The Dragon Expert FX is a forex EA which has been developed by David King and his team to use martingales in forex trading with a high level of risk. Definitely this trading system is suitable for experienced traders only. As you already know with the use of leverage you can lose all of your investment as well as it’s possible to earn a lot of money.
The Dragon Expert FX has been touted as being able to generate 70% monthly profit, and goes for $497. This is quite a pricey product. So naturally, traders out there who are considering a purchase of this EA would want to know if it is worth paying all that money for. So here is our review of the Dragon Expert FX robot.
Dragon Expert FX: To Trust or Not to Trust?
What capability does the Dragon Expert FX robot have to be a forex robot to trust? The issue of whether Dragon Expert FX is a robot to trust or not to trust has been carefully dissected by our team and an answer can now be put forward. After a thorough review of this software, the Dragon Expert FX has been declared an EA not to trust, for a number of reasons. Some of these reasons are as follows:
- Poor trading results for period under review
- Disregard for risk management rules
- Lack of transparency
These points are examined one after the other.
Poor Trading Results for Period Under Review
A review of one of the latest instances of trading history for the Dragon Expert FX robot shows a slight profitability of 55%. But this is not the story here. Below is a snapshot taken from a real account on Fort Financial Services, which shows several Open Trades that are all in the red. If these trades were to be locked in, profitability is likely to drop tremendously.
This is not the only instance of trade history where open trades show a robot whose performance has begun to wane. More instances of open trades that are in loss position have been discovered. The snapshot below was taken from a demo account being run on IC Markets.
Disregard for risk management
Perhaps even more disturbing is the fact that the Dragon Expert does not use Stop Loss or Take Profit settings in trades. This leaves the job of trade protection or profit lock firmly in the hands of the trader.
A stop loss is also called a protection stop and as far as risk management is concerned, it has a function: to prevent uncontrolled losses. A trade without a stop loss is like a moving car without brakes. Sure, the car can still move forward, but when the time comes to apply the brakes and these are not functional, disaster looms. A trader may be closing off trades manually, but what happens when this is not possible? This leaves the possibility of a single losing trade destroying the entire account.
Lack of Transparency
The lack of transparency in the data presentation of the Dragon Expert FX has been mentioned previously. We discovered that some instances of trade history of the Dragon Expert FX robot have been deleted. This adds to speculation that this was done in a possible attempt to hide trade losses.
Repeated searches tend to throw up the message shown above. However, we do know that for the URL to be in existence, it means that there was a previously linked instance of trade history. Deliberate removal seems to be a logical explanation here, and again, it is not known if this was done to hide bad trading history or not. One can only speculate.
Conclusion: To Trust or Not to Trust?
Dragon Expert FX is deemed to be a robot not to trust, and for various reasons too. Recent trade history captured on Myfxbook shows performances which are not good. Several recent instances of trading history captured showed poor performances. There is also evidence of lack of attention to proper risk management.
We urge users not to trust Dragon Expert FX as it cannot be deemed safe enough to handle trading of real money accounts.