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ForexTruck Review

0
ForexTruck

ForexTruck is a 100% automated Forex trading system that works on both Metatrader 4 and Metatrader 5. It consists of two different blocks working in tandem. There is little or no information on the parent company behind this expert advisor. We don’t know when it was founded or whether it has manufactured other trading systems in the past. The vendor has not shared any contact information and it is unclear who the traders and developers behind this system are.

These days, there are several scam EAs on the market. Not all robots are profitable, and this necessitates a thorough analysis of each and every performance factor before making a purchase. In this review, we shall look into different factors like features, live performance, price, user reviews, etc.

This robot hasn’t had any notable achievements so far. We don’t know when it was launched on the Forex market, but the live account has been active since January 2020.

What is behind the ForexTruck robot?

The first block of the EA is tasked with initiating the trades. It only trades with fixed lot size, finding suitable entry points. Sometimes it only opens a single order and other times it opens a second one based on the signals generated by the algorithm. If the market scenario changes, it closes the trades in a small profit and sometimes even in a small loss. It does this to avoid increasing the drawdown.

The second block comes into the picture only when the first block has trouble fixing the situation. This block attempts to close all trades in total profit. Based on the market scenario, it can open additional trades. Sometimes, it increases the lot size to recover lost trades.

Key features 

This is a robot that trades exclusively in the USD/CAD currency pair. Due to its algorithm and strategy, it can work with any broker. As such, you don’t need to choose a broker offering special trading conditions.

Trading strategy 

Unfortunately, the vendor has not clearly explained the trading strategy used by this EA. Therefore, we don’t know how it identifies profitable trading opportunities.

Backtesting results of USD/CAD

Backtesting results of USD/CAD

This backtest was conducted from 2014 to 2020 using an every tick model. The EA placed 1617 trades, winning trades, and had a healthy win rate of 61.10%. Using an initial deposit of $1000, it generated a total profit of $11776247.85. There were 10 maximum consecutive wins and 6 maximum consecutive losses for this backtest. The relative drawdown was very high at 87.84%, and this indicates a risky trading strategy.

Pricing 

You can purchase this robot for the price of $329. This will provide you with a single lifetime license for any account type. You get a detailed user manual and the ability to change your account number as many times as you wish. The vendor offers a 30-day money-back guarantee for this product.

Trading performance of ForexTruck

Growth chart of ForexTruck

Growth chart of ForexTruck

To date, ForexTruck has conducted 460 trades through this account. It currently has a win rate of 57%, which is a bit low compared to the backtest. The total profit for this account currently stands at $12,546.86. Currently, the daily and monthly gains are 0.27% and 8.54%, respectively. Compared to the backtest, the drawdown is quite low at 18.67%.

Trading results of ForexTruck

Trading results of ForexTruck

Here we have the recent trading history of the EA. We can see that the lot size usually lies between 0.10 and 0.26. The EA is prone to suffering consecutive losses. For this account, the average win and loss are 45.40 pips/$98.10 and -47.24 pips/-$68.12, respectively.

Customer support 

Each customer gets access to friendly technical support 24/7. The website doesn’t have a live chat feature and the vendor has not shared any email address. To get in touch with the support team, you need to use the contact form on the website.

People feedback

There are no user reviews for this EA on third-party websites like Quora, Myfxbook, Trustpilot, and FPA. Therefore, it is evident that not many people are currently using this system for live trading.

ForexTruck Summary: Worth it or not?

6

ForexTruck is an expert advisor that manages to deliver stable profits in the live market. However, it is prone to losing consecutive trades. We don't know what strategy it uses and there is not enough information on the developer company. Last but not the least, there are no customer reviews for this robot.

  • Verified trading results
  • Lack of strategy insight
  • No information on parent company
  • No user reviews

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