Forex Draw EA presents itself as an automated trading robot for dealing in major Forex pair EURUSD. Created on March 23rd, 2019, it is unknown who the developers of the product are, because this information is not provided on the sales page.
That, however, is not our main issue with Forex Draw EA, but the fact that the Forex Draw EA website has no information about the strategy. So, if you are thinking about opening an account with them, be sure to read this review first.
In order to get in touch with support, traders can email [email protected].
Forex Draw EA Review
Once you visit their sales page you will see the reasons why they want you to purchase a license. These reasons are 3 and includes 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.
Forex Draw EA Strategy
During a review of Forex Draw EA, we saw that they did not provide much details on how the EA works. 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.
- Type: Forex Robot
- Price: $149-$199
- Strategy: Martingale
- Timeframe: H1
- Pairs: EURUSD
Classically, you will see two options to purchase a license 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.
At the SCAM EA, you will find hundreds of reviews of Forex robots, where we check to see if they are verified investment product, or simply a scam. The way investors properly compare a Forex EA result, is by checking to see if their results are published in a public statement sharing site, like myfxbook or FXBlue.
Forex Draw EA provides two live Myfxbook accounts, showing the software 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.
Our best advise for you
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. Stick to these highly recommended trading products.