Forex inControl is a Forex robot that promises a controlled drawdown, compatibility with the MT4 and MT5 platforms, and trading on two currency pairs. The FX EA assures diversified risks that ensure your capital remains safe. A newer enhanced version of the ATS named Reborn is now available. It includes an accelerator mode for better profits.
The cost of this new version is $310 and comes with a lifetime license for a real account and includes the accelerator mode. Without the mode, the cost of the system with optimized settings is $270. A 30-day money-back guarantee is present for the packages.
Forex inControl trading strategy
There is no mention of the trading approach used. While the vendor informs about the hard drawdown control that enables the EA to minimize risks, not disclosing the trading approach is disappointing. This shows a lack of transparency concerning the strategy.
As per the vendor, the FX EA can set a maximum drawdown level accurately to prevent undue losses. The SL is automatically set resulting in the account not losing money more than what is set.
Forex inControl features
From the info provided on the official site, this FX EA works on two currency pairs namely the AUDUSD and EURGBP. The vendor mentions that although the system is capable of working on multiple currency pairs, the two pairs are chosen. This selection helps in compensating the loss made by one pair with the profit on the other.
The vendor terms this as diversification of risk ensuring stable profits. Further, the drawdown limit is set for each pair separately to ensure the risks and profit are diversified.
Some of the features found in this EA include full automation, hard drawdown control, backtesting results done for more than 14 years, and three different trading styles. The normal, aggressive, and conservative modes are the three different styles used.
Forex inControl backtesting results
Here is a backtesting result for the AUDUSD pair using the M30 timeframe and the ‘every tick’ model of 90% modeling quality.
From the above test, an initial deposit of $10000 generated a net profit of $265541.89 with a maximum drawdown of 21.24%. Profitability of 65.52% and a profit factor value of 2.18 were present for the backtest for a total of 1279 trade orders. While the profit looked decent, the drawdown was not low as claimed by the vendor. Further profitability was also not high. These factors indicate the approach used was not effective.
Forex inControl live trading results
A real USD account using the FXOpen broker on the Metatrader 4 platform verified by the myfxbook site is shown here.
From the above screenshots, we can see that the track record and trading privileges are verified by the site. A total profit of 1161.85% and an absolute profit of 1161.43% are present for the account. The drawdown is 38.84% and the daily and monthly profits are 0.19% and 6.11% respectively.
For a deposit of $1000, the number of trade orders completed is 190 with a profitability of 71%. The profit factor value is 2.36 and the lot size used varied from 0.20 up to 0.85. The big lot size and high drawdown values indicate a risky approach. Comparing the backtesting results with the real trading info, we find the approach used is not only effective but also of a high-risk category.
Forex inControl reputation
We could not find info on the company or the developer of this EA. The lack of info raises a red flag. For support, the vendor offers an online contact form only.
We found a single review dating back to 2016 for this FX EA on the Forexpeacearmy site. As per the review, the system has shown a dismal performance and uses a dangerous approach which corroborates with our analysis of the trading results and backtesting report. The lack of recent reviews for this EA also raises our suspicion about the reliability of the software.
Forex inControl review summary
Overall Score: 3.7/10
- Strategy –3/10
- Functionality & Features – 4/10
- Trading Results –4/10
- Reliability –4/10
- Pricing –4/10
As a system that uses diversification of risks for stable profits and reduced losses, we do not find the trading approach or the performance satisfactory in this ATS. Our evaluation of the trading results and the user feedback indicate that the EA uses a risky strategy which the vendor fails to disclose. Furthermore, the lack of vendor transparency, insufficient support methods, and expensive price confirm our doubts regarding the untrustworthiness of this EA.
