Robot Review: Dragon Expert

Dragon Expert is a new Forex robot guaranteeing 60-100% profit per month. They believe that they are able to achieve these aggressive claims because their software utilizes “the most advanced real-time algorithm code,” in conjunction with a correlation pairs strategy. This guarantee is very hard to believe, and at first bluff comes across as mildly asinine. In this review, we will determine if the claims are true, and whether or not this expert advisor is a viable trading product, or a get rich quick scheme.

The developer of the system is David King, the head of a team of technical analysts and MQL programmers focused on building automated Forex trading systems. Their goal is to provide trading systems that can sustain a high winning rate in all market conditions. There is no information about their location, or much elaboration into their trading history and expertise in the Forex marketplace. The vendor offers 24/7 support via email dragonexpert99@gmail.com.

Dragon Expert Review

The Dragon Expert sales page doesn’t provide an in-depth explanation of their trading strategy or services. Instead, there are a list of 12 short bullet points. This lack of information isn’t something new in the Forex robot marketplace, but it doesn’t offer the client much in terms of initial impression or confidence.

One of the bullet points is labeled the legendary trading strategy, but the explanation is lackluster. They tell us that the system plots the chart price in real time between multiple time frames in order to find the best entry and exit points. This really isn’t much of an explanation. Next, they give a brief 15 word explanation of their advanced correlation algorithm which is that the “EA will find correlation between pairs and give hedge to your trade.” From this, we can assume that the software uses some sort of the hedging function, but that function isn’t explained in any detail either.

Some of the other aspects that the vendor wants us to be aware of, is that they provide optimized settings, protection from shady brokers, hidden stop loss, advanced pair detection, no trade lagging, ECN broker support, and a time filter for traders that want to restrict the times the EA approaches the marketplace.

While some of these aspects are interesting, they are very common to most expert advisors (Wallstreet Forex Robot, Inrex EA), and without a detailed explanation of each, it’s a very vague sales page that leaves us wanting much more from the vendor.

Product Details

• Type: Forex Robot
• Price: $297-$2297
• Strategy: Correlation
• Timeframe: Any
• Pairs: EURUSD, EURJPY, USDJPY

The Dragon Expert group advertise 4 different packages for their services. All of the packages are essentially the same, with the only difference being an increase in the cost based on the amount of real account licenses attributed to the package. The vendor provides more live licenses then any other Forex robot we’ve ever reviewed. The basic package goes for $297, which includes 10 real account licenses, the 2nd package goes for $597, which includes 50 real account licenses and the last package goes for $2297, and comes with untlimited real licenses. I don’t see the benefit of offering this many licenses.

The only positive in all the packages, is that the team offers a free package for traders that want to test the software on demo.

Trading Statistics (2021 Update)

The first thing we noticed on the Dragon Expert advisor website, is the tagline that guarantees gains of 60-100% per month. Based on the trading results in the Myfxbook accounts being provided by the vendor, they are not able to follow through with their guarantee. It is quite odd to see a vendor advertise a monthly gain that they aren’t achieving on any of their trading accounts. This is a major oversight and certainly attacks the credibility of the trading statistics section in general.

The vendor provides multiple Myfxbook accounts, and they are all very different. The first account ran from December 12, 2016, to October 24th, 2017, and showed a gain of 1069%. Yet, this account has a multitude of issues. The first concern is the fact that the account is no longer active, and hasn’t traded since 2017. The 2nd concern is that this account showed major gains with a Forex broker that has a very poor reputation. This broker is NewForex, and it’s no surprise to our team that they are no longer in business. This essentially brings the entire account history into question.

Another account they provided in the past is now blown, last update in early 2019, you can see those results here:

They have a couple more demo accounts but none of them are active. They all stopped trading in January 2020, so well over a year ago now. I’m unsure why they stopped providing trading results, but this means that this is a product to avoid until they resolve this issue.

There’s no reason to purchase a robot with trading results that are over 15 months old.

The bottom line is, none of the trading accounts provide any proof that this is a viable Forex robot, and none of the trading accounts have ever achieved the promised guarantee of 60-100% per month.

Conclusion

As far as we are concerned, the Dragon Expert shows promise in it’s small sample size, but there’s nothing to suggest that this is a viable investment opportunity as of right now. The vendor needs to let his trading accounts run for a longer period of time, and provide us with much more detail in terms of their overall methodologies. We will check back in a few months, to see if anything has changed, but until then, we will not be making a recommendation.

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