Forex Draw EA (forexdrawea.com) is an expert advisor which was designed to trade small capital and is for beginners who know nothing about trading but want to try their hands on trading. They tell us the following on their homepage:
”For TRADER … Looking for and continuing to search for sure will not find a FOREX ROBOT with perfect profit and accuracy in this part of the world .
Because if you still want to search, you will only waste time. Start thinking smartly. Because it’s all impossible. Here we give a new breakthrough in trading. We have the latest system that has been designed to make it easier for traders or beginners. FOREXDRAW EA will help you to get a stable profit and a small risk.” There goes the statement.
First of all, it is not known who the developers of this EA are since they have failed to introduce who they are. We also don’t know what type of trading or development experience they are bringing on the table. However, it seems that they are keen on convincing the community that Forex draw ea is stable and reliable in the long term. The developer has also provided a simple contact form for traders who are interested to reach them. We are not sure about traders of this category because we just don’t see how a new trader can ignore these recommendations to start chasing a brand new robot like the Forex draw ea. Many things are unclear about this robot and its developer but thankfully, the developer is included a myfxbook widget on their site which makes our work easier when it comes to analyzing things like average monthly returns and draw down.
The website looks basic and straight to the point. It also appears that this website was launched recently and the robot is still very new in the market. Also, there are a number of things that the vendor of this expert advisor wants the community to know regarding their expert advisor. We will highlight them below:
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FOREXDRAW EA also designed for small capital and is perfect for beginners even though they don’t understand trading No need to analyze because the robot works 24 hours automatically.
The latest update FOREXDRAW EA has provided a News Filter, so it can avoid trading when there are fundamental high-impact events.
FOREXDRAW EA will trade for you and open all position automatically, and generate profit with small risk management for you.
for beginner ? Traders who don’t have Professional Capabilities can also generate profits 24 Hour Consistent with trading using a FOREXDRAW EA that becomes your machine to generate Profit in your trading account WHO SAYS IT, GENERATING CONSISTENT PROFITS IN TRADING IS IT DIFFICULT FOR BEGINNERS …?
Clearly there appears to be some value that this Forex robot intends to provide. However, without looking at certain things like the strategy and their myfxbook account, we will not be able to tell whether this robot is beneficial to traders or not.
The developer does not tell us which trading strategy they are using in this expert advisor. And as you all know, we are accustomed to reviewing trading strategies of expert advisors and if we like what we see, we can always go ahead to recommend the app to traders. In this case , the developer has not bothered to talk about their trading strategy. This is a bad thing considering that the market is extremely saturated and if that is the case, developers are competing and trying to convince traders that their robots are the best. How will this developer convince us if they cannot spare their time to explain the type of strategy which they are using?
There are 2 types of licenses which we think are within the industry’s price range. The first plan costs $149 and gives access to two licenses. The second plan goes for $199 and gives access to unlimited licenses. This is fair pricing enough as most traders can generally afford any robot whose price isn’t beyond $200 mark.
This is where we look at before endorsing the product that we review. The average daily return is 1% and monthly returns are at 54%. Draw down is at 20%. The equity curve has been rising steadily but realize that there are a couple of instances where the bot suffered heavy draw down along the way. Also, if the average monthly return is 54% and yet daily return is 1%, it could mean that this is a scalper that takes too much risk in certain trades. To ascertain this, let us take a look at the average length of trades.
We realize that most trades are closed in less than 1 hour with the longest trade actually closing in 8 hours. This is the only longest trade history that the Forex draw ea has ever recorded. So our assumption that this is a scalper is actually right.
Now, this ea has been actively trading since May 2019. This is less than 4 months down the line and yet they are here trying to sell it based on these records. While the record looks impressive in terms of performance, we still feel that this is a short period of time to conclude that this ea is reliable.
This seems to be a new expert advisor and that explains why there is no feedback from the community at all. There is a thread that has been opened on the fpa forum but this thread is still blank. Hopefully, we will start to see reviews there although we are encouraging you to leave your reviews here as well.
While the Forex draw ea looks like a reliable product, the testing duration is quite short and that means we have to observe it for another 6 months before we can determine whether or not to endorse it. In the meantime, use these products.
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