Forex Trend Detector has been introduced by FX Automater as a robot that manages to work with three types of risk: Low risk, Medium, and High. The forex robot is priced at $197 including $100 discount. What may we expect buying the robot? It includes one real account, two demo accounts, EUR/USD and GBP/USD currency pairs, and a 60-Day unconditional money-back period. Forex Trend Detector fits for MT4 and MT5 trading platforms.
During reading their presentation on the site everything was good till we’ve seen a chart with a description: “Over 3 years live real-money trading”.
Proceeding “Click Here” link we’ve got an empty page “The page you’re looking for was either removed or doesn’t exist.” We came back to the main account page on MYfxbook and found out another chart and a lack of account owner info. How you can see this account has got many worse results (32,67%) than on it was shown on the account from the screenshot above (506,86%), as well, this account is demo one.
Forex Trend Detector: To Trust or Not to Trust?
We would like to suggest you check the real performing data before making the final decision. The presentation on the site has got two types of screenshots where one of them is fake. Any sane person in a situation like this is alarmed because all of us expect a presentation is the face of any company. Let’s check the demo account performing.
Bad trading results
During over two years of running, the account has got just +32,67% gain. We’d like to say it’s a kind of disaster. Yes, the fx robot helps not to lose money but gains are small.
When any person decides to buy a trading robot, he or she expects that in several years the account balance grows at least multiple times, because two years is such a big deal, as well as, there’s a need to pay back spent investments on a robot, deposit, and compensate inflation.
When you take a look at this chart everything you think about the patterns, if they were applied, they are so far from the well-shaped condition… And don’t forget, it’s the demo account.
High Drawdowns
Drawdowns of performing Forex Trend Detector are really high (52.55%). Especially it is noticeable after April 2018. For us, it looks like something was broken in patterns’ performing.
Drawdowns have been going consistently grown from about 10% in April 2018 to 50%+ in October 2019.
Lack of Transparency
We’ve noticed earlier that the account has got the blank info page and this can’t be compensated opened data, especially, it’s very weak.
Conclusion: To Trust or Not to Trust?
Our verdict is: “No. You should not”. First of all, it’s the demo account. The second one is, during the over two years period, it gains only 32.67% ($653 profit). Don’t forget the profit doesn’t include paying for the robot. The third one is incredibly high drawdowns for over than one year period. The last one is if you still think about buying it, the best decision will be contacting FX Automater for asking some real data on a deposited account to make sure that this purchase is worth it.
Summary
The review looks strict enough. Writing it, we’ve used only open-sourced data that’s why we would like to see comments from real users of Forex Trend Detector, as well as, FX Automater’s representatives. We assume FX Automater may have a real trading account with a running robot, but forgot to update the screenshot and link on the site. Thus, we’re always open to cooperation to provide the best reviews for our audience.
I have been very unhappy with the results from this robot. Apparently it can take up to a week or two until a trade is triggered. Then, many times the trade is not successful. Also, this bot only works for trading EUR/USD. I think they are planning on adding GBP/USD at least, but it still doesn’t leave that many choices. But, one good thing is they did immediately refund the fees I paid when I started.
This seems like one of their older trade software but repackaged with new marketing. It didn’t work last time and it probably won’t work this time. I’m not going to risk it.
I just purchased the EA recently and the first two trades were winners. I generally prefer FX Automater software products since they have been in business for over five years now. Much better than taking a chance with some unknown new developer. Now, there is no trading strategy that will not face some ups and downs at times, but this algorithm seems to be more long-term based with solid results over time. As for the bigger stop losses of over 200 pips that is no problem. You just have to close out the trade prior to the weekend starting.
It’s too expensive for the weak results I have gotten from this EA. I don’t think it’s a scam but I really wouldn’t reccomend this one.