HotEAforex is a forex advisor that is sold on the hoteaforex.com website and, by appearance, gives the impression of a worthy product suitable for trading in automatic and semi-automatic mode. This is not so, and using this robot you are guaranteed to lose your deposit. To prevent this – read the review to the end and get acquainted with all the arguments.
HotEAforex: To Trust Or Not To Trust
After switching to the official website, the developer offers us to watch a background video in which the exchange ribbon and candlestick chart are moved to epic music – the video is presented as a decorative element, does not carry any useful information and is composed of stock images. Also on the main page, there is a short accompanying text where the HotEAforex project is positioned as a multi-functional currency exchange with a large number of services, training materials, and trading tools for working with currency pairs, indices, commodity assets, and CFD-contracts. We click on the button “More Information” and we get to the drop-down menu, which should introduce us with the details of the product using four sections. We look and fix all the important data.
It is still not clear what HotEAforex is and to whom it may come in handy. Therefore, to understand everything, we select the tab “Our Product” and find out the following
- HotEAforex is a community of like-minded people who believe that in the forex market psychology and competent capital control are more important than any trading method. To implement this idea, a HotEA advisor has been developed that can calculate risk based on analytical information from the history of the chart.
- The concept of the HotEA advisor is implemented as part of a special trading system, which the developers called “Small Money Management Risk”. The same developers consider the called strategy the best innovation that they took from their previous developments (talking about robots DUNHIL, NAGACHIKA, FXTR, BAMSBUNG) and supplemented with comments from thousands of practicing traders.
- Inside HotEA, a special protective program is built in that disguises stop loss and take profit, keeps the risk-to-profit ratio 1: 2 and is configured so that none of the brokers can manipulate the price during trading.
- The adviser is based on a breakthrough strategy, which rests on the assessment of the nearest strong support and resistance levels.
- With proper setup and implementation of all recommendations, the developers promise a profit of 50-80%. Even if the indicator is lower, the program compensates for temporary losses by smoothly increasing the trading lot (this is now called risky martingale trading).
HotEA costs $345, is compatible with the Metatrader 4 terminal and can be installed on three real accounts (+ unlimited number of demo accounts).
HotEAforex robot can scalp during a steady trend, set price locks during a period of market instability and trade in the channel during a protracted flat – a three-fold universal solution for lovers of daily trading.
We will not analyze the remaining sections, because they do not have anything useful about the HotEAforex Expert Advisor and there is a lot of PR from its anonymous developers: they sell signals and offer their services for programming various trading robots.
Trading statistics
We will not look at those numbers and graphs that are presented in the overview. We are interested in the user agreement, which says that the published results are hypothetical and cannot guarantee any profit. In other words, a promising statistic hides a complete zero.
A fragment of the user agreement, proving that in practice the HotEAforex robot has never been tested and did not show any profitability.
User reviews
At the time of the review, we did not find any mention of the advisor’s work – the developers declare high performance and progressive development, but none of the traders want to test these developments on a personal deposit.
Conclusion
We briefly list the main reasons why we do not recommend using the services of a Forex advisor HotEAforex:
- There is no data on the qualifications of developers.
- There is no detailed description of the trading algorithm responsible for entering and exiting transactions.
- The adviser uses a martingale system that increases the risk after each losing bet.
- The high cost ($345) to which you need to add the cost of connecting a VPS service and a large deposit that can withstand a drawdown on the martingale.
- All indicators are modeled and the adviser has never been tested in a real market.
If for some reason you do not agree with the conclusions, we invite you to visit the HotEAForex sales page and study this product in detail.