Automatization of trading in Forex develops annually. Programmers, analysts, and traders manage to create new solutions for automated trading in financial markets without the actual participation of the trader. In 2015, the development team created a completely new product – FX Share Robots. This is an automated trading system that works on the Metatrader trading terminal.
There are only two sections on the official website of the developers presented. The first of them is intended for general information about the robot. The second section need for informing about promotions and bonuses for customers this robot. The trading system has a cost, and this its main drawback.
How does FX Share Robots work?
The described bot is installed in the Metatrader trading terminal version 4 or 5. This is done by copying the files of the downloaded robot into the root folder software for trading.
It is known precisely that the FX Share Robots trading system uses technical indicators. In this case, the user will have to choose the settings on their own and optimize the operation parameters. After all, on each timeframe and currency pair, there may be different trading results.
General information about the robot:
- Timeframe – any;
- Currency pairs – any;
- Type of the robot – indicator.
To determine entry points into transactions and out of them, are used a number of technical systems:
- Moving average (indicator);
- MACD (technical indicator);
- S&R Channel (indicator);
- RSI (indicator).
Besides the basic technical indicators, additional trading systems are built into the robot. The purpose of all auxiliary elements is to determine overbought, oversold levels, assess the supply and demand in the market for the chosen currency pair. Built-in technical indicators are not only price lines, but also price ranges (channels).
The results of independent testing the expert advisor
It is very important to have indicators of its tests for each trading robot. Often data is provided by developers without any confirmation. The real evidence of the effectiveness and profitability of FX Share Robots is not enough in the public domain.
For example, the developer’s site has a screenshot from the official Myfxbook portal. It says that in just 4 months of testing, the adviser automatically generated $ 450 profit from $ 22. And this exceeds 1500% of the yield per year! But one screenshot is not enough. After all, on the official website you can buy a robot for as low as $ 190! And this is a rather big amount, given the lack of evidence of its profitability. At best, instead of a simple screenshot on the site, it was worth pointing out videos of how the system works, as well as the results of all transactions separately. Testing was conducted in 2017.
Why FX Share Robots DO NOT deserve your attention
Having studied the objective factors, we draw conclusions regarding the described robot:
- It has no confirmation in the trading results, except for a screenshot of testing from the developers’ site;
- There are many negative reviews about the robot in the network, as the trading system is incorrectly configured and even with the use of indicators leads to a drain of the deposit;
- The system must be configured for each currency pair, but there is no instruction for setting;
- The versatility of a trading robot suggests that the indicators used are only a cover, and otherwise a simple lot-doubling method is used for losing trades.
Information about creators
Its often, a developer’s reputation will tell a lot about an automated system. The team owns the site and the group in the social network Facebook under the name “Forex EA Robots and Indicators”. Specialists develop automated trading systems and integrate them with existing technical indicators.
Of course, most of the products that are paid and are not freely available. Feedback on the activities of this development team is often negative. The feedback relates to the fact that the company simply implemented the Martingale system in FX Share Robots. This technique does not allow in the long run to bring a steady income. And more often the Martingale system leads to a complete drain of the deposit.
And really in the terms say that a trading robot can work with any currency pairs and at any time intervals. But it is known that such systems can only work with the Martingale system. No finely tuned robot will be universal.
FX Share Robots is too easy, expensive and unprofitable in the long run. This is exactly what the user reviews confirm.