FXParabol promises to trade in your favor using its algorithm. It is being marketed by unknown people. It is unclear why they have decided to keep their identity secret. The devs claim that the efficiency of the robot is confirmed by verified stats on real accounts found on Myfxbook. We have assessed these results, and analyzed the efficacy and reliability of this trading tool. In this FXParabol review, we will discuss all the pros and cons of this expert advisor to help you decide whether it is a worthy investment solution to generate income in 2022.
Features
The features of the trading tool are described below:
- It is compatible with any broker.
- It has no restrictions on the types of accounts utilized.
- The EA incorporates a special system that restricts possible drawdowns.
- It trades on two main currency pairs; USDCHF and USDJPY.
- The robot works on the MT4 and MT5 trading platforms.
How to start trading with FXParabol
You can purchase this robot at $289 on its official website. At this price, you will receive a single license, free updates, 24/7 customer support, a detailed user manual, and a 30-day refund policy.
When it comes to the trading strategy, this EA uses the Parabolic SAR and Bollinger Bands indicators to spot a trend and make decisions on when to initiate trading in the direction of the trend. The devs also say that they have incorporated a special mathematical algorithm into the robot to help it to recover losses.
Backtests
These are the backtest results for the USDCHF currency pair. All the 671 trades were completed on the H1 chart using 2016 to 2022 historical data and a deposit of $10000. The outcome was a profit of $81565.27. This suggests that the robot made an average income of $13500 for the account annually. Unfortunately, this came at a great cost—heightened trading risks. As you can see, a high relative drawdown of 33.97% was made. The win rates for short and long positions were 73.72% and 73.03%, respectively.
Verified trading results of FXParabol
These live results tell us that the EA is managing a real account on Myfxbook, and it trades on the USDCHF currency pair. From the $5593.13 generated profits, it is obvious that the system is lucrative. Trading risks are also high, as illustrated by a massive drawdown rate (59.04%) produced. The current balance is $77093.13, up from $1500. A total gain of 372.88% has been reported.
There are only 144 completed trades since the robot began trading in August 2020. This is because it can stay for days without placing trades. The performance of long (67%) and short positions (71%) are far from being excellent. The EA also loses more than it wins. This may explain why we have a higher average loss (-64.74 pips) than the average win (48.62 pips). There is a profit factor of 2.59.
The account is about to be wiped clean.
FXParabol works with a grid of orders. When it makes losses, lot sizes are increased substantially. This is typical of the martingale strategy.
The monthly performance of the system in 2021 was inconsistent and hence unpredictable.
Customer reviews
FXParabol does not have customer testimonials on some of the verified Forex review sites like Trustpilot and Forex Peace Army.
Is FXParabol a viable option?
Advantages
- Works on all account types
- Compatible with all brokers
Disadvantages
- Dangerous trading strategies are applied
- Can stay inactive for days
- Poor win rates
- High drawdown
Wrapping up
The system can work comfortably on any account size and with any broker. But you may have to contend with risky trading, given that the grid and martingale are on the board. You will also need to be very patient because the system can take days before it opens a trade. So, you might never recover any losses incurred.
