Good Robot is a new automated Forex trading software that promises to offer the “best MT4 solutions” in the market. They believe that free robots are incredibly risky, which is why they decided to create a paid solution that comes with free updates. Today we will be providing a complete review, and letting you know if this software checks enough boxes.
There is no information provided about who the creators of the service are, or where they are located. Our additional research shows that their servers are located in Russia, so it’s likely that’s where the development team is located as well. We are unsure why the vendors haven’t introduced themselves to us, and this is certainly something they need to add to their website if they want to be taken seriously. It is difficult to purchase a software from any vendor, let alone one that doesn’t have any reputation in the Forex market before this product.
To get in touch with support, traders can email email@example.com. In this case, we recommend emailing the vendor before purchase, to make sure they are actively responding to requests.
Good Robot Review
Our first impression of the Good Robot isn’t all that positive. The website is very poorly put together, and comes across unprofessional. There are bad formatting mistakes, confusing image image placement, and an overall lack of execution. It seems like the creator of the product wanted to get through the website development portion as fast as possible, and it shows.
In the first section of the website, the vendor wants us to know 4 main aspects about their service. These aspects include free installation, free updates, compatibility with all MT4 brokers and the ability to use their default settings to win trades.
Based on what we’ve seen so far, this team has a long way to go before they’ll be considered for our best Forex robot rankings.
The Good Robot team fails to provide any real specifics about their trading strategy. They offer up a bunch of generic bullet points but nothing that gives us any true insight.
The only sentence that comes close is the one that states the “robot trades in certain hours analyzes and determines the price direction for the next couple hours or days.” Even then, this doesn’t really give us the type of information we are looking for.
If the developer wants to be taken seriously, they will have to add actual strategy detail.
- Type: Forex Robot
- Price: $99
- Strategy: Undisclosed
- Timeframe: Undisclosed
- Pairs: EURUSD
For traders interested in purchasing the Good Robot package, it is currently going for $99. This is a one time fee that provides full access to 1 real account and 1 demo account. For traders that want more accounts, there is a standard package at $129, offering 2 real accounts and 2 demo accounts. As well as a pro package at $149, offering 3 real accounts and 3 demo accounts. So, no matter how many licenses you are interested in securing, the packages are all very reasonable.
The Good Robot team provide a single FX Blue account as their trading results. We prefer Myfxbook, but that’s neither here nor there.
The FX Blue account is showing a 150% gain over the course of 74 days trading. During this time, the software has won all 100% of its trades, with an average of .6 trades per day. The average trade length is 26.8 hours, and the risk reward ratio is 3.65. Overall, the software has secured 1109 pips in its first 2 and a half months of trading.FX Blue – free tools and services for FX and CFD traders
The numbers are impressive at first, but we can see why they are using FX Blue instead of Myfxbook. FX Blue has trouble measuring risk of ruin and drawdown properly, and we can see this strategy keeps a large drawdown open. As of right now, the software is showing a profit of +8360, but is holding a bunch of losing trades open of -8214, which is almost the entire profit of the account. Based on these numbers, the expert advisor appears to be a high risk, and volatile system.
This is not the type of approach we prefer, as noted in our reviews of Auvoria Prime, Forex Zeon-X Pro and Forex Sugar.
At this point in time, we are unable to recommend the Good Robot to any of the Forex Robot Nation readers. While there are some positives, the EA simply doesn’t check off enough boxes for it to be considered a top option in this market. The first steps they need to take in order to change our mind, are fixing their website design, providing information about their strategy, and switching to Myfxbook.
If you have anything you would like to add, please leave your comments below the article now.
Good Robot $99
Good Robot is a low-cost Forex robot for traders looking to get their feet wet in the market for the first time.
FX Blue results
No strategy insight
I have tried Good Robot EA. I read the return policy as a 30 day return for any reason policy and it turns out that 2Checkout.com will not refund any money without the Good Robot support person giving permission.
I have asked for a refund to test this and so far, no refund.
I have had no trades for 2 weeks. The support person says this is normal. I back tested the robot using the strategy tester in MT4 and it shows only a 4.2% return per month for the first 6 months of 2020, not the 88.88% they advertise. The Draw down in my back test was 52%, not the 0.2% they advertise. The Good Robot EA enters trades without setting a stop loss and then enters a trailing stop after it is in the money. On June 4, 2020 this caused a very big loss and the 52% draw down. I have asked them to add the initial stop loss to prevent this bad result and they have refused.
I believe an external maximum draw down program that closes all trades would be a good safety net and might prevent a 52% draw down.
Without counting the June massive loss, the Good Robot EA had an average return for January-May 2020 of 15.5% per month on my back test. This is not bad, but not the 88.88% that is advertised.
The Good Robot EA only works on the EURUSD pair and only on the H4 time frame.
Still, I have seen no trades. I cannot recommend that anyone uses this EA at this time.
I will update this review if things change.
I am interested in good robot.
I recommend going to the website, or going through our review, we cover the Good Robot in detail.