Forex Trend Detector is a robot that is supported by real-money trading accounts. As per vendor claims, it is the only EA on the market that is trusted by money managers and professional traders.
We can see that the vendor has shared the backtesting and live trading results for this robot and also offers a money-back guarantee. However, this robot does not have a great reputation among traders and it has suffered some major losses recently. Thus, we don’t think it is a system you can rely on.
The parent company behind Forex Trend Detector is called FXautomater. This company is based in Seychelles, and it has been developing Forex automated trading systems for several years. We don’t know exactly when the company was founded, and the vendor has not provided an official address on the website.
There aren’t many reviews for this company on the web, which makes us think that it does not have much of a reputation. The vendor has not provided any contact details, so the only way you can get in touch with the team is by using the contact form.
How Forex Trend Detector works
After purchasing the software, you can download the application directly from the website. There is a private members access area of the website where you can find the latest developments on the EA. The vendor offers regular updates for free and the customer service team remains active 24/7 to offer assistance.
You can use this EA with 1 live account and 2 demo accounts simultaneously. In the member area, you can also find documentation and files for the robot.
Timeframe, currency pairs, deposit
Forex Trend Detector mainly trades in GBP/USD and EUR/USD. If you wish to trade other pairs with it, you need to optimize the EA accordingly. The vendor recommends using this robot for the M5 timeframe. While it is possible to get started with small deposits of $100 to $500, this will only allow you to trade small lots. Hence, the vendor recommends using at least $1000 to $5000. For the live trading account, the EA uses a leverage of 1:500.
Forex Trend Detector follows the volatility breakout strategy. It looks for a sign that the volatile period in the market is about to conclude. The trader does not explain how the EA identifies the breakout, or if it uses any indicators. Therefore, we think the strategy explanation is a bit vague.
Pricing and refund
You can purchase Forex Trend Detector at the price of $227. This gives you access to 1 real and 2 demo accounts. Compared to other providers, this is a bit expensive. The vendor offers a 60-day money-back guarantee for this EA.
Here we have a live trading account for Forex Trend Detector on the Myfxbook website. This account was launched on March 06, 2021, so it has a very short trading history. Since the EA has not been exposed to different market conditions, we cannot objectively assess the system’s profitability by studying these results. For this account, the EA has a win rate of 68% and it has generated a total profit of A$1116.57.
As you can see from the recent trading history, the robot has suffered several consecutive losses. Therefore, it is clear that the EA trades with high risk and while using it in the live market, you can suffer back-to-back losses.
This backtest was conducted on the EUR/USD pair from 2010 to 2020. The EA generated a total profit of $320223.60 during this test, and it had a win rate of 71.35%, which is slightly higher compared to the live trading results. Forex Trend Detector had a high relative drawdown of 29.09% for this backtest, which indicates a risky strategy.
People say that Forex Trend Detector Is…
A scam. On forexpeacearmy.com, a customer claims that the robot waits for a week or two before placing a trade and it often loses them.
This is an unreliable EA because it has a short trading history and has suffered many losses recently. We don’t know much about the vendor and the trading strategy is not completely clear.
|Money-back guarantee||Short trading history|
|Multiple consecutive losses|
|Lack of strategy insight|
Forex Trend Detector Conclusion
Forex Trend Detector is not an EA you should consider investing in. It is quite expensive for a system with a short trading history and its live trading results aren’t too impressive. You’d be better off purchasing a robot with a longer track record.