ALA Forex Robot is a new automated trading system that claims to be the best available in 2020. They feel that it’s imperative for traders to understand automated trading strategy in order to be successful with expert advisors. Today we will be providing a full review of this new software, and letting you know if it’s going to make our top rated list.
Based on our WHOIS search, the website first launched in early February, 2020, and their servers are hosted in Berlin. This is all research we did on our own, because the vendor is lacking transparency. They do not tell us who they are, where they are located, or give us any idea about their trading history in the Forex marketplace. It isn’t the first time these details have been left out of a presentation, but it isn’t a good sign. If this group wants to compete in the automated trading market, they will have to do much better.
To get in touch with support, traders can fill out a contact form on the sales page.
ALA Forex Robot Review
There are three main reasons why the ALA Forex Robot team feels their system stands head and shoulders above the competition at this time.
- They utilize the power of math. This includes watching the markets constantly, trading multiple pairs at once and having built in money management.
- They promise a worry-free experience. This means that it can be installed in 5 minutes, optimized with default settings and runs on all account types.
- They offer lifetime support. In this section they boast about working on any PC, free lifetime updates and dedicated customer support that doesn’t quit.
All three of these sections are pretty basic when it comes to automated trading. There’s nothing out of the ordinary here which isn’t a bad thing, but it doesn’t set them apart of make us consider them a best Forex robot candidate either.
The ALA Forex Robot vendor doesn’t provide us with any information about their trading strategy. They make references to their built in money management, and use of mathematics, but don’t give us any real detail.
In order to compete in this market in 2020, clients are expecting much more than a few vague sentences about how the robot “follows the best trend to enlarge profits and eliminates the chances of potential losses.”
We want to know why the software is following the trend, and what approach it’s using to recognize the trend. This presentation is one of the least impressive we’ve seen recently as you can see in our recent reviews of Super Forex Bot, FX Rapid EA and The Skilled Trader.
- Type: Forex Robot
- Price: $349
- Strategy: Trend following
- Timeframe: Undisclosed
- Pairs: EURUSD, EURGBP, AUSUD, USDCAD, USDCHF, USDJPY
For traders interested in the ALA Forex Robot, a lifetime license is going for $349. This comes with free updates, optimized settings, a detailed PDF manual and dedicated customer support. The service also provides a free demo version for traders that want to test the software before they buy it. The demo is downloadable in the MQL5 marketplace with unlimited accounts, unlimited backtests and pre-purchase support.
We certainly recommend traders using the demo version, as there isn’t enough information available to consider purchasing the software on the sales page alone.
The ALA Forex Robot team currently provide one live Myfxbook account, and six different backtests. The vendor also promises to provide personalized backtest requests, so if you want to see a backtest over a certain period, they will do it for you. This is the first time we have ever seen this offered, but while it’s unique, we don’t really have much interest in strategy testing anymore as it’s an antiquated technique.
In terms of the live Myfxbook account, the robot is showing a 2.28% gain and a 4.13% drawdown since the account launched on May 10th. So, while there isn’t much of a sample size, the robot has traded 195 times during this 10 days. It is showing a risk reward ratio of about 1:2 with the wins coming in at 19 pips, and the losses at -34 pips. The average trade length is 21 hours, which means trades can be held open for a while. The best trade is 79 pips and the worst loss is 59 pips.
The live account is really just starting though, so we will need to wait a few months for the data to flush out completely.
At this point in time, it’s too early to recommend the ALA Forex Robot. They’ve really only been on the market for a couple of months, and just started providing live results. We also want to see them provide much more information about their trading strategy and company details.
If you have anything you want to add to the review, please contribute now.
ALA Forex Robot $349
ALA Forex Robot is an automated expert advisor built for multi-pair trading that comes with optimized out of the box settings.
Detailed PDF manual
Multiple pair trading
No Myfxbook gains