EA Review: Smart Forex Robot

Today I’m looking at a new EA built to automatically adapt to current market conditions, Smart Forex Robot. The developers of the system believe that they have created the most stable system in the market with over 15 years of consistent profits. I’m going to assume that 15 years is heavily reliant on back tests, because there are no long-term trading results provided by the vendors.

There is no address for this vendor. There sales account is MD Projects SMA, but even this information leads us to nothing but dead ends. Hopefully, more information comes out about this vendor over time, but for now if you need to contact support you can use the contact form made available on their sales page.

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Smart Forex Robot Review

According to the sales page, there are 4 reasons why traders should register and utilize the Smart Forex Robot. The first reason goes back to my last paragraph in the introduction. They tell us that the system is created by “professional traders and software developers with more than 20 years of accumulated experience.” Yet, there is no proof of this experience, as we are not introduced to the developers and shown what type of reputation they have in the Forex marketplace.

The second reason, is that the software works on 21 pairs which they believe helps minimize trading risk. Personally, I like strategies that are a little more specific, but I’m not going to let that interfere with my judgment at this point in time. The 3rd reason is that the software is a scalper, and the 4th reason is that they provide a 96.83% winning percentage.

Breakdown

• Type: Forex Robot
• Price: $225
• Strategy: Scalper
• Timeframe: M1, M5
• Pairs: AUDCAD, AUDCHF, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, GBPAUD, GBPCAD, GBPCHF, GBPUSD, USDCAD, USDCHF, USDJPY

While the sales page claims the software works on 21 pairs, there are only 14 pairs traded so far in their Myfxbook account. Thus, it’s possible that 7 of the pairs never passed the testing phase.

As for the price, we are told that the regular price is $329, but for today it is $225. I don’t expect this price to raise, as I believe this is a marketing tactic to make it seem like you are getting a good deal. There is nothing wrong with this approach.

Trading Results

The Smart Forex Robot vendors currently provide us with 12 back tests and one Myfxbook account. Personally, I don’t put any weight into back tests in 2017, because most EA’s are using too much live data that cannot be re-created via a back test. Having said that, my main focus will be in the analysis of the Myfxbook account.

The SmartForexRobot-portfolio 1 account is showing a gain of just over 247% in approximately a year of trading. In this year, the EA has traded 408 times and has had as many positive months as it’s had negative months. This isn’t an issue in this case, because the positive months far outweigh the negative months in terms of overall gain.

For a scalper, some of the trades run a little longer than I would’ve expected. Generally, you want scalpers to trade a couple of minutes for each order, but in this case we are seeing some trades go for a couple of days just to pick up 10 pips. That being said, the maximum drawdown they’ve ever had is 28.66%, so they don’t let trades run too long into the negative before they close them out.

Conclusion

My initial impressions of the Smart Forex Robot are positive. I like what I’m seeing from the my FX book account, and I’m a big fan of scalping trading systems. The only thing really missing from this review, is the real customer feedback. There doesn’t seem to be any clients speaking up about their successes and failures with this EA, so hopefully those traders comment here. I generally like to see a handful of user reviews before I decide to jump in on any robot.

Thank you for stopping by, and please let me know if you need any help in the Forex market.