Falcor Forex Robot trades on multiple currency pairs 24 hours a day. According to the developer, the robot sets up in 5 minutes and is considered a good choice for new traders. There are money management settings which provide lot size adjustment according to the account size. We will see if the information on the website can satisfy us in making our purchase decision.
Falcor Forex Robot: to trust or not to trust?
Due to the absence of backtesting and proper live records, we cannot consider the Falcor robot to be a good choice for our trading accounts. Without any accurate results, we can not know if the algorithm will be profitable in the future.
Features
The robot has the following features:
- The robot has new and improved logic for 2021.
- It adapts to your account size automatically.
- There are no lagging indicators within the code.
- It trades on your account with full automation.
To get the service up and running, you the following steps:
- Purchase the system from the developer
- Place it on your charts by dragging it
- Do not forget to enable auto trading
The robot uses a built-in indicator to trade on multiple currency pairs. It uses price action techniques to trade the markets and uses the stop and reverse method if the market changes the direction. From the history of live records, we can see that it has no stop loss or take profit attached to trades. The positions are closed based on a virtual exit.
Price
The EA is available for an asking price of $79, with no renting options. There is no money-back guarantee. The cost is average compared with other algorithms in the market.
Trading results
There are no backtesting records available with the robot. This leads us to believe that the robot does not work on historical data. One of the reasons not to share this performance analysis would be that the robot might have failed them.
Verified trading records are available on the website for specific months. The developer only shares a detailed statement with us and does not upload the statistics on the website.
For November, the robot had a maximum drawdown of 0.00% and provided a total gross P/L of 89467.7. It had a winning rate of 83.24% with a profit factor of 7.6. The average amount of profitable trades was $145.23, while the average amount of losing deals was -$94.89. There were a total of 740 trades executed during this period. The largest profitable trade that is present is $1000, where the loss is standing at $424. The total net profit of the product is 77701.20.
Low drawdown
The current drawdown of the system is low, but the records are provided through a detailed statement which can fail to show the proper downside of the system. We can not trust the report as of now as the developer can also manipulate it.
Vendor transparency
The developer is not keen to provide us with the details of their trading record. There are no certificates or previous performances that can help us get an idea of the experience the author has in the market. Lack of transparency is not a good way to impress customers to purchase the product.