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Robot Review: August Forex Golem

August Forex Golem is a an automated trading robot built to take advantage of speed. The software works 24 hours a day, 5 hours a week and monitors multiple currencies simultaneously. It’s unknown who the developers of the software are and the sales presentation requires a major upgrade.

Today we will take a look at this robot, the results and let you know if it’s worth a spot in your MetaTrader4 account.

August Forex Golem Review

The first thing we notice about the August Forex Golem EA is the sales page. It’s not very professional, nor does it provide much information. All we are really told is that it works on multiple currency pairs, that you can invest any amount and that it optimizes automatically.

In the FAQ there is more information. Here we can see the exact pairs that it trades.

  •  EURGBP, EURUSD, GBPUSD, USDCHF, AUDUSD, USDCAD, EURCHF, GBPCHF, EURCAD, EURAUD, USDSGD, NZDUSD, EURNZD, AUDNZD, AUDCAD, AUDCHF, CADCHF.

The strategy behind the Golem is scalp-based. The recommended setup is to trade the EURUSD on the M1 timeframe. This means the software will be trading furiously and picking up small trades whenever it can.

Results

At this point we have been unable to track down any August Forex Golem Myfxbook results. There were a couple of accounts, one by Inveus and the other by tgpbg but both have been deleted.

The only results available are the results provided by the developers of AFG and I have a very difficult time trusting the validity of these. They are hosted with FX Blue and I frequently see very odd results on this service. Accounts often reaching millions of dollars with mediocre robots. That’s not to say that’s what’s happening here but it’s an obvious concern.

The FX Blue account shows the software trading 5 lots and picking up 2-3 pips on the average trade. There are other trades where the software ranges between 20-30 pips but this is much more rare. Make sure if you are using the Golem that you use a very low spread broker.

August Forex Golem Free Download

We currently do not have a free download for the August Forex Golem service since it is a paid service. It is being sold for $180, which is reasonable when it comes to Forex robots. A more budget system I recommend is Forex Steam which happens to be a scalper as well.

If this software becomes free in the future we will host a link for you to download it.

Conclusion

There is still a shroud of mystery around the August Forex Golem service. Despite being promoted for over two years there is not a lot of information about it. The reviews on Forex Peace Army aren’t very positive but there aren’t enough of them to really go on.

This is still more of a wait and see service. There aren’t enough actual people using it for us to give the go ahead.

Let me know what you think by leaving a comment and feel free to check us out on YouTube, Facebook and Twitter.

Summary
Review Date
Reviewed Item
August Forex Golem
Author Rating
2

4 comments

  1. I bought it about 2 months ago and it has blown my account. The three items to note are (1) the trades on the site and the trades it performs are not always the same (2) on the site, along with doing different trades it is able to remain in profit as they have fixed lots, you don’t have that option on the package (3) the customer service is appalling. I emailed them 3 times over a period of 6 weeks regarding different issues and not had a single response back. The reason as to why it blows the account is that if a trade is not going in the right direction, it will hedge (as it is supposed to), however when the trades comes back it will add to the failing trade. After the markers go back and forth you end up with 8-10 open trades well above the lot size for the account. So you either get a margin call or just wiped out.

  2. This is a scam
    Can’t offer work

  3. 5 hours a week, I think you meant to say 5 days a week.

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