EA Review: Forex inControl
Forex inControl is a forex robot that is 100% automated. The owners of this EA claim to have improved this robot and now they are offering an improved version called Forex inControl-Reborn.
The owners claimed that this software was developed by a team of experienced and inexperienced traders. There are two versions available to traders, one that includes an accelerator mode while the other includes optimized settings.
In today’s review, we analyze this robot. We check to see if it works and how the performance so far. Finally, we will give you our honest verdict concerning this EA.
What is Forex inControl?
Forex inControl is an automated forex robot that claims to be profitable and reliable. The main strategy for this EA is Hard control of drawdowns. They use a technology that automatically sets a StopLoss for all orders for a specific price. Therefore, the trader is able to control to what extent they incur a loss.
The robot can work on many currency pairs. However, the website claims they choose the best two pairs. With that, they are able to control potential losses due to this diversification.
The creators of this robot also suggest that using the two best currency approach assists in risk control. It gives the robot a chance to limit the drawdown separately for each currency pair.
Additionally, the website states that this EA can work as a single entity on account or with a combination of other EAs. The robot works by timing, then selecting the best entry point into the market.
- Extremely easy to set up
- Fully automated
- Trades on 2 pairs
- Hard Drawdown control
- Conservative Normal and Aggressive styles of trading
- Backtests for over 14 years
- Verified live trading statistics
Now that we have a firm grip of how this robot works, lets look at some statistics and customer reviews.
EA Review: Forex inControl
The first thing that stands out when you visit the forex inControl website, is the lack of a detailed trading strategy. The site only mentions the use of conservative, normal and aggressive trading styles. In our experience, it’s always recommended giving detailed information on strategy for the good of a prospective investor.
However, the developers have tried to explain the methodology the EA uses. First off, they have a money management policy that aims to control the drawdowns strictly. Traders can precisely set the maximal drawdown so that traders do not lose more than they set.
Secondly, the EA boasts of a unique algorithm that can work with more than one currency pair. This allows the EA to cover potential losses on any one pair by the profit from trading on the other pair. Such diversification allows getting a stable profit.
Finally, trading the two currency pairs allows the traders to limit drawdown. This is achieved by limiting the drawdown separately on each currency pair, therefore, allowing for diversification. The developers claim that these methods allow traders to get a stable profit at minimal risks.
The starting price for this EA starts at $270. This version comes with optimized settings. The other versions boast an accelerator mode and cost $310. This gives you lifetime access and a single account where you can trade on M4 and M5 platforms.
With the purchase, you get the following:
- Forex inControl EA
- Detailed User Manual
- Free Updates
- Professional support 24/7
Forex inControl: Statistics and Customer Experience.
The creators have provided backtests results showing the performance of the robot. In one case, it shows strong growth from $10,000 to $265,000 in a 15 year period.
Drawdown for the normal mode as shown in backtests provided by the website average around 27%. This is not a bad figure.
More so, backtests results when the robot is set to accelerator mode show increased profits. However, chances of a drawdown also increase slightly to an average of 29%. The website claims that with a similar risk profile to the normal mode, the accelerator mode can get more profits.
Results from real live accounts show an almost similar story. We picked statistics from Myfxbook. Profits grew to $10,501 from an initial deposit of $1,000 over the period shown.
Monthly growth stands at 6.57%. However, note that the drawdown drastically increases from 28% shown on the backtests results, to 38%. A 38% chance of a drawdown is really concerning.
The absolute gain and overall gain are similar. This shows that there were efforts by the owner of this account to shore it up to prevent it from dipping. Nonetheless, out of 172 total trades, this EA won 122 of those, a 71% win rate. The profit rate for the real account is 2.4 which is really commendable.
We looked at some reputable sites where users shared their experiences about this robot. Although not many, the reviews were extremely negative.
The site also provides a 30-day money-back guarantee if a trader is unsatisfied with their service. A refund is also initiated automatically if a drawdown on your account is more than 40%.
The results from backtests and real-live accounts show some growth in the initial deposit. However, drawdowns show a big difference when backtests and Myfxbook figures are compared.
Moreover, customer reviews are alarming. We recommend that you take extreme caution if you decide to buy this robot. The good thing is that there is a 30-day money-back guarantee if things don’t work out. Additionally, invest only what you can lose.
Our Final Thoughts
The purchase price for Forex inControl is not that prohibitive. With real live accounts, note that the drawdown stands at 38%. Investing in this robot will depend on your risk appetite.