Good Robot is the vendor of a Forex expert advisor that is super universal and works works with all brokers and all kind of accounts. Allegedly, the Forex Good Robot EA for metatrader 4 comes with an advanced money management technique. The Good Robot vendor wants us to believe that the take testing techniques to a different level assuring to deliver the best expert advisor. What’s more, the Good Robot developer claims that each algorithm is made market proof, no scalping, no averaging and no need of any Forex knowledge.
This review of Good Robot will let you know whether their expert advisor is truly the best metatrader 4 solutions as claimed on the sales page or not.
It is unknown the owners of this software are. All we know is that the website goodrobot.org was created on the 7 April, 2020. This website is owned and operated by anonymous individuals with no track record or trading experience in the marketplace.
Good Robot Review
The reason this vendor wants us to use the Forex Good Robot is because it is stable and secure and allows you to trade with specified risks and desirable profitability. According to them, the EA gains great profits.
There are 3 packages of the Good Robot products for your perusal – Basic ($99/lifetime), Standard ($129/lifetime), and Pro package ($149/lifetime).
The Basic account lets out license for one real account and one demo, the Standard package offers 2 real and 2 demo whereas the Pro package comes with licenses for 3 real and 3 demo accounts.
This vendor also reminded us on their sales page, that most free expert advisors on the internet are not secure enough and can put your trading account at risk. While this statement comes out very factual, it does not set Good Robot higher above its competitors.
Good Robot Software
The software that Good Robot works on is currently not known. The vendor fails to provide the strategy and trading methodology for the software configuration. As it stands, nobody knows the trading approach of the robot’s software, we cant say whether the software is following martingale or trend.
The vendor was fast enough to tell us that it is non scalping and non averaging, but did not provide insight on the software methodology.
You don’t have to fall for scams when successful traders are relying on the Best Forex Robot to make consistent returns each month.
Good Robot Results
Good Robot provided a real FXBlue account for examination. FXBlue is not as transparent as myfxbook.com for account statement. Some vendors have been seen hiding important details at FXBlue hosted account.
The account has a history of 74 days with an account balance of $16,548.78 with the peak drawdown hidden. So far, the EA has closed a total profit of +8,360.36 but has a -8,494.77 (more than closed profits) in open trades. If these open trades remain in the negative side, the net profit of this account will be negative.
With these kind of figures, you can say that the vendor is using a high risk and reward trading approach. The strategy favored the account initially but is having a negative effect lately.
Final verdict
Whatever the approach that this vendor is using, we doubt that he has your risk management at heart. We are not sure that this vendor is following strict conservative takeprofit and stoploss order. This explains the reason for the high profits and floating losses within a short trading period. The trading approach is indeed very risky and volatile one.
As it stands, I am not recommending an EA with more than half of its trading balance floating in a negative balance. The vendor also needs to provide more information on the software algorithm and strategy for us to weigh up risk. Also, their trading result is hiding the account drawdown.
Lastly, their website is lacking corporate information and ownership history which makes trusting this vendor difficult at the first place.
Thanks for reading our Good Robot review.