AlnoTrade is a group focused on intelligent trading systems, with multiple MT4 trading robots and a managed account service. For the purpose of this review, we will be focusing more on the robots, as that is our expertise. The developers claim that all their trading systems “are backed up by verified live account trading performance.” This is the first aspect we check for when analyzing new products, and we will let you know if they are meeting this promise successfully. Today we will be providing a complete review and letting you understand the pros and cons of this service provider.
Owned and operated by Matts Korsen, the service launched in early 2019. There is no address provided for the company headquarters, so the team is likely managed remotely. The developers provide brief information about their three team members, made up of Matts Korsen, Claire Hancock and Michael McAlpine. The images used for the team members are not real, as a Google images search shows that they are stock photos being used by many companies. This is not a major concern, but it does mean that this is not what the team members actually look like. There is not much information about any of these developers in our additional research, except Matts Korsen is tied to a newer product called DaxBot.
To get in touch with support, traders can email email@example.com.
The AlnoTrade team want to introduce traders to “a new world of trading” with their “world leading expert advisor trading systems and signals developed for the metatrader 4 platform.” They claim that their services rise above their competitors because their focus on live account trading performance. We will get into their results a little bit later, but for now let’s take a look at their four trading products:
- Dragon Scalper
Each of the products comes with live trading results, some key highlights and a brief breakdown of the trading logic. This is what we expect from the best Forex robots in the market. The information is not detailed, but it is succinct, and gives a pretty clear idea of what traders can expect. Eventually, if the community deems it necessary, we will review each of the systems separately, but for the purpose of today’s review we are lumping them all together.
Generally, the AlnoTrade systems only provide 2-3 sentences about the trading approach of each expert advisor they offer. For example, the dragon expert advisor places orders based on support and resistance levels during a 9 hour trading window. Thus, it uses a time-restricted scalping approach that will open positions exclusively between 8am and 5pm UK time. These positions will frequently carry over into the US session, but they will not hold into the Asian session. We are unsure if the system will close out the trades based on time, or if they are just telling us they won’t hold based on trading history.
This is the type of trading strategy we appreciate, because it is distinct, and follows specific rules.
- Type: MT4 Forex Robots
- Owner: Matts Korsen
- Strategy: Mostly scalping
- Founded: 2019
- Price: €199 – €299 / year
For traders interested in purchasing the AlnoTrade Robots, they are currently going for anywhere from €199 – €299 / year. This is a very high price point in the Forex robot marketplace, as the majority of expert advisors go for around $200 for a lifetime license. In this case, traders have to re-up every year for more than $200, which makes this a service built for traders with larger accounts and money to burn.
Overall, the AlnoTrade trading results are impressive. They provide live trading accounts with IC Markets, verified by Myfxbook. Most of the accounts have been running since July 2020, so they are still pretty fresh out of the gate. The gains range from 70% to 441% with drawdowns from 3.38% to 47.43%.
While the numbers are impressive, they are inflated by a very high risk strategy used to make the systems seem more profitable than they are. You can see a sharp uptick at the beginning of every single Myfxbook account they provide. The reason for this, is that they take an incredibly risky trade on each of these accounts with a large lot size in order to quickly inflate the result, before they go to normal settings. With the normal settings we see that the systems can still be profitable, but nowhere close to the numbers shown. This is not an overly deceptive practice, but we do feel trader should understand that the numbers shown, aren’t exactly in line with the proposed use of the robot.
There are many aspects hidden, and there appears to be a drastic difference between gain / absolute gain. We would like a bit more clarification on this, and want to understand why so many aspects of the service are hidden like lots, commissions etc. That being said, many products don’t even provide results as we can
For the most part, we like what we see from the AlnoTrade development team. While the results aren’t 100% what we would like to see, they are still much better than most developers in this market. We commend them for at the very least providing Myfxbook results, when many of their competitors don’t. These are the type of expert advisors we would like to try out on a trial basis for free to get the hang of before spending the large ticket price for access. We will be monitoring closely, and potentially putting up our own results if we get our hands on these robots.
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