The FXQuasar trading algorithm comes for MT4 and MT5 and has a detailed user manual for proper functioning. It trades based on the six different sessions that are coded in the system. There is a special risk-limiting system within the robot which we will review in our article to see if we can get any profits.
FXQuasar strategies and tests
Traders can use the robot after following the steps:
- After you purchase the EAs, the developer will send over the designated MT4 and MT5 files
- Traders have to provide their account number
- Attach the system onto the charts to start trading
The algorithm trades using a six-session system where three of them are responsible for opening buy while the rest works on selling. There are no indicators used for making trades as the EA analyzes the markets based on its own code. According to the developer, a special risk limiting system stops trading in case of a high drawdown. From the history on Myfxbook records, we can witness the use of martingale strategy where the robot increases the lot size after each loss.
The service has the following features:
- A single license is provided with each purchase
- It is present for both MT4 and MT5
- Free updates are available after purchase
- Technical support is at hand 24/7
Backtesting results are available for AUDUSD, where the relative drawdown was around 38.22%. The winning rate was 74.52%, with a profit factor of about 1.82.
All the tests were done on the 60 minutes chart with a starting balance of $1000. The robot tanked an average profit of $28764.22 during this period. There were 1362 trades in total, with the best trade as $3439.12, while the worst one was -$1350.41.
FXQuasar live trading account review
We will analyze the live records on Myfxbook that are available from October 18, 2021, till the current date. The system made an average monthly gain of 11.56% during the period, with a drawdown of 32.77%.
The winning rate stood at 74%, with a profit factor of 1.8. The best trade was $1149.54, while the worst was $437.46. There were a total of 323 trades. The total gain provided by the system stands at 522.76%.
The robot can be purchased for an asking price of $279 that gives the license for 1 live account.
There is no money-back guarantee available.
Is FXQuasar a scam?
The use of the martingale strategy makes it extremely risky to invest in the trading robot. Traders have to be careful as the robot can cause margin calls on the trading account at any moment with the use of a high lot size. High leverage can be terrible in this case as it allows algorithms to use bigger lot sizes.
There are no customer reviews on Forex Peace Army that show us the lack of interest from traders in the system. They might be attentive to the fact that the expert advisor uses a risky martingale strategy. This also hurts our trust in the trading robot and makes us believe we should avoid it altogether.