Forex Kingle Review: Is this EA for Real?
Today we are doing a review of the Forex Kingle EA. I have no idea why some traders refer to it as Forex Kingle Hedger EA because I have checked the developer’s website and did not find a single statement claiming that the Forex Kingle EA is a hedger. At the same time, I think the trading community will never show preference for this type of Forex robot because the sales page is giving too many promises with no proof to back the claims or justify the crazy price tag.
If you want good Forex robots that make reasonable but consistent monthly returns, check them out on this page and pay attention to the specific advice that I am giving concerning each one of those Forex robots. But if you want consistent returns of up to 25% per month, a Forex robot won’t be good. You’d do extremely well with Cryptocurrency investment plans offered by this website.
Meanwhile, I will state according the the developer’s website which clearly tells the community that the Forex Kingle EA will make 70% continuous profits. It’s not clear whether this is monthly returns or lifetime profits. I suppose that they might be referring to the average monthly returns of this Forex robot and if this is the case, then I will strongly demand performance records that shows the Forex Kingle EA making 70% returns on a consistent basis.
The developer of this Forex robot is anonymous and their development experience is also unknown. Their early myfxbook accounts however depict that they might have launched this robot sometime in 2017.
Just one license of the Forex Kingle EA will cost you $977 which gets you one demo and one live account. This is not normal because Forex traders who prefer automated trading solutions usually purchase Forex robot’s whose prices are in the range of $140 to $200. Majority of the ones I review here don’t cost $200. So with this weird price tag, I am very much interested in finding out whether the features and performance of the Forex Kingle EA are at par with the price tag.
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Forex Kingle EA review
This is an interesting Forex robot developer because despite operating their website anonymously, they promise consistent profits to the community, thanks to their Forex robot, the ForexKingle EA.
They want the community to know that this is a scalper that follows trends in the Forex market. They also provide set files of the Forex robot to boost performance.
It is not enough to say that a Forex robot uses trends to make money. Many novice traders use trends but they fail to make money because they can’t figure out a strong trend and an exhausted one. The same case applies to automated trading systems that have been created by developers who are not traders.
That is why it’s important that you decide whether you want to trade using automated trading systems or your own skill. You can acquire this skill from a professional trading course that teaches the tricks that bankers use to enter and exit the markets at the appropriate time.
The strategy of the Forex Kingle EA
The developer of this robot has not revealed the exact trading strategy. They think it is enough to state that the robot is using trends to make the alleged consistent profits and I think this is vague information.
They have not told us how the algorithm determines where to enter and exit a trade. They have also not disclosed how the robot determines which trends to trade and which ones to ignore. There are many factors that affect a market and your decision to enter and exit is determined by these factors.
Therefore, we can say that the Forex Kingle EA has no trading strategy and for that reason, I am not sure of its capability to generate the alleged 70% returns.
Key details that are worth taking note of
The Forex robot is optimized for two pairs: GBPUSD and EURUSD.
The developer wants traders to purchase and send their trading statements every week. They threaten that if you can’t send the trading statement, you won’t have the right to purchase a license.
When I read this statement, it felt awkward. I immediately concluded that this is a trick to make it look as if this is a premium Forex trading product. If the developer is looking to go through your trading statements every week, then their Forex robot must be a premium product. That’s something that appeals to the minds of people who have never been disappointed by a Forex robot.
Clearly this is a statement that is designed to make you believe the developer’s absurd income claims.
You should not be making your purchase decision based on this statement. You should be purchasing this robot if you have sufficient proof of profitability in addition to features which you think can be ideal to your trading.
There are two types of licenses. They cost $977 and $4997. The features are the same except that the second license gives access to 7 live and demo accounts while the cheaper one will let you trade one demo/live account only.
The developer claims that Forex Kingle EA is highly restricted and licenses are not unlimited. This appears to be a marketing stunt aimed at making traders purchase this Forex robot quickly and without giving it a second thought. Don’t fall for such marketers.
Forex Kingle EA performance
There are 5 different myfxbook accounts presented on the sales page of the Forex Kingle EA. Two of the myfxbook accounts are connected to live accounts while the other 3 are connected to demo accounts. It’s important to take note of this.
The Forex Kingle EA’s performance for the two real accounts were documented for one month only and that was in November 2017. The EA recorded a gain of +10.8 and +12% respectively. The fact that these two myfxbook accounts are idle raises questions.
The same case applies to two other myfxbook accounts of the Forex Kingle EA. It is crystal clear that the developer of the Forex Kingle EA is hiding some critical information which they don’t want you and me to know.
We expect up to date myfxbook performance and if there is anything, they should explain why the results for this robot are no longer being tracked in these 4 myfxbook accounts.
Meanwhile, the developer of the Forex Kingle EA is presenting the community with one myfxbook account that has documented performance of their robot since September 2017. This myfxbook account was only active for 3 months and it appears the robot crashed the account. I suspect that this is what the developer has been hiding in the other 4 myfxbook account.
Forex Kingle EA is a robot I cannot recommend to anyone because clearly the developer cannot prove their alleged 70% returns. The developer is also anonymous which raises a lot of questions in my mind. You should also comment below this Forex Kingle EA review to let me know your mind as long as you won’t lie to me that you’re making money with this thing.