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EA Review: FXGoodway

Today I’m looking at a new Forex robot that features smooth profit, multi-session logic, and auto risk calculation, FXGoodway. The developers of this system built it for traders that are tired of the ordinary automated trading systems that they’ve been dealing with. They believe that too many products lose trades for weeks on hand, and then take “a long and boring process” of trying to recover those funds, just to reach break-even.

There is no information on the developers of this software. We do not know where they are located, or the type of trading experience that they hold. Oddly enough, there is also no email address or contact page available. I do believe that after ordering, traders do get access to the support email, but I don’t believe that not providing this information upfront is a good business practice.

FXGoodway Review

The developers of the FXGoodway EA what the community to understand that they use special algorithms for opening and closing trades to ensure that they always close in total profit. Sadly, these algorithms are not explained any detail, so we just have to take their word for it. The main goal of these algorithms, is to make sure that there are no “protracted drawdowns and unprofitable trading months.”

The next bit of technology discussed by the development team, is there multi-session logic which allows the system to trade in several sessions. According to the sales page, “the system analyzes the current state of the market and based on the data received, decides which logic to apply and whether or not it should trade using other sessions at the same time.” This is somewhat confusing, and doesn’t exactly give us the amount of information required in order to make real sense of this.

The description and analysis provided by the development team is very surface based in general, and doesn’t give us a true insight as to why the expert advisor makes the trade decisions that it does. I do hope that they update this information, and provide us with a little more of a detailed account.

Breakdown

  • Type: Forex Robot
  • Price: $229
  • Strategy: Undisclosed
  • Timeframe: Any
  • Pairs: EURUSD

Currently, the FXGoodway team are providing traders with one license which can be used on either a demo or live account. Traders can change the usage of this account at any time. In my opinion, the developer should be providing more demo accounts for free, as opposed to just having one license that can be used for either. This doesn’t provide any real room for expanded testing and settings changes.

The vendor also provides a return policy, which is a specific 30 day moneyback guarantee that requires traders prove that they’ve used the recommended settings to achieve a drawdown of more than 50% of the original deposit. If traders cannot prove that they’ve had a drawdown of this size, they do not qualify to receive their money back.

Trading Results

The FXGoodway developer is providing the community with one trading account hosted on FX Blue, that’s been running for nearly a year, and showing a weekly return of 4.5%. Generally, I prefer Myfxbook when it comes to statement sharing services, but this is not available at this point in time.

On average, the software trades around 40 times per month, and has a winning percentage of 66.9%. Trades can be held open for several days, so it’s certainly not a scalping strategy that we are dealing with here.

There are 4 open orders currently, with the longest open order going for nearly a week as it attempts to claw back to the break-even mark.

The trading results are impressive, but I would like to see them hosted on other statement sharing services.

Update

It’s apparent that quite a bit has changed with FXGoodway since we last reviewed the service. The first notable, is the fact that their FX Blue account which was showing a solid weekly return, totally crashed, and is now showing a -99.9% growth. Crashes like these are common with grid trading strategies, which is what this system utilizes.

Generally, the best Forex robots, never crash accounts, but this is in the past, and the developer has made multiple updates since. It’s worth noting that the robot at one point in time was capable of blowing up an account, but that doesn’t mean they haven’t resolved these issues as we moved into 2020.

The developers now provide two different settings packages, and show two live accounts with gains of over 400-500%. Here is their main account:

This account is showing a 531% gain, with a drawdown of 36%. The win rate is 65% and the risk reward ratio is 1:2.

There are only two concerns as it stands. We know that the robot blew up a trading account over a year ago, and there’s no real client feedback on the service. With gains like these, we expect to see some community results, but it’s nowhere to be found. We want to see some real client results before we do anything else, but it does appear that the FXgoodway vendor is taking a step in the right direction.

Conclusion

For the most part, I like what I see from the FXGoodway EA, but there is still a lot more to be seen and known. I would like the vendor to provide more detailed explanations of how the software trades, and what type of trading logic it takes into account when setting up new positions.

I hope to hear from the community as well, so please leave your comments and questions below the article now.

FXGoodway $365
  • Pricing
  • Strategy
  • Results
  • Client Feedback
  • Customer Support

Summary

FXGoodway is a Forex robot that comes with a collection of different SET files to choose from.

Overall
2.9
Comments Rating 0 (0 reviews)

Pros

Multiple settings
Live accounts

Cons

High price
Grid strategy
Old blown account

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’ve been wanting to try it, but I don’t want to be the first one, and I don’t want to spend $365. So, I’m out of luck at this point.

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