Today I’m reviewing a new Forex robot by a company the claims we’ve seen the rest and now it’s time that we see the best, Forex Cyborg. The developers of the system advertise it as “the most innovative multicurrency Forex trading robot on the market.” It is built to work with 14 currency pairs simultaneously on 15 minute charts. It’s the goal of the creators to provide traders a long-term investment opportunity.
There is no information provided on the developers of the software, or the location of the company that produced. In order to get in touch with support, you have to fill out a contact form at the bottom of the sales page.
The first thing I noticed on the website, is how clean and professional looking at us. The people who put the Forex Cyborg sales page together, did and efficient job at creating something with aesthetic appeal. There’s quite a few back tests, and a my FX book account but there is very little information about the strategy behind the software. We are told that the software “incorporates a combination of unique features including neural networks and deep learning which help to ensure that it has such an impressive win rate.” They have included a couple specifications as well.
Money Management
In this section they inform us that the software does not use any martingale strategies and gives traders the ability to choose between 2 different settings packages, normal and conservative.
Trading Hours
Depending on the chosen pair, the software will open trades during the hours of 18:30-23:30 GMT. Trading specific hours is something that interests me greatly, as I’ve had a lot of success with the Forex Fury robot, which trades 1 hour a day. This type of specificity when it comes to a strategy is very important to me.
There are 4 different Forex Cyborg packages available. The main difference between these options are the amount of currency pairs, the price and the amount of licenses. In the €299-€399 price range, traders get access to 7 currency pairs and either one real license or 3 real licenses. In the €499-€599 price range, traders get access to all 14 currency pairs and either one real license or 3 real licenses. The recommended package, is the gold package which comes with one real license and 14 currency pairs.
Trading Results
As I mentioned above, the Forex Cyborg system comes with 14 back tests and one my FX book account. As I’m not really interested in back tests in 2017, I’ll focus mostly on the my FX book account and take a look at how the system has been performing. This my FX book account is currently showing a 25% gain in the course of a month and a half. This equates to a daily percentage of 0.39%, a monthly percentage of 12.26% and a drawdown of 8.38%. These are all efficient numbers, that make the system look like a stable opportunity. Yet, the software has only been running for about a month and a half, so we are probably best to wait and see how the system continues to perform moving forward.
The robot is generally winning small trades between 6 to 20 pips, and losing trades in the same sort of region. Most losses are very small with the exception of one large loss that was -87 pips.
At the top of the my FX book page it does state that “this account uses a custom start date,” so this is something I’d like to look into more as well. The last thing we would want is the developer to be blocking access to losing trades to protect themselves.
2021 Forex Cyborg Update
It’s been a couple years since we last revisited the Cyborg EA services. Despite such a long time passing between our review and now, there’s been very little in terms of client feedback. There are no reviews on FPA, and the most recent comments here on FRN have all been negative. The last two clients claim that the results are bad, and one was even denied their refund request. This is not an ideal scenario.
There are some positives though, and these come in the form of their Myfxbook trading results. The Forex Cyborg team continues to provide impressive Myfxbook accounts, showing gains on live accounts. Here is another one of their recent accounts.
While this account did have a sharp loss of over 100% recently, it is still running, and on a live account with Circle Markets.
The only real concern we have is with the client results. We can’t seem to find any client results, and it’s unknown whether or not clients are able to have the same sort of success that the vendor shows. Seeing some client accounts is certainly a must at this point before signing up.
Conclusion
My first impressions of the Forex Cyborg robot are positive. That doesn’t mean that I will be signing up today, but that doesn’t mean that I will be keeping track of their progress and watching how well their clients are doing as soon as feedback starts rolling in. As of right now, there is no real customer feedback because the system is so fresh, so little be interesting to see how this all unfolds. I’ll be providing a 3 star review at this point in time, and then changing the rating based on the successes or failures of real traders using the software.
Thank you for stopping by, and please let me know if you have anything you would like to add to the review now.
Forex Cyborg €299-599
Price
Strategy
Results
Feedback
Support
Summary
Forex Cyborg is a scalping robot that’s been around for many years, and still acquiring clients.
Overall
3.1
Comments Rating0 (0 reviews)
Pros
Scalping strategy Multiple options M15 timeframe Long term performance
Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their 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.
Bought Forex Cyborg a couple weeks ago, had some troubles setting it up but working ok now. It’s been trading but it’s mostly 1 win, 1 loss, so 1 step forward and 1 step back. Not seeing any real progress yet.
