Forex inControl is an FX Robot that can work on the MT4 and MT5 platforms. As per the vendor, a newer version of the system is available now and is called Reborn. This ATS includes an accelerator trading mode, controlled drawdown, and diversified risk management as its key features. While the vendor provides verified real trading results and historical testing reports, the high drawdown and lack of vendor transparency are some of the downsides that make us suspect this is not a reliable expert advisor.
What is Forex inControl?
Some of the key features that the vendor claims are responsible for the profitability and reliability of this FX Robot include a hard drawdown control, trading on two currency pairs, and the diversification of profits and risks. The AUDUSD and EURGBP are the two pairs that this FX EA works on.
As per the vendor, the focus on two pairs enables the EA to cover the loss on a pair with the profit made from trading the other pair. But the vendor does not explain what happens if both are generating a loss.
Similarly, the vendor explains that limiting the drawdown on each pair separately provides better diversification of the risk and profits. But from our analysis of the trading results, the drawdown is high for both pairs and hence we doubt the claims of the vendor are true. The vendor does not provide recommendations on the timeframe, brokers, leverage, and the deposit needed for using the EA. The lack of info raises a red flag.
Official Forex inControl website
Powered by Forex Store, this FX robot website is a single-page design where all the sections are present on the home page. Navigation to the features, results, support, etc. is easier with the menu at the top. But once you get to the section you want, going back to the main menu is difficult. You need to scroll back up to see the other features.
Other than the mention of Forex Store there is no info on the company, the developer team, location, phone contact, etc. Support is via the online contact form present on the site. The lack of info on the vendor and the minimal support methods makes us suspect this is not a dependable ATS.
How can we use Forex inControl?
According to the vendor info, this FX EA is capable of working as a single system or in combination with other expert advisors. It waits for the right opportunity for making trade entries. The approach helps in using this EA with other systems without getting a high drawdown. Three different trading styles are present namely the conservative, aggressive, and normal.
Pricing & refund
For purchasing this FX EA, you can choose from the two options present namely the single license account without the accelerator mode that costs $270 and a single lifetime license with accelerator mode that costs $310. The package includes the Expert advisor software, a user manual for setting up the software, free updates, and 24/7 support. When compared with the price of other competitor systems, the cost of this FX robot looks expensive. A 30-day refund policy is present for the package.
While the vendor explains the hard drawdown control and diversified risks and profits, there is no explanation of the strategy used in the EA. The lack of info on the approach makes us suspicious of the reliability of the product. Backtesting results done for more than 14 years are present on the official site. Here is a strategy tester report from 2003 up to 2018 for the AUDUSD pair on the M30 timeframe.
A total net profit of 265541.89 was generated from the initial deposit of $10000 with a drawdown of 21.24% and a profit factor of 2.18. The profitability was 65.52%. We find the 90% modeling quality used is not sufficient as it does not provide info on the slippage, commission, etc.
A real USD account using the FXOpen broker on the Metatrader 4 platform verified by the myfxbook site is present here.
From the above screenshots, we can see the total profit and the absolute profit are similar at 1161 %. A daily and monthly profit of 0.20% and 6.11% are present for the account. The drawdown is 38.84% for the account started in February 2018 with a deposit of $1000. For a total of 190 trades, the profit factor is 2.36 and the profitability is 71%. From the trading history, we can see the lot size used ranges from 0.20 up to 0.85 and more. The varied lot size, high drawdown, and low profitability indicate this system uses a risky approach.
What customers say about Forex inControl?
We found a single review for this FX EA on the Forexpeacearmy site. From the review, it is clear that the EA uses a risky approach resulting in blowing up the user’s account. The feedback indicates this EA is a scam product.
Summary: is Forex inControl trustworthy EA?Forex inControl
Trading Results2/5 Bad
- Fully automated trading
- Verified trading results
- The strategy used is not disclosed
- High drawdown indicating a risky approach
- Negative user review