Forex Auto Millions Review
Forex Auto Millions is a fully automated forex robot developed by Eugene Walters. According to Walters, this EA is supposed to take care of all activities associated with forex trading.
This robot seems to have gone through several iterations. The latest update was released in 2021. In todays post, we review this forex robot. We assess its performance and customer reviews. Finally, we give our honest recommendations.
What is Forex Auto Millions?
This is a fully automated forex robot that aims to make you money. It works on the MetaTrader4 platform. Walters seems to update this software periodically because we found a trace of this EA dated 2013.
In terms of strategy, the website does not provide any. It seems to have skipped this whole section. As a matter of fact, Walters states that the trader does not require to know the working principles of this EA. They only need to trust it based on the backtest results they have provided.
This EA aims to make trading easy. They especially seem to target beginners. Walter states that traders do not need to learn secret codes, trade indicators, or price movement; the solution is to invest in this forex robot.
However, the owner clarifies that this EA does not use grid, martingale, or hedging. It focuses on the EURUSD currency pair in a 5-minute timeframe.
The developers state that this EA has some great advantages which include:
- No need for special knowledge required for trading with the robot
- Detailed setup instructions with screenshots
- Works on MetaTrader 4
- Free setup service included
- Trading tips to get the most profit from your trading
- Pattern recognizer for candlestick and divergence
- 24/7 support for all your questions
- Free lifetime updates
- 60-day money-back guarantee
Now for the other critical bit, let examine the performance results of this robot.
EA Review: Forex Auto Millions Performance
The creator of this EA has provided us with a set of backtest results. The backtests are done with historical data in the MetaTrader4 strategy tester.
The initial deposit was $5,000 and the net profit was $318,895 with a lot size of 1.0. This was over a span of 20 years.
A second backtest chart shows an absurd growth in profit. With an initial deposit of $5,000, this EA could get a profit of $24,931,706. Like the first backtest, this test also spanned over 20 years. However, the relative drawdown stood at 41%, which we consider high. Note that for this backtest, the max risk was set to 10%.
Backtests are all good, but to conclusively determine the effectiveness of an EA, results from a real money account are necessary. We headed over to Myfxbook to check how this EA was performing.
The first thing we noted was that this was only a demo account. Moreso, it stopped updating in 2013. This is not a good sign. Looking at the results posted here, the gain and absolute gain are relatively similar. The drawdown here is almost similar to the one on the backtest with the max risk of 10%.
Surprisingly, the monthly growth over a period of 1-year stood at 65%. From an initial deposit of $2,000, the EA managed to “rake” in a profit of $1,350, far less than we expected.
Forex Auto Millions: Community Trust Levels
We searched the internet for user reviews from reputable sources. We only managed to find a single user review that was written in 2018. Being an EA that was developed in 2013, we expected a bit more consumer reaction.
The website provides several testimonials. However, none of the users provide any evidence of the traders. They also do not show their faces.
We cannot independently verify these testimonials.
Pricing and Refund Policy
Forex auto millions is offered at $99, a one-off charge. There are various payment options including Visa.
Eugene Walters offers a 60 day money back guarantee.
The individual behind this EA is Eugene Walters. This bot was first launched in 2012. Looking around the internet, we did not find much about Eugene. However, he says he is a passionate individual who loves forex trading.
We also found exchanges between prospective traders and forex auto millions administrators dating in 2012. Some of the traders wanted to see real live verified account. To our surprise, real accounts have not been setup yet till now.
Several things are off with this EA. First off, the developer has not explained the strategy it uses. Even if it is an automatic forex robot, traders need to understand the robot’s strategy and methodology to make money. More so, the backtest results are wonderful, but a live real money account has not been provided. Therefore, we cannot be sure of how the EA would fair in current trading conditions. Our recommendation is to stay clear of this EA.
Walters needs to provide the strategy and methodology for this EA uses. We reckon that it will boost traders confidence in a market full of EAs looking to scam people.
Moreso, a real live trading account would do this EA a world of good. As we have previously stated, this EA seems to aim to forex beginners. However, we reckon that there are better forex robots out there.