Forex Truck Review: Hauling Profits?
We examine how this EA is performing, the strategy it uses, customer reviews, and some stats. Ultimately, we aim to give you a definitive verdict concerning this robot.
What is Forex Truck EA?
From their website, the owner term this robot as smart with the capability to operate automatically, 100% of the time.
This forex robot is also compatible with MT4 and MT5 platforms. Therefore, it achieves compatibility with all brokers. The site confirms that you get both versions of the EA once you purchase a license.
Forex Truck primarily uses a special feature that consists of two blocks. Depending on the algorithm, the first block finds good entry points and utilizes a fixed lot. The robot can also open a second-order depending on the algorithm’s signal. Once orders are placed, the robot tries to find a favorable exit point. It also tries to close trades, even with a small profit or loss scenarios. With this approach, the EA avoids prolonged drawdowns.
The second block is activated when the first block does not fix a loss situation. The intervention only occurs once a loss position has gone on for some time. It is designed to fix everything and close your trades in profit rapidly.
Moreover, this second block can open trades on the basis of market momentum. Orders opened could be opened by the EA with a minimal increase in the lot size, which allow for quick resolution of the situation with the trades in loss territory. The ultimate goal is to get profits for all orders.
The creators believe they have a reliable system that limits drawdowns. They call it risk control. The EA has a StopLoss feature that monitors trades in real-time. You can set the risk appetite in the robot’s setting.
Purchases for this EA is inclusive of:
- 1 Lifetime license of the EA for any account
- Unlimited possibility to change account numbers
- EA for MT4 and MT5
- Detailed user manual
- High-quality and friendly technical expertise
Forex Truck Review: Stats Analysis
To prove that a robot is reliable, Backtests and verified real accounts are essential.
Forex Truck EA has backtests that show the historical performance of this EA. The data shows trading for USDCAD currency pair for a normal and aggressive trading style. In both scenarios, the modeling quality is 90%.
Backtest done correctly with no backend tampering provide good proof of an EA’s potential. The data for this EA spanned from 2014 to 2020, a period of 6 years.
The concerning bit for this backtest is the drawdown. The maximal and the relative drawdown stands at 35% and 87%,, respectively. In real accounts, this would possibly mean a huge dent on an account. However, the other indicators are positive. From an initial deposit of $1000, the EA netted a profit of 11776247, which is mindblowing.
Next, we examine the results from real accounts that are currently active. Results showcased on Myfxbook indicate good performances. For instance, the drawdowns stand at 23%, which very encouraging. Over the set period of time(from Jan 2016 to date), profits have grown to $7,781 from a deposit of $2000. The FX broker used is FXOpen.
For the period recorded, this robot won 184 out of 324 trades. This presents a 59% winning rate which is moderate. Forex Truck closed 313 deals with 2137 pips. The average win is 45 pips ($91.5), while the average loss is 47.7 pips ($63).
The average trade length is 2 days with a profit factor of 2.06.
The website for this EA is active. The website does not state the developers or owners of the EA. It only indicates that this EA is powered by Forexstore.com. This is an EA marketplace that sells forex robots.
We would have loved if the website indicated the owners of this EA. This is important because it gives us the professional background of the developers. More so, it serves to boost the confidence of investors if the individuals behind a product are reliable.
On the downside, we searched for real user experiences, but we couldn’t find any. We believe the EA should have gained enough market traction among traders by now with the results displayed.
Forex Truck EA has shown positive trades that indicate healthy profits and growth. The creators also commit to a refund if there is more than a 35% drawdown on your account.
However, we are concerned with the lack of any verifiable user experiences.
This EA is far from the common scam we see around. Although risky, you can try investing in this EA.
The website advises that forex trading is an undertaking with great potential but high risk. We concur!
The starting price for this EA starts at $329 which is not prohibitive. There is also the 30-day money-back guarantee.
The owners of this EA have tried to explain how their strategies work. This coupled with good, verifiable, and updated results. However, we are still concerned with the lack of customer reviews.
If you have experience with this forex advisor, please leave a comment below.