In this post I will be reviewing the FXrobotGO fully automated trading system for the ever popular and free to download MetaTrader 4 (MT4) trading platform that is available from most reputable forex brokers around the globe.
I always prefer to use an ECN forex broker as I find that they can have some of the best possible trading conditions including tight spreads, low commissions, fast execution speeds and excellent customer support.
With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
The FXrobotGO is suitable for all levels of trader due to the fact that it is a complete set and forget trading system that will automatically scan the charts for potential trading opportunities. Once it finds them, the robot will place and manage trades on behalf of the user.
All that is required is a quick 5-minute setup using the instruction manual provided and a trading account with an MT4 broker.
FXrobotGO Trading Strategy
The FXrobotGO forex robot uses up to 10 currency pairs for trading whilst aiming to provide stable trading activity even during periods of low volatility on some of the currency pairs.
The EA has a variety of built-in smart filters. E.g. the robot tries to determine if the market is ranging or trending at any moment and choose what settings it should use based on its analysis of the current market conditions.
The EA can suspend trading at certain times in an effort to avoid significant drawdowns.
The developers have configured the EA individually for each currency pair to take into account the different characteristics of each of the pairs. I feel this is over optimization as I believe that a strong trading strategy can run with the same settings on each currency pair that it trades.
The FXrobotGO developer states the following requirements for deposit are as follows although you should only ever trade with what you can afford due to the risky nature of trading:
- Reliable – $ 20,000 for 0.01 lot ($ 200 in case of using a cent account)
- Normal – $ 10,000 for 0.01 lot ($ 100 in case of using a cent account)
- Aggressive – $ 5,000 for 0.01 lot ($ 50 in case of using a cent account)
FXrobotGO Back Testing
Disappointingly, the developer has not shared any back-testing results of the FXrobotGO EA to give us an idea of historical performance.
It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
FXrobotGO Live Results
Overall, the FXrobotGO EA is flexible and the settings can be adjusted to suit individual trader requirements. That being said, it does incorporate some strategies that can go through periods of significant drawdown and thus would not be an automated strategy for everyone.
I would personally avoid using this particular forex robot. I find that it is too risky for my personal taste. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA. It does however come with instructions, full support and a money back guarantee.