Daxbot.eu Review: Dax Trading System a Scam?
Daxbot Trading system is a new Forex robot created by alnotrade.com. The developer feels that Daxbot EA is the number 1 MT4 robot for trading Europe’s Dax30 index.
They also feel that their Daxbot robot will help traders discover a “new world of trading” where monthly returns can be greater than 40%.
Currently, they are promoting Daxbot V2.1 (€299.00 EUR per license) and we will be letting you know whether or not this trading system is viable.
Note: You can check out other good trading systems on this page.
Daxbot EA review (Dax Trading System)
This Dax30 index robot is associated with Senior developer and programmer called Matts Korsen.
Matts Korsen appears to be the head developer at Alnotrades.com. Their about-us page also claims this robot was designed by traders/programmers with 30 years of experience.
This is quite difficult to verify because this team is very new in the trading marketplace.
In as much as they have an aesthetically-cute website that inspires buyers, we still want to know the reason they feel this EA can generate 40% monthly ROI on a consistent basis.
They feel that the reason Daxbot trading system works is because of the following:
- It has been historically tested
- It has tight risk control mechanism
- Has serious trading edge in slow, fast, volatile and spikey news atmosphere
- Low starting deposit of $200
The Daxbot EA is also broker-independent, auto-adaptive and the developer is also promising to provide support and help.
DaxBot Trading system strategy
This EA is described as a “true top class scalper” which sets Take profit at 20 pips while using hard stops.
There is a page that illustrates its action in details and is accompanied by explanations of why it works the way it does.
It opens trades between 9am CET-5.30pm CET. The developer also tells us that the EA is able to open up to 10 positions using the 1minute timeframe.
Alnotrade.com also feels that the shorter the time frame, the more the “noise” or false signals.
On the other hand, they feel that the longer the time frame (less noise), the more likely a trader will enter late and possibly miss out on impulse moves.
They tell us that the Daxbot EA uses a proprietary algorithm that is dependent on momentum, rate of change and volume.
Thus the 3 elements must line up together to generate buy/sell signals.
They feel this robot has an edge because it is optimized for a heavy volume market such as Dax30 index.
They also claim the system has a win rate of 70%.
This explanation makes sense but we would like to see it in practice rather than in theory. This is where trading performance comes in.
AlnoTrade has provided the community with 3 myfxbook accounts hosted at Vantagefx and Admiral Markets respectively.
While we can see abnormal gains in these 3 myfxbook accounts, it is worth noting the warning in the first two myfxbook accounts which say “track record not verified”.
This simply means the developer wanted to create some space for manipulating results.
Also, trading results are between 2nd up to 18th of September 2020. This is a very short trading sample.
With only 3 weeks of trading results, one cannot forecast on the long-term performance of this robot.
While the developer promises more updates in the future, we still don’t know whether this robot will actually remain profitably in the long term.
The bottom line is that there is no proof of consistency.
We’ve seen discussions in some forums about the Daxbot EA and how good it is.
Everybody is rating this EA with a 5 star and we feel the robot may be working well for just a short period of time before we start seeing negative reviews from people who have lost money.
It is still too early to assume that this robot will consistently produce results.
Our advice is to monitor this space for at least a few months and see whether the current results will be sustainable.
Thanks for reading our review.