Dragon Forex is an automated robot that was developed in June 2016 when its team of developers beamed their searchlight on the GBP/JPY currency pairs. Their research led to the development of the Dragon Forex which was targeted to fully trade on the GBP/JPY currency pairs. This system was modeled after the Dragon Pattern Forex Trading System which uses a a supposed “Head” which slowly moves down to form “two legs of the dragon”. These two legs form a price difference of about 5-10%. The chart below illustrates these:
The Dragon Forex has no verified or identifiable office locations. However, their Support Centre can be contacted at email@example.com.
The Dragon Forex EA has suffered significant setbacks in its trading. The last win was recorded on 7th February, 2018 and with its current statistics, getting back on the winning path seems a daunting task. After suffering these losses, Dragon Forex as so far lost about 130% of its revenue and has dropped to about 53% in the Forex robot chart.
So the question is: in the light of these setbacks, is the Dragon Forex EA a software to trust or not to trust?
Dragon Forex: To trust or not to trust?
The Dragon Forex EA is a software that cannot be trusted. There are several reasons why we had to come to this conclusion, and these are all stated below:
Poor Trading Results
As stated earlier, it is nearly two months (as at the time of writing this review) that the Dragon Forex EA made any profits. It has been losses all the way. These losses are so bad that the entire account showcased in the snapshot was decimated.
Here, we can see that after an initial profit run, the EA’s profits nosedived and even sent the account into negative territory. What an awful performance. We can also see that the drawdown level was almost at 100%.
No forex account can survive such massive drawdowns. Is this story familiar?
Ghost Site Owners
Apart from an email where anyone hardly gets responses to inquiries and complaints, there is no other contact information for the team behind the Dragon Forex EA. There is no location, no phone number, nothing. There is no point even asking about the company name: you will not see anyone.
Complete Lack of User Reviews
There are no user reviews for Dragon Forex. If a product has been as profitable as claimed by the EA vendors, the internet should be awash with all manner of positive reviews. However, there is nothing to report.
Website Now Offline
As at May Day 2018, the website for the Dragon Forex EA is completely offline. Perhaps the website was taken down to avoid problems from users who had purchased the EA, only to find out that it was a junk product. The fact that the website is now offline speaks volumes and is a complete indictment on the authenticity and quality of the Dragon Forex EA ab initio.
Conclusion: Dragon Forex EA is Not to be Trusted
While the presentation of the Dragon Forex is interesting, and the price action strategy alongside the currency pair GBP/JPY seems good, the execution of the strategy by the Dragon Forex EA is obviously not. There seems to be a lot of lapses in the Dragon Forex software. This EA has lost many trades for quite some time and hopes that this EA will bounce back have been dashed by the online disappearance of the website and sales page. So once more, we have a forex robot software that cannot be trusted. Do not trust the Dragon Forex EA; it will never make money for you.