide some screenshots to show how pips have been traded via the breakout strategy.
Breakout trading strategy
The Breakout trading allows trade many pips after the market jumps or falls. If we go in the right direction we get huge profit, if not there’s a stop-loss system that manages your money and doesn’t allow you to lose more than it’s been set. The system lets us make almost always a bigger gain than the potential amount of loss.
Trading results
Let’s take a look at CoverFX trading results
The forex robot has run on the real account from April 2017 to December 2017 using FX Choice as a brokerage company with 1:200 leverage level on the MetaTrader 4 platform.
As we can see from the chart, the robot couldn’t trade smooth and predictable. The daily gain is 0.16%, monthly one 10.98%, with very high drawdowns (54.55%). Durin over the yar and the half account gain has equaled +734% which was completely great.
Covert FX performed 2024 deals with huge amount of pips (22200). The lings won win rate is 55%, shorts one is 54%. The average trade length is 22 hours, the profit factor is quite low and equals 1.11.
As we can see from the charts, nothing can compare with May and June 2016 where the marketing company of the fx robot has been started.
The robot used to trade from 7 to 10 currency pairs.
The robot had huge problems with trading pips in long deals. The almost every other currency pair got lost in longs trades.
The results have been reached because of the very high level of risks.
Stopped working
The robot costs $350 in just one package version. The seller provides a 60-day money-back guarantee.
It’s just another robot that has been stopped. Its results vary. After the rocket start, there has been a period between December 2016 and November 2017 where Covert FX just stood on the same amount of gain. After -15% lost, devs decide to stop and not to risk anymore.
Conclusion
The price is quite high as for the robot that has not been working last two years. Markets change, so, traders need fresh data to make the right decision. CovertFX hasn’t got any special features or cutting-edge algorithms. It means there’s no any reason for it to cost over $199.