Forex Robots

ForexTruck Review: A Reliable But Somewhat Risky EA

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ForexTruck

ForexTruck is an expert advisor that is capable of running without manual intervention. It works on both Metatrader 4 and Metatrader 5 platforms and is compatible with all brokers.

We don’t know much about the parent company behind this Forex robot. The vendor has not shared the official address or contact information. We don’t know when this company was founded or whether they have manufactured other robots in the past.

ForexTruck strategies and tests

This expert advisor has two blocks that work in tandem. The first block opens orders, finding decent entry points while using a fixed lot only. Sometimes it only initiates a single order, and depending on the algorithm’s signals, it may open a second one. In case the market scenario changes, the EA attempts to close trades in a small profit or loss.

The second block comes into the picture when the market conditions are unusual. According to the vendor, this block closes all trades in profit, thus fixing the problems the first block could not deal with. Based on the market scenario, it opens additional orders. It attempts to recover past losses by increasing the lot sizes for the orders.

ForexTruck has a drawdown limiting system. It sets stop-loss and monitors the orders in real-time. If needed, it closes them forcibly, in case the risk value specified in the EA settings is exceeded. The vendor has not clearly explained the trading strategy used but this expert advisor. We don’t know if it trades in the direction of the trend or against it. It is unknown whether it uses any technical indicators to identify profitable opportunities.

Backtesting results of USD/CAD

Backtesting results of USD/CAD

This backtest was conducted from 2014 to 2020 using an every tick model. The EA started with an initial deposit of $1000 and placed 1617 trades, generating a total profit of $11776247.85. It had a moderate win rate of 61.10% and a very high drawdown of 87.84%. Very few systems trade with such a high drawdown. It is an indication of a high risk of ruin and leaves your account open to heavy losses. There were 10 maximum consecutive wins and 6 maximum consecutive losses for this backtest. The profit factor was more or less satisfactory at 1.86.

ForexTruck live trading account review

Growth chart of ForexTruck

Growth chart of ForexTruck

Here we have the live trading results for ForexTruck presented in a verified trading account on the Myfxbook website. Since January 16, 2020, the EA has placed 458 trades through this account, winning 57% of them and making a total profit of $12,540.11. The win rate is low in comparison to the backtest. Here, the drawdown is much lower at 18.67%, while the profit factor is slightly higher at 1.94. The daily and monthly gains for this account are 0.28% and 8.79%, respectively.

Trading results of ForexTruck

Trading results of ForexTruck

Looking at the trading history, we can see that the robot frequently loses its trades. All of the losses are substantial, but the same cannot be said for the wins. It is quite apparent that the EA is only capable of generating small profits for each order unless it increases the lot size from 0.10 to 0.20 – 0.26.

Pricing

The current price of this expert advisor is $329, which is close to the market average price for Forex robots. By purchasing ForexTruck, you get access to a single lifetime license for any account type. You can change the account numbers as many times as you wish. The vendor provides users with a detailed user manual and offers a 30-day money-back guarantee.

Is ForexTruck robot a scam?

There is no background information available on the parent company behind this Forex EA. The win rate is quite modest and the EA often loses trades. Also, we don’t have any idea about the trading strategy employed by this system.

Unfortunately, we were unable to find any user reviews for this robot on third-party websites like Trustpilot, Forexpeacearmy, Quora, and Myfxbook. This tells us that not many people are currently using this EA for live trading.

Customer support

The vendor claims to provide 24/7 friendly technical support for all users. However, the only way to contact the support team is through the contact form on the website. There is no official email address or live chat feature.

ForexTruck

4

ForexTruck is a trading system that is sold by a developer we know very little about. There are no reviews that tell us about the user experience. The EA trades with stable profits and acceptable drawdowns but is only capable of making good gains by increasing the lot size.

  • Verified trading results
  • Money-back guarantee
  • Lack of vendor transparency
  • No customer reviews
  • Lack of strategy insight

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