Many traders and forex enthusiasts look for forex robots which would help them generate a slow but steady, consistent level of profits over a long period of time. Our focus of this article, TradeRobo EA, is a Forex expert advisor that promises its users exactly that. According to the software’s creators, the software uses an algorithmic trading approach for achieving sustainability of profits in such a volatile market.
About TradeRobo EA
After looking at their website, which appears to be professionally designed, we get to know about the identity of the developers behind the project. It is under the parent company, Findilao Ltd, which is a Bulgaria based company and also a subsidiary of JFD brokers. The managing directors of the project is Victor Tomov.
|Strategy Employed: Grid|
|Timeframe used: M5|
|Currency Pairs : GBP/USD, NZD/CAD, NZD/CHF, USD/CAD, USD/CHF, USD/DKK, USD/NOK, USD/PLN, USD/SGD, Pairs: AUD/CAD, AUD/CHF, AUD/JPY, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CHF, EUR/GBP, EUR/NOK, EUR/NZD, EUR/SGD, GBP/CAD, GBP/CHF, GBP/NZD,|
How TradeRobo EA Works
Unlike most Forex Expert Advisors, TradeRobo EA is designed to help users in the generation of an annual yield, usually within the range of 25% to 50%. This process, although slower, is known to be consistent and is not usually followed by most automated trading systems. According to their website, this is due to the fact that the product is developed exclusively by German financial experts, in spite of the company being located in Bulgaria.
When it comes to the trading strategy they employ, it appears that is uses a grid trading strategy on a diversified portfolio, one consisting of 24 Forex pairs. One of the worrying aspects of this system is the degree of negative connotation that the grid strategy carries with it. There have been many such Forex advisors in the past which have failed miserably due to the high risk involved.
The EA has also attached figures for the two risk levels they provide, namely, Conservative and Speculative
As indicated above, TradeRobo EA provides users with two risk levels to choose from. Traders are required to invest a minimum of €10,000 for the conservative strategy, while the speculative strategy requires a minimum of €5000. Compared to some of its competitors on the market, the deposit amounts are a bit high and are focused on serious investors with deep pockets.
Overall, the pricing structure for this EA seems to be a bit high, with the developers charging $145 per month for the service. There are many alternatives offering the same set of features for under €250 a year. In this case however, recurring charges can add up to €1000 per year.
Live Trading/Backtesting Results
A sure-fire way to evaluate an EA’s legitimacy is to take a look at their back-testing/ trading results. Authoritative sites such as Fxblue.com or Mxfxbook.com can provide verifiable accounts for the brokers in question, which are almost always provided by the broker on their sales page.
In TradeRobo EA’s case, two verified accounts are provided on Myfxbook.com, a conservative and a speculative account. The conservative account shows a gain exceeding little over 23% with a 7.45% drawdown. The other account shows a gain of over 50% with a 12.98% drawdown.
Taking a better look at the results, one can clearly see that the accounts have performed better in 2017 rather than in 2018 or 2019. For instance, gains have been smaller in 2018, with a 1.28% gain generated by the conservative account, compared to 18.82% in 2017. The other accounts also exhibit similar changes through the two years, which are tell-tale signs of a software that has peaked over a year ago.
Even though the sales page appears impressive and professionally designed, the EA falls short in certain other areas such as the high drawdown percentages, unimpressive trading results, as well as the steep price of the product in question. Overall, TradeRobo EA does not seem to be worth it for the high price a user has to pay.