FX Robot Go is a new Forex EA and automated trading software by the people behind ForexStore website. They are also the creators of popular robots FX Trader Kit, ForexBot28 and FXEurGrid trading robots. There are no information about their location, identity or trading history in the Forex marketplace. However, to get in touch with support traders can fill out a contact form on the sales page.
According to the developers, traders have to follow specific deposit requirements. With a deposit of $5000, traders can use the reliable settings, with $10,000, traders can use the normal settings and with $20,000 traders can use the reliable settings. The system can also be utilized cent accounts, with a deposit ranging from anywhere from $50-$200.
FX Robot Go Review
FX Robot Go is among the Forex robots in the marketplace that place more emphasis on aesthetics rather more important details. When it comes to automated trading tools and programs the Forex community is interested in knowing as much as possible. Websites like these, while aesthetically pleasing don’t serve the community very well, because there is little to no transparency about the product. This will make our review short, and will also be apparent in the overall ratings the product.
FX Robot Go score is terrible when it comes to real trading methodology. In order to qualify as a best Forex EA, the developer will have to revisit their sales page and provide much more real analysis.
How does FX Robot Go work?
Like stated above, we saw that the vendor did not provide in dept details on how the robot works. The said the robot works with a smart filter. This smart algorithm, in conjunction with each filters will suspend trading and avoid significant drawdowns whenever possible.
The vendors also mentioned the system will configure the EA individually for each currency pair as they understand that the market conditions are different for each pair.
This is about all the information they provide. Yet, our further research shows that this trading program uses a martingale-based strategy. Martingale is the most dangerous strategy the Forex marketplace, which is likely why the vendor decided to withhold information from their informational blurb. Withholding this information is not transparent, and certainly something we have to consider. We would much rather have the vendor be upfront about their methodology, instead of beating around the bush or and avoiding it altogether.
- Type: Forex Robot
- Price: $275
- Strategy: Martingale
- Timeframe: Any
- Pairs: USDCHF, NSDJPY, NZDCAD, USDJPY, AUDCAD, AUDCHF, CHFJPY, EURCHF, AUDUSD, AUDJPY
The EA comes with a single lifetime license for $275. This license package comes free updates, 24/7 support and the user manual.
This is another robot that only offers one license, which really limits the clients ability to test multiple approaches and find a set up that suits them. Generally, we prefer systems that provide multiple demo licenses in addition to the live license so that we can run our own tests and find settings that suit our preferences.
When you want to buy an expert advisor but you are considering which one has the best time frame for you, there are three time frames you should bear in mind; Long term, Short term and Intraday.
FX Robot Go works on any timeframe.
Remember short trades have advantages which include lots of trading opportunities for the EA, less chance of losing months and no overnight risk. But you should consider that the transaction costs will be much higher (more spreads to pay).
Fair Selection of Major Pairs
AUDUSD, USDJPY and USDCHF are the available major currency pairs available to trade. We could not see the EURUSD pair which is the most popular.
The majors are the most liquid and widely traded currency pairs in the world. They account to about 85% of Forex trading. The reason why traders trade the major pairs is because the large volume which leads to narrow spread.
Since the system is just a couple of months old at the time of this review, there is still no client feedback. Check back from time to time, as our reader base is very active in terms of testing and commenting.
At the Forex EA Expert, you will find hundreds of reviews of Forex robots, where we check to see if they are verified investment product, or simply a scam. The way investors properly compare a Forex EA result, is by checking to see if their results are published in a public statement sharing site, like myfxbook or FXBlue.
FX Robot Go has a single live Myfxbook account showing the FX Robot GO system in action since January 22nd, 2018.
During this time, the software is gain 180%, with a 30% drawdown, which makes for a monthly return of approximately 5%. Over the course of the 22 months that the system has been active, it is taken over 20,000 trades which makes for an extremely high frequency robot. The average trade length is one day, and the risk reward ratio is approximately 1:4, with the average win being 13.88 pips and the average loss being -38.23 pips. The winning percentage is 74.5% and the average monthly gain over the last 7 months is around 3%.
The results are steady, but you have to keep in mind that this is utilizing a martingale approach which is dangerous and always risks the potential of your account blowing up entirely.
Our best advise for you
Whether or not you want to utilize the FX Robot GO software really comes down to your ability to handle risk. If you can accept the fact that the martingale strategy may completely blowing your account, then you will be able to enjoy the profits while it last. In order to be successful with the software like this, it is recommended to take out your profits from time to time so that you don’t lose it all in one fell swoop. If you would like to find a working expert advisor, go to this page and pick any of the solutions highlighted therein.