On Control EA

To attain success in the forex market, traders need to have the sixth sense of knowing when and which currency to sell or buy in order to make a profit. Gauging the different factors and taking trading decisions accordingly, requires a lot of skill, experience, and knowledge, something which novice traders are generally devoid of. 

On Control EA Review

To help such individuals, a class of software programs called Expert Advisors have been developed to automate the trading decisions and take actions accordingly. The main aim of these software programs is to eliminate the influence of emotional instability, something which is unavoidable for us humans while taking important trading decisions. Expert Advisors never make any spontaneous or impulsive decision and instead follow a calculated and automated trading method. On Control EA is one such example, which is the focus of this review 

On Control EA presents itself as a very powerful and effective expert advisor, designed to maximize user’s profits. It has been developed by a team of Forex experts, ensuring that their client gets the perfect trading solution.

The website looks unimpressive, to say the least, with very scanty information provided about the various components of this tool. 

Price: 1500 EUR
Timeframe: Any
Currency Pairs Available: USD/JPY, USD/CHF, GBP/USD, and CAD/JPY
Strategy: Martingale

How to start trading with On Control EA

  • On Control EA is operational during certain hours when the program analyses and determines the future price direction for the next couple of days. It allows users to set desired profitability levels and specify risks before trading. 
  • The minimum deposit amount for trading with 0.01 lots is $2000, with the option of customizing lot sizes. 
  • The EA is also compatible with any FX broker and account which allows an expert advisor trading on their platform. XM and ICMarkets are examples. 
  • It uses special algorithms for opening and closing trades, along with an easy to install MetaTrader 4 program. 
  • Key system updates are provided from time to time. 

As mentioned before, the website does little to explain the trading strategy involved. The website claims that the EA has been designed by a team of mathematical experts, despite the lack of information, it seems evident that they employ a martingale money management system. Using this strategy involves increasing lot sizes to recover losses, making it a highly risky form of trading. This is because one wrong decision can result in the trader’s funds getting compromised. It is thus advised to use a reliable and proven ECN Forex broker for the best chance of getting orders filled. 

Trading Results

Once again the website fails to explain the results of the trading tests provided. However, ON Control EA has provided 10 trading results from myfxbook. Seven of the accounts are already closed.

on conrol ea results

The first result given indicates the gain percentage of 950.90% and a drawdown level of 65.66 %. This is indicative of a very risky trading style. 

Pros and Cons

ProsCons
Multiple Currency Pair Support
Disappointing back-test results
Any account sizeLack of transparency in the strategy being implemented
Responsive customer supportComparatively expensive
Money back guarantee

Conclusion

After considering all the features and drawbacks of the system, the promise of “easy money without any effort” remains largely unfulfilled. Key areas of concern include the overall lack of transparency, closed accounts of Myfxbook, and the overall price of the product. Also, it employs a pretty risky trading strategy and is not suitable for traders with a conservative approach. There are several alternatives available at the same price level with proven results, which can better cater to the needs of traders.

FXGoodway

FXGoodway Screenshot

FXGoodway is an automated trading robot that, according to developers, is capable of generating stable and ever-increasing profits without frequently triggering a Stop Loss order. The adviser can independently calculate the risk and make it so that under any market conditions the trader will not be out of earnings on debt. The FXGoodway program was released in 2018 and is available at http://fxgoodway.com/. Let’s explore its possibilities: let’s look at the trading strategy, find out the cost, read user reviews, try to identify weak points and draw an objective conclusion.

A detailed review of the FXGoodway EA

FXGoodway Screenshot

Information about the trading robot FXGoodway EA is published on a small one-page website, which is adapted only to the English language and does not contain any data on the product developer. It is unclear who is behind FXGoodway, where it is registered and why it can be trusted.

I was also embarrassed by this moment: the site contains a minimum of content and was launched in 2017, and the FXGoodway trading robot began to be sold in 2018. The exact dates are not published anywhere, so developers need to check for fraud – you need to exclude the scenario that from 2017 to 2018 some other trading robot or a paid product was sold on the site:

  1. Open service “whois”.
  2. Enter the domain fxgoodway.com and find out the following: the site was registered on December 12, 2017, updated on October 27, 2018, and paid for before December 12, 2019.
  3. Open the WaybackMachine web archive and search for the pages of our website in the interval between 2017 and 2018.

Our assumptions about fraud were not confirmed: for a long time the site was without content and after it immediately appeared information about the adviser FXGoodway.

