Today we are reviewing a peculiar kind of Forex robot known as the Forex Impulse Trader. It has been around since the beginning of this year, and the reason as to why we are reviewing this Forex robot is because it utilizes a very unique idea. It aims to take multiple trades in one direction rather than making use of a trailing stop to achieve the same goal. We are not so sure as to why the developer of the Forex Impulse Trade decided to utilize this strategy. It’s something we will surely dig into in order to find out the truth and whether that strategy is really going to favor the end user.
Having said that, it’s expedient that you should know where all of our readers are investing in as far as Forex robots are concerned. This link will take you to our list of preferred Forex robots. Make use of that list and you’ll find a decent Forex trading system.
The robot was created by an entity known as Automated Forex Tools group. They have not provided us with their location in their website because probably they feel that this info isn’t very important. They are clearly under-estimating the power of being transparent which actually counts when it comes to building trust and credibility. They also claim that each of their team members have 12 years of development experience but none of these people have been introduced on their website. That also means that we are unable to verify their experience in the Forex market place.
The way Forex Impulse Trader EA works is that it uses market impulse to detect safe entries. The Forex robot utilizes a series of take profits in one direction. So for instance, it will open two trades at the same time in one direction. The first trade will be closed earlier and a second take profit will be set for the second trade which will still be running by this time.
This is quite a unique approach because we have never seen or come across any developer utilizing this method of trading. And since it is a unique method, it does not mean that it is an effective method of trading the Forex charts. It’s upon the developer to demonstrate to us that they are able to put this method to test successfully to generate consistent profits.
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This method of trading has its own serious limitations, and we do have our reservations already. You see, if you open multiple trades in one direction instead of utilizing trailing stops, you will be doubling your risks. Remember that trading is all about preserving your capital by taking as less risk as possible. If you can magnify your risk by entering the same trade twice hoping that the trade will return double profit, you are actually setting yourself up for disappointments when things don’t work as expected.
We feel that this method is not sustainable in the long run because if the developer really says otherwise, then Forex Impulse Trader EA will have to be very accurate in its trades. Otherwise, two or three trades gone bad can eat up a significant chunk of our trading capital, something that we might not be ready to deal with.
This group has created 7 expert advisors since they started. It is up to them to prove that their products are well coded and that they can generate stable returns in the long run.
It trades on the 15 minute time frame. It targets various pairs like EURUSD, GBPUSD, EURAUD, USDJPY, USDCHF and EURJPY. The price of this Forex robot is ridiculously low as they are pricing it at $58 per license. This gives access to one live account, two demo accounts, lifetime updates, 24/7 customer support and 60 day money back guarantee.
While this Forex robot trades the 6 pairs as mentioned above, the developer says that for best results, we should aim to trade two pairs: EURUSD and GBPUSD because it is optimized to trade these pairs. Also, in the above description, do not rely on money back guarantees because most of the time they become a problem. Most vendors simply won’t return your money without a fuss. So when buying, ensure that you know what you are buying in advance and do not rely on money back guarantees.
Forex Impulse Trader EA is being tested on a demo myfxbook account which is fully verified. This account has been running since May 2018 and has recorded a loss of -1.51%. Somewhere between August and September 2018, the robot accumulated a gain of 10% before plummeting to the -0% mark. The maximum draw down is just 13%. We are not quite sure why this is the case when it appears that the software is trying to control risks quite effectively. Perhaps the developer can come here to explain why they have negative results despite promising traders that this software is well optimized and can return consist profits.
In addition to this, the developer of Forex Impulse Trader EA is also providing us with a few back tests on their site. Back tests are just numbers and do not suggest that the software can be profitable in the current market setup.
Besides, the gains that we are currently seeing on this myfxbook account are discouraging. We can’t imagine spending any amount of dollar on a money losing software. It would be bad and a waste of resources.
Forex Impulse Trader EA is not worth your money at the moment because the developer has not demonstrated its capacity to generate returns. Also, the trading methodology is not that safe because it is doubling the risk for every trade that it places since it opens two entries at the same time. That is not the proper way to control risk and most failed robots use this formula which causes them to lose money. This also explains the results seen in this myfxbook account. Please stick to our recommended robots.
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