Forex Truck EA is a new Forex robot from Forestore.com.
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Forexstore.com is behind some of the most popular EAs on the internet like FX Stabilizer Pro, XFX EA and Forex inControl.
The Forex Truck EA is currently retailing at $277 per license but can only trade USDCAD currency pair.
Although the price tag is beyond what we expected from a Forex robot like this one, clients will still receive one lifetime license for both MT4 and MT5 platforms at no extra cost.
In addition to this, they will get a detailed user manual, unlimited possibility to change account numbers and 24/7 friendly support.
Our review will therefore help you make an informed decision as to whether or not this EA is worth joining the league of the best trading systems and investing services.
Forex Truck EA Review
My initial impression is positive about this Forex robot.
The developer has a simple website with a quick summary of what the robot does and how it achieves its objective.
They also tell us that Forex Truck is a “reliable truck on the highway of Forex”.
I do not know whether the product can live up to these promises until I see results.
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Since they have also provided a myfxbook track record and some insights into their strategy, we can hopefully look at the statistics and determine the viability of this product.
Trading strategy of Forex Truck EA
The algorithm works in two blocks.
The first block opens orders and sometimes places 2 orders depending on nature of the signal.
This first block looks to close positions with small profit or loss to avoid huge drawdowns.
However, if all else fails, the second block takes charge where “everything is fixed quickly” and trades closed in profit.
The aim of this second block is to open additional trades with small increment in lot sizing.
The developer believes this can ultimately achieve a profit and not a loss.
While this strategy sounds interesting, we clearly see that there is some element of grid/Martingale trading in the picture.
Having said this, we’ll look at the trading performance to evaluate Forex Truck EA’s performance in the long term.
I’m surprised to discover that ForexTruck EA has an excellent myfxbook performance.
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This is unusual for a Forex robot that blends its strategy with Grid or Martingale strategies.
Either way, this EA seems to be achieving its goal with these strategies.
Currently we are talking of a Gain of +229.65% since January 2020 up to now.
Monthly return is 14.74% while drawdown is just 23.08%.
Forex Truck EA has completed 175 trades where the average pips won in a trade was 50.08 pips.
Definitely this is a good truck record and we are expecting clients to purchase licenses in numbers if they see these stats.
The conclusion is that in as much as this Forexstore.com product is showing that it is capable, we still want to see client feedback that reflects what we’re currently seeing on the vendor’s myfxbook account.
This is not to say we do not trust this vendor. However, it is sometimes good to hear what users say regarding the same product. We will definitely watch this space in the coming months to see if the Forex Truck robot will actually make these results sustainable.
In the meantime, you can pick a Forex robot from this list of recommended trading products and services.