Thorex uses a low-risk approach that does not include methods such as the Martingale, night scalping, entry averaging, and the grid strategy. The author claims that you can use any combination of strategies to create a risk and portfolio of your choice. Details on the features, recommendations, and parameters are provided on the official site. Lorenz Vauck is the developer of this FX EA. He has more than 6 years of experience in developing FX trading tools and has made 2 products and 4 signals. For contact, the messaging option on the MQL5 site is the only method available.
Features
Some of the key features that make this FX EA competitive as per the vendor are:
- The FX robot is fully automated with easy installation and usage features.
- It supports the AUDCAD, AUDUSD, CHFJPY, EURAUD, EURGBP, EURJPY, EURUSD, GBPAUD, GBPCAD, GBPJPY, GBPUSD, USDCAD, and USDCHF.
- The FX EA uses 15 separate EAs in a single master EA.
- You can switch the strategies on and off and trade with the strategies independently and get uncorrelated daily profits and losses.
- This FX robot uses one trade at a time for a system with each trade secured by a tight SL of 17 to 88 pips.
- Backtesting has been done using 35 years of historical data from 1986 to 2022.
How to start trading with Thorex
You can buy this FX robot for $399. The pricing is a limited launch sale and it will increase by $10 daily as per the info provided on the MQL5 site. A free demo is present. The author does not reveal details about the features available with the package. No refund policy is present which makes us suspect the reliability of the system. When compared to the market average, we find the pricing is expensive.
Recommendations for the system include a minimum account balance of $250, leverage of 1:30, and the use of the IC Markets broker or any other broker with low spreads. The FX EA has three risk modes namely Fixed lots, risk per trade and lots per 1000 balance. As per the vendor, for a balance of $1000, a lot size of 0.02 is recommended.
Backtests
The author provides a backtesting result for the FX robot on the MQL5 site. Find below the report for the backtesting done from 1986 to 2022.
From the above report, we can see that a total net profit of 4,258,947,950,025 was generated for an initial deposit of $1000. A total of 50194 trades were executed with a profitability of 65% and a profit factor of 1.69. A drawdown of 5.72% was present. From the results, it is clear that the drawdown was low indicating a low-risk approach was used. The big profit shows good performance.
Verified Trading results of Thorex
A real EUR account using the IC Markets broker and the leverage of 1:500 on the MT5 platform is shown below:
From the above report, we can see that the account verified by the Myfxbook site shows a total profit of 9.64% with a daily profit of 0.06% and a monthly profit of 1.87%. From the growth curve, we can see the account is struggling to maintain a profit above 30% with a series of losses. For the account that started in January 2022, an initial deposit of €200 is used and a total of 575 trades have been executed with 59% profitability and a profit factor of 1.04. A drawdown of 31.84% is present. From the series of losses in the growth curve and the high drawdown, we find the system uses a high-risk approach. Further, comparing the backtesting result with the real trading, we find the drawdown is higher and the profits low in the real trading as against the backtesting reports
Customer reviews
We found 8 reviews for the FX robot on the MQL5 site with a rating of 3.29/5. Since the MQL5 site is the promoter of the FX EA, there is a high chance of the reviews being manipulated. Further, we could not find feedback for the system on reputed sites like Forexpeacearmy, Trustpilot, etc. that can corroborate the reviews on the official site.
Is Thorex a viable option?
Advantages
- It is fully automated
- Verified trading results
Disadvantages
- The strategy explanation is vague
- Real trading results show a high risk and poor performance
- No money refund offer
- Expensive pricing
Summary
Thorex uses multiple strategies either separately or combined to ensure profitable results. The author provides a backtesting report and live trading results. From the real trading stats, we find the system is not performing well and uses a high-risk approach. Other downsides of the FX robot include the vague strategy explanation, an absence of a refund policy, and expensive pricing.
