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This FXrobotGo review will describe an EA that has been around since August 2019 and is sold for $275.
FX robot Go is optimized for trading 10 different currency pairs.
The developer says the EA will bring stable profit and not close trades at a loss.
The smart algorithm of FXrobotGo will also suspend trading in some instances to avoid huge drawdowns.
The main trading strategy of FXrobotGo EA is trend and range trading.
It looks for trends or flats in the market.
However, the developer did not say how they establish the formation of a trend and also how the EA is able to determine exit.
At this point, we also don’t know who the developer of this Forex robot is or where they are located.
Is FXrobotGo legit?
We’re looking at the robot’s myfxbook performance and we think this is not good at all.
Currently, statistics are not in favor of this robot as monthly return is at -5% while drawdown is a whopping 67.44%.
We’ve screenshot the myfxbook account details below for your viewing pleasure.
This Forex robot is basically losing money instead of making money.
With the huge drawdown, it suggests that the trading strategy in use is very risky.
The robot has been making some small gains between 2018 and 2019. However, the start of 2020 proved to be a challenging year for this robot.
While profits seem to be stable in the early years of trading, the big drawdown which was witnessed in June 2020 is a deal breaker.
We cannot recommend FXrobotGo because the developer possibly altered the algorithm or it somehow couldn’t handle market dynamics in June 2020.
Either way, we feel that the Forex robot is risky to use for your live trading.
The above results are quite discouraging. We can’t recommend FXrobotGo EA because of the unstable results that are currently being witnessed.
The developer will probably need to clarify what has been happening for us to make consider updating this review in the future.
As at now, this robot remains a risky investment that is not worth going into.