The Forex Robotron is a forex expert advisor (EA) that trades on the Meta Trader 4 (MT4) trading platform and claims to be the “Best Forest Robot”. It trades two currency pairs (EURUSD and GBPUSD) and claims to have turned $500 into $791,284,664 within a ten-year period. It is a fully automated EA and requires no experience or huge amount of money to start trading. It uses five-minute time frame to place entries. It is not broker or spread dependent and comes in a number of packages:
The basic package sells for $299
The Standard package sells for $499
The Gold package sells for $599
The Premium package sells for $999.
It promises lifetime updates and dedicated support on all the packages. The premium package provides unlimited real and unlimited demo licences and it can trade on the MT4 and JForex platforms. It also includes trade commissions.
The usual questions are: Is this robot reliable? Are their claims true? Can this robot be trusted? Do we recommend this robot or not?
Forex Robotron: To Trust or Not to Trust?
There are a number of factors that help traders determine the reliability of a robot. On face value, everything looks fine on the vendor website but we will specifically look at the following metrics to determine if the Forex Robotron is a product to trust or not to trust.
The vendors of the Forex Robotron are unknown. There are no addresses, no phone numbers, no email and any identifying statement on their website. The website itself is a cheap website made up of a few pages (about six). Only a contact form is provided as the only means to reach out to the vendors. This is not a good sign to many forex traders. If the product is good, why is the identity of the developers not revealed on the website?
The website provides real Myfxbook verified accounts, which generally looks good with a profitability of 41.64%. But it is not the profits we are worried about, but the pattern of profitability. Notice the seesaw pattern of the charts.
Only traders with large account capital can survive the downturns that were seen on this chart, with capital sometimes plunging by 30% in a very swift manner. Such seesaw movements are bad for business. Most retail traders do not have the capital to withstand such account shocks and so forex robots that produce this type of movements cannot be trusted.
We also need to comment on the drawdown levels.
At a starting level of 60%, the drawdown levels for this EA are simply too high. These are the sorts of drawdown levels that lead to account decimation in record time. This is another reason not to trust this software.
Conclusion: Forex Robotron Should Not Be Trusted
The faceless nature of the EA’s ownership as well as the seesaw nature by which the EA wobbles its way up to make profits makes this EA highly circumspect and one that should not be trusted. Traders should never be carried away by the profit figures. Is it truly possible that the EA earned close to a billion dollars in 10years and yet there is no proof to this effect? Try to understand how the EA works and dissect its manner of operations. The EA was tested with low amounts of money. How would it perform when thousands of dollars are committed to it to profit from? Can a trader truly afford some of the seesaw movements in profitability seen on the chart? The answers are pretty obvious.