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Robot Review: Dara Trade

Dara Trade is a new Forex robot provider that promises to provide the community with automated trading systems that exhibit character. They want to connect “ordinary people with extraordinary automated trading strategies.” Unlike most EA developers, this group believes they set themselves apart from their competition by offering multiple different trading robots, with unique trading strategies.

The company is owned and operated by Ivo Luhse, a Forex trader located in Ireland. Also the founder of Evestin Forex, it seems as if the Dara (Decision Aiding Robo Advisor) is his latest project, and a bit of a re-brand of the old robot service, under a new name with a few new features. To get in touch with support, traders can fill out a contact form on the website. There is no direct email address available at this time.

Dara Trade Review

The development team believes that the Dara Trade robot is a “new ingenious way of trading Forex and crypto-currencies.” There are 6 different expert advisors available, all with different strategies that are automated directly in your Metatrader 4 account once activated. Traders have the option to approve each trade individually, or allow the system to trade completely on its own.

While the software looks simple enough to operate, it doesn’t seem like each strategy has a specific market approach, as the trader is expected to select the Forex pairs, crypto currencies or indices that the robot is applied to. Considering there are 6 different strategies, it’s not possible that they are all viable with every single asset available. In cases like these, traders have to do a fair bit of testing to find the right mixture of assets for each strategy, and essentially need to figure out which is the best Forex robot within the package. That being said, Dara does provide trading rooms and live webinars which are built specifically to teach traders how to better use the techniques and strategies made available.

The platform is made up of 6 separate expert advisors:

  1. Satoshi Dara
  2. Tj Dara
  3. Momo Dara
  4. My Way Dara
  5. Crypto Dara
  6. Sentiment Dara

The Satoshi is based on Japanese candlestick patterns, the TJ is a trend follower, the Momo is momentum-based, My Way is a another Japanese candlestick pattern strategy, Crypto is self explanatory and the Sentiment is a currency strength trading approach.

The only real concern with providing this many strategies, is that it’s very difficult for one development group to maximize the potential of 6 different trading systems, when the majority of the vendors in this market have difficulties with one. This is quite apparent in my most recent reviews of Forex Black Robot, FX Street Robot and Econ Power Trader.

Breakdown

  • Type: Forex Robot
  • Price: $99/month
  • Strategy: Multiple Strategies
  • Timeframe: Undisclosed
  • Pairs: All Pairs, Indices, and Crypto Currencies

The Dara Trade group offers a free starter plan, and an Algo master plan which goes for $99 per month. The free plan which is built specifically for beginners provides a “free trading software that is guaranteed to improve your trading.” There are no real details about this plan, and it seems mostly just a way to attract clients into the fold.

The $99 per month plan is the real option, as this gives traders access to the Forex robots, trading rooms and weekly trading webinars.

Trading Results

Much to my disappointment, the Dara Trade robot developers provide us with zero trading results. There isn’t a single trading statement, trade example or verified trading account anywhere. I’ve even done additional research, and manual searches on Myfxbook to see if their clients have posted any trading accounts, but this came up empty as well.

With no trading results, it’s hard to understand why the developers believe that their product is worth $100 per month. They should at the very least be able to provide us with basic performance numbers to prove to us that their system is viable before we invest our hard earned money.

Hopefully the vendor rectifies this lack of transparency in the near future.

Conclusion

At this point in time, there is no reason to sign up with the Dara Trade expert advisor. There simply is not enough performance data for us to know if this is a worthwhile investment opportunity or not. My recommendation, is to wait and see if the vendor is able to supply us with some verify trading accounts moving forward.

Thank you for reading the review, and please leave any questions or remarks you may have below the article now.

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

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