Estimated reading time: 6 minutes
We focus on Smart Forex Robot today. It’s a new expert advisor that promises to trade profitably with a dynamic and stable algorithm. In fact, the developer says that this thing has a win rate of 96.83%… something which we were not able to confirm from their myfxbook verified account.
Anyway, this developer still believes that they’ve created something that will make your life easier in the Forex market, thanks to the fact that Smart Forex robot has been tested and proven to work for the last 15 years.
Let’s assume that this 15 years takes back testing period into consideration too since this vendor does not provide long-term results to prove their claims.
Besides, we do not see why this developer should track results for 1 year when this robot has existed for that long. Their myfxbook account depicts a testing run which was started in August 2016 all the way to August 2017. This is exactly one year since the account started tracking trading activities for Smart Forex robot.
It is also worth noting that there is no address pointing to where this vendor operates business from. During the checkout process, we realized that the sales account for this vendor was dubbed ‘MD Projects SMA’.
However, even with this information, we were still not able to discover who this vendor was because we hit a dead end anyway.
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We are hoping that with time, this vendor will make known there whereabouts and operation base as well. It’s still new, so much of what others are saying about it on the internet is mere speculation.
That said, we would like to go right away into the meat and bone of this matter. Are you ready? Well, here’s how it is:
The website where Smart Forex Robot is promoted says that there are 4 reasons why you should invest in this expert advisor.
The first reason given here is that this software was put together by professional traders who have racked up to 20 years of active trading experience.
We find that this statement is quite interesting because for one, we have not been shown proof. Two, we don’t even know who this developer is, so it’s difficult to run a background check on them. We do not even know their reputation in the Forex market. And please for heaven sake, people need to be very careful with myfxbook accounts. Even verified ones can sometimes have discrepancies.
But this is beside the point. The second reason why traders are asked to buy Smart Forex Robot is that it trades 21 pairs. They say that this is to spread your risk evenly. We do not know how the ability to trade 21 currency pairs lowers your risk profile.
The third reason is that Smart Forex Robot is a scalper. So what? We know of several trading robots that are losers, despite scalping the markets day and night. Being a scalper isn’t a valid reason for buying an expert advisor.
And the forth most ridiculous reason is that Smart Forex Robot has a win rate of 96.83%.
These reasons seem valid to the vendor, but not to us. We look into complex matters before recommending products here.
Here’s issue number 1: the sales page of Smart Forex Robot states very categorically that this system trades 21 currency pairs. But when we look at the presented results, we realize that only 14 pairs have been tested so far.
What does this mean? It means that the other 7 pairs possibly did not pass the testing phase.
In terms of pricing, the vendor states that Smart Forex Robot is usually priced at $329 and that now it is going for $255 only.
That is the accepted price range for most genuine and scam robots. But we honestly do not believe that the price for this robot will be raised in the next coming days since this is a marketing gimmick or tactic so to speak. Vendors often use this trick to create the perception that you are getting a good deal when in most cases, you’re not getting anything good.
But there is nothing wrong with this. The problem sets in when the vendor starts misleading traders with false trading performance.
The website of Smart Forex Robot has 12 back tests to show us how this robot would have performed if it was put to task on a live trading account.
Back-tested results are not very reliable compared to forward-tested results. We cannot put so much weight on back-tested results when we know that legitimate Forex robots in 2017 are being tested with live trading results.
Also, traders need to consider that so many robots have live data which cannot be re-created out of back-tested results. So back-tests don’t mean much to us and to anyone who is keen on Forex robots.
That being said, we shall focus on their myfxbook account instead.
When publishing this review, Smart Forex Robot had allegedly gained 255% in its one year of trading. During this testing period, the robot traded over 400 times. It has had as many positive months as it has had negative ones.
This is generally not an issue because we can see that positive months far outnumber negative months. Generally speaking, this expert advisor has more gains overall than losses.
However, the developer says that this is a scalping system, meaning that all trades should be closed in a matter of minutes. But we are also observing that some trades ran longer than expected.
To be specific, we focused on one incident where a trade run for a couple of days just to net 10 pips. At the same time, maximum draw down is just above 28%. This could also mean that the folks at Smart Forex Robot are not letting the robot to maintain losing positions for a long time.
Another issue that we noted was that in as much as this myfxbook account was tracking live results, it was not updating in real time, plus there were no live trades to show.
On the same note, when analyzing myfxbook results, we always check for open trades to determine if those positions could potentially swallow the current balance if closed at once.
But since this information is hidden, it’s impossible to determine the true picture of the performance of this EA.
Keep in mind that this myfxbook account is verified, plus trader privilege is also verified. The only issue we are having here is that some details are not very clear on this verification account.
We are going to be very objective with our final verdict concerning this trading system.
The first thing we shall remind you is that this vendor is not known. Secondly, we don’t think back-tested results are so important in proving the efficacy of this robot.
And finally, the current myfxbook results still don’t satisfy our curiosity since users are blocked from seeing live positions which this software is running at any given time.
The point is, we need this data to come up with concrete verdict on whether or not to recommend it.
As always, we are recommending these tested Forex products because they tick all items in our checklist of ideal robots this year. Sign up immediately.
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