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EA Review: Lion FX Trader

Today I’m looking at a Forex EA that is currently the number one most discussed system on Myfxbook, Lion FX Trader. With over 700 comments made about this expert advisor, I believe that it’s time we take a closer look and provide the community with an in-depth analysis. During this review, I will take a look at the Myfxbook account, the current community feedback, and all of the features that the developers boast about on their sales page.

The creator of the EA is named Alex, but outside of that there is no information on the development team or address for their location. It’s very possible that this EA is a one-man job, and the more research I do, the more likely a scenario this is. In order to get in touch with support, traders can email lionfxtrader@gmail.com.

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Lion FX Trader Review

With such an impressive and popular Myfxbook account, it’s quite odd that the Lion FX Trader website is so poorly put together. The website design is very unprofessional, with weird pictures of castles, affiliate links to Forex brokers, buttons that don’t work and major image alignment issues. There really is a litany of problems with this website, which certainly lowers my expectations and confidence in this expert advisor. As I continue the review, I will try to look past some of these issues and dive deeper into the trade logic and trading results which are much more important to me than design.

Alex believes that our search for a profitable and save strategy and’s with his robot. In regards to trade logic, we are told that the software swings between support/resistance, while utilizing different indicators for analysis and mathematical calculations. They believe that this is a unique trade algorithm that is low risk because of the “fixed TP and SL.” The EA is non-martingale, and uses a strict trade management methodology.

Breakdown

  • Type: Forex Robot
  • Price: $137/3 licenses, $157/5 licenses
  • Strategy: Support/Resistance
  • Timeframe: M15
  • Pairs: EURUSD

The price for a Lion FX Trader license is inexpensive in comparison with the rest of the marketplace. This is a positive. I also do have an appreciation for the support and resistance strategies, many of my manual trading strategies follow these principles quite closely. So, let’s take a look at their trading results and see if they are using these principles properly.

Lion Myfxbook Results

So, the reason I even created this review is because of the Myfxbook that has gotten so much attention since it started in January 2016. This account shows a growth of just over 600% as I’m writing this review. The Lion FX Trader has been a steady gainer for the majority of its trading history, but at the beginning of May 2017 it took a major loss of just over 62%. Since this loss the robot has started to recover the losses, but we do have to keep in mind that this type of drawdown is possible and could be potentially devastating to the trading account. For nearly the entire first year of the software, they never reached the 600 percentage point, which means the account could’ve been completely wiped out if the losses they had were sustained at an earlier period in time.

This type of drawdown doesn’t mean that the EA uses a bad strategy, but to me it does mean that this isn’t a low risk strategy.

In the course of just over a year and a half, the software has traded 740 times for a monthly gain of 11.31%. In looking at the monthly gain analytics on Myfxbook, we can see that the software had only 2 losing months in 2016, and the other months were very large winners. Yet, in 2017 there are already 3 losing months and the winning months are impressive but not close to as high as 2016. In fact, the Lion is actually down around 10% in total for 2017. It may be time for them to update their strategy to current market conditions.

Community Reviews

As of right now, the Lion FX Trader has a 2/5 star rating on Myfxbook, and 3.3/5 rating on FPA.

Much like the my FX book account, the reviews for this software started out very positive, and over time have deteriorated a little bit. There are still positive reviews, but they are becoming more infrequent, and there are claims now that this is a scam. Personally, I don’t like using that word, and I find that many of the traders that throw out the scam word are frequently doing something wrong on their end.

With that being said, here are a couple reviews from the Forex community for you to peruse and analyze.

Conclusion

As of right now, I’m on the fence about the Lion FX Trader. I know, this is a frequent conclusion that I make, but there are both positive and negative elements to this trading system. There are parts of the trade logic that I really appreciate, but it’s hard to look past their most recent loss and not worry about the high risk nature of the system. The community feedback is also divided, so I don’t want to rely on this information either.

Please leave a comment with your experiences using this EA, and that will certainly help us determine the viability of this trading product.

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