This review is about Good Robot which is a Forex EA found at goodrobot.org.
Sales page claims Good Robot is the best solution for MT4. It allows execution of trades based on specific risks and desirable profits.
It is “super universal” and compatible with all NFA-regulated Forex brokers.
I assume this is the case with these highly recommended Forex brokers.
Good Robot EA is also optimized for the EURUSD pair and the developer has provided their FXblue account for our viewing pleasure.
On top of this, Good Robot EA license comes with free installation, optimized default settings, free updates and compatibility with all MT4 brokers.
There are 3 license types as well. The cost of 1 license is $99. It gets you 1 demo and 1 live account.
The cost of 2 licenses for demo and live accounts is $129.
Finally, the vendor is willing to provide 3 licenses for 3 demos and 3 live accounts for $149.
This is in the same price range as the robots I recommend here.
Therefore, before you consider purchasing a license from Goodrobot.org, consider reading this review first.
Is Good Robot Legit?
I am interested in their FXblue account because numbers speak for the product.
What we have here is a short sample of trading data which spans from the 22nd of March to the 3rd of June 2020.
Total return so far is +142.0% while monthly return is +88.8%.
Data about drawdown has been hidden. This raises a very big red flag.
I don’t see why this vendor should show us their profits while hiding their losses.
Goodrobot.org has also included their strategy tester report.
Unfortunately, the trading community is no longer considering strategy tester reports as a reliable way of getting a long-term overview of an EA’s performance.
Therefore the developer fails terribly in presenting credible results to the community.
Should you buy a license of Good Robot EA?
I wouldn’t buy a license of this EA even if it costed less than $99.
I doubt whether this EA would really sustain the high and implausible returns.
Given the numbers we are shown on the Good Robot’s fxblue account, I can conclude that the EA uses grid or martingale trading strategies.
These strategies are associated with high drawdown, and this is the exact reason why Goodrobot.org is a bit shy of their draw down figures.
There’s nothing much to say. I hope you enjoyed my Good Robot review.
The developer does not even have the courtesy of introducing who they are or where they’re running this business from.
How can we trust such a developer?