Forex Cyborg trading algorithm comes with both backtesting and live records that show its performance. The developer claims to have tested the robot with real spread, slippage, and commission. The algorithm only works on the MT4 platform and does not require manual intervention. For checking that it is actually profitable, we will review it in our article.
Forex Cyborg strategies and tests
Traders can use the robot after following the steps:
- After you purchase the EAs offered by the company, place them in the experts’ folder of the MT4
- Attach it to the charts to start trading
The company does not reveal the strategy that the system uses. They state that it works on multiple currency pairs and adjusts to various market conditions that happen in the short or long term. From the history on Myfxbook records, we can see the slight implementation of martingale strategies with an average trade duration of 10 hours and 27 minutes. There is no stop loss or take profit attached to trades. Most of the positions are closed within ten pips of profit and loss.
The service has the following features:
- It comes with detailed information on the back and live to test.
- The tests are done using real data.
- 24/7 support is available with the use of the robot.
- Traders can run it on MT4.
- Money management is available within the robot.
Backtesting results are available for AUDCHF, where the relative drawdown was around 0.96%. The winning rate was 79.03%, with a profit factor of about 5.59.
All the tests were done on the 15 minutes chart with a starting balance of $10000. The robot tanked an average profit of $191956 during this period. There were 310 trades in total, with the best trade of $42.62 ad the worst one of -$74.93.
Forex Cyborg live trading account review
We will analyze the live records on Myfxbook that are available from July 02, 2017, till the current date. The system has made an average monthly gain of 2.86% for the period, with a drawdown of 29.27%. The stated drawdown is super high here regarding the gains.
The winning rate stood at 69%, with a profit factor of 1.18. The best trade was €667.82, while the worst was €1292.32. There were a total of 3114 trades. The total gain provided by the system stands at 348.98%.
The robot can be purchased for an asking price of €499.99. It will provide a license for unlimited demo and 1 live account. Traders can also get it for €599.99 with 3 live account licenses. The money-back guarantee is also included.
Is the Forex Cyborg a scam?
Forex Cyborg has a poor performance on the live records, showing us a drawdown that far exceeds our gains. Traders have to be careful as there is a slight implementation of martingale as well. This keeps us wary of the robot and shows us that we should avoid it.
There is only one customer review present at Forex Peace Army. A trader says that he has been using the robot for three years and finds it profitable. It is highly likely that the developers themselves have written the comment in a bid to promote the product and sell it.