Scalping systems in Forex are sought after by newbies as the approach does not need much market knowledge. Furthermore, the short trading period limits the losses from reversal trends. In this review, we have taken the Forex Sugar automated forex software. This system by Brian Jones is promoted as a quick and easy to install system that brings in appreciable profits.
Technical indicators and price action are the main influencing factors behind the working of this system. With prices ranging from $99 for a single real account to $264 for 5 real accounts. Both price packages come with an unlimited number of demo accounts. We have done an in-depth evaluation of the system and provided you with our results here.
Forex Sugar Trading Strategy
Brian Jones states that this expert advisor uses technical indicators and price action momentum as its main strategy. Live new events also influence trading. With this approach, it is possible to hide the stop-loss and take-profit levels from the broker.
More pips are possible in case of favorable movement of price. In the event of a loss, the system closes with as little loss as possible. While this does not explain much about the strategy, in the FAQ section, the developer mentions that the EA does scalping and does not use Martingale or Grid approaches. We would like better clarity regarding the approach used.
Forex Sugar Features
Regarding the working of this system, Jones explains that it is a user-friendly system that works well in a stable market. In a volatile market situation, it stops trading and waits for a stable market condition to start again. It is capable of trading excluding news release duration. The system is set to trade 24 hours regardless of the release of market news also. You can also turn the settings on and off for any specific day or a few days of the week.
Forex Sugar Backtesting Results
Backtesting results verified on the myfxbook site are present. Here is a screenshot of the results:
From the strategy tester report, we could see the monthly profit is 74.77% and the total gain is 689.01%. A drawdown of 27.76% was shown for a deposit of $10,000. The testing has been done from January 2020 up to April 2020 on a timeframe of 5 minutes. For a total of 354 trades, the profit factor was 3.47.
Forex Sugar Live Trading Results
A live demo account trading verified by the FXBlue site is shown on the site. The USD account results are shown in the screenshot below:
From the trading stats, we could see the total returns are 49.2% and the monthly return is 15.9%. While the drawdown is not revealed, the profit factor for the demo account trading is 1.35. The trading history reveals 98 days of trading. Comparing the backtesting results with the demo account results we could see the profit is not as high as indicated in the backtests. We prefer real account trading results as these show the actual performance in a better way.
Forex Sugar Reputation
While the developer has dedicated a separate page to explain the system, the page does not reveal much info. Other than the email address and online contact form, we could not find the location address or other details about the developer.
A web search on him reveals he is a trader with 3 to 5 years of experience using the technical approach. We would like more transparency on the part of the vendor as this serves as a strong indicator of the reliability of the system.
We could not find user reviews for this system on reputed sites such as Forexpeacearmy, Trustpilot, etc. These third-party sites provide unbiased user reviews which reveal important aspects of an expert advisor. The performance, support provided, price, refunds, and other aspects are better revealed with such reviews. Without the reviews, we are unable to form a candid opinion of the system.
Forex Sugar Review Summary
Overall Score: 4.3/10
- Strategy – 5/10
- Functionality & Features – 4/10
- Trading Results – 4/10
- Reliability -3.5/10
- Pricing – 5/10
Conclusion
Wrapping up our review of the Forex Sugar EA, the system has several shortcomings that make it unreliable. Brian Jones has provided verified trading results and backtests on the site. However, a closer look reveals that the results are for a demo account only. Further, comparing the backtests and the demo account results we could see the system uses a risky approach despite the developer’s claims.
While the price looks affordable and is comparable to the prevailing price of the Forex robot systems, there is no mention of a money-back policy. With a lack of vendor transparency and the absence of user reviews, we find that this system is not one that we would recommend to beginner traders or even experienced traders.
