At first sight I did not want to try FXRapid EA, but later I had more time and the results were so great, so I decided to give it a chance. This is not just one robot, as it has two different versions. The difference is the kind of pairs it is trading on. The live account statements show that both versions have good results, an average of nearly 50 percent per month. Now that piqued my interest.
We can see on the graphs that the drawdowns and the floatings were finished very quickly, which shows us, that the strategy of the robot is not something I usually like. But I know, that high yields always come with higher risks. The problem is not the logic based on which the bot opens, but the fact that if the trade was not successful, the robot would open more trades against the trend with an incremental lot size. That seems very dangerous. Afterwards, it stops opening new positions, and closes the open ones if the floating loss limit is reached (regardless of individual positions’ values). So we can say that this robot uses a grid and martingale strategy, but with some boundaries in place. The point is that it works according to the live account statements. A drawdown close to the average yield seems ideal.
But we can minimize the risks involved if we choose trade sizes very carefully. My account was started with a 20 percent risk level. This seems to mean that this is the maximum loss that one series of trades can cause. This is the recommended setting of the robot for trading on four pairs. (EURUSD, NZDUSD, AUDUSD, USDJPY). The minimal account size in this case is USD 2300. This is quite a sum to risk on a robot of this kind. If using it on only two pairs, the recommended risk value is 30 percent. (EURUSD, NZDUSD). If you plan to try it, I recommend first putting it to work on a cent account. As far as I can see, the developer is using such an account as well, from FxOpen.
It’s interesting, that in the first statement we can only see its trade results on two currency pairs, even though the graph’s label says it’s about the four pair version. The results of the other two pairs can be seen on the other picture. Either way, I will try them all on one account. Later we can check the results of each pair separately.
It’s not the cheapest forex robot, but it’s not the most expensive one either. We will see whether it’s worth it in the following months and years. The basic version that trades on two pairs is USD 269 and the extended version that trades on four pairs is USD 369. There is a money back guarantee for this robot, but please read the conditions carefully. For example it is only valid if the loss reaches 35 percent.
You can see the website of FXRapid EA here, where you may buy it.