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EA Review: Forex Spectre

Forex Spectre is a premium Forex robot that promises stability in all markets, with profit and reliability being of the utmost importance. The website is certainly old fashioned, something you would expect in the early 2000’s, but they do have a pretty aggressive win rate on their Myfxbook account so it’s worth at least a short review.

The company was founded in 2013, and is owned by the Forex Store, a group that’s released many different expert advisors over the years including but not limited to FX Charger, Forex InControl and PowerfulForex. There is no location for the company, and the only way to get in touch with support is to email via the contact form on the sales page.

Forex Spectre Review

The Forex Spectre sales page offers very little information about their product. They use a straightforward approach, which isn’t always a bad thing in some markets, but when it comes to Forex investments, the community generally wants to know strategic specifics. In this case, there is no real insight provided about the strategy or methodology whatsoever. The only information provided, is that the developer provides aggressive settings, and that the software has no martingale elements.

This is simply not enough information to really understand how the expert advisor works, and what type of expectations potential clientele should be setting in place.

Like any other Forex robot, the system comes with free updates, support, a detailed user manual and a single license for live account trading.

Return Policy

The software comes with a 30 day moneyback guarantee, which claims that traders who are not satisfied simply have to describe a “good reason” and they will return the funds “without any problems.”

Breakdown

  • Type: Forex Robot
  • Price: $195
  • Strategy: Undisclosed
  • Timeframe: M5
  • Pairs: EURUSD

The Forex Spectre EA is priced reasonably, coming in at just under $200. The $200 mark is generally the going rate for the best Forex robots, so there’s nothing wrong with the price point.

Trading Results

Instead of discussing their strategy, the developers of the Forex Spectre focus on providing trading results. While, they should certainly be doing both, they do at least provide a Myfxbook trading account, which is showing a gain of over 4000% since May 2013. Over the course of the account, the drawdown is just over 27%, the average win is 49 pips, and the average loss is 44 pips. The average trade length is approximately 24 hours, and the robot has placed over 1600 trades during the five-year span.

If you take a closer look at the numbers, and how the system performs in current market conditions, the numbers aren’t is impressive as you’d expect. Almost all of the profits for this robot came in May 2013, when the software was trading extremely large lot sizes to grow the account in a very high risk manner. It looks as though, the vendor utilized a totally different trade approach for the first month of the EA’s existence with the goal of inflating the numbers of this Myfxbook account, and then returning to normal risk management. When the EA’s most profitable, it is using a very risky approach, that would certainly result in a blown account if it were to be used in the long term, which is why they don’t.

Now, if we jump to 2018, there are 5 negative months, and 7 positive months which add up to a net gain of approximately 30% for the year. This is a far cry from the 4000% shown on the trading account. So, while a 30% gain for the year is positive, it’s not close to the Myfxbook account.

Conclusion

Don’t believe everything you see, especially when it comes to first impressions. This is my main advice when it comes to the Forex Spectre EA, and Myfxbook accounts in general. When a trading account is showing extremely large gains, there is usually something wrong with the picture. In this case, it’s quite clear that the vendor used in unstable and risky trade approach in order to inflate the numbers of the trading accounts. The software still appears to be viable, but not close to his impressive as the numbers state, so make sure you are aware of what you are buying. As, if you purchase this robot, you are not buying a system with 4000% profit potential.

If you have anything you would like to add to the review, please leave questions and remarks below the article now.

Forex Spectre $195
  • Price - 80%
    80%
  • Strategy - 20%
    20%
  • Trading Results - 70%
    70%
  • Client Feedback - 60%
    60%
  • Customer Support - 75%
    75%

Pros

Myfxbook results
14 year backtest
Refund policy

Cons

Misleading results
No strategy insight
No client feedback

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

One comment

  1. I used this for a while.

    It went up for a bit, then it would go down for a bit. After about 6 months I was around the same place I started maybe 1-2% down.

    So, it’s not risky, but you’re not really getting anywhere.

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