Robot Review: Forex Draw EA

Forex Draw is a new EA is a new automated trading robot promising to provide traders with perfect accuracy rates for sustainable profits. They believe to be providing traders with a breakthrough trading that’s designed to make trading easier for all levels of traders, especially beginners. They want to help traders get stable profits, while keeping the risk at a minimum at all times. Today we will be providing a full review, and letting you know if this is a worthwhile investment, or something that just sounds like it is.

Created on March 23rd, 2019, this product is less than two months old as we write the review. At this point, it is unknown who the developers of the product are, because this information is not provided on the sales page. All we know, is that the vendor is located in Singapore. In order to get in touch with support, traders can email forexdrawea@gmail.com.

Forex Draw EA Review

There are three main reasons why we Forex Draw EA team believes that their product is ahead of the marketplace. These reasons are, that can be utilized with a small starting capital, that it avoids fundamentals high impact news events and that it keeps the risk low at all times. It’s also worth noting that the vendor gives traders access to play a pivotal role in the money management approach as well.

The website itself is quite poorly thrown together, and the majority of the information is littered with mistakes. The vendor certainly doesn’t speak English as a first language, and should have the foresight to hire a copywriter to help with this process. By doing so, the company and product comes across as unprofessional.

Strategy

The Forex Draw EA website has no information about the strategy, so we have to do our own research and analysis. We can see on the forexdraw Myfxbook profile that the trading style is “scalping martyangel.” Obviously, the vendor means to say martingale, which is a trading strategy that most Forex traders run away from, because of its high risk potential. The vendor advertises their system as a low risk trading expert advisor, but with martingale involved, nothing is ever low risk.

In looking at the accounts of very closely, it is our opinion that this is a simple martingale strategy without a stoploss. With this type of methodology, you could win for months on end, but if the market went in the wrong direction you would undoubtedly lose your entire account.

This is not a low risk strategy, and it is not a strategy we recommend to our readers interested in finding the best Forex robot.

Robot Analysis

• Type: Forex Robot
• Price: $149-$199
• Strategy: Martingale
• Timeframe: H1
• Pairs: EURUSD

There are currently two options for traders interested in purchasing the Forex Draw EA. One package comes with unlimited licenses for $199, and the other package comes with 2 licenses for $149. Providing an unlimited license package doesn’t seem to make a whole lot of sense, because the entire community could essentially share one account. The vendor doesn’t say that sharing isn’t allowed, but at this point we see very little reason to sign up with either package.

Trading Results

The vendor provides two live Myfxbook accounts, showing the Forex Draw EA in action. The main account is showing a 230% gain, and a 20% drawdown. The account has been running since April 28th, 2019, and has taken over 1600 trades in just over two months. The majority of the trades are very small, with the average win at 1.7 pips, and the average loss at 4.95 pips. If you’re broker takes any commission at all, with profits entries this small, it simply wouldn’t be worth it.

The average trade length is just over one hour, and the system has an overall win rate of 79%. From the outside, the results look pretty impressive, but when taking into account the extremely small trades, and the martingale strategy, it’s less appealing.

This approach, is much like the Business Star EA and the Wave Scalper.

Conclusion

Based on our analysis of the Forex Draw EA trading strategy, we find it impossible to recommend this to any of the Forex Robot Nation readers. A martingale strategy with no stoploss can produce some impressive results over short periods of time, but in the long run they can devastate your trading account. There is always a high level of risk when using an approach like this, and if you sign up in the market turns on your account immediately, you can be left with some major egg on your face.

If you have anything else you like to add to the review, please leave your questions and remarks below the article now.