The Forex Armor EA is a forex robot that has been created to trade the GBP/JPY currency pair. It can also be used to trade the EUR/USD. The EA works using the compounding principle, where increasing profits leads the EA to take on progressively larger trade sizes.
Forex Armor EA: To Trust or Not to Trust?
Can the Forex Armor EA robot be trusted? After considering a several factors and based on the available trading history, we have come to the conclusion that the Forex Armor EA can be trusted to trade with, provided the trader exercises extreme caution and ensures that the trading account is properly funded.
Why have we come to this conclusion?
- Despite the deletion of several instances of trade data for this software on Myfxbook, available data shows a forex robot that has the potential to grow an account safely.
- Risk management principles are adhered to in the operation of this EA.
- More data is required to increase the trust status of this software.
These points are examined one after the other.
One remarkable thing that stands out for us is the discovery that virtually all trading history of the Forex Armor EA has been deleted from Myfxbook. A Google search of cached pages shows that indeed trading history was in existence for this EA, but has since been meticulously deleted. It seems that someone took great pains to erase all the previous trading history that had been stored on Myfxbook. So without any trading history to analyse, it is virtually impossible to even start to discuss the historical success or failure of this software.
However, we were able to discover two instances of trade history that still exist. We did a careful analysis of the trading parameters, trading patterns, risk management profile of trade sizes and account progression of over the last three years. Here is what we found:
- The EA operates with money management rules that are clearly spelt out.
- Each of the two currency pairs traded come with their individual robot settings.
- Trade sizes conform to risk management principles.
Despite these three positives, we have to caution that only two instances of trade activity were analysed. It would have been good to also analyse any instances of where the robot sustained losses so as to know if there are some systemic defects in the strategy deployed by the robot. However, many of these instances are no longer available and a lot of people are going to wonder if this was a deliberate action taken to mask the negatives of this robot.
Few Instances of Non-Use of the Stop Loss
A negative was found: non-use of the stop loss in the most recent trades identified in Myfxbook for the Forex Armor EA. These trades suffered some colossal losses. This gives some cause for concern, as the non-use of a stop loss could easily lead to debilitating losses.
A stop loss has a function: to protect the account from uncontrolled losses. Losses that are not controlled will start to affect the account capital negatively. Losing nearly $6,500 in four trades is not a very good way to go.
Lack of Positive Reviews
There are virtually no independently verified reviews of this product anywhere. Surely, a product delivering such profits should have buyers flocking in hundreds to the door, and some of them should at least have detailed their experiences on one or two review sites. But this is entirely lacking.
Conclusion: To Trust or Not to Trust?
Forex Armor is a very expensive EA, with the cheapest version going for $997. Forex Armor EA may have shown some profitability and there are actually some positives with the product in terms of risk management and the presence of a clearly defined strategy. However, the lack of positive reviews and the disappearance of some instances of the EA’s trading activity do not allow us give this EA the status of a software that can be trusted 100%.
We advise that you test the Forex Armor EA fully with a little money in a real account and if it does not work for you, ask for a refund.