FX Street Robot Review – Perfectly Automated EA or Scam?
FX Street Robot takes the name of a popular blog called FXstreet.com. At first, I wondered if this robot was somehow related to that website only to discover that FX Street Robot has nothing to do with the popular Forex investment blog. That said, I believe the developer is setting themselves up for some serious litigation matters.
For us, the concern is whether FX Street robot works as claimed on the sales page. They claim that this EA is a perfectly automated algorithmic trading system with self-updating logic.
The developer reminds us that 95% of traders are losers simply because they don’t have access to a solid tested trading strategy. They claim that through the FX Street EA, they will be able to offer the trading community this solid tested trading strategy.
The vendor whose sales page can be found at fxstreetrobot.com does not provide us with any information pertaining to who they are, their track record as well as their location.
From the look of things, the sales page isn’t done yet. So hopefully this information will be added. At the moment, the developer is providing us with a brief description of how the robot works and a gmail contact email just in case we want to ask questions.
FX Street Robot Review
FX Street Robot tells us that simplicity is what allows traders to succeed in the Forex market as opposed to intelligence.
They have adapted this principle into the trading algorithm of this expert advisor. What they are offering is a 5 indicator, self-updating algorithm that is supposedly trading all market conditions and making money without incurring significant draw down.
They also tell us that FX Street Robot took them 4 years to develop. What they are using is a complex mathematical formula which analyzes every position carefully.
With this robot, traders can set their own money management rules because it comes with risk percentage settings They also tell us that the robot utilizes hedge trading strategy but no in-depth explanation was offered regarding the hedging trading strategy.
This is the case with many EA developers who skim through the introduction hoping to get our attention but this never works in the long run.
The developer also promises that the hedging trading strategy is used by the FX Street robot to filter out bad trades in order to keep losers at bay.
In addition to this, they promise us that frequent updates can help this robot go a long way into helping us win many trades on a consistent basis.
It is worth noting that developers who stick to one or two products at a time and opt to perform frequent updates are always ahead of the competition compared to those who hardly perform any development upgrades.
FX Street Robot Review – overview of what is offered
From the explanation found on the sales page, the FX Street robot is utilizing hedging strategy but time frame of trading was not disclosed.
In addition to that, the expert advisor is worth anywhere between $99-$119 depending on how many licenses you are looking to purchase.
There are 3 plans in total which provide lifetime access to the FX Street robot.
These are basic, standard and pro plans respectively. The price is $99, $109 and $119 respectively. In addition to this, all the 3 plans have free lifetime updates and support as well.
The developer has designed this trading system to focus on the EURJPY pair. It is not clear why, but this could also mean that the FX Street Forex robot is a unique product. I am finding myself more interested in utilizing unique Forex robots because they tend to have advantages that the regular expert advisor does not have.
So this is right up my alley. I will go ahead and explore the trading results to see whether it is something that can outperform the best Forex expert advisors or exceed expectations according to the sales page.
FX Street Robot trading results
Their FX Blue account has been active for 3 months now, showing us an overall gain of 283%.
The robot has a maximum draw down of 45%, and the average trade length is 44.5 hours.
According to this FX Blue account, the worst day of trading saw this software incurring a loss of -39.2% which is quite substantial. But it appears that the Forex robot is quickly recovering.
The reason I am forced to believe that the FX Street robot is a high risk trading robot is because of its super huge gains over a short period of time.
I can promise you that if a Forex robot is promising something like 50% in monthly returns, it simply means the risk is too huge. We can prove this with the high draw down which this system is associated with. 45% is not a small loss.
On the positive side of things, the software records a win rate of 87% which is certainly pleasing but not so useful if we consider the fact that draw down can be as high as 45%.
What else do I want to see from this developer?
I want to see a trading statement spanning 6 months as well as how this EA holds in a real customer’s trading account.
If we had a bigger trading sample to analyze, we’d probably be motivated to try this expert advisor. 3 months of trading produces limited samples of data to work with.
I’d also like to see this developer utilizing my favorite statement sharing platform, myfxbook because it is more transparent and easy to read. That said, my recommendation is to sit on the fence.
But if you have experienced how the FX Street Robot trades, you can comment below with your trading results.