Funnel Trader EA Review – Scam Or Real Profits?
Thanks for coming here to get enlightened on this Forex expert advisor called Funnel Trader EA. It’s the talk of town because the developer really creates the impression that he is literally putting his money where his mouth is. For example, he says that you can test Funnel Trader EA for 14 days, and this will cost you $5 only. In addition to that, you will still be covered by his 60-day money back guarantee.
Funnel Trader expert advisor is also being offered for the price of $127 per month or $497 per year… if you have deep pockets.
Well, I like the way Lance Hunter (the developer) has broken down the payment plan to make this expert advisor ‘affordable’. However, before getting into this, you need to be sure that what you’re buying will bring you profits. Even if you tested it for 14 days by only spending $5 and it turns out to be a useless expert advisor, you’d still incur a big loss.
Note: If you are here because you are looking for a Forex trading product that will help you make money, check out this page. Then give me your feedback please.
Truth is, you’d lose a big chunk of your Forex account. So in as much as this trial period saves you the upfront cost of the product, it does not save you from the potential loss that this expert advisor could cost your Forex account.
Let’s review the other aspects of the Funnel Trader Expert Advisor
Funnel Trader Expert Advisor Review
Lance Hunter starts by asking a rhetoric question….. ”Do you want to know why you’re not profitable in Forex as well as how you can change this today?”
Then he shows his audience a bunch of screenshots which depict that his system has netted 12,398 pips so far.
Good, now he has your attention, and that’s where the selling starts. He talks about what Netflix, Amazon and Apple have in common and how this common factor can make you money.
I later learned that he was referring to the stock market as well as how it takes time to hold and sell stocks for a profit.
Lance Hunter also says that he can teach you how to make between 10-20% monthly return on investment.
But if you don’t believe all this, he will give you his investor password so that you can check out his ‘live Forex account’. Seeing is believing!
This should pique your interest by the way because rarely do we find developers giving investor password. But wait because you don’t know the joke yet.
It’s the reason why I signed up to learn more about the so-called Funnel Trader EA. Once I gained access to the main sales page, Lance Hunter introduced himself as someone who has worked hard and followed his passion which led him to become a ‘successful’ trader.
This guy claims that throughout his journey, he has discovered what works from what doesn’t in Forex trading.
And by purchasing the Funnel Trader expert advisor, you will have the privilege of not going through the trial and error phase to learn the secrets of trading Forex. So basically, that’s all he said about himself. No physical address or phone number to help with the verification process.
We have a widget on the site which is titled ” Detailed trading statement”. Scrolling and analyzing the trade history revealed to me that the Funnel Trader does not let trades run for a long time. Sometimes it closes positions with as little as 0.1 pips. If this is the case, one can’t help but wonder how the promised life-changing profits are to be made with this EA.
This prompted me to further scrutinize this table of trade performance with my focus being on the first page of the table (no need to check the second and third or fourth pages because the first page was sufficient enough to give me an overview of how the Funnel Trader EA performs).
On 17, August, 2017, it made 101 pips (which seems to be the highest number of pips it ever achieved during this testing run). This netted the trade a profit of $10.07, which suggests that this testing was being done on a micro-account or cent account for that matter.
Generally, the number of pips gained on individual trades were modest. There were losses here and there. Nonetheless, losing trades for individual positions were greater. The least number of pips that were lost was -3.3. The highest number of pips that it ever lost on a trade was -93.7.
Please take note of the following
You cannot get a true picture of what is happening on a live Forex account until the developer shows you their open trades at the moment.
If we are able to monitor open trades, we can see whether or not the open positions are winning or losing. Until these positions are closed, it’s technically impossible to know if the robot will eat a significant part of the account balance or add a profit to the account balance.
You get what am saying?
|Open trades and orders kept private|
Now, my problem with this system is that the developer chose to keep open orders and positions private. Why?
Reason is, those positions were most likely in the red zone (evidence will be given later). He knows that if this information is shown to traders, they will do the math and know in advance whether or not this system will eat all the balance in their account. So lack of transparency is what killed the credibility of this system.
In addition to this, the data you’re seeing above is not sufficient to make a conclusion until all open positions are closed and account balance viewed. We don’t make judgement based on incomplete evidence.
Myfxbook results for Funnel Trader EA
It’s good that this expert advisor is being tracked through a verified MYfxbook account. The equity growth curve is climbing very strongly, which suggests that this EA is making money.
However, another problem arises shortly after analyzing this data. A live myfxbook account is supposed to be updated in real time as it tracks the activities of this robot. This does not seem to be the case here. Check the red arrow on the image above.
With that information at the back of my mind, I decided to get in touch with people who have used this system before.
I actually got in touch with one subscriber who sent me an email concerning an issue they had with this system. He was asking me to review the Funnel Trader EA because it appears that this robot was getting doctored reviews and testimonials at Forexpeacearmy forum.
So this is the complaint that this user submitted along with evidence:
”I purchased this robot 3 months ago. Traded and was profitable until a big event came. The developer sent me an email asking me to close all current positions because of this specific event.
Unfortunately, all open positions were in draw down phase, meaning that if I closed them, I would take a loss. I had no choice, so I followed the developer’s recommendations.
I sacrificed $350+ on a $3,000 account. This loss was recouped 1 month later.
Since the Funnel Trader expert advisor follows a grid + Martingale system of trading, it is always in the draw down phase while running a trade until the market changes direction so it can recoup losses and profit as well. It isn’t for the faint in heart.
In another incidence, the developer emailed me to close all positions because of an upcoming event. I was in a draw down phase which would see me losing -$1500 of my account balance.
This time round, I did not close the open position. The markets turned in my favor and the draw down narrowed to -$400. Then all of a sudden, the developer closed my position without warning.
The EA started a new cycle all over again — to my surprise. It went to -$1500. I had to top up my account to 8K, hoping that I would allow this trade to breathe and ultimately yield profit.
The draw down went to $ 2.5K and finally to $ 3k. I couldn’t take this anymore, so I closed the position at a loss and disconnected the EA. I lost $2,5K of my account in addition to the subscription fee which I paid for this robot.”
As you can see from the message above, Funnel Trader EA does not live up to the promises made by its developer.
Indeed, what you see on their myfxbook account or trade statements is not what you will get. This particular user claims that he tracked the Funnel Trader EA for 3 solid months before making the decision to buy the license which costed him $497. And what did he get? You know the answer.