Whether you are a newbie or an experienced trader, winning as much of the trades you execute is every trader’s dream. Forex robots claim to make this dream come true with their automated trading approach. However, not all the expert advisors out there give you the returns you want. So, you have to find out which of the numerous automated systems available now work for you.
Fortunately, we have done all the hard work for you. Our list of best Forex Robots will help you find the right system. In this review, we have analyzed the WallStreet Forex Robot. A product of FX Automater, this trading software has been in use since 2010.
According to the vendor, the system is a revolutionary model that increases profitability and reduces risks. Although the system has been operating for over a decade, the website does not reveal info on the developer. Contact information such as location and phone number is also not divulged by the vendor.
The WSFR 2.0 Evolution is a revamped version designed to provide higher profitability. With the Broker Spy Module, the system protects you from being cheated with negative slippage, high spreads, and other such unethical practices.
A profit of more than 26,000 pips is claimed by the newer version which is due to the improved exit trading logic, increased trading frequency and reduced risk. With this trading software, you can work on 8 currency pairs on an M15 time frame chart. We could not find information about the strategy used by the system which makes us suspicious about the reliability of the system.
Important features of the system include compatibility with any MT4 broker including ECN, which operates with 5 and 4 digits after the decimal point, time management, 24/7 support, and inbuilt profit protection.
How To Start Trading With WallStreet Forex Robot
A discounted price of $237 is charged for this system from the earlier price of $347. In addition to the features such as unlimited demo accounts, a real account, 24/7 support, the vendor also offers three other robots for the price of one. When compared to the price of other competitor Forex robots in the market, the price and bonus look attractive. Furthermore, the vendor offers a 60-day money-back guarantee. While the price for the single expert advisor system looks expensive, the four-in-one pack looks very affordable.
According to the vendor, the system takes just a few clicks for setting up. Once you buy the package, you will get a detailed guide on the installation which will help in the process. A minimum of $100 to $500 is sufficient to start trading with this system. But the vendor recommends a capital of a minimum of $1000 to $5000 for a better advantage.
Several backtests for different currency pairs are provided on the official site. A screenshot of the backtest on the EURUSD pair is shown below.
From the strategy tester report, we could see that the testing period begins from 1999 up to 2021. On an initial deposit of $2000, for a total of 6352 trades, a profit factor of 1.49 and a maximal drawdown of 7.75% are revealed. However, modeling quality is just 90% which is not sufficient to reveal the important details such as spreads, commission, slippage, and more. Furthermore, the historical data does not mean that you can expect a similar performance in the future.
Verified Trading Results of WallStreet Forex Robot
Trading results verified by the Myfxbook site are posted on the official site. A real live AUD automated account using the leverage of 1:500 on the MT4 platform is shown in the screenshot below:
From the trading stats, we could see that the system has posted a profit of 168.86% and an absolute gain percentage of 138.55%. A daily profit of 0.08% and a monthly gain of 2.54% are revealed from the stats.
The drawdown is 6.65% which shows that the risk level is very low for this system. According to the trading history, the lot size used is .05 and the average win came in at 15.05 pips and the average loss at 40.98 pips. Comparing the live trading results with the backtests, the drawdown, profit factor, and other stats look similar proving the claim of the vendor that the system shows appreciable performance.
We found user reviews for this Forex Robot on the Forex Peace Army site. The screenshots of the reviews are shown here.
From the reviews, we can see that the profits are not as high as claimed by the vendor. One reviewer was not satisfied with the results.
Is WallStreet Forex Robot A Viable Option?
From our analysis of the WallStreet Forex Robot, the system shows promise with its appreciable trading performance. But we also found some shortcomings. Here are the main advantages and disadvantages of this automated software.
- Fully automated software
- 60-day refund
- Strategy used is not explained
- Vendor transparency is absent
- Negative user reviews
Wrapping up our review of the WallStreet Forex Robot, our evaluation of the system reveals an efficiently performing robot with some downsides. The lack of vendor transparency and negative user reviews reveal that the system is not as reliable as it claims. While the performance verified by Myfxbook.com looks decent with good profit and low drawdown percentages, the disadvantages prevent us from recommending this system.