FX Shooter (fxshooter.com) is a brand new Forex robot which promises to provide “brilliant automated trading”. They are also telling the community that the FX shooter ea is built on a strategy that works and most importantly, they want traders to know the following: that they don’t promise fantastic results – the products making those promises are usually designed by amateur marketers to play on people’s greed and will only destroy your account immediately.
While the above statement is nothing but the truth, the most important thing would be to determine whether this developer is truly offering a remarkable product as they claim to. They also tell us that they use strategies from professional to make account growth.The creators of this expert advisor have claimed to be experienced Forex traders “that can make stable long-term profits” that aren’t affected by fluctuating Forex market conditions. Today we will provide a full analysis and review the system, and let you know if it is a viable trading product that is worth the $299 price tag.
The vendor provides no information about who they are, or where they are located. They should at least introduce themselves, and prove that they are the experienced Forex traders that they claim to be. It is much easier to trust the vendors you at least have any reputation, or transparency when it comes to their history in the Forex market. Sadly, in this case we are provided with neither of these details and are essentially left in the dark. In order to get in touch with support, traders can fill out a contact form on the website.
The website is pretty slick and straightforward, but lack detail about the FX Shooter expert advisor which will limit our ability to provide a full detailed review. They want to push forth the idea that the software is very easy to utilize as traders simply need to download the robot, install it within minutes and then start trading.
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They feel that their robot is superior to other trading systems because it won’t freeze in hot markets and adapts to match the current market conditions available. They tell us that their “team makes FXshooter EA with everything you need to trade in the currency market like a pro.” It’s too bad they don’t introduce any of these team members, as that transparency would go a long way in considering this for the best Forex robot ranking table.
The vendors tell us that they’ve built the FX Shooter robot on the trading strategy that works. While they don’t promise results, they do promise that their strategy was developed of by professionals. Again, they discuss these so-called professionals, I have never provided any proof of this fact.
The strategy itself is never really covered or provided in any real detail. Instead, the vendor provides us with a handful of “powerful features,” but these features are touted by just about every single expert advisor market. They include money management, easy installation, fully automated, free updates, friendly broker, adaptive market analysis, trend following, low drawdown and 24/7 support.
In that list, they mention that the system is trend following and uses some sort of adaptive market analysis. These are the aspects we would want elaborated on in order to understand exactly how the software works, and the type of conditions it looks for when determining potential trades.
The lack of strategy insight is not rare as you can see frequently in our reviews of other expert advisors like EA Sapphire and Evestin Forex.
Of course we are reviewing a Forex Robot, Price: $299-$450, Strategy: Trend following, Timeframe: M15, Pairs: EURUSD, GBPUSD, EURGBP, USDCAD, USDCHF, GBPCHF, EURCHF
There are currently 2 plans available for traders interested in the FX Shooter software. First, is the basic plan which goes for $299, offering 2 real accounts, free updates and 24/7 support. 2nd, is the advanced plan which is $450, offering for real accounts, free updates and 24/7 support.
The only difference between the plans, is the amount of real accounts available. Here at Forex robot nation we are avid testers, so we would like to see more information about how many demo accounts are available as well.
In terms of trading results, the FX Shooter vendor provides 5 separate back tests, and two Myfxbook accounts. There is a demo account on Tickmill showing a loss of just under 4%, and a live account with PaxForex showing a gain of just over 100%. Today we will focus more on the live account, as the demo account is still fairly new and not performing as well.
The live account is showing a gain of just over 100%, with a drawdown of 9% since the beginning of May 2019. This is over the course of 358 trades, with an average trade length of just over 7 hours. The win rate is around 82% with the average win coming in at 4.73 pips and the average loss losing 7.51 pips. This is an effective risk reward ratio, but not totally representative of the results. As, if you look at the results closer there are many losses anywhere from 35 to 80 pips which definitely makes this look more like a scalper.
We are actually big fans of scalping strategies, but the vendor doesn’t provide any real information about it, so it’s hard to know the intricacies of their methodology.
This is a promising robot but the developer should provide some critical information before presenting the product to the trading community. At this point in time, we will recommend these trading resources while waiting longer before we put our hat in the ring. Hopefully the vendor reads this review and makes some adjustments to their presentation, including more details about their strategy as well as information about the so-called professionals behind the system. If you have anything you would like to add to the review, leave your questions and experiences below the article now. We always appreciate feedback from traders who use products such as FX Shooter.
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