FxPro Dragon is an expert advisor that claims to use the right money management that ensures stable profits and minimal losses. This FX EA claims that it can work independently and with other EAs. Instead of constant order opening, the EA looks for the right moment for placing orders resulting in avoiding big drawdowns. The vendor claims that this system does not let emotional decisions and works in a fully calculated environment.
FxPro Dragon: Characteristics
As per the vendor, this ATS uses all the pertinent data without any emotional influence for its trading decisions. An automated trading approach and a well-programmed analytical system are used by the FX robot for its trade execution. You need to enter the scales and other parameters including the transaction limit, after which the EA handles the execution and management of the trades.
Important features of this FX robot include full automation, adaptation to 4-digit brokers, easy set-up, and responsive support personnel. The vendor does not divulge further information about the EA, which is disappointing. For support, an email address is provided. We cannot find a location address or phone contact. Further, there is no info on the developer or the team behind the creation of this FX robot. All of these indicate the lack of vendor transparency.
Currency Pairs, Strategy & Timeframe
The ATS works mainly on the USDCAD pair and uses the H4 timeframe. Other than mentioning the strategy is automated, the vendor does explain about the trading approach used by the system. This lack of transparency raises a red flag.
FxPro DragonTrading Performance
A strategy tester report is provided by the vendor. Here is a screenshot of the backtest results done for the USDCAD pair from January 2017 to January 2020.
From the trading stats, we can see the modeling quality is 90% only, which is insufficient to know about important details like the slippage and commission. For a deposit of $2450, a total net profit of 1178579 is shown with a profitability of 93.16% and a profit factor of 101.41. The maximum drawdown is 15.10%.
A live trading result verified by the FXBlue site is shown on the official site. From the trading statement, we can see that the account started in March 2021 with deposits of $5000 shows a total return of 61.8% and a peak drawdown of 8%. The total trading duration is 86 days with a profit factor of 43.69. Comparing the backtest results and the live trading results, we can see there is a difference in the profitability and drawdown. Further, the profit factor is too high and looks suspicious.
How much does it cost?
A standard package costing $129 is available which includes one real account and a demo account with an MT4 license. The vendor provides lifetime access and free updates for the EA and 24/5 technical support. A premium package is also present which costs $169 and includes three real and three demo accounts.
Other features are similar to the standard package. No money-back assurance is provided by the vendor which makes us doubt the reliability of the EA. While the price looks affordable compared to other competitor FX robots in the market, the lack of refund is a sore point with this EA.
Reviews from customers
We are unable to find user reviews for this MT4 tool on reputed FX sites like Forexpeacearmy, Trustpilot, etc. The lack of feedback denotes this is not a popular system among traders. We look for reviews on these sites as they are known for their unbiased report of the feedback from users.
Should You Use FxPro Dragon Robot?
|Fully automated software||No explanation is provided for the trading approach|
|Affordable price||Suspicious-looking results in the backtest and live trading|
|Lack of refund offer|
FxPro Dragon claims to provide stable profits with its low-risk trading approach. Our evaluation of the approach and trading results reveal that the results may be manipulated as the high profit factor and low drawdown look suspicious. Since the vendor does not divulge the strategy used, the big profits and low drawdown are left unexplained. Further, the sample size is small so the results may not be as good over the long term. The absence of user reviews further makes us suspicious of the dependability of the system. Another factor that weighs against this FX EA is the lack of a refund offer. Furthermore, customer support options the vendor provides are limited to an online contact form which we feel is inadequate. In short, we do not recommend this FX robot.