Rocket EA Review: My Opinion on This EA
We’re looking at a Forex Expert Advisor by the name Rocket EA. This EA is a property of a developer called TulipFX.
According to TulipFX, Rocket EA is ”perfect” and is the ultimate money-making algorithm for those who want to capitalize on both short and long term swings in the GBPUSD pair.
To add some dose of uniqueness or legitimacy to this product, the developer claims that Rocket EA was created by Sander and Tjalling who are part of the team running TulipFX.
How experienced are they? Well, we aren’t sure.
Nevertheless, after analyzing Rocket EA carefully, we concluded that it was not the safest tool to use for your trading.
The first thing you need to know is that this EA was developed to implement aggressive methods of trading, and this can quickly damage your account as opposed to making you money in the long run.
This developer actually confesses that once you ”make a profit” with this EA, withdraw it immediately as draw downs can be extremely high, to the point of wiping all your account.
In our opinion, that’s a very serious confession to make. No sane trader should go ahead to use Rocket EA if that’s the case, don’t you think?
So we’ve decided to review Rocket EA anyway, just in case you want some clarity before making an informed conclusion, which in our case is — do not use it at all.
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.
Rocket EA: Here’s why this robot is not reliable
It comes with a high potential to earn profits, and that means high potential of suffering a major blow.
Actually, there are a few user reviews which claim that their accounts were blown up by this EA as a result of its aggressive approach to trading.
We will be getting into that shortly.
The developer also promises that Rocket EA can either trade once in a day or several times depending with signal availability.
The EA is designed to trade GBPUSD pair only, meaning that you cannot use it to trade other opportunities that manifest in the market from time to time.
In our opinion, there are much better EAs in the market which cost less and are able to trade all pairs with a high precision rate.
It’s not worth spending $740 on a Forex EA that has the capability of trading only one pair.
In fact, we could say that this EA is overpriced for nothing yet the method it uses is akin to gambling.
Even if they are giving you an opportunity to pay on a monthly subscription model, it still doesn’t favor you in the long run, and you will see why as you continue reading.
Also, in as much as Rocket EA trades swing movements during the Japanese trading session, it does not necessarily mean that it will yield profits when large swings finally happen.
According to the developer, the software capitalizes on large swings by opening multiple high-risk positions to net a huge profit at once.
However, any professional trader will tell you that this is a silly way of trading.
Even if you make a profit now and withdraw a part of it, you will never become a successful trader in the long run if you continue using this style of trading.
We also learned that Rocket EA comes with a feature called equity control mechanism.This is supposed to help you set your level of risk in the EA.
Now, that’s a good and a bad thing at the same time. You see, if you actually know how to use that feature, you can survive in the middle term.
The downside, however, is that many people are always tempted to set their risk profile higher, hence it’s inevitable that they will always end up in losses at some point in time.
A 40-50% profit each month?
We will always repeat the fact that we do not like how Rocket EA trades. If someone tells you that you can rack up a 50% return each month by trading with their system, you should know that this person is telling you to take abnormal risks which aren’t worth it by the way.
Yes, this can be achieved. But how many traders can achieve this on a consistent basis before suffering a big draw down that will see them donating all their initial earnings to the market again?
The thing is, you will make money now. However, before you even get a chance to withdraw it, it will be gone. That’s a guarantee.
Recommended minimum capital for trading with Rocket EA
This developer is encouraging you to start with $3,000 in your trading account.
That is to say that he is targeting a high-net worth trader as opposed to someone who is just starting out.
Secondly, you have to understand that the bigger the size of your account, the higher you tend to set your risk profile.
You cannot possess the discipline of trading 0.1 lot on a 3,000USD account. Instead, you will always find yourself setting your risk profile higher, and that’s where Rocket EA will blow up your account after fooling you with some initial profit.
What users are saying out there
Please notice that the specific currency pair which this EA trades is quite volatile.
This is a good and bad thing altogether. If you have an EA that has the capacity to capitalize on opportunities that present themselves in highly volatile markets, you can be the luckiest trader on earth.
The problem is that most EAs that are restricted to a single currency pair that is also quite volatile tend to perform poorly in the long run.
Therefore, raising your risk on a volatile currency pair like GBPUSD is an equivalent of gambling. No question about it.
And now we are glad that we’ve come across some real user testimonials, and we believe that these testimonials are a true reflection of what Rocket EA is.
One user claims that this EA took his account down to 10% in the first few weeks of using it.
Why was he using it for weeks by the way? Because high-risk scalping EAs like Rocket EA always fool traders with temporary profits.
There is a high likelihood that this guy was fooled by the initial profits that this EA was generating, which is why he kept using it, hoping that he would turn into a millionaire soon.
Little did he know that Rocket EA would ultimately set his account back by a whooping 90%.
Also, this user claims that in his previous months of using this EA, he almost got a margin call.
When he asked for a refund, the team at TulipFX refused to reply to his emails. That’s an equivalent of high-handedness.
Wrapping It Up
The bottom line is that we are not recommending Rocket EA since it has failed our test. It’s not a wise idea to trade with this EA. You will fail ultimately. Besides, it’s such a very expensive trading robot. Why would you purchase a robot for $740 when you can get one for a fraction of that price?