Forex Robots

Forex Enigma EA Review: A System That Trades With High Drawdowns

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Forex Enigma

Forex Enigma is a trading robot that can work on EURCHF or multiple currency pairs on the H1 timeframe. Traders require a hefty amount of $1000 in their account with high leverage of 1:100 for the expert advisor to work perfectly. We will cover the system’s strategy in our review and see if it can produce some good profits for retail traders.

Forex Enigma strategies and tests

The robot can work on EURCHF or multiple pairs such as USDCAD, AUDCAD, AUDUSD, EURUSD, GBPUSD, and EURGBP. The developer states that the robot uses a 3x strategy, including trend, scalp, and half grid. It works 24/5 on the auto mode and uses a news filter to avoid volatile conditions. From the closed orders on the FXBlue records, we can see averaging involved in getting out of losing positions. The average trade length of 6.7 days refers to a swing trading approach.

Trading history on FXBlue

Trading history on FXBlue

Forex Enigma features

The robot has the following features:

  • It trades multiple currencies and uses an advanced news filter to avoid volatile conditions.
  • The minimum amount to trade is just $1000.
  • There are multiple backtesting records available.
  • Free upgrades and support are available for traders.

Forex Enigma backtesting results

Backtesting results are available for EURCHF, where the relative drawdown was around 21.54%. The winning rate was 76.58%, with a profit factor of about 2.68.

The tests were done on the 60 minutes chart with a starting balance of $1000. The robot tanked an average profit of $496.96 during this period in 777 trades in total. The best trade was $15.61, while the worst one was -$16.79.

Backtesting records

Backtesting records

Forex Enigma track record review

Verified trading records on FXBlue show performance from May 06, 2021, till the current date. The system made an average monthly gain of 4.7% during the period, with an unknown drawdown. Once we contrast the equity and balance curve, we can observe that the drawdown is nearly 50% giving a poor risk and reward ratio. The winning rate stood at 73.8%, with a profit factor of 1.75. The best trade was $34.26, while the worst was -$35.67 in a total of 160 trades. The developer has made $1011 in deposits and $0 in withdrawals.

Trading records on Myfxbook

Trading records on Myfxbook

Pricing

The software comes through a one-time payment of $149, which offers a license for one live and unlimited demo accounts. There is also a 30-day money-back guarantee. Traders can also get keys for 2 and 3 portfolios at $199 and $249.

Price of the robot

Price of the robot

Is Forex Enigma robot a scam?

The robot uses a grid strategy and has a high drawdown which is due to the risky approach. This makes it extremely risky to use the algorithm on a live account. Traders can receive a margin call on their portfolio if the market chooses to trend in one direction significantly.

Forex Enigma reputation

There are no customer reviews available on the Forex Peace Army or other trading websites, which shows the lack of interest by traders in the robot. We can observe that traders are afraid of the use of averaging strategies. Without any feedback, we can not get a general view of the community about the system and see if it works for them.

Forex Enigma Conclusion

5

Forex Enigma takes its position amongst other cost averaging systems in the market, which causes a high drawdown. These robots have small profitability, but when the asset chooses to move in one direction significantly, there is a chance that a trader may liquidate their account. It is better to avoid the system as of now.

  • Live records are available
  • No transparency on developer
  • Uses risky grid strategy
  • Has a high drawdown

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