Traders find a scalping robot useful as it ensures fast execution of trades and tight spreads. The commissions are also low so better profit potential is there. Forex Robotron is one such scalping robot that is designed for ranging markets.
The robot uses price action along with technical analysis for confirming trades. Six main currency pairs are used and all are traded using similar settings of a time frame of 5 minutes. A maximum of 500 trades is the targeted number per day that the robot can help with.
The trading robot has inbuilt algorithms that ensure active profit and stop-loss options. The main compatible trading platform is MT4. The software uses a scalper strategy, and one or two trades are executed daily on an average, and the trading session concludes at 11 pm GMT.
The currency pairs the robot deals with include USD/CHF, USD/CAD, EUR/AUD, EUR/CHF, EUR/CAD, EUR/USD, GBP/AUD, and EUR/GBP. All have a time frame of 5 minutes. The software works 24 hours but there is a difference in timing based on the season.
The loss feature on activation closes a specific trade immediately when it enters a loss and the profit setting ensures the trader can exit at the right moment.
How to Start Trading With Forex Robotron
To begin using Forex Robotron, it is necessary to install Metatrader 4. Once the installation is complete, the files of Robotron are transferred to the platform. Now the software can be used to analyze the specific chart you want. You can optimize the provided settings based on various markers like the style of trading, lot size, and others. This helps to set up a specific style you are comfortable with.
Pricing is based on the package a trader chooses. You have four packages to pick from namely Premium, Gold, Standard, and the basic pack. The price ranges from $299 for the basic to a maximum of $999 for the premium pack. The higher price range ensures setting up of unlimited accounts and various other advanced features. The developer does not provide a refund, which is a worrying factor.
Backtesting results for the site are from using real-time tick information with modeling quality of 99%. This ensures there is maximum precision. The backtests reveal 80% winning results for a span of more than 10 years for different currency pairs.
Verified Trading Results of Forex Robotron
The performance and testing are done on FXOpen, Pepperstone, and KnitFX. The performance charts indicate a drawdown percentage of 57.2%, which is not a good option for long-term or even mid-term traders. This indicates low quality risk management. The live account below reveals a daily gain that is fixed at 0.28% while it is 8.89 per month. The total gain is 384.06%. Comparing with the backtest results provided by the developer, which indicate a profitability of 80%, the live trading account results indicate a lower profit percent of 77%. The decrease in the profitability and high drawdown indicate the robot is not as effective as it was in the past. In fact, the daily gains have dropped to -2.72% in October 2020 as shown in the picture below.
User Experience and Reviews
The website is not as intuitive as expected from an EA site. The home page displays just performance charts with the features and other aspects of the robot being featured towards the end after heavy scrolling. User reviews are not promising as the performance is not as expected. The myfxbook account page too shows users unable to view performance history, which is suspicious.
Is Forex Robotron A Viable Option?
The fixed stop loss and take profit settings enables you to protect your investment. Forex Robotron installation is also a breeze. The lifetime support and updates look promising.
But for the price of the standard or even the basic pack, the features provided are very minimal. In fact, the core strategy used is not explained clearly. The short window used for trading and minimal pairs can end up in many missed chances.
The results are outdated, ambiguous, and deceptive. Some of the brokers they use like KnitFx are not regulated. More updated results would help traders trust and rely on this software. The no refund policy is another big disappointment with this EA.
From our review of Forex Robotron, it is clear that the EA does not reveal any consistent results. Except for advanced or expert traders, others would find the software very difficult to use. Only brokers using narrow spreads, rapid execution, and minimal slippage can find this software optimal. The lack of a demo account, high drawdown performance, lower daily profit percentage, and no refund are other drawbacks that make this EA an unreliable one.