Assuring a stable profit every month, the Yeti Forex Robot claims to work for profits over the long-term. Built-in spread protection is used by this expert advisor to avoid losses during high volatility. With backtests and verified results to prove its claim, should you trust this automated Forex trading system? Read on to know about our recommendation on whether to trust this expert advisor or not.
Yeti Forex Robot: To Trust or Not to Trust?
An automated trading system should serve its key purpose of making trading convenient and more importantly profitable. Considering the amount of money, you have to shell out for such systems, reliable performance is crucial.
From our Yeti Forex Robot review, after analyzing the various aspects of the system we concluded that this robot is not to be trusted mainly due to a few glaringly obvious flaws. Before we delve into them, let us first look at the main features of this EA.
With a price ranging from $199 for the basic package consisting of one real and one demo account to $2999 for the unlimited account package, the Yeti Forex Robot is fully compatible with the MT4 platform including ECN. Important features include advanced money and time management, an anti-broker module, 24/7 support, and the use of micro, mini, and standard accounts.
A money-back guarantee is offered for 60 days. There is no mention regarding the type of strategy used by the system, which is very suspicious as, without a trading strategy, it is difficult to know whether a system is reliable enough to deliver the results it assures.
Backtesting Results Are Not Up To Par
Backtesting done on the Yeti Forex Robot system indicates a profit ranging from $1000 up to $100000 using a low-risk trading method. With an H4 time frame, the testing done is of ten years duration. However, the modeling quality of 90.0% is disappointing as it is not possible to know about the spreads, commissions, and other related information.
Trading Performance Is Not Satisfactory
From the trading results verified on the Myfxbook site, the real account using the leverage of 1:500 reveals a gain of 18.02% and a drawdown of 9.54%. For this medium risk account, the lot sizes are high and vary extremely over such a short span.
Moreover, the number of trades done is very low at 20 trades over a period of three months from September to November 2020. Although the profitability of the trades is high, they are too risky and since the duration is very small the results cannot be construed as indicative of the performance of this expert advisor.
From the FXBlue real account results of the Yeti Forex Robot, we see a total return of 18% and a profit factor of 9.54. The trading history is for 50 days, which is too short to assess the performance. And, the risk to reward ratio of 3.13 shows that the strategy used is too risky.
Vendor Transparency Is Absent
Vendor transparency is severely lacking in this Forex robot. In the first place, there is no information on the developer. We could not find mention of the developer anywhere on the website. This secrecy regarding the background increases the negativity surrounding this expert advisor as we are unable to assess whether the developer is a reputed one.
Another obvious absence that we have mentioned before is the lack of explanation regarding strategy. It is expected of an automated Forex trading system to reveal the trading method it uses. This will help users to assess whether the strategy will work for them or not.
Yeti Forex Robot does not provide any information about the method of trading it employs. Instead, the official website has information about how the system has high spread and broker protection for trader advantage. Without the information on the strategy used it is difficult to assess the efficacy of this system.
And, regarding user feedback for this automated trading system, we could not find many reviews on the reputed sites like Forexpeacearmy, Trustpilot, etc. The lone Yei Forex Robot review shown below does not speak well of the refund offer or the support offered.