Thank you for sharing the data. However I would like to mention here, what I already wrote you in a email: We highly do not recommend to use such a high risk.
We recommend 3,5% risk per trade. On our live account we use a bit higher risk: 4,5% risk per trade.
In our view a very high risk is already 8% risk per trade. 25% risk per trade (what you use), can lead to a margin call in the future + you will not get all trades executed because of too less margin available.
It is your choice to use such a high risk, but we don’t want to disconcert new users that this is a good choice in our view.
But beside this: I’m happy that you already made some good profit using Forex Cyborg.
He already said not to use high risk and you still use extremely high risk.
0.25 lots per pair is too high if you have 7-14 pairs on one account.
For a 1k account with that many pairs you are better off bringing lot size down to 0.01-0.02 lots per pair (0.01*14 or 0.02*7 = 0.14 lots in total).
If you reach a heavy drawdown and lose a huge chunk of your balance, the lowest lot size you can go with 7-14 pairs is 0.01*7 or 0.14 lots.
If you plan to use 0.25 lots per pair you are better off using only ONE pair. Because when you reach a heavy drawdown you can lower lot size below 0.07 / 0.14 lots to potentially 0.01 lot.
Also note you need to use a decent ECN broker and have it run on a VPS otherwise you will ultimately fail.
thank you for this honest review! I just wanted to explain a small thing you mention in your review. We set a custom start date, because there was a bigger time difference between the deposit of the live-account and the first trade. This would lead to a false average monthly performance. So there is nothing to hide. You can simply change the start date by your own and see this fact.
I hope we can convince you and all other users about the quality of Forex Cyborg in the future.
If you have any question, feel free to contact us anytime.
sure, I will give you some more informations about the strategy:
Forex Cyborg is a multicurrency (pre-)asian scalper that trade 14 currency pairs at the same time. It start trading at the end of the american and start of pacific trading session when market players close their positions and short-term trend reversal occurs. It trade between 18:30-23:30 GMT. Beside that time-filter, we have a set of other filters, like a volatility filter, a channel filter and a spread filter. We use them in combination with different indicators to find the best entry point. Forex Cyborg use 5 different exit logics to find the best exit point. Evey trade has a TP and SL (50 – 120 pips depending on the chosen pair) but it will close more than 99% of the trades earlier. It will reach this targets only in unusual market conditions and is there as a insureance to limit the risk and make it calculable. Forex Cyborg does not use any risky technique like grid or martingale. It open max. 1 position per currency pair. The achilles heel of every multicurrency asian scalper is, that they open multiple positions of the same currency in different currency pairs and upper the risk in case of a strong trend. Sometimes up to 4-6 positions at the same time. We are proud to deliver a solution for this problem with our innovative ‘currency correlation risk-manager’. It scans the open positions and block multiple positions of the same currency. Per default Forex Cyborg allow max. 2 positions of the same currency (it can be changed in the parameters). A small example to explain it: If Forex Cyborg already opened a EURCAD – sell and a CADCHF – buy, than it will block USDCAD – sell or GBPCAD – sell, until one of the two opened order are closed. GBPCAD – buy would be possible in this case. Another interesting fact about Forex Cyborg can be found in the stats of the live account (and in the backtests). We managed to archive a greater average win (pips) compared to the average loss (pips), while we have a winning rate over 75%.
I hope that answered your question. If not: Just ask again. I will try to answer all your questions.
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It’s an automated robot.
It trades on your MT4 account on your behalf based on the programming logic and settings.
This system is a bit older, you can see my more recent tests here:
https://forexrobotnation.com/best-forex-robot-and-expert-advisors-top-3-tested/
Bought Forex Cyborg a couple weeks ago, had some troubles setting it up but working ok now. It’s been trading but it’s mostly 1 win, 1 loss, so 1 step forward and 1 step back. Not seeing any real progress yet.
Hoping that this still works in 2020.
Have bought and run on real account on low risk with correct setting. Result are so bad
what risk setting were you using?
Cyborg i have pulled out as the wins have been small and losses have been enormous my account has dipped but not to much.
Have requested refund but i purchased on 7th of last month so they say i cant be refunded.
Hope pay pal might refund me.
Thanks All
Hi Everyone,
I am using Forex Cyborg for a about 2 weeks now its still looking good.
