Falcor Forex Robot has supposedly taken the markets by storm. As per vendor claims, the EA has already made $1,142,776 so far this year. But why is the team selling it so cheaply? Something just doesn’t add up. We suspect that the EA is a scam. Read along to find out more.
The company responsible for creating Falcor is known as Forex Robot Trader (FRT). It has been in this market since 2006, but its base of operation, contact details, etc., are unknown. The founder is Don Steinitz, and the development team is said to have highly experienced programmers. However, info on their names, trading history, and achievements is not disclosed.
Falcor Forex Robot: characteristics
The features of this EA are indicated below:
- It finds, manages, and closes trades automatically.
- The system trades 24 hours daily.
- It is recommended for novice traders.
- The setup process is easy and quick.
- It can work with other robots.
- The robot is built to adjust safely to your account size.
- It runs on the MT4 terminal.
Currency pairs, strategy & timeframe
Falcor is said to thrive on any combination of currency pairs, but the vendor doesn’t specify these instruments. There’s no mention of the timeframe used either. So, we don’t know if it works on short or long timeframes.
In terms of strategy, the robot utilizes price action. The team implies that Forex systems that rely on past historical data to find their signals waste time. This is why they have designed Falcor to focus on what the price is doing currently. This ensures that all of its trades are new and have no delays or lag.
Falcor Forex Robot trading performance
The devs do not present the backtest results for this EA. Backtesting is vital as it provides insight into the efficiency of an idea without risking actual money in a trading account. In addition, it offers real-world data that will lead to reasonable and comprehensive expectations on drawdown, profitability, risks, and the needed capital.
In this case, we suspect the devs did not perform this test. They could thus be selling a product with a strategy that does not work. Without this data, it also becomes impossible to know what to expect while trading with this software in the real market.
Although the vendor furnishes us with live trading results, we doubt their credibility because they have not been verified by an independent third-party site like FXStat or Myfxbook. For all we know, the devs have fine tuned the data to appeal to traders. See below what they are saying about the EA’s performance:
The above screenshot illustrates the performance of the robot in December 2021. The team has the audacity to suggest that the EA has made a massive profit of $13,543 in less than a week. Another claim is that no risks whatsoever are involved in trading as we have zero drawdown rates.
To date, the trades completed are 124, and they have win rates of 84.21% for short positions and 85.07% for long ones. The account currently has a balance of $13,913, 335.30 from years of trading.
Any serious trader can tell that the above stats are exaggerated and unreasonable.
How much does it cost?
Falcor is sold at a discounted price of $79. The original price was $199. Unfortunately, this package does not include a money-back guarantee. This is typical for systems that are likely to be inefficient.
Reviews from customers
Falcor lacks credible user reviews. The few testimonials on its official site should be taken lightly because they have not been moderated by a third party. Therefore, it is possible the vendor manufactured the feedback to appeal to the public.
Should you use Falcor Forex Robot?
|Inexpensive||No verified trading stats|
|Compatible with multiple currency pairs||Unreliable customer feedback|
|No money-back guarantee|
|Backtest results are absent|
Falcor is definitely a scam product. The company just wants to make money from you. That’s why they are selling the system very cheaply despite claiming it makes millions annually. The lack of verified stats and a refund policy also tells us that FRT is not confident about the performance of its creation.