RED FOX EA is another automated Forex robot that promises to help you grow your account. According to the developers, the EA can make consistent profits and maintain low drawdown levels. These are claims that we will debunk in this review.
This product is priced at $266. Every purchase grants the trader only 1 live and 1 demo account. A 14-day money-back guarantee is also present.
Surprisingly, the vendor believes that 2 weeks is enough to show the trader how well this trading tool works. We disagree. There is a reason as to why most EA vendors offer a minimum of 30 days for their clients to decide if to ask for a refund. They are well aware that such a period is enough for traders to gauge the profitability of a robot or lack of it thereof.
RED FOX EA trading strategy
We are informed that the robot employs a strategy that is based on market reverse price. Indicators are also in play and they mainly assess the market before the EA places a trade.
Sadly, the vendor has not expounded on this approach. Perhaps the team is also not sure about how their robot really works. For all we know, its workings could be based on guesswork or an algorithm that has not been proven and tested. This completely erodes our trust in the system.
RED FOX EA features
The features of the EA are:
- Able to trade with different currency pairs including EURCAD, GBPCAD, EURUSD, USDCAD, AUDUSD, EURAUD, GBPAUD, GBPUSD, EURNZD and GBPNZD
- It can work with any MT4 account type
- Can be easily used by any trader
- The minimum amount needed to begin operating it is $1000
- Fully automated
- A setup guide is available
- Auto lot management based on account fund
- No martingale is used
- Spread control to prevent the robot from trading in the volatile market
- A news filter is present
- Opoforex broker is recommended
- An ECN account with a leverage of 1:500 is preferred
RED FOX EA backtesting results
Backtesting results are missing. This is very suspicious. The developers keep reiterating that their system is able to make stable profits and maintain low drawdowns. If this was true, then they should have displayed backtest data as a way of backing up their claims.
RED FOX EA live trading results
This chart shows that this is a real USD account that was opened on June 7, 2021, and it has a gain of 23.71%. This is after it generated a profit of $2370.95 from a deposit of $10000. Consequently, the balance has increased to $12370.95.
The daily profit is 0.26% whereas the monthly profit is 8.16%. The drawdown (47.51%) is very high. The system is utilizing a risky approach that is attracting losses.
The system has made 438 trades with 48.73 lots. The winning rates for long and short trading positions are 77% and 76% respectively. Clearly, these gains are not enough to increase the value of the capital significantly.
The EA has also made 2819.8 pips. The average win is 15.71 pips. The average loss (-24.89 pips) is greater by 9 pips. This gap is big and it will only increase as we are already privy to the fact that the system is trading in a risky way.
A total of 102 trades were made on Friday, making it the most traded day.
The account’s risk of ruin is low.
July is the most profitable month (10.99%). June and August have recorded profits that are slightly above 5%.
The EA utilized trailing stop losses and take profits. Most trades that were conducted on August 23, ended up with losses. Lot sizes were not dynamic.
RED FOX EA reputation
The author of this system is My Ea Academy, a trade name under SINRY ADVICE WORLDWIDE. The company is popular in trading educational tools. A lot of important details are left out though. Therefore, we cannot help but question the kind of team it works with, their qualifications and experiences. It is thus easy to question their credibility.
Customer reviews
There are several positive reviews on the official website that praise the EA. But we did not take them seriously since they may be fake. We could not find credible testimonials on sites like Trustpilot, Myfxboo.com and Forex Peace Army.
RED FOX EA review summary
- Strategy – 3/10
- Functionality & Features – 4/10
- Trading Results – 3/10
- Reliability – 3/10
- Pricing – 3/10
From the trading results, it is now clear that the developers of RED FOX EA are spreading misleading information. Contrary to their assertions, the robot is incapable of maintaining low drawdowns. Apparently, the approach on board is very dangerous and is increasingly exposing the account to more losses. Soon, the small gains made will be eroded and put the account at risk of blowing up. So, it is advisable to just ignore this product.