I have set the risk to 25% will see how much i loose if it gets that bad a loss to see if it stays at 25%.
Any if you would like to see my live account here is a link http://www.myfxbook.com/members/14037334/forex-cyborg/2182670
also i have used this account so its in loss lets see if the Forex cyborg can make it back.
Thanks
Hi Everyone,
I have changed to fixed lots of 0.25 For every pair and will see what happens on my 1k account
Hello Daniel,
Thank you for sharing the data.
However I would like to mention here, what I already wrote you in a email:
We highly do not recommend to use such a high risk.
We recommend 3,5% risk per trade.
On our live account we use a bit higher risk: 4,5% risk per trade.
In our view a very high risk is already 8% risk per trade.
25% risk per trade (what you use), can lead to a margin call in the future + you will not get all trades executed because of too less margin available.
It is your choice to use such a high risk, but we don’t want to disconcert new users that this is a good choice in our view.
But beside this: I’m happy that you already made some good profit using Forex Cyborg.
Best regards,
Forex Cyborg Team
Hi,
Yes i have changed to fix lots of 0.25 if i get to many losses i will change back it seems to happen occasionally.
He already said not to use high risk and you still use extremely high risk.
0.25 lots per pair is too high if you have 7-14 pairs on one account.
For a 1k account with that many pairs you are better off bringing lot size down to 0.01-0.02 lots per pair (0.01*14 or 0.02*7 = 0.14 lots in total).
If you reach a heavy drawdown and lose a huge chunk of your balance, the lowest lot size you can go with 7-14 pairs is 0.01*7 or 0.14 lots.
If you plan to use 0.25 lots per pair you are better off using only ONE pair. Because when you reach a heavy drawdown you can lower lot size below 0.07 / 0.14 lots to potentially 0.01 lot.
Also note you need to use a decent ECN broker and have it run on a VPS otherwise you will ultimately fail.
HI,
I have just purchased this robot and am using icmarkets standard account start balance is 1k
default settings.
Using vps as well.
now how your Account ?
HI forexlk,
My account is in profit using the cyborg it has only had a few trades i need more time to see how it goes hope this week will see more.
Hello Patrick,
thank you for this honest review!
I just wanted to explain a small thing you mention in your review. We set a custom start date, because there was a bigger time difference between the deposit of the live-account and the first trade. This would lead to a false average monthly performance. So there is nothing to hide. You can simply change the start date by your own and see this fact.
I hope we can convince you and all other users about the quality of Forex Cyborg in the future.
If you have any question, feel free to contact us anytime.
Have a great day and thank you for your work!
Thank you. Could you possibly provide more information/specifics regarding the strategy itself?
Hello Patrick,
sure, I will give you some more informations about the strategy:
Forex Cyborg is a multicurrency (pre-)asian scalper that trade 14 currency pairs at the same time. It start trading at the end of the american and start of pacific trading session when market players close their positions and short-term trend reversal occurs. It trade between 18:30-23:30 GMT.
Beside that time-filter, we have a set of other filters, like a volatility filter, a channel filter and a spread filter. We use them in combination with different indicators to find the best entry point.
Forex Cyborg use 5 different exit logics to find the best exit point. Evey trade has a TP and SL (50 – 120 pips depending on the chosen pair) but it will close more than 99% of the trades earlier.
It will reach this targets only in unusual market conditions and is there as a insureance to limit the risk and make it calculable.
Forex Cyborg does not use any risky technique like grid or martingale. It open max. 1 position per currency pair.
The achilles heel of every multicurrency asian scalper is, that they open multiple positions of the same currency in different currency pairs and upper the risk in case of a strong trend. Sometimes up to 4-6 positions at the same time.
We are proud to deliver a solution for this problem with our innovative ‘currency correlation risk-manager’.
It scans the open positions and block multiple positions of the same currency. Per default Forex Cyborg allow max. 2 positions of the same currency (it can be changed in the parameters). A small example to explain it: If Forex Cyborg already opened a EURCAD – sell and a CADCHF – buy, than it will block USDCAD – sell or GBPCAD – sell, until one of the two opened order are closed. GBPCAD – buy would be possible in this case.
Another interesting fact about Forex Cyborg can be found in the stats of the live account (and in the backtests). We managed to archive a greater average win (pips) compared to the average loss (pips), while we have a winning rate over 75%.
I hope that answered your question.
If not: Just ask again. I will try to answer all your questions.
Thank you, I will chew on all this.