FxProud EA is a forex robot which operates using the scalping technique. The FxProud EA has however been known to leave trades open for several days. This review will review the FxProud EA to reveal if it is a trading application that can be trusted to trade profitably or not.
fxProud: To Trust or Not to Trust?
The key question is whether the FxProud robot is a software that can be trusted or not. The FxProud robot has been thoroughly assessed and has been given a pass mark, as it satisfies most of the parameters required for a successful forex robot. However, there is one area where some issues were noticed, and we advise traders to apply caution when working with this software.
Why have we declared the FxProud software one that you can trust to deliver on its mandate?
- Good history of profitability.
- Low drawdowns.
- Conforms with risk management principles.
- Risk to the EA that was noticed: declining monthly profitability.
These points are examined one after the other.
Good History of Profitability
The performance of the FxProud EA is one which mirrors what a forex EA should do. A look at the profitability chart shows one of gradual increase, resembling a line which is at an angle of 45 degrees. Steep charts show an EA trading with too much aggression and therefore too much risk. A flat profit line shows an EA that is displaying underwhelming performance. The 45 degree gradient is therefore a balance between the two extremes.
The profit chart shown above says it all. FxProud is an EA which has been steadily growing profits in a sustainable manner.
Low Drawdowns
The FxProud EA does not incur high drawdowns. Indeed, if we look at the drawdown percentage of this EA, we can see that it is as low as 2%. How often can we say this of an EA?
The norm among forex EAs is that many of them use very high risk and end up incurring high drawdowns. But FxProud is different. Such low drawdowns mean that this account can withstand a losing streak and still survive or even bounce back.
Good Risk Management
FxProud places trades using acceptable risk management practices. This has been deduced from a review of the past trades placed by this software.
The snapshot above shows the column marked in blue, which is the trade size employed by the FxProud EA (0.41). This trade size risks $4.10 per pip, which for an account running on a leverage of 1:500, consumes $8.20 margin from the trade account. The columns on the right show the number of pips targeted as profit, as well as the monetary value of the profit/loss incurred on the account.
The % of capital used in open trades versus the total account capital is within the 3% maximum risk exposure that experts agree is within the limits of risk management. Furthermore, we also see that the account is well capitalized, and so was able to take the heaviest losses and recover from them without problems.
Concerns about declining performance
The only negative that we have seen with the FxProud software has to do with the declining monthly profits, seen in the 2018 performance data. Performances in 2019 have stabilized, but apart from a 7% profit that the EA made in February 2019, performances have been nowhere near 2018 highs.
This is quite concerning and raises a lot of questions as to whether FxProud can withstand the vagaries of the market, especially with the changing dynamics of each currency pair and the new fundamental influences that will soon come on stream (such as the EU and the UK in a post-Brexit economy).
Conclusion: To Trust or Not to Trust?
FxProud has shown profitable results, achieved in a sustainable manner. However, the decline in monthly profits is a source of concern. It behoves the vendors of this EA to do some work on the EA and perform an upgrade to ensure that profits do not dry up and translate into losses.
This is why we have awarded the FxProud EA a cautious pass mark. We hope that we can continue to give this EA a pass mark in subsequent reviews that will be performed.