The Rocket EA is forex robot that is designed to automatically place trades, manage risks, exit trades and make profits for the trader. It is built to work on the MT4 trading platform and it promises a very high return on investment within a short while. It was developed by TulipFX; a software company located in Curacao and has developed other robots in the past. They claim that the Rocket EA is perfect and is the ultimate money-making algorithm for those who want to capitalize on short and long term swings in the GBPUSD pair.
The vendors advised traders to withdraw profits quickly as drawdowns can be extremely high (red flag)! They subtly admit that this EA uses an aggressive style of trading which can easily blow the trader’s account. The robot trades at least once a day and may trade multiple times depending on the market conditions.
It trades only the GBPUSD currency pair and is best suited for the M5 timeframe. The price for a lifetime license is $740 while the price for monthly subscription is $92.
The important question is: Can we trust the Rocket EA?
Rocket EA: To Trust or Not To Trust?
We shall use the following criteria to determine the reliability of this EA:
Trading Results
User Reviews
Website Unavailability
After reading the results of our analysis of these metrics, you will see why we feel that this EA cannot be trusted.
Poor Trading Results
The trading results presented for this robot ran from August 2016 to September 2017. The Myfxbook results below prove that the aggressive style of this EA is not working to anyone’s favour.
The balance dropped from $4227 at its highest point, to $1841. Since then there have been no trading activities. This must be why the vendors advised traders to withdraw profits as soon as it is made. The drawdown is high (at 45.62%) and can easily blow any account. Looking at the performance graph, you can see that the periods under which some level of capital appreciation occurred was not very stellar. Of course when the storms came, it blew the house down very quickly. This is obviously not what anyone would pay for.
Negative User Reviews
There are no much user reviews for the Rocket EA as many traders assert that it uses a dangerous strategy and so, are not willing to give it a try. Some users in the Donna Forex forum complained of how it wiped their accounts. Other users blamed them for being greedy as the robot is designed to aggressively make profits within a short while and then blow the accounts in no time.
Website Unavailability
The official website of the vendors of this EA (www.tulipfx.com) is no longer available. Also, the official marketing page of the robot (www.tulipfx.com/rocket) has been taken down. This may mean that they are no longer in business, and thankfully so). No one else needs to get burned by this non-performing bot.
Conclusion: Rocket EA is Not to Be Trusted
The Rocket EA uses a very dangerous trading strategy. After growing the vendors’ account, it lost a colossal amount of money in one day. With this kind of EA, there are no guarantees and most traders end up with huge losses. Since 2017, there are no signs that the forex EA has been in use as the myfxbook.com account provided has been dormant. Furthermore, the vendor website is no longer available. This could probably mean that the robot has been retired. It is best to stay away from this Rocket EA as it cannot be trusted.