An offer

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The FXGoodway robot sells for $289 and includes:

  1. One active license that you can connect to one trading account of your forex broker.
  2. Free updates.
  3. The ability to change brokers an unlimited number of times and transfer this license from one account to another.

Even in the proposal, it is said that by paying the money you can count on better support. We do a test: we find the button “Contact us” in the upper right corner of the site → we enter our name and email → we ask managers why they can be trusted. We sent the request on a working day (Thursday) at 14:50. We notice the response time. The logic here is simply to check the feedback – if the company is not ready to answer the simple questions of its potential client, then you should not trust it. Something will happen – you will be left without support and will waste your money. While we wait and declare the result in the verdicts.

One more nuance arises after you click on the “Buy Advisor” button. You will be transferred to the website of the ForexStore seller, who sells the FXGoodway trading robot for $249 – $40 cheaper than the price presented on the official website. This is explained by the fact that ForexStore is a unique place where a discount is set even for manufacturers’ products. We do not believe in such gifts and see this as a classic marketing trap made to increase sales conversion: the user doubts the purchaser → receives an unexpected discount → seeks to quickly take advantage of the offer.

General characteristics

The FXGoodway Expert Advisor is adapted for the EUR / USD currency pair and is compatible with all Forex brokers that work through the Metatrader 4 trading platform. There is a deposit requirement, the size of which should start at $700. The main page says that in case of unsuccessful trading or technical problems, the adviser can be returned within 30 days.

To verify this information, go to the hidden section “Our conditions and disclaimers” (located in front of the site footer). There is a clarifying rule regarding the guarantee: you will get a refund if you follow all the standard recommendations and lose more than half of the deposit. We count 50% of $700 – this is $350; The cost of the advisor is $289 – even if the developers fulfill all the conditions and make timely payments, you will lose at least $61.

FXGoodway Trading Strategy

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FXGoodway is a trend trading robot that uses the grid method of opening trades:

  • FXGoodway conducts daily market analysis and selects the programmed patterns added to the advisor’s settings.
  • If the situation in the market changes, then several patterns can be activated that work independently of each other.
  • Each activated pattern throws out a grid of orders that can be closed only by the Take Profit order. The Stop Loss protective order is not provided.

The developers do not disclose what these patterns are and what regularity they rely on. There is also no detailed description of how multiple grid orders and the absence of Stop Loss will not allow you to quickly drain a deposit. Go to the section “Our conditions and disclaimers”, find the column “Disclaimer” and make sure that the adviser is unsafe and there is no mechanism for insurance against losses.

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Trading results

The site has a section with four-year statistics, where FXGoodway shows a positive trend and allows you to receive at least 25% per month. There is also a page on the myfxbook website, where, according to the description of the developers, statistics of transactions with real money are published: if you bought an adviser in July 2018, in one year you could earn about 463%.

To check the information, we return to the “Disclaimer” column and find the CFTC rule 4.41 – all statistics are simulated results, which can only be obtained hypothetically. Many factors that are not taken into account by the expert’s test tests can affect real trading. That is, we get a product that works well only in theory.

Customer Reviews

The work of FXGoodway no one comments. Some sites have several advertisements that duplicate information from the main page of the advisor.

Conclusion

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FXGoodway is a poorly prepared information product about which there is practically no reliable information. It is not clear how he will trade and at the expense of what to ensure the safety of the deposit. Below we have highlighted the main advantages and disadvantages for which you can draw your conclusion.

Benefits:

  1. A trading robot promises to receive a stable profit for a small amount without any effort.
  2. Adaptability under the platform Metatrader 4 and compatibility with almost all forex companies.

Disadvantages:

  1. There is no data on the developer and there is no evidence that the company is capable of creating working trading algorithms.
  2. An overstated minimum deposit of $700.
  3. Before buying an adviser, we are convinced of the best support. We sent a simple question, waited about 10 hours and received an answer that the manager does not understand us. The company is not represented on social networks and it cannot be called. Therefore, if you have any questions, you first need to hire a translator, and only then write – in general, with feedback, everything is difficult.
  4. The adviser is covered by a 30-day guarantee, but it is given on such conditions where you will inevitably lose part of the deposit.
  5. An opaque trading algorithm and a high probability of a quick loss due to the lack of a Stop Loss protective order.
  6. There are no real statistics of transactions, and all data are given without taking into account force majeure and various fundamental events.

Pricing 82%
Compatibility 85%
Trading Results 74%
Trading Strategy 60%
Support Service 40%