FX Goodway EA: is FXGoodWay Robot Scam?
FX GoodWay EA is a new Forex robot designed to work with all brokers who provide MT4 trading platform. The developers claim that FXGoodWay EA is smooth as it produces consistent returns on a weekly basis without any huge draw downs.
The expert advisor uses Multi-session logic to analyze the condition of the market before deciding whether to open trades or not. FXGoodWay robot is optimized for trading EURUSD only.
The developers also want the trading community to believe that they have a solution to a common problem that faces traders who are tired of using robots that make consistent losses and then spend weeks trying to recover those losses. If you feel this way too, I want to advice that you make use of these trading solutions recommended on this page.
I’ve observed that FX Good Way EA is a grid-style trading robot and if you have been around for some time, you already know that robots that use grid trading strategy have been known to burn accounts faster than ever.
That is why the community including myself have always endorsed these Forex trading robots and signal providers. These tools have been around since man discovered the internet…. just kidding but take me serious on the fact that we don’t recommend bogus items here.
I am very much interested in this EA because the developer says its different and secondly, they seem to have a professional website in place. One would anticipate that something good will come out of this.
The site can be found at fxgoodway.com but unfortunately the developer did not introduce their name or their trading and development experience. I have no idea who they are or even where they are based at.
To contact them, you must use an integrated contact form on their website. No phone numbers, chats or direct email was provided.
FX Good Way EA review
FXGoodWay EA opens trades in one direction as long as there is a trend in place and according to the developer, this robot can open multiple positions and close them all in profits.
I find this claim unrealistic because it is not possible for a robot or human trader to make money from all trades they open.
The developer wants the community to believe that FX Good Way EA is the best since it is backed with 4 years of back-testing in addition to 1-year myfxbook account history.
This would seemingly make a good combination of factors to look for when deciding whether to purchase a Forex robot. Thankfully, this developer has provided a link to their myfxbook which I will analyze to help you make your own decision.
Features and Strategy of the FX Good Way EA
According to the website of this developer, FX GoodWay robot uses grid trading strategy which is a style of trading that opens a series of trades in one direction.
The robot is also equipped with a feature that lets traders set their risk levels so the EA can automatically adjust lot sizing.
The multi-session logic carries out an analysis of the market based on the data it receives so it can decide which logic to apply to a given market. This is the greatest selling point of the robot as the developer does believe that this will increase profitability and reduce draw down.
They are also promising free updates and support for the price of $289. As far as pricing is concerned, this robot is a little bit expensive compared to the majority of the Forex robots that we have reviewed here before.
Also, for that price tag, the community would like to have an assurance that the FX Good Way EA won’t be a loss-making robot.
For that reason, the developer has provided proof of performance in form of myfxbook trading history, 4 years of back testing and 30-day money back guarantee (don’t rely on money back guarantees, just make your decision to buy or not to buy based on reasonable logic).
Trading performance – back testing and myfxbook
The numbers look really good on myfxbook as the bot has achieved returns of +481% over the course of one year.
Monthly returns are currently set at 14%. However, draw down is very big as it sits at 36%. This is very common with Forex robots that utilize grid trading style. This didn’t catch me by surprise.
While the numbers seem attractive, I would like traders to prepare psychologically because when the draw down strikes, a big chunk of their accounts will be donated back to the market. A good draw down would be less than 15% and no more than 20%. So this is quite a huge setback.
There is no real feedback at all regarding how well or poorly FXGoodWay EA is performing. I have checked this forum but have failed to find activities there. It is possible that this product is brand new to the market. Our safest bet would be to wait and see whether some bold enough traders will try it.
Although the developer of FX Good Way EA has done a decent job to provide their trading performance, I just don’t like depending on back tests anymore if I can comfortably perform analysis on myfxbook.
I also think draw down is quite huge, plus pricing of the FXGoodWay EA might be an issue.
If you have something to add to this review, please do. We always welcome feedback from traders.