Forex Fury is a forex robot application designed to automate trading through MetaTrader 4. The algorithm used by the platform was prepared after studying a number of relevant indicators. Under the platform deals open with a short expiration of time, making it appear as a Scalper.
This explains the rather confusing reputation that Forex Fury has. This is because it is generally not possible for a Scalper to claim such results.
General information about the Forex Fury trading robot
- type – an automatic robot;
- type of trading – scalping;
- trading terminal – Metatrader 4;
- availability of technical support – yes;
- forex steam for trading – GBPUSD;
- timeframe – till M5.
This review will allow users to evaluate the advantages and disadvantage that this platform provides. It is evident that this trading robot works best with the GBP/USD currency pair, even though tests can be conducted on other pairs as well. The robot displays trading performance stats for both real and demo accounts.
The developers themselves ensure users that the robot opens up to 10 to 15 transactions in an hour, allowing users to earn 50 to 70 pips in a relatively short period of time.
Main Advantages of the Forex Robot
- The downloadable file contains a manual for detailed settings, with descriptions attached for every methodology.
- Advisors can be conveniently and informatively set, allowing users to immediately respond to market conditions and adjust the robot accordingly.
- Can be installed on ECN Account types
Main Disadvantages of the Forex Fury
- The official version costs in excess of $200, which is beyond the reach of most novice traders.
- Trading Results are not satisfactory when it comes to markets affected by economic or political events. Thus, you are required to monitor the economic calendar frequently.
- The frequent discharge of the whole deposit by the robot is marked by numerous users.
- The spreads are expected to be very low as it uses the scalper trading strategy.
To conduct a proper evaluation of this automatic robot, trading results should be examined on either a demo or a real account.
According to the screenshot attached above, the results of an independent testing came out as follows.
The total deposit increased by more than 200 % during the entirety of the testing period. It is generally possible for such results with a 76 % yield only for a month. However, the drawdown indicated here has reached almost 20%, suggesting a possibility that these results are outdated. On further examination, it is found that a drawdown in the absence of reaction from the trader, can reset the deposit completely. Thus, the above results do not seem plausible and cannot be considered as reliable.
It should be noted that, Forex Fury trades using a scalping strategy where trades are opened for a short expiration time, lasting anywhere between 30 seconds to 2 minutes.
Firstly, it is necessary to abstain from trading during the time of release of certain global economic or political news, no matter what currency pair you select. You should open the economic calendar and deactivate the robot for the time where such news is expected to be released.
Users are thus advised to make a minimum deposit of $100 to $200 to achieve an optimal result, Leverage is set between 1:200 – 1:500 to achieve a good acceleration of the deposit, but at a higher degree of risk. You will be prompted to select or optimize the settings once you install the trading robot the terminal. Settings include Stop Loss, Take Profit Levels, Setting up indicators and other related parameters. However, always considers the prevalent market condition at the time of setting up Forex Fury.
As far as the trading methodology is concerned, the robot generally opens deals in the afternoon, when volatility is the least in the market. Since manually trading by Scalping is difficult during such periods, Forex Fury does all the work for you. Always pay close attention to the levels of spreads, which should be low. Without a low spread, there is a high chance of broker commissions eliminating the profits achieved.
This robot has been tested using both the USD/JPY and USD/CHF were the latest drawdown is more than 50%. At this point, the robot forced traders to stop the testing and switch to another currency pair.
Reviews for Forex Fury
After searching for reviews, we found a multitude of client feedback which contain mixed reviews. It is true that there is a substantial amount of negative reviews on several portals, forums and even on the official site. The reviews include ones with exaggerated test results.
Some Frequently Asked Questions
- Which broker can be connected to the terminal for trading with the robot? – Any broker which is compatible with the Metatrader4 terminal
- What is the number of transactions carried out by the robot per day? – An average of 10 to 12 trades
- Is there the possibility of blocking during operation? – Since the robot does not require updates or other paid procedure, there is little chance of blocking.
- How to install Forex Fury? – Just copy the downloaded files to the main folder of the MetaTrader 4 terminal, with further detailed instructions available in the archive.