Forex Truck is a new expert advisor being advertised as “your reliable truck on the highway of Forex market.” The software is built to work with all brokers on both MT4 and MT5. In fact, the developers provide both versions of the software for no extra charge. Today we will be reviewing the robot and letting you know if it’s likely to be viable in the short and long term.
The developer fails to provide any information about who they are or where their headquarters are located. Our additional research shows that they are owned and operated by the creators of the Forex Store. This developer is behind many automated Forex robots, as they appear to release 4-5 per year now. They are behind the XFX EA, Forex InControl, FX Stabilizer Pro and many more. The Forex Store has never come outright to say that they own any of these systems. There is a link back on each page that says “powered by,” but they haven’t been overly transparent. On the Forex Store they link to the product as “the developer’s website,” but they are linking to their own site. It’s not a major concern, but we still aren’t exactly sure who run the Forex Store website.
Forex Truck Review
Much like the other Forex Store products, the Forex Truck website is aesthetically pleasing, but not filled with much detail. There are really only a few sentences about the product, a couple of backtests and a Myfxbook account. Obviously, this type of sales page must be working for the vendor as this is the exact approach they utilize with every product they release. We prefer more information, as it’s difficult to get a true grasp on whether or not this qualifies for best Forex robot status without intricate knowledge of the software.
The strategy is based on a special feature that “consists of two blocks that work together.” The first block looks for effective entries using fixed lots. It will open 1 or 2 trades at a time, and monitor the market for any changes. If the market does shift, the Forex Truck will attempt to close out of the trades quickly while remaining in profit or taking a small loss. They do this in order to avoid prolonged drawdowns. If this initial strategy fails, the software moves onto the second block when a situation or trade needs fixing. This part of the algorithm “resorts to opening additional orders based on the Market situation.” It sounds like this is sort of a hedge or martingale approach to making up for a larger loss. They don’t put it in those terms exactly, but they are quite vague in their explanation.
- Type: Forex Robot
- Price: $277
- Strategy: Hedging/Martingale
- Timeframe: Undisclosed
- Pairs: USDCAD
The Forex Truck is currently going for $277. This package comes with 1 lifetime license, technical support, a detailed user manual, and the EA for both MT4/MT5 brokers. Traders can change their account number at any time in possible, so the licenses are reusable and don’t just disappear after you use them on a single account.
The Forex Store team currently provide a single live account running the Forex Truck on the FXOpen brokerage. This account is showing a 229% with a 23% drawdown since January 16th, 2020. During this time, the software’s placed 175 trades, with an average trade length of two days. The risk reward ratio is effective at 1:1, with the average win coming in at 50.08 pips and the average loss at -51.67 pips. The win rate is lower than most robots we review at 58.5%, but the money management seems to keep this in check as the system is still up 1438 pips this year.
Our first impressions of the Forex Truck are positive. While we would like to see more information about the system, the live account provided is impressive. All we really want to see now is some real client accounts that match up with the vendors to ensure that the robot is profitable for the community. We will be watching the review closely to see what our readers have to say and adjusting from there as this robot has only been on the market for a week.
If you have anything you would like to add to our review, please leave your comments now.