Odin Forex Robot uses a grid strategy to trade the markets and uses a fixed exit point to minimize risk. The algorithm has multiple built-in features that the developers boast about on the website. Traders can use the expert advisor without any experience. We will go through the webpage and see if it can be good for our portfolio if we employ it.
Don Steinitz is the author of the product, who claims to have played heavily in the casinos before deciding to make his way in the markets. He made a team of developers who then started to produce algorithms for trading and employed their strategies within. The developer claims to have put thousands of hours studying the charts.
How Odin Forex Robot works
The EA has the following features:
- It has a broker shield that allows it to hide stop loss and take profits.
- Each trade comes with a fixed exit point.
- Traders can use any account size.
- There is no previous experience required while using the algorithm.
- The developer provides an optimized set file for each pair.
Time frames, currency pairs, deposit
The EA works on multiple currencies. The developer is unwilling to share details of the time frame and the minimum deposit required.
The developers state that the robot uses a grid methodology for trading. Each position comes with a fixed stop loss and a take profit. On the trading history at Myfxbook, we can see that it holds trades for 6 hours and 40 minutes on average, which points out to day trading.
Pricing and refund
The EA is available for $129. There is no information on how many live and demo accounts we can use. There is no mentioning of a money-back guarantee.
The developers provide no backtesting records. This means that the algorithm might have failed while working on historical data. If a robot can not perform for the past, we can not expect anything for the future.
Verified trading records are available on Myfxbook that show performance from September 19, 2019, till the current date. The system made an average monthly gain of 13.15% during the period, with a drawdown of 10.29%. The total gain stands at -51.89%, which is devastating. It shows that the robot loses nearly half of the capital while trading.
The winning rate stood at 47%, with a profit factor of 0.75. The best trade was $12.86, while the worst was -$11.26 in a total of 1284 trades. The developer made $395.83 in deposits and $223.38 in withdrawals.
People say that Odin Forex Robot is…
A poor robot with multiple issues. Based on 269 customer reviews on Forex Peace Army, the company has a low 2.256 rating. A trader says that the Odin robot has multiple issues with it. He complains about the use of grid strategy and says that his performance is not similar to the one the providers have on their website. He also says that the availability of different settings within the system makes it quite confusing to use.
|Live records available on Myfxbook||No transparency on the developer|
|No backtesting results|
|No information on the strategy|
Odin Forex Robot Conclusion
The Odin Forex robot is not a good system as there are no backtesting records to verify its performance. The live records show a huge drawdown and a negative gain that wipes more than half of the account balance. The reviews available on Forex Peace Army are also bad, which gives the company a poor outlook.