Sweet Profit Robot is a Forex EA that promises to deliver consistent profits on a daily basis. It claims to have a high-profit ratio and is compatible with all market types. Furthermore, you can trade all pairs using this robot for monthly fees of $99.99 or $169.99.
While the pricing plans seem quite reasonable, you can’t invest in a Forex EA based on that alone. As such, a thorough assessment of its features, trading results, and reputation becomes necessary. Here, we have looked into the key aspects of this system to help you decide whether you should invest in it.
Sweet Profit Robot Trading Strategy
We were unable to find any information on the website related to the trading strategy used by the robot. It is mentioned that the EA uses algorithm-based technical analysis for evaluating the market, but this is not enough information to go on. Sweet Profit Robot claims that their strategy takes only profitable trades, thus making huge gains and that no other Forex robot can match its performance.
It should be mentioned here that algorithmic systems are never perfect and they are not able to outsmart the market every single time. If such a system existed, the developer would use it to make profits for themselves instead of putting it up for sale. We don’t know the exact strategy used by this system or the timeframe in which it trades, and this tells us that most Forex traders would shy away from investing in such a system.
Sweet Profit Robot Features
Sweet Profit Robot is compatible with the Metatrader 4 trading platform and it is easy to install this Forex EA. It is an entirely automated system with a money-management system that selects the lots after analyzing the user accounts. Furthermore, you have the option of decreasing the default lot size or creating your custom lot.
With Sweet Profit Robot, you can also choose which currency pairs you wish to avoid. The developer recommends, however, that you should keep the default system settings unchanged. A minimum account balance of $100 is necessary for using this system, with the account leverage being 1:500. Also, it is recommended that you use the Forex EA on one chart only.
Sweet Profit Robot Backtesting Results
No backtesting data has been provided by the developer, which we think is quite unacceptable. Backtesting results are crucial for a Forex EA because they reveal several key parameters using which the performance of the system can be assessed. Without backtesting data, our evaluation of the system cannot be completed.
Sweet Profit Robot Live Trading Results
On the official website, we found a link to a Myfxbook live account showing trading results for Sweet Profit Robot. It’s a real USD account that uses the FBS brokerage and leverage of 1:1000. However, it was last updated on October 30, 2020, and its recent performance has been quite dismal, to say the least.
As you can see from the figure above, the growth was quite steady till the end of September 2020, after which it rapidly declined. Currently, the profits are in negative figures, with the absolute gain being -99.98% and the daily gain being -4.39%. The drawdown is 99.97%, which is an alarming figure that would deter any Forex investor from even considering this system.
Since its inception, the account has won 130 of 217, which brings the profitability to 60. The profit factor is a low 0.84, and it is common knowledge that a Forex EA with a profit factor of less than 1 is considered inefficient.
Sweet Profit Robot Reputation
There is a lack of information on the website about the developer team behind this robot. We can see a lot mentioned about the product but nothing about the identity, address, or contact information. If you wish to get in touch with the support team, you can do so via email.
Another very disappointing fact about Sweet Profit Robot is that there are no user reviews available on third-party websites like Trustpilot, Forexpeacearmy, etc. This tells us that this Forex EA has a long way to go before it earns the trust of users.
Sweet Profit Robot Review Summary
- Strategy – 4/10
- Functionality & Features – 6/10
- Trading Results – 4/10
- Reliability – 5/10
- Pricing – 6/10
In conclusion, this Forex EA makes some tall claims but has got nearly nothing to back them up. There is a lack of information in several areas such as trading strategy, backtesting results, user reviews, etc. Although it has a verified live trading account, the recent performance is quite disappointing.
Investing in Forex robots is a risky affair and you shouldn’t trust a system unless there are multiple sources to back up its claims. Hence, we don’t think this is a system you can trust with your Forex trading.
