The FxPro Dragon EA is programmed to perform trades automatically for the user. According to the vendor, the system is analytical and allows the trader to sit back and just watch it do its trick. The robot is capable of working both as a sole system and jointly with any other EA. It does not carry out trades often but waits to enter the market at certain times. As a result, the bot can trade with several EAs on one account all at once hence avoiding big drawdowns.
Vendor transparency is absent. There is no background information regarding the real identity of individuals behind this system. Developers who are transparent inspire trust from their customers. Since this is lacking, it is difficult to convince traders that the product they are selling is worth their money.
Features
The robot features the following:
- Trades on 5 currency pairs: GBPUSD, USDCAD, EURUSD, USDJPY, USDCHF
- Runs on the MT4 platform
- Adaptable to four digit brokers
- Easy to install process
- Works on the H4 timeframe
- Fully automated and does not need tweaking
- Customer support
- Lifetime access
- MT4 license
- Free updates
The developers state that contrary to humans, the FxPro Dragon does not experience episodes of emotional instability. So, it works in a totally calculative environment. Prior to making trades, the system first studies the market to identify the best points of entry and exit. However, we believe that this trading strategy is vague as it does not highlight the indicators the bot follows.
How to Start Trading with FxPro Dragon
The EA has 2 payment plans. The standard pack costs $129 and comes with one demo account and one real account. The premium one is priced at $169 and features 3 real accounts and 3 demo accounts. Both packages integrate an MT4 license, lifetime access, 24×5 support, and free updates.
FxPro Dragon is fully automated. Once traders download and install it, they just need to provide the scales, parameters, and limits to transactions. Then the EA’s trading signal takes over and handles all the transactions.
Backtests
Below is a screenshot of the EA’s backtest report:
The EA traded on the USDCAD in the 4-hour time frame from January 2017 to December 2020. During this period, it conducted 541 trades and generated a total net profit of $1,178,579.40. This profit is quite unrealistic. It achieved win-rates of 92.41% for shorts and 97.50% for longs. The drawdown was 22%. This figure is high and indicates that the account carried a high risk of making losses. The profit factor was 101.41. The average profit trade was $2,361.74 while the average loss trade was $-317.23.
Verified Trading Results of FxPro Dragon
The trading results show that the account began its trading operations on March 23, 2021, and was last updated on June 16, 2021. So far, it has made a profit of $3,271.22. The floating loss is $-2,953.52 while the free margin is $4,818.70.
The robot has a trading history of 86 days. On average, it makes 0.5 trades daily. It has made total and monthly returns of 61.8% and 37.4% respectively. The trade win is 92.5% while the profit factor is 43.69%. The pips (969.3) are high, and further highlight the account’s heightened risk of making losses.
The risk/reward ratio as indicated in the screenshot above is 4.50. The account incurred -66.72% in losses on its worst day. This figure is relatively high and reiterates the account’s high loss risk. The length of trade is 26.7 hours. The average win is 90.48% while the average loss is -25.54%.
The EA generated the most profit ($2,188) in May, 2021 and made the least profit ($211) in June, 2021.
Clearly, the EA makes 4 trades weekly. In essence, it trades between Tuesday and Friday. In the case above, most trades were made on Wednesday while the least trades were performed on Friday.
Customer Reviews
User testimonials are absent. We were unable to find reviews on the robot in popular websites like Trustpilot, Forex Peace Army, Quora, and myfxbook. It is possible that most traders are unaware of the existence of this bot since it has not been in operation for long.
Is FxPro Dragon a viable option?
Advantages
- Verified trading results provided
- Customer support offered
Disadvantages
- High drawdown
- Undisclosed trading strategy
- Lack of feedback from customers
- Vendor transparency is absent
Summary
Traders should not invest in this robot. It carries a high loss rate. Also, the vendor has not provided a clear explanation of the trading strategy. Using the EA is thus risky because one cannot tell how it really works to generate profits. Furthermore, vendor transparency is lacking and developers cannot be trusted as a result. There are no reviews for this system. We are forced to conclude that it is unreliable as we cannot ascertain if it can satisfy customer needs or not.
