Forex Trend Detector claims to be the only Forex robot in the market that is trusted by money managers and professional traders. This EA follows a volatility breakout strategy, and according to the vendor, it can minimize drawdown and losses suffered while trading. To determine whether this statement is true or not, we need to conduct an independent investigation.
For this robot, the vendor has shared the live trading results as well as the backtesting data. There is a 60-day refund policy for this EA, but the vendor does not clearly explain what kind of trading strategy it follows. Also, it does not have a long track record, which means it has not dealt with too many unfavorable market conditions. At first glance, we don’t feel too confident about using this system for live trading.
What is Forex Trend Detector?
This EA works with all MT4 and MT5 brokers. It has tight stop loss levels and does not depend on spread or slippage. Forex Trend Detector has a money management system that allows for the adjustment of the trading lot sizes based on the amount of risk you are willing to take. The robot indicates the level of risk through a visual system.
When you purchase the robot, you get access to an installation manual and a user guide. The vendor states that you can begin trading with an initial deposit of $100-$500. However, they also mention that this will allow you to deal with small lots only. Thus, it is recommended that you invest at least $1000-$5000. The EA works on the M5 timeframe and the recommended leverage is 1:500.
Official Forex Trend Detector Website
On the official website of Forex Trend Detector, the vendor has shared the live trading results for the EA and shared some additional screenshots showing the profits that have been made. We have a detailed explanation of how the robot functions, along with a list of the top features. Moreover, there are the backtesting results and the pricing details.
This EA is an offering from the FXautomater team. Based in Seychelles, this company has been in the Forex automated trading industry for 15 years, and in that time, they have developed systems like BF Grid Master EA, BF Smart Scalper EA, BF Scalper EA, News Scope EA Pro, Omega Trend EA, and others. That being said, we don’t know anything about the people who work for this company.
How Can We Use Forex Trend Detector?
Immediately after purchasing the software, you can start using it with MT4 or MT5. It looks for indications of volatility breakout in the market and uses statistical methods to verify these signs. It prioritizes scenarios where the breakouts occur close to vital market levels.
Pricing & Refund
You can purchase Forex Trend Detector for a price of $227, which is more or less close to the market average. This gives you access to one real and two demo accounts. The vendor offers a 60-day money-back guarantee for this EA.
Since we don’t have a proper explanation for the trading strategy used by this robot, we are a little wary about investing in it. Seasoned Forex traders always look for these details and they might take this as a red flag.
Here we have a live trading account for Forex Trend Detector that has been active since March 06, 2021. Since the trading history is extremely short, we cannot assign too much importance to these results. The robot has placed only 110 trades through this account, winning 71% of them and generating a profit of A$1173.32. Currently, the daily and monthly gains for this account are 0.35% and 11.02%, respectively, while the drawdown is 5.47%.
This backtest was conducted on the EUR/USD pair for almost 10 years. Here, the win rate of 71.35% is comparable to the live trading results, however, the drawdown is extremely high at 29.09%. This tells that the EA follows a risky strategy.
What Customers Say
On the Forex Peace Army website, there are only two reviews for this EA, whereas, on Trustpilot, there are none. One of the reviews has been marked as spam, while in the other the customer mentions that they are not impressed with the robot.
Summary: Is Forex Trend Detector a Trustworthy EA?Forex Trend Detector
Trading Results1/5 Awfully
- Verified trading results available
- Short trading history
- Lack of strategy insight
- Lack of positive customer reviews