Forex robots have turned into an indispensable tool for traders looking at a quick and convenient way. Whether it is a newbie or an experienced trader, these automated systems make trading a breeze. However, not all are built the same.
This is why we have done a detailed review of the various Forex robots in the market. FX Track Pro is one of the newly introduced automated systems we have reviewed here. With a thorough analysis of our experts, you can easily evaluate the expert advisor and decide on its reliability.
To begin with, this Forex robot claims to increase trading capital quickly with minimal risks. Two different packages are available, namely, FX Track Pro and FX Track Pro Super price at $325 and $445 respectively.
FX Track Pro Trading Strategy
This automated Forex trading system uses three indicators but not at the same time. According to the vendor info, a specific algorithm helps decide the indicator to be used. So, every situation warrants a different indicator as the trading conditions are unique at any given time. The vendor claims that this working method helps the system to provide profits and minimize the drawdown. Six currency pairs are focused on by this system.
FX Track Pro Features
The main features of this system include MetaTrader 4 and MetaTrader 5 platform compatibility, easy setup and configuration, and an efficient risk control system that prevents unplanned losses. This system has compatibility with all account types and brokers in general. Based on the trader settings, the system is capable of working on all 6 currency pairs at the same time.
FX Track Pro Backtesting Results
Strategy tests help confirm the trading approach of a system and its efficacy. This is why backtests are used by Forex robots. Although the results shown in these backtests are not predictive of a similar performance in the future, they help to assess the profitability and reliability of the system. The vendor provides several backtests on the site. We have analyzed the strategy report on the EURUSD pair shown below:
From the test results done over three years, we could see that the modeling quality is just 90% which is not sufficient for an in-depth analysis. A profit factor of 2.24 and a drawdown percentage of 25.90% are shown.
FX Track Pro Live Trading Results
Verified trading results of three different accounts are displayed on the official site. We analyzed a real live account of the system traded using FXOpen broker and MetaTrader 4 platform with the track record and trading privileges verified by the myfxbook site. A screenshot of the results is shown below:
In this, a total gain of 285.68% and an absolute gain of 285.68% are shown. The daily profit is 0.68% and the monthly gain is 22.47%. A drawdown of 30.54% is recorded. We find the drawdown a bit high considering the system does not use a high-risk strategy. Further delving into the advanced trading stats, we could find the profit factor that equals 2.53.
The lot sizes are big ranging from 0.10 up to 0.32 and more. This may be the reason for the big drawdown. A 20% or lower drawdown is considered as comfortable to deal with by most traders. From the high drawdown, it is clear that the approach used has high risks.
FX Track Pro Reputation
Vendor reputation plays a vital role in assessing the reliability of a Forex robot. The official site does not provide any info related to the developer team or the vendor except for the mention of the site being powered by FXStore. And as for contact details, we could not find a location address, phone number, or email address for contacting the vendor. Only a contact form is provided. This complete lack of transparency about the vendor/developer reflects poorly on the reputation of the system and its reliability.
From the user reviews posted on the Forexpeacearmy site, our suspicions about the system showing doubtful performance are confirmed. The screenshots below indicate that the quality and performance are poor with a high drawdown.
FX Track Pro Review Summary
After analyzing the various aspects of this automated trading system, we find that it lacks several features that are essential for the system to be reliable and profitable.
- Strategy – 4/10
- Functionality & Features – 3.5/10
- Trading Results – 4/10
- Reliability – 3.5/10
- Pricing – 3/10
Conclusion
Summing up this FX Track Pro review, we do not find this system to be reliable. Starting with the vendor transparency this Forex robot does not provide sufficient info to prove it is a reliable system. And, the trading results despite being verified by the myfxbook site indicate the poor performance of the system with high lot sizes and high drawdown percentage. Feedback from users only serves to confirm our stand that this is an unreliable system.
