Traders do not prefer strategies such as the Martingale, Grid, and Averaging methods in general. This is because although these bring high returns they are associated with an equally high level of risk. Sometimes they can wipe out your entire investment. Paris 2021 is an expert advisor created by Ruben Octavio Gonzalez Aviles. The author claims that this FX robot does not use risky trading approaches like Martingale or Grid methods.
This EA consists of two different algorithms for working on the EURUSD and the GBPUSD pairs. In this Forex Paris review, we provide you a comprehensive analysis of this Forex robot. Read it to know our evaluation and recommendation for this trading tool.
Forex Paris: Characteristics
As per Ruben Aviles, the FX EA uses an adaptive and dynamic algorithm capable of providing 99% profitable trades in the backtesting results. Published in March 2021, the ATS is now in version 3.1 with the last update being done on May 3, 2021. The developer provides fixed Take Profit and Stop Loss levels which you need to set before you start trading. While Ruben mentions that you can change the values, he recommends using the default settings for better trading results.
Features of this expert advisor include dynamic lot per 1000 balance, stop loss and take profit levels, maximum spread, maximum lot, and more. This Forex robot is compatible with all brokers. The developer recommends running a backtest with the broker data prior to using the EA or using the broker recommended by him.
Currency Pairs, Strategy & Timeframe
Ruben uses two algorithms for this ATS for working on the EURUSD and the GBPUSD currency pairs. On attaching the EA to any one of the two pairs, it applies the relevant logic. However, the author recommends using it on other pairs too for which the default algorithm of the EURUSD is applied. The robot works irrespective of any timeframe you choose. It can work either on MT4 or MT5 platforms. We could not find any other info on the strategy used except for the developer mentioning that it is not a Martingale, Grid, or averaging system. This lack of transparency of the developer makes it difficult to carry out a proper analysis.
Forex Paris Trading Performance
Ruben provides several backtests of 99% modeling quality on the MQL5 site. Here is a screenshot of a backtesting report.
As per the developer, the backtesting was done for four years from January 2016 up to March 2020. The results reveal a total net profit of 344568.94 for a deposit of $500 with a profit factor of 98.17. A maximum drawdown of 19.93% is recorded for this backtest report. As per the report, the FX EA has a phenomenal profit which looks unrealistic. However, as the developer mentions, the past performance shown does not guarantee future results.
The developer does not provide live trading results for this ATS. However, we found a real USD account for the Paris EA using the XM broker and for the Metatrader 4 platform. Here is a screenshot of the results.
From the trading stats, we could see the system posts a 234.5% total profit and a drawdown of 83.84% which is very high. The profit factor is 45.54 and the lot sizes used vary from 0.01 to 0.30 or more. For the trading that opened in July 2020, up to April 2021, a total number of 185 trades have been executed.
How Much Does It Cost?
The robot is sold at $349 as an introductory offer for the first 4 copies . The regular price is $399. A rental package is also available at the cost of $199 per month. We could also see a free demo version offered for users. Ruben does not provide a money-back assurance which makes us suspicious of the reliability of the robot. Most of the EAs promoted on the MQL5 site are sold at a similar rate which is very expensive compared to other expert advisors in the market. Another common factor is the absence of a refund. Both these factors make the FX EA not worthwhile to spend your money or time on.
Reviews From Customers
We could not find reviews from users for this ATS. Reviews help provide a proper perspective of the robot. We can understand important features like its performance, support, etc. from the reviews. While the MQL5 site has reviews there is a high chance of the reviews being manipulated. We prefer testimonials written on reputed sites like Forexpeacearmy, Trustpilot, myfxbook, etc. as they offer unbiased reviews.
Should You Use Forex Paris Robot?
Our analysis of this EA has revealed the following pros and cons:
|Fully automated||Trading results show unrealistic performance stats|
|Backtests are provided||Price is expensive|
|The trading strategy is not explained|
Concluding our review of the Forex Paris expert advisor, from the analysis conducted we find that it is not a system that you can rely on. There are several reasons for our recommendation. These include the lack of explanation of the trading approach, unrealistic trading results, expensive price, and absence of user reviews. The lack of a refund is another reason that makes the FX EA unreliable.