Forex21 Review: Forex Force EA

Today I’m analyzing a new Forex robot developed by the Forex21 team, who believe that their price action and momentum approach is going to dominate the market with their Forex Force EA 2.0. The software utilizes multiple algorithms to ensure that it adapts itself to current market conditions, and is available on sale for the next few days. In my review today, I’ll let you know if this is ready for the public, and the next steps we should take in order to increase our account profitability.

The EA is owned and operated by Forex21, a trading company that has been promoting different trading systems for 9 years. There is no information about their headquarter location, but they can be contacted via email at support@forex21.com, or Skype: forex_21. Their business hours are Monday – Thursday, 8AM to 4PM, and Friday 8AM to 2PM.

Forex Force EA Review

Now on version 2.0, the Forex Force EA is using not only price action and momentum, but also volume in order to influence the robot’s decision-making process, and ensure more accurate entries. The EA utilizes an algorithm that “monitors and analyze multiple time frame simultaneously and executes trades only when the risk reward ratio is favorable.” It isn’t disclosed what the developers are looking for by analyzing multiple time frames, but they do believe that this approach helps them maintain consistent returns in different market conditions.

The system is also built to modify current trades as it analyzes the market it places “new trades including stop loss and take profit orders, adjusting trailing stops, close positions partially, calculating the optimal life-size, send informal notifications to your smart phone, make consistent profits and above all protect your account equity.” That’s a bit of a mouthful, but the developers are essentially telling us that when a trade is active, it is not finished, as the robot will look to modify and make changes to existing open orders.

This type of adaptability isn’t proven, but it’s good to see developers test new methods, and approaches, which we’ve seen in recent reviews of FX-Orbital, Exreign, and Quivo FX.

Breakdown

• Type: Forex Robot
• Price: $199-$299
• Strategy: Price Action, Momentum, Volume
• Timeframe: Undisclosed
• Pairs: EURUSD

For traders interested in signing up with the Forex Force EA 2.0 system, there is one option available, which is going for $199. The Forex21 team does not tell us how many licenses come with this package, so we don’t know how many live/demo accounts we can run. This is basic information provided by every EA vendor, so I’m surprised that it’s not readily available to us.

After purchasing, traders get access to the trading system, adaptive set files, documentation, free updates and 24/7 support.

Trading Results

Forex21 is currently providing us with two Myfxbook accounts, showing us the performance of the Forex Force EA on demo with FXDD and Capital City brokerages. The FXDD account is showing a gain of 86%, with a drawdown of 36%, and the Capital City account is showing a gain of 106%, with a very low drawdown of 4%. Both of the accounts are trading similarly, but it’s difficult to gauge exactly how the Capital City account is trading, because the majority of trading activity statistics are all locked.

As for the FXDD account, it gained over 89% in June, and is showing a small loss of just under 2% in July. We are looking at a very small sample size currently, and I would like to see how the software performs over a much longer period of time. The EA seems to operate with a hard stop loss of 50 pips, while the take profit ranges anywhere from 50 to 174 pips, which is a solid risk to reward ratio.

In my research, I’ve also come across one live trading account, which is being run by a Forex Force client, Aymabtu. This account has been running since early June, and is showing an overall loss of just over 5%. I’m not sure if this client is running the software properly, or if the EA performs worse on live accounts, but this account is certainly worth analyzing, as client accounts frequently tell a more transparent story.

Forex21

With over 9 years of experience in the Forex marketplace, this developer has released quite a few systems over the years. They are behind ProFx, Forex Insider, FxPulse, Shark, Sigma, Griffin, and others. The majority of these systems are no longer available, but they do seem to provide a high level of support, and treat their clients pretty well. They currently have a 3.2 star rating on FPA, which is pretty solid, as I find anything above 3 stars to be reputable.

Here are a couple of the latest reviews from clients:

Conclusion

As of right now, I’m not going to be recommending the Forex Force EA 2.0 by the Forex21 development team. I’m impressed by their sales page, and I’m happy that they are running multiple Myfxbook accounts. Yet, the sample size is still very small, and the one client account is not performing up to expectations. So, let’s give it a few months, and see how this continues to perform, before we make any final judgement.

Thanks for stopping by, and please leave a comment with your experiences, so we get a better understanding of how the software is performing for the Forex21 client base.