Darkmoon FX is a website which features several products that have been developed for retail trading by a Hungarian developer named Norbert Mereg. The website also features these products on the MQL5 marketplace, allowing traders to procure the robot directly from their MT5 platforms. The EA was initially named IceFX, but had to rebrand to Darkmoon FX a few years ago. There is no affiliation whatsoever with the ICE-FX brokerage brand.
Darkmoon FX: To Trust or Not to Trust?
To be able to answer this question effectively, we need to understand that DarkmoonFX does not offer a forex robot for use. So basing a review of Darkmoon FX on some kind of profit performance is not the way to go. Rather, we have to focus on what the products do as well as get some reviews on actual users of these products (if any).
The listed products on Darkmoon FX are:
- Spread monitor
- TraderAgent
- Newsinfo
- VelocityMeter
- AccountInfo
- TradeInfo
Of these products, the product that can be used for augmentation of manual trading activity is the TraderAgent, and this is also the flagship product of Darkmoon FX.
TraderAgent is a trade position management tool. What this means is that the software is able to calculate how much you should invest in a trade, based on your set maximum allowable risk per position. It also has the ability to perform various other functions.
Calculating Risk-Reward Ratios
Any successful trader must take trades that have a risk-reward ratio of at least 1:3. So what can you say of this snapshot?
The snapshot shows a trade setup which has a risk-reward ratio of 0.4. In other words, the trader is risking 250 pips to gain only 100 pips. Therefore, the TraderAgent pop-up is telling the trader that the trade setup should be ignored as it does not fulfil the globally acceptable risk-reward ratio setting.
Setting Stops and Profit Targets
Another feature of the TraderAgent is that it is able to display on the charts, the various milestones that a trade has to achieve in order to hit breakeven point (BE) and various profit percentages, as well as where the stop loss should be located.
In other words, TraderAgent helps the trader to map out pre-defined stops and profit targets for any entry point that the trader has chosen to execute a trade.
Other Tools
Other tools are provided by TraderAgent. These tools include quick pending order placement, partial close functions at three levels, as well as fixed/dynamic trailing stops.
These tools look very good and can help a trader to straighten out certain aspects of the trading activity that could impact profitability, but are frequently overlooked. However, do these products actually help the traders that are targeted to make money?
Conclusion: To Trust or Not to Trust?
We have some concerns about the Darkmoon FX range of products. These concerns are as follows:
- There is an element of deceptive marketing, which advertises the products as expert advisors. However, no forex robot is offered for sale; just a range of trade augmentation tools. This has left many traders confused, and this is seen on several online forums.
- As good as these tools are, the sad truth is that beginners will find it very hard to make use of these tools effectively. Beginners will never understand concepts such as risk-reward ratios, as well as other concepts that require some form of training to fully understand and utilize.
- It is very hard to get reviews for the software. The common denominator in some of the blogs and online forums we checked for reviews showed that many people were kind of disappointed with the entire offering. The general consensus on some of these forums was that it would have been better for DarkmoonFX to come out with an outright forex robot and not a pack of trade tools which are hard to interpret and use.
As a result, Darkmoon FX can neither be trusted nor used by beginners, but can be used and trusted by experienced traders. Prior training on market concepts as well as risk management is required before DarkmoonFXâs range of products can be used successfully.