Fxmower EA Review: is fx mower EA a Scam?

FX Mower EA review
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Summary

Developer of FX Mower EA lacks the much needed transparency. Trading logic is 100% secret.

High draw down with minimal monthly returns to compensate is worrying.

Developer abandoned their live account after trading with FX Mower EA for nearly 2 years.

We can’t recommend this robot for now. You can stick to the ones we have here.

Also, make sure that you’re trading with a properly regulated Forex broker to avoid problems.

Welcome to the Fxmower EA review.

FX Mower EA is a “proven strategy, reliable and accurate EA”. The developer wants the trading community to know that their software “excellent live results since the year 2016”.

They’re also saying that 5-year back test has been conducted on the FX Mower EA and now they’e ready to sell a license for the price of $250.

Nevertheless, Fxmower EA sales page does not introduce the name of the developer. Instead, it says the project is powered by Forexstore.com.

Fxmower ea review

Clicking this link to forexstore.com takes us to a blank page with no EA at all.

However, the developer is selling licenses through a payment processor known as Avangate, plus a 30 day moneyback guarantee is offered to buyers who purchase this EA at any given time.

Traders who want to contact this developer must use a contact form on the sales page. There is no live chat or email to send them messages directly.

In addition to this, the website of Fx mower EA lacks critical pages like “about us”, FAQ, disclaimer or terms and conditions.

Being that the developer is using a minimalist approach to present the Fxmower EA to us, we definitely have lots of questions to ask because these have not been addressed on the sales page.

For those of you looking for good Forex robots, indicators or mentorships, this page has the right resources to use. 

Fxmower EA review

The developer does not seem to understand that traders need lots of information about their strategy for this EA.

That is why they use the fewest number of words possible to pass their message across.

We don’t know about the strategy or trading logic of the FX Mower EA but the developer is assuming that we’re completely fine and we’ll proceed to order a copy.

By the way, the FXmower EA website has been around since 2016, which is quite a long but sufficient duration of time for any robot developer to get noticed.

Other websites owned by this developer are  ForexBringer.com, FXStabilizer.com, ForexSeven.com, ForexIMBA.com,  Forex-InControl.com,  FX-Secret.com, FXCharger.com, ForexCapt.com and FXTurbine.com.

Each one of these websites are selling at least one Forex robot.

My observation is this vendor is probably interested in channeling a lot of Forex robots into the market to increase their chances of making a sale everyday.

If they have so many projects involving Forex robots, there can never be any guarantees that updates will be made in time.

As for the FX Mower EA, they tell us the following points (just to give us a sneak peak of what to expect with their EA.

  • FX Mower EA can be trusted because it is tested and proven
  • Results proven by the vendor’s real account and that of their clients
  • High quality support (which they believe is equally as important as a good trading software)
  • Limit draw down feature and by default, it comes with the same settings used in the vendor’s live account
  • Ease of installation and compatibility with any MT4 broker

They tell us that FXmower EA has been providing reliable and stable results since 2016.

They are showing us their back test in order to make us see how reliable their FX mower EA has been since the year 2012.

One thing we do not like is the act of proving the efficacy of a Forex robot using back tested results.

Back testing cannot provide us with an accurate picture of what the robot will do or how it will respond to future market changes.

It can only tell us how the robot would have performed if we used it on the specific duration that we are testing it for.

Because markets keep changing, it is hard to base conclusions on back testing results.

In their back testing, the vendor claims FX Mower EA generated returns of 192, 870%.

This is fine and dandy. My issue is whether these trading results can be repeated in the next 1 year or so.

Also, they’re claiming the FXMower EA has been generating 60% monthly returns.

This is quite impressive but we cannot take the vendor’s word for it since this is clearly a promotional statement.

We would need to see these results on a third party statement sharing platform like myfxbook.com.

Right now, we’ll break down the product details for you in such a way that it will be easy to consume the information.

Forex robot details

  • Recommended pairs: EURUSD only
  • Timeframe: 30 minutes
  • Trading logic: Not disclosed
  • Price: $250
  • Money back guarantee: √

Honestly if I’m going to spend $250 on this robot, I would request more information upfront even if there’s a money back guarantee.

I would request the developer to give me an explanation of how FX Mower EA works. The exact trading logic will shape my decision on whether or not to purchase a license.

In my experience, I’ve discovered that Forex robot vendors who lack transparency are often hiding a dangerous strategy which they do not want to tell traders in advance.

These vendors often use martingale or grid strategies which is why they prefer not to reveal the information to traders upfront.

Those vendors are dangerous. Take a look at reviews for robots like autobot Triangle (grid strategy), EA V5, FX Maximal, or Pipjet EA.

My sentiments are almost always the same in each of those reviews.

Trading results of FXmower EA

They’re providing us with trading results using the myfxbook.com platform.

So far, gains between 2016 and 2018 were 1063.17%. This account is no longer being traded as trading stopped in May 2018.

FXMower System by fxmower Myfxbook

Moreover, track record of this trading account has not been verified by myfxbook.com.

Even if am not to castigate the vendor for abandoning their account, I would still get worried over these results because draw down is still very high (45%) yet monthly returns is only 11%.

This is contrary to what the vendor advertises on the sales page that FX Mower EA generates 60% monthly returns.

The fact that I  am seeing high draw down proves that this trading strategy is quite risky and does not use proper money management techniques.

Conclusion

As I conclude this FXmower EA review, I’d like to remind you of the following:

Having read the above, you already know that I will never recommend such a Forex EA.

Thanks for reading the FX Mower EA review.

I would like to hear your opinion in the comment section.

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