FXgoodway Review: Good Forex Trading Robot or Scam?

FXgoodway Review: Good Forex Trading Robot or Scam?

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FXgoodway Forex robot is allegedly the solution to those who are tired of using robots that lose money and then go through a long and boring recovery phase to try recoup the losses. FXgoodway is allegedly going to create a stable source of returns every month, and according to the developer, this EA does not have losing streaks.

The developer also tells us that the EA was designed to bring maximum profits with very minimal risks. It works with all types of Forex brokers provided they run the popular MT4 account. The main features of this robot are listed as smooth profit, multiple trading logic, auto risk calculation and decent results on live and back tests.

It’s important to note, however, that FXgoodway is a grid based expert advisor and grid based trading system are notorious for blowing up accounts. Now for buyers who are familiar with grid based trading system to be concerned about this particular robot. Is it different from many other trading robots that are currently retailing in the market place?

Note: If you’re looking for a good FX robot that will bring decent profits to your account, perhaps this is your chance to sign up with our top recommendations here.

FXgoodway Review

First of all, the developer of this EA is unknown. It is not clear for how long they have developed EAs or whether this is the only expert advisor that they have ever authored.

However, their domain registration details indicate that they created the website on December 2017.

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This trading robot which they have designed to run on several trade logic seems to be their main center of focus. It’s trading algorithm analyzes the current state of the market based on the data received so that it can decide what trading logic to apply to that specific market situation. This trading logic allegedly allows the EA to increase its profitability without increasing draw down.

It also has a trade algorithm that automatically calculates the appropriate lot size according to the size of your account and the risk that such an account can accommodate. This is entirely automatic and the user does not have to interfere with the process in any way. The developer emphasizes on the claim that it trades only in the direction of the trend using certain patterns that are defined in its settings.

The EA allegedly has a unique system that helps it to recognize market conditions so that it can decide which trading logic to apply in that market condition. Each pattern is designed to open a grid of orders independent of other patterns when market moves in the opposite direction. Each basket of orders is closed by a take profit. This is according to the developer and not us.

Other things you have to know about FXGoodway EA

It’s compatible with all types of Forex brokers but the developer recommends starting with a minimum of $700. There is only one type of a license which costs $229. This license type will give us access to 1 live account with no limits to how many accounts we can change, plus there are also free updates bundles with this license. Lastly, the developer promises consistent profits when we purchase this EA.

This is of course something that we cannot take as the pure truth until we analyze past performance to establish whether the vendor is telling the truth. Many vendors use this language of selling just to persuade investors that their products are the real deal. But if you actually buy and start using the product, you get disappointed. So this is something that we have seen and heard many times before. We are not going to take our chances on the FXGoodway EA until we are sure that it can meet our requirements for endorsement.

Also, there is a 30 day money back guarantee but this is something we do not want to discuss because a cautious consumer always does due diligence before buying rather than buying and hoping to get a refund once they realize the product is not as described. It’s kind of foolish to note do any due diligence just because a 30 day money back guarantee is covering your purchase. You can still get disappointed in the event that the vendor does not refund you.

Trading performance

There is a myfxbook account which is dedicated to tracking the trading performance of FXGoodway EA. This account has gained over 240% returns since it was created in July 09,2018. Monthly returns are 26% while maximum draw down that the account has suffered is 36%. Between June to December 2018, we are counting 6 months of tracking this robot’s performance and so far, we see that this performance is quite impressive. However, we still believe that this is aggressive because even the best hedge funds out there struggle to return 50% annual ROI. So when we come across a robot that makes 240% in 6 months, it is a matter of when it will blow your account.

The returns suggest that the style of trading which it is adapting is aggressive. Grid based trading has always been aggressive in nature because of how multiple orders are opened in the same direction. When those trades go wrong, then it usually means that the account will get wiped. If that does not happen, then the draw down will be so huge that the owner of the robot will have to replenish that account again in hopes that the large draw down won’t occur again.

So while the trading performance for FXGoodway EA looks impressive, this is the only fear that we have as at now. Otherwise, everything looks outstanding.

Our best advice for you

Many traders somehow can’t replicate the results of the vendor when they purchase robots. That means that a robot that is seemingly performing well at myfxbook will be quite difficult to replicate if the vendor does not provide setting files. It is not clear whether setting files will be provided. Therefore, for now, just sign up for these trading robots as grid trading is inherently risky.

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