Welcome to the Dragon Expert (dragonexpertfx.com) review. This is a Forex robot that was launched earlier this year and the developer is claiming that the community can generate between 60 to 100% in profits every month if they use the robot in the Forex market place. These are obviously exaggerated claim and we are looking to establish where the truth is in these claims. We are hoping that the developer will back those claims with verified proof of performance.
They believe that they are able to achieve these aggressive claims because their software utilizes “the most advanced real-time algorithm code,” in conjunction with a correlation pairs strategy. This guarantee is very hard to believe, and at first bluff comes across as mildly asinine. In this review, we will determine if the claims are true, and whether or not this expert advisor is a viable trading product, or a get rich quick scheme.
The developer of the system is David King, the head of a team of technical analysts and MQL programmers focused on building automated Forex trading systems. Their goal is to provide trading systems that can sustain a high winning rate in all market conditions. There is no information about their location, or much elaboration into their trading history and expertise in the Forex marketplace. The vendor offers 24/7 support via email [email protected] We have no idea why they are utilizing a free email service when they should be utilizing a premium email service that matches their supposedly premium service.
Having said this, the aim of writing this review is to educate you and help you make an informed decision. If you’re here looking for a good expert advisor, this page contains useful resources which you can use for your trading.
The Dragon Expert sales page doesn’t provide an in-depth explanation of their trading strategy or services. This is quite common among Forex robot developers who are looking to sell their products quickly. They don’t care about expaining what trading strategies they are using in their expert advisors. Instead, there are a list of 12 short bullet points. This lack of information isn’t something new in the Forex robot marketplace, but it doesn’t offer the client much in terms of initial impression or confidence.
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One of the bullet points is labeled the legendary trading strategy, but the explanation is lackluster. They tell us that the system plots the chart price in real time between multiple time frames in order to find the best entry and exit points. This really isn’t much of an explanation. Next, they give a brief 15 word explanation of their advanced correlation algorithm which is that the “EA will find correlation between pairs and give hedge to your trade.” From this, we can assume that the software uses some sort of the hedging function, but that function isn’t explained in any detail either. Some of the other aspects that the vendor wants us to be aware of, is that they provide optimized settings, protection from shady brokers, hidden stop loss, advanced pair detection, no trade lagging, ECN broker support, and a time filter for traders that want to restrict the times the EA approaches the marketplace.
While some of these aspects are interesting, they are very common to most expert advisors (Wallstreet Forex Robot, Inrex EA), and without a detailed explanation of each, it’s a very vague sales page that leaves us wanting much more from the vendor.
There are multiple licenses with the cheapest going for $297 while the most expensive is going for $2297. We certainly don’t know which kind of a trader would invest in a Forex robot that costs $2000. The developer of Dragon Expert trading program tells us that their bot is optimized for trading pairs like EURUSD, EURJPY and USDJPY.
The Dragon Expert group advertise 4 different packages for their services. All of the packages are essentially the same, with the only difference being an increase in the cost based on the amount of real account licenses attributed to the package. The vendor provides more live licenses then any other Forex robot we’ve ever reviewed. The basic package goes for $297, which includes 10 real account licenses, the 2nd package goes for $597, which includes 50 real account licenses and the last package goes for $2297, and comes with unlimited real licenses. I don’t see the benefit of offering this many licenses. The only positive in all the packages, is that the team offers a free package for traders that want to test the software on demo.
The first thing we noticed on the Dragon Expert advisor website, is the tagline that guarantees gains of 60-100% per month. Based on the trading results in the Myfxbook accounts being provided by the vendor, they are not able to follow through with their guarantee. It is quite odd to see a vendor advertise a monthly gain that they aren’t achieving on either of their trading accounts. This is a major oversight and certainly attacks the credibility of the trading statistics section in general.
The vendor provides 2 Myfxbook accounts, and they are both very different. The first account ran from December 12, 2016, to October 24th, 2017, and showed a gain of 1069%. Yet, this account has a multitude of issues. The first concern is the fact that the account is no longer active, and hasn’t traded in over a year and a half. The 2nd concerned, is that this account showed major gains with a Forex broker that had a very poor reputation. This broker is NewForex, and it’s no surprise to our team that they are no longer in business. This essentially brings the entire account history into question. The second account is a demo on IC Markets, which has only been running for 3 days.
Although the Dragon Expert trading program looks like a viable investment opportunity, we are quite afraid that it is not going to suite the serious trader who is looking to get into this for the long term. We also need a much bigger trading sample before including it here.
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