FxPro Dragon is a fully automated Forex strategy and programmed analytical system that makes trades for the user. It can run as a single system or in combination with other robots. The vendor asserts that it does not conduct trades regularly. Rather, it identifies the best moment to enter the market. This way, the robot is able to trade with other EAs on a single account simultaneously. As a result, big drawdowns are avoided.
The EA has two payment options. The standard package is priced at $129 and comes with one real and one demo account license. The pack also integrates 24/5 support, a lifetime access, and free updates. The price of the premium plan is $169 and incorporates three demo and three real account licenses.
FxPro Dragon Trading Strategy
The developers indicate that in contrast to humans, the EA is not influenced by emotions when it comes to making trading decisions. It instead works in a calculative environment where it studies the figures in the market prior to making a trade. The vendor further acknowledges that the system applies a unique algorithm. This allows the EA to work on numerous currency pairs. However, it is important to note that the robot’s trading strategy is still unclear. Therefore, we could not determine how the system really works to help the user attain stable profits as the vendor purports.
FxPro Dragon Features
The robot has the following features:
- Trades on USDCAD, GBPUSD, EURUSD, USDJPY, and USDCHF currency pairs
- Works on the H4 timeframe
- Fully automated
- Trades on MT4 platform
- Customer support
- Free updates
FxPro Dragon Backtesting Results
Evidently, the account traded on the USDCAD currency pair within the 4-hour time frame. It operated from January 2017 to December 2020. During this period, it conducted 541 trades attaining win-rates of 97.50% for longs and 92.41% for shorts.
The robot managed to make a total net profit of $1,178,579.40 from an initial deposit of $2,450. This indicates that the account generated millions in profits in just 3 years. This is rather impractical. The profit factor stood at 101.41. The drawdown which was 22% was quite high. It shows that the account is associated with a high risk of making losses.
FxPro Dragon Live Trading Results
Below is a screenshot of the account’s live trading results from FXBlue:
It is evident that the account began its operations on March 23, 2021. In particular, it has a trading history of 86 days, and has managed to generate a profit of $3,271.22. The free margin is 4,818. 70 and the floating loss is -2,953.52.
The total and monthly returns are 61.8% and 37.4% respectively.The EA conducts 0.5 trades in a day, and so far, it has achieved 92.5% win rates. The pips which are 969.3 are quite high. They illustrate the account’s escalated risk of making losses. The profit factor is 43.69 and is significantly lower compared to the one shown in the backtesting data.
The screenshot above shows that the risk to reward ratio is 4.50. The worst day made -66.72% in losses. This number is high and hence risky for the account. The average win stands at 90.48% while the average loss is -25.54%.
May was the most profitable month as the account made profits amounting to $2,188 whereas June was the least profitable – $211 of profit.
On average, the system trades 4 times weekly. It particularly conducts trades from Tuesday all through to Friday as shown on the screenshot above. In this case, most trades were carried out on Tuesday while Friday had the least amount of trades conducted.
FxPro Dragon Reputation
Vendor transparency is absent. We were unable to find any useful information regarding the developers. We do not know who they are, what they do, and where they are located or even if they have developed other robots. Determining their reputation in Forex trading was, therefore, hard.
Customer reviews for FxPro Dragon were also lacking. We could not find user testimonials on sites like the Forex Peace Army, Trustpilot, and Myfxbook. Consequently, we could not tell how traders feel about this EA. Below is a screenshot from Forex Peace Army indicating the bot has no reviews yet:
FxPro Dragon Review Summary
- Strategy-3/10
- Functionality & Features-6/10
- Trading Results-4/10
- Reliability-5/10
- Pricing-4/10
Conclusion
We advise traders against purchasing this robot. The trading strategy is unclear. Therefore, it would be risky to invest in the bot. Vendor transparency and customer feedback are also lacking. It would hence be difficult to trust the vendors and ascertain its reliability in terms of satisfying the needs of traders. Furthermore, the EA has not been in operation for long. For this reason, determining its actual profitability rate in the long term is challenging.
