EA Review: Forex Progress Bot
$18,022 in a month; that’s what developers of Forex Progress Bot promise to make for you in a month. Is this even possible?
This Bot prides itself on being the perfect forex bot for beginners and seasoned traders.
In this review, we analyze this EA. We tell you what strategies it uses, user feedback, and performance statistics. Finally, we tell our readers if this EA is a good choice?
What is Forex Progress Bot?
The creators call it a powerful product for forex traders. They claim to be able to make loads of money effortlessly.
The owner of this robot is Rita Lasker. A quick google search shows us she sells three more EAs.
Forex Progress Bot is a fully automated robot that opens, exits, and manages trades for you. However, Rita recommends that traders should regularly monitor the performance and adjust the settings accordingly.
Forex Progress Bot Strategy
Money Management: The developers consider this a critical pillar to the success of this EA. It allows traders to take full advantage of their profits. It works based on existing trading history. Therefore, if a trade closes with profit, the lot size of your next order will increase by 0.01.
The developers advise running the robot during active trading sessions with currency pairs that show a strong trend. More so, they advise avoiding weak and volatile markets.
Instant Buy and Sell Order: The trader defines initial fixed StopLoss and TakeProfit. These values are capture by the bot and sent to the broker server.
Trailing Stop: This can also be activated on the bot. Trailing stop works in relation to price movement. This is dependent on the settings.
Auto Stoploss system: This can also be activated on this EA. Auto StopLoss is useful in limiting a trader’s loss on a security position.
This EA trades all currency pairs but favors CHFJPY, EURJPY, EURGBP, EURUSD and GBPJPY. You can use a 5, 15, or 30 minutes timeframe for your trades.
Forex Progress Bot Features
- Super-easy 5 minute installation
- Compatibility with ANY MT4 platform
- 24/7/365 Customer Support
- Fully automated trading system
- 100% FREE Upgrades
- 30-day money-back guarantee
Purchase includes the following:
- Profitable BUY/SELL Trades
- Fully Automated System
- Money Management Mode
- Remote Assistance Option
- Trailing Stop Feature
- Auto StopLoss Feature
Forex Progress Bot: Performance Stats
To analyze statistics, we use a combination of backtest results and real live accounts.
Developers of this forex bot provided a link to backtest results. However, the link does not work. What we see is a snippet of a statement on the website.
This statement does not say a whole lot. There are no details offered to explain what type of account this is and other relevant information.
We went further and searched for results on reputable third party websites. Sadly, we did no find any.
Rita Lasker has posted the results of trading activities on the website. It shows that the bot made $1839 profit from one single currency pair. No other details about the trade are provided.
The lack of verifiable results is a big red flag for us. How do the developers expect prospective traders to purchase this EA yet they have not provided any form of verifiable evidence on how the bot operates?
Well, maybe customer reviews tell a different story.
We searched the internet and did not find any user feedback. This EA has no reliable community around it. However, there are screenshots of user feedback on this bot’s site. As you would expect, all reviews speak highly of this robot. Again, since these reviews are not verifiable, we advise you to take them with a pinch of salt. They provide no proof of their purchase or results!
Our Final Thoughts
Is this forex robot a good choice? Certainly not! From what we have seen, this EA still has a long way to go before we consider it legit.