CovertFX is a new Forex robot capable of over 443% profit in less than half a year trading 10 currency pairs. This software uses a rapid breakout strategy developed by Jared Rybeck.
Today I’ll be reviewing this software and letting the Forex robot nation community understand if this trading strategy is poised to be a long term winner, or just the recipient of 4 lucky months.
The CovertFX software uses a similar channel trading and breakout strategy as the Keltner Pro software released in mid 2014. According to Rybeck, he has taken the Keltner system, rebuilt it, changed the strategy and designed it to work on more pairs. It’s being sold for $347 which is an increase of $150 over Rybeck’s last release. The software is completely automated, doesn’t use grid or martingale strategies and includdes stmart money management. The goal of the software is to consistently capitalize on breakout movements and cut losses quickly before they become debilitating. The system is built to manage trades intelligently using a trailing stop system that accounts for volatility and timing.
Currently there is one myfxbook account available for the CovertFX EA. This account is showing 488% growth, 42% monthly growth with a drawdown of 47%. The account is being run on the FXChoice brokerage with 1:200 leverage since April 2016. Obviously when you read this review the results will have changed so I will make sure to add the official myfxbook account as well.
The account looks impressive but considering this is the first we are seeing it, I would like to have more time to analyze it. Also, before I decide to get involved with this system I would like to see a couple of real user accounts so I know that these results are achievable and not being manipulated or modified in any way.
Jared is most known for his last software, Keltner Pro. This system has been quite a lightning rod for opposing opinions. You have people who believe in it, and others who don’t. The discussions often span over 100 pages on myfxbook so it’s very difficult to choose a side. The one thing I’m really hoping to see, and I mentioned it earlier is real user results.
It’s really too early for me to pick one side of the fence for the CovertFX EA. I believe that Jared Rybeck has some trading knowledge and is put together a real trading strategy. That being said, I will need to see real Forex community trading accounts before I can make a final judgment. Please let me know what you think by writing a comment below the article now.
Right now my favorite software is Forex Fury and coming in at a close second is Binary5. These two systems are making up the majority of my income right now and I recommend them highly. Thanks for stopping by and come back again soon.