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In this review, we will be taking a look at a Forex expert advisor whose owner claims can be used in varying market conditions to trade Forex and produce profits. The name of this EA is Tokyo Pro System.
According to the developer, Tokyo Pro System is the ‘best Asian scalper on the internet right now’. In our opinion, this statement sounds vague because we need more details to help make up our minds on whether or not this system is worth trading with.
Therefore, as we review the various aspects of the Tokyo Pro System, we will take into consideration its performance, the strategy and user feedback if there is any.
No information has been provided by the developer to help us identify them. On their myfxbook account, they call themselves ‘TokyoPro’. This is clearly the name of the software in question. It does not help with identifying the people who created this software.
Besides, we are not aware of the location of their offices or place where this business is being conducted from. However, prospective clients can contact them through their myfxbook account. There is also a user forum through which clients can raise their concerns about this robot.
Again, it should be noted that this developer used to have an official website at Tokyoprosystem.com. This domain is no longer active, although the developer still sells this robot through other avenues.
We find it a little bit disturbing that this developer once had a website and that now they are conducting their operations from myfxbook because they chose to shut down their official website.
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So far, what we know about the Tokyo Pro System is that it is a scalper. It is not clear what strategy this software uses to enter and close positions in the market. It also appears that the developer is not willing to talk about it.
The developer only assures customers that this robot is 100% automatic, and does not require any human input to work and make money.
They also claim that since it is automatic, it doesn’t require any trading background from the part of the buyer.
However, issues did arise later on when a customer subscribed to use this robot only to be told that they needed to make certain adjustments themselves to get the same results as the vendor. This is a hint that despite the vendor saying that this robot is 100% automatic, it still needs user intervention before it can finally work as expected.
Besides, Tokyo Pro System is a typical system requiring a minimum balance of $200 to trade 0.01 lots. And of course the claim that Tokyo Pro System uses low risk trading strategy is a common promise among vendors who sell expert advisors. Nothing is out of place here.
First of all, we’d like to mention that the pricing model for this robot is rather weird. You cannot buy Tokyo Pro System. But you can rent it and renew your license after every 3 months of usage.
The cost of this robot is $117, and it trades the 1hr time frame. It only trades one pair, which is the USDJPY.
According to the research that we have conducted on this robot, we were able to establish that its algorithm is somehow designed to follow the rules of grid trading.
Tokyo Pro System can open multiple trades simultaneously and as you know, this is not a good thing. It can result in big losses which ultimately can kill your account in one trading session.
Yes, we now have a strategy for this robot even though the developer is not mentioning it. We all fear grid trading because of the risks associated with this strategy of trading. Do not be cheated.
The developer of Tokyo Pro System has two accounts for tracking the results of their robot. The first account obviously has to be the myfxbook account where they now operate from. The second account is an FXBlue account.
Let’s start with their FXBlue account first. As you can see, this account was registered in December 2016. According to the history section of FXblue, this robot has been tracked for the last 141 days. Total returns so far is +504%. The risk/reward ratio is just 3.06 which isn’t bad at all.
In fact, the overall performance for this robot is quite impressive as the equity curve started climbing immediately the robot was registered on the site. The equity curve has since kept rising in a gentle but steady manner.
However, their myfxbook account is telling a different story as far as results are concerned. It was registered at the same time they registered this robot on FXblue. However, this myfxbook account stopped following the results of this robot somewhere in April 2017.
By the time they were stopping this account, they had realized a gain of +1184.19%. Keep in mind that this account is fully verified, thus reducing any chances of tampering with the results.
We would want to believe that what we are seeing on this myfxbook account is the poor truth. But why exactly did they stop tracking this robot on their myfxbook account when its activities are still being followed on FXblue?
Probably it crashed. That’s the only answer we have right now. The bottom line is: in as much as Tokyo Pro System had recorded very positive results in its myfxbook account as well, it still can’t be trusted due to its inability to consistently generate profits. Blame it on high draw down. This robot has a draw down of 34%, which explains why it is not being tracked on myfxbook right now. It scalped the Forex market, made some profits and finally crashed.
Why should you rent an EA when you can buy a good one without incurring any future expenses later on? Certainly this is not the cheapest way of trading. The payment model sucks, and that’s what many customers have reported.
On top of that, many customers have issues with simulating the performance of this vendor. Most people have complained that once they purchased this trading robot, they got poor results which was far from what they had seen on the vendor’s account.
Finally, there are reports that this vendor does not honor their money back policy. In fact, when you ask your money back, this vendor threatens you with legal action — something which he uses as a tactic to blackmail victims of his fraud.
All in all, customer feedback isn’t good. Most people who bought Tokyo Pro System seem to have lost their investments.
If you are among the victims who lost money in the hands of this developer, please leave your comment below. For those who have not used it and are contemplating to use it, stop immediately. If you are looking for a good expert advisor to trade with, consult this list first. Anything outside that list will most likely put you at great risk of losing your entire investments.
The reason why we are not recommending Tokyo Pro System is that user feedback is very poor. We almost feel like this is a money-grabbing scheme where naive traders come and lose money so that they can complain all over the internet. Avoid.
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