Many Forex trading robots sooner or later suffer losses, close orders at the Stop Loss order and begin the race for the survival of the remaining deposit. Choosing this or that automatic system for the Metatrader trading platform, we want to learn more about it.
One of the Forex robots, FXGoodway EA, was developed for multisession trading in automatic mode. This is one of the few bots that got its own website. On the page you can find a detailed description of the system, but there is not a single word written about the development team. Therefore, we don’t know either label or the name of the company involved in the development of the robot. Sometimes this information is very important in order to understand the potential reputation of those who created the robot.
What is FXGoodway EA
FXGoodway EA is a fully automatic system that is installed in the Metatrader trading terminal. Developers sell it for $ 229. The footnotes indicate that for technical problems during the first 30 days after the purchase money can be returned. There are don`t refer to the fact that developers will return the money if the robot will drain the entire deposit in a matter of days. Probably, the words about the refund guarantee are just a way to instill the security of the transaction for a potential trader.
Description of the robot FXGoodway EA developers gives too much blurred. There is no concrete and informative word. The description deals with the fact that the trading system is based on the unique algorithms that analyze the markets and do not allow the system to close losing trades.
In fact, we managed to check the algorithms that the EA uses. It turned out that it is based on the classic Forex strategy Grid. The built-in parameters of the indicators are aimed at detecting a growing or downtrend on a chart with a time interval H1-H4. The following technical indicators are used to determine the entry and exit points to transactions:
- Moving average (MA) with a period of 100;
- Fibonacci lines;
- Moving average with a period of 200.
If the trader used this strategy with plotted indicators on the chart, then the entry into the transaction would be determined by the moments of crossing the lines in a certain direction. It is the intersection and would indicate a change in trend.
FXGoodway EA Robot Summary:
- Currency pair – EURUSD;
- Timeframe – H1-H4;
- Advisor type – indicator, multisession;
- The minimum deposit is $ 700.
How effective can FXGoodway EA robot be?
In most cases, the testing of robots occurs in the independent Myfxbook system. The disadvantage of the system is that there you can create an unlimited number of accounts that are testing the same robot. Accordingly, the data is very easy to manipulate. In the screenshot of the trading results of the FXGoodway EA robot, we see that the adviser is profitable, increasing the deposit per month by an average of 21%. But at the same time, a drawdown of up to 14% is allowed. The testing has been done since 2015.
Unfortunately, the results of a trading robot are displayed only in the advertising publication on the website of developers. And there is no evidence that similar results will be observed with real traders who pay $ 229 for the advisor. Don`t forget that in addition to the price for the robot you will have to deposit at least $ 700 into the broker’s account, as stated in the strict requirements on the developers’ website. Total for $ 1000 we get a prescribed script based solely on the moving average and Fibonacci lines.
Disadvantages of FXGoodway EA advisor
Let us single out a few drawbacks of the described trading system:
- For the full use of the advisor, $ 1000 is required (the cost of the robot itself and the initial deposit);
- None of the users when testing the purchased robot really could not confirm the test result from the site;
- The robot is based on only two indicators, without additional technical tools.
This robot would be worth the potential attention of users if it were completely free. But in the case of its high cost, it is not rational to pay that kind of money on an automatic adviser on a simple Grid trading system. If you do not know what the strategy used means, then read about it on the Internet. You will understand that it is very simple.
The developers have implemented it in the robot, picked up the settings, created the site and sell for $ 229. Similarly, you can use the MA indicator and the Fibonacci lines in the analysis yourself, without resorting to the Forex bot.