Forex Armor EA review
Very dangerous and very tempting – Forex Armor EA FREE Download. You are not the first person to be interested in this Expert Advisor for Forex. However, be warned – this software can bring you a lot of problems. So, let’s start our truthful review.
MyFxbook EA Forex Armor review
At the moment when we were doing Review EA Forex Armor, there were big problems with trading drawdown on MyFxbook monitoring of this trading robot. Moreover, one of the two monitoring accounts on the MyFxbook service showed the collapse of the trading account. The developer of Forex Armor MT4 Forex bot immediately removed this monitoring to hide this crash. This is very bad and indicates that the seller of Forex Armor is deceiving buyers, because on the website for the sale of this forex robot it is written that it is safe, but in reality it turned out to be very, very dangerous… However, let’s continue our EA Forex Armor review and see what this trading robot is capable of besides killing your deposit.
So, on the remaining monitoring MyFxbook Forex Armor MT4 Forex bot shows a large drawdown of more than 40%. At the same time, the trading robot has not yet come out of this drawdown and the trading operations that it opened earlier are still in the market with a large negative result.
This expert advisor uses a grid algorithm, that is, it averages previously opened trades by adding new orders. What is being done in order to get an average positive result for all open transactions, if the market goes in the right direction, of course. If the movement in the wrong direction continues, then the Forex Armor MT4 bot will completely destroy the trading account (as it did on the other account for observation). So, be careful if you are looking for Forex Armor EA FREE Download to start using it on a real account!
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The profit factor of this FX bot is 2.45, which is quite high. However, in this case, the size of the profit factor does not mean anything. After all, the adviser keeps open deals in the market for a very long time and then there will be two scenarios for the development of history: either previously opened deals will be closed with a positive result (if the market turns in the right direction) or the adviser will bury your deposit (if the market does not turn around). Therefore, as long as the monitoring is live, we will always see a big profit factor. If the adviser kills the deposit, we will see a sharp decrease in statistics.
Of course, Forex Armor EA does not use Stop Loss and does not use the tactics of closing a series of losing trades if the trade drawdown on the account reaches critical values (for example, 20% or 30%). As we noted above, Forex Armor MT4 Forex bot will keep trades open until they bring profit or kill the trading account.
Forex Armor EA FREE Download works around the clock. It can be used on any currency pair. Although, the developer advises trading on EURUSD or GBPUSD, that is, on the main majors of the financial market.
As for timeframes for trading, the author of Forex Armor advises H1 or H4. Although, given that the EA uses an averaging strategy, it does not matter.
Regarding the minimum deposit amount to start trading, the author says that $100 is a high risk trade, $300 is a medium risk trade and $500 is a low risk trade. However, these are incorrect calculations. On the monitoring above, we see that the size of the trading account is approximately $1000. In this case, the size of the maximum drawdown is 40%. So if there were $500 on the account, then the drawdown would be about 90% and the trading account would not be able to withstand such a load (recall that the author of Forex Armor MT4 Forex bot promised that $500 would be enough for safe trading.
Our recommendations for Forex Armor EA
So, we strongly DO NOT RECOMMEND using this Forex bot on a real account! It’s dangerous, very dangerous! Sooner or later, this trading robot will kill your trading account and you will lose all your money on deposit – be careful. This is our recommendation in this EA Forex Armor review.
If you still decide to try this robot in real trading, then we recommend that you use a large leverage of 1:500 (you can find such leverage with ICMarkets broker), start trading with $1000 and withdraw profit from your account every time, when this expert advisor will increase your deposit by 100%.