Odin Forex Robot is an expert advisor that promises brutal accuracy in its trading. As per the vendor, the FX robot has made around $1,457,270 in trades for the past year. It uses the grid trading approach for automatic trading. This ATS is developed by Don Steinitz, the founder of the Forex Robot Trader group. He has collaborated with top-notch programmers skilled in the MQL code which is used for creating Forex robots. The other products of the company include Vader, Falcor, and more.
We could not find details related to the vendor like location address, phone number, etc. An online contact form is the only support method present besides the FAQ section. The lack of vendor transparency makes us suspect the reliability of this FX robot.
Odin Forex Robot strategies and tests
As a fully automated system, this FX robot uses an advanced form of grid approach. The system identifies the suitable entries and exits by plotting the price chart in real-time without any lag. As per the vendor, this method of plotting each price movement on a grid helps identify predictable patterns.
Protective stops are placed automatically to safeguard profits when trades are open. The vendor claims that the SL and TP levels are kept tight ensuring a safe balance, while the risk per trade is minimized.
A broker shield helps to safeguard info related to your trade from malicious brokers. As per the vendor, this FX EA uses optimized settings that work on 20 currency pairs. There are no backtesting results present for this MT4 tool and this is a red flag for this EA. Without backtesting results it is difficult to know the efficacy of the approach used and to predict the performance in real trading.
Odin Forex Robot live trading account review
The official site provides performance results for each month since January 2013. Here is the report for October 2021.
From the above report, we can see that a lot size of 1.00 is used for different currency pairs and info like the price, buy/sell order, SL, TP, etc. are present. However, these are not verified by a third-party site like myfxbook, FXBlue, or FXStat. We prefer a track record verified by such sites as the stats reveal more in-depth info like the drawdown, total profit, profit factor, risk/reward ratio, and more. The lack of a verified track record raises a red flag for this EA.
A discounted price of $129 is offered for this FX robot now. The vendor mentions that this low-price offer will end soon and will revert to its original price of $199. There is no info on the features available with the package. We could not find a money-back guarantee for the product which makes us suspect the reliability.
When compared to the price of competitor expert advisor products in the market the price of this MT4 tool is affordable but the lack of info related to the package features and the absence of a refund policy makes us suspect this is not a trustworthy EA.
Is Odin Forex Robot a scam?
On evaluating the features, trading approach, working method, and other characteristics of this EA, we find that it is an unreliable FX robot. Here are the main reasons for our assessment.
High-risk trading approach: The grid method is considered a dangerous strategy by most traders and hence avoided. But this EA uses this as the main principle which makes it a risky FX robot.
No proven track record: Without backtesting results and verified real trading results this automated system fails to impress with its performance reports. While the reports show decent profits there is a high chance of manipulation.
Negative user reviews: We found user reviews for this FX robot on the Forex Peace Army site. Here are a few of the feedback:
From the above reviews, it is clear that the FX EA is a scam and is not profitable in backtesting and real trading. As per the user, the system performs poorly in any type of risk setting.