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Robot Review: FxProud EA

Today I’m reviewing a new expert advisor that wants to help traders make more profits with their AI powered Forex robot, FxProud EA. The developers claim the traders will quickly “go from losing money to earning big profits in no time.” We’ve certainly heard this story in the past, and we haven’t always had vendors come through, so we’ll see if this development group is ahead of the curve in any way.

The creators of the software claims that they are a collection of Forex traders, analysts and computer programming experts from within the industry. They also tell us that “the team members have been involved in the financial and investment industry for years and helped start dozens of business projects from the ground up.”

Despite all of this background provided by the vendor, none of it is actually proven. They don’t tell us where they are located, they don’t tell us what businesses they helped start, and they don’t tell us who they are. If you are interested in the service, these are questions you will likely want answered, and in order to get answers, traders can email via a contact form at the bottom of their sales page.

FxProud EA Review

The developers of the FxProud EA advertise 9 benefits and features that set their product apart from the other competitors in the Forex marketplace. The first thing the vendor wants us to know, is that there have been major advances in the fields of computational power and artificial intelligence, which allows machines to better predict patterns than any human trader ever could. They believe that by utilizing this technology in their expert advisor, that they will be able to provide traders with a consistent winner, that frequently picks the right patterns to trade.

Much like the information in the about section of the website, there is no real proof that any of the information being provided is realistic. If there are advances in computational technology, the developers could easily be providing us with links to these papers and studies that reflect what the vendor is telling us. I don’t want to be overly negative, because the majority of other Forex robot developers make these same mistakes, but this group would benefit greatly from taking their information provided a single step further so we don’t feel like a wool is being pulled over our eyes.

Other aspects mentioned by the developer, include that the system does not use any hedging or scalping strategies, supports all account types, comes with unlimited support, multiple currency pairs and continuous updates. These aspects are common in all of the best Forex robots available, as well as in our recent reviews of Forex Gump and the BSS Scalping EA.

Breakdown

  • Type: Forex Robot
  • Price: $299-$399
  • Strategy: Artificial Intelligence
  • Timeframe: H1
  • Pairs: EURUSD, GBPUSD, USDCHF, USDJPY, USDCAD, CHFJPY, EURGBP, EURCHF, EURJPY, EURCAD, GBPCHF, GBPCAD, GBPJPY, CADJPY, CADCHF

There are currently 2 membership packages available for the FxProud EA services. The gold membership goes for $299, comes with 2 licenses, free updates and 24/7 email support. The VIP membership goes for $399, comes with 3 licenses, free updates, 24/7 email support and 24/5 remote support.

It is also worth noting that these licenses are not lifetime memberships. Traders are expected to pay the $300 or $400 every 12 months in order to renew the service, and continue using the software. The developers also provide a 30 day money-back guarantee, which can be applied for through Click2Sell.org.

Trading Results

While the majority of the review left me wanting more information, the trading results for the FxProud EA are surprisingly impressive. The vendor is currently providing us with a real trading account hosted on Myfxbook, that is showing a 221% gain, with a 15% drawdown, since mid April, 2018. This account shows that the product can run effectively on multiple pairs, as it’s produced an 80% win rate, with an effective win reward ratio of 25-23. The average loss is 23 pips, while the average win is 25 pips.

The only notable change in the account, is that it has tailed off dramatically since its first two months where the EA showed 53, and 43 percent gains. In the three months since the robot is showing gains of 15%, 17% and 4%. While these are still positive numbers, we should watch this closely to see if the EA can return to its early glory, so we know if it can sustain long-term profits.

I’m also hoping to see some client accounts soon as well, as there is nobody in the community currently sharing their personal trading results with this robot.

Conclusion

I have to say that there was quite a turnaround in the midpoint of this FxProud EA review. It really felt like they were just like any other vendor, until I got a glimpse of their trading results, and could see that the software does have quite a bit of potential. That doesn’t mean that I’m going to be purchasing it today, but it does mean that I’m going to be watching it closely over the next few months to see how it performs for the general community. If the system is producing the same results on their account, that it is for their clients, then I will highly consider joining, even with the high price tag.

If you have anything you would like to add to the review, please leave your questions or remarks 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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