Aiming at traders looking for stable profits, Screti Forex Robot boasts of a revolutionary expert advisor system. This system works on the EURUSD currency pair using the timeframes from M1 to H1. With the assurance of 50% monthly profit, this automated system uses analytic and trend trading with various indicators. Is this Forex robot scam or a good Forex EA? Read our detailed review of this automated Forex system to know whether this is a trusted system to use.
Screti Forex Robot: Characteristics
Developed by Mario Daniele Screti, this automated Forex trading system is available via the MQL5 site. According to the official site information, Mario Daniele Screti has 3 years of experience in programming and five years in the financial market. He is well-versed in C, C++, and MQL5, and can create any type of indicators, experts, and scripts with MQL5 assistance. There is no mention of the location of the EA with just a contact number being provided for responding to queries and other support assistance.
Currency Pairs, Strategy & Timeframe
Screti Forex Robot works mainly on the EURUSD pair using time frames ranging from M1 to H1. Stoch, RSI, CCI, and moving average indicators are used by this expert advisor. Working method is by identification of appropriate trends and the system uses suitable analysis of the conditions to recommend the right trades. According to the vendor, the system is accurate and is capable of providing nearly 50% monthly return. However, there is no mention of the strategy used or how the strategy is applied in the trading to elicit the returns that the vendor claims. This makes the system look suspicious. Such a lack of transparency concerning vendor information and strategy application raises a red flag.
Screti Forex RobotTrading Performance
We could not find any backtesting results on the official site. Although strategy tests offer historical data that do not predict future performance, they can help in providing better insight into the strategy used and the effectiveness of the system. Trading results verified on FXBlue are provided by the vendor. From the trading results done on the currency pairs, EURUSD, and EURCHF using the leverage of 1:200, we could find a weekly and monthly return of 6.5% and 30.2%. An initial balance of 2,246 is used and a trading history of 177 days is recorded. The results do not correlate with the developer’s assurance of 50% or more profits. We could also find a huge drawdown which indicates the use of a high-risk strategy. A profit factor of 2.96 is revealed which is below average. The results verified on FX Blue are displayed below:
A duration of 5.4 hours is the average length of each trade and around 8.9 trades are being done on average. A 12.45 risk to reward ratio further makes the expert advisor a highly risk laden one.
How Much Does It Cost?
A 70% discount offer is available as part of the Black Friday Sale now where the vendor provides the Jack Flash Bundle of 7 EAs with 10 real accounts at €99 with the original price being €299. For the Jack F1 Pro, F2 Pro, and F3 Pro that have 5 real accounts each the price is €129 each. € 99 is offered for the Jack F4 Pro, F5 Pro, F6 Pro, and F7 Pro packages with 5 real accounts each. No money-back offer is provided by the vendor which is disappointing as a refund proves that the vendor is confident of the reliability of the system. While the discounted rate seems affordable, it is just for a short time. We find the original price quite expensive and not worth the money considering the absence of a refund and adequate strategy information.
Reviews From Customers
We could not find any user feedback for this Forex robot on trusted sites such as Trustpilot, Forexpeacearmy, etc. This absence raises a red flag as user feedbacks are the best tools to assess the efficacy of a system.
Should You Use Screti Forex Robot?
|More than one Forex robot present||Does not explain the strategy used clearly|
|FX Blue results||Is not available to clients from the US|
|The results are not verified by the Myfxbook site|
|Price is expensive|
Wrapping up our Screti Forex Robot review, we have identified several shortcomings in this expert advisor. We could not find appropriate details regarding the developing team and there are no backtests provided that help assess the reliability of the system. Furthermore, the absence of user feedback and the performance not being as assured by the developer are definite factors that make us suspicious of the system’s authenticity. With the available information on this expert advisor, we would not recommend it.