ForexTruck Review: Does It Win or Lose?

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ForexTruck

ForexTruck is a 100% automated system with detailed trading statistics verified by a third party. It is capable of operating without any manual intervention and is compatible with trading platforms like Metatrader 4 and Metatrader 5.

What is ForexTruck?

This EA is compatible with all brokers. As such, you don’t need to choose a broker with special trading conditions. By purchasing the EA license, you get access to both MT4 and MT5 versions of the EA without any additional payments. 

ForexTruck has a drawdown limiting system that ensures the safety of your funds. The robot uses stop loss and monitors the orders in real-time. If needed, it can force close the trades to avoid sustaining losses. The trader can specify the risk value in the EA settings. You can use this EA exclusively for the USD/CAD pair. The vendor has shared no information on the minimum deposit and leverage.  

Official ForexTruck website

On the official website, the vendor has explained the working principle of the system and shared the trading statistics. We also have the pricing details and a contact form that you can use to get in touch with the support team.

Unfortunately, there is no information on the parent company behind this Forex EA. We don’t know when the company was founded or whether they have built other automated trading systems in the past. The vendor has not shared the identities of the team members and there is no contact information on the website.

How does ForexTruck work in MT4/MT5 terminal?

This expert advisor has two blocks that work simultaneously. The first block is tasked with initiating the orders. It only trades with fixed lots, finding decent entry points in the market. Sometimes it only initiates one trade, opening a second one based on the algorithm’s signals. The first block is there for each trade, looking to close trades in a small profit or small loss in case the market conditions change.

When the first block is not able to handle the situation, the second block is activated. This block is designed to close all trades in total profit. Based on the market situation, it opens new orders to make up for lost trades. The EA may increase the lot size to achieve this feat.

Pricing & refund  

ForexTruck carries a price tag of $329. There is a special Christmas Sales offer that lets you purchase the license for only $279 through the Forexstore website. The vendor provides traders with a user manual and a single lifetime license for any type of account. Also, there is a 30-day money-back guarantee for this robot.

Trading strategy

There is no data related to the trading strategy followed by this system. We don’t know how it identifies profitable trading opportunities. 

Backtesting results of USD/CAD
Backtesting results of USD/CAD

For this backtest, the EA conducted 1617 trades starting from January 2014 to August 2020. It had a win rate of 61.10% and managed to generate a profit of $11776247.85. The relative drawdown for this test was extremely high – 87.84%, indicating a very high risk of ruin. The profit factor was 1.86.

Trading results 

Growth chart of ForexTruck
Growth chart of ForexTruck

This real-money trading account on Myfxbook was launched on January 16, 2020. After conducting 458 trades, the win rate currently stands at 57%, which is lower than what we saw in the backtest. ForexTruck has earned a profit of $12,540.11 through this account. It has daily and monthly gains of 0.28% and 8.79%, respectively, while the drawdown is 18.67%.

Trading results of ForexTruck
Trading results of ForexTruck

As we can see from the trading history, the robot loses trades quite frequently. It sometimes increases the trading lot size from 0.10 to 0.20-0.26. However, this doesn’t always result in bigger profits.

What customers say

We could not find any user reviews for this EA on third-party websites. Thus, it is evident that not many traders are currently using this system for live trading.

Summary: is ForexTruck a trustworthy EA?

ForexTruck
3 5 0 1
ForexTruck is an expert advisor that uses an unknown strategy for trading the Forex market. We have zero background information on the developers. They don’t seem to have much of a reputation, since there are no authentic reviews that tell us about the customer experience.
ForexTruck is an expert advisor that uses an unknown strategy for trading the Forex market. We have zero background information on the developers. They don’t seem to have much of a reputation, since there are no authentic reviews that tell us about the customer experience.
3.0 rating
3/5
Total Score
  • Strategy
    3.0 rating
    3/5 Neutral
  • Features
    4.0 rating
    4/5 Good
  • Trading Results
    3.0 rating
    3/5 Neutral
  • Reliability
    2.0 rating
    2/5 Bad
  • Pricing
    3.0 rating
    3/5 Neutral

Like

  • Verified trading results
  • Money-back guarantee

Dislike

  • No information on developers
  • Lack of strategy insight
  • No user reviews
Total
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