ForexFury EA is an automated strategy best suited for GBPUSD on the 15min timeframe. Though not much of the trading strategy is disclosed, a closer look at the EA show that it uses a moving average filter and takes up to 7 trades at the same time. Its trades also reveal that it trades only one hour closer to the end of the day.
The EA is relatively new having come to the market during the last few months of 2015. The developer categorizes Forexfury EA as safe and aggressive with a 93% win rate.
Trading Style – Not specified
Developer – forexfury
Forex pairs – GBPUSD
TF (TimeFrame) – M15
Broker – ForexFury work with MT4 broker
Recommended Minimum deposit – $300
ForexFury Manual – Available in Members area
Price – $229.99 (1 Live Account License), $439.99 (2 Live Account License)
Refund policy – 60 days money back (through MyCommerce payment processor)
Let us look at Forexfury’s parameters to help reveal more on the strategy;
Trade(day); Forexfury EA has an option for the user to turn on and off days of the week that the EA should trade on.
Risk per cycle; this is the risk for the total number of trades opened by the EA at the same time.
Max spread; the user can set the maximum allowed.
Lot size; this is the size of the trading positions the user prefers.
Takeprofit; this is the target in pips for the opened trades.
Stoploss; this is the exit in pips for the opened trades.
StartTradingTime; the user can set the hour of the day Forexfury EA should start trading.
EndTradingTime; the user can also set the hour of the day Forexfury EA should stop trading.
The recommended takeprofit for ForexFury EA is 5 pips while the stoploss is 29 pips. This shows a very poor reward to risk and explains the high win rate. Since the takeprofit is very close to the entry, Forexfury EA will win most of its trades. However, the stoploss is almost six times the takeprofit meaning that though losing trades may be rare, they are big. The small takeprofit level also makes it necessary to trade with brokers who have very small spreads so as to preserve the 5 pip takeprofit level.
Forexfury EA also takes up to 20% risk using the recommended settings. This means that if one cycle of the 7 trades goes to a loss, the user stands to lose 20% of the account.
Unfortunately; there are no detailed back-test reports from the developer so we will rely on the available live trading performance to analyze how Forexfury EA fairs in the live market. The first account we will analyze shows 100% win rate as expected since it targets a few pips only, 6 pips on average.
Figure; Forexfury EA Live Performance (link)
We can also observe that Forexfury takes 7 trades at a go multiplying its winning trades by seven. The below diagram shows this (seven trades taken at the same time to form one cycle)
Figure; Forexfury EA 7 trade cycle live trades example
This particular account only has 89 trades taken, and since there are cycles of 7 trades each day, this accounts for only about 13 days of trading. This is a very short duration of trading to make any concrete conclusions on Forexfury EA, hence, we need to look at a second account.
The second account (link) has been traded for about four months and not updated since January 2016 after drawdowns were experienced.
Figure; Forex fury robot live performance 2
Though the win rate is close to 90% on this account, the effect of the stoploss being almost 6 times the stoploss can be clearly demonstrated when losses occur. A huge part of the small gains is wiped out once a losing cycle occurs as shown below (losses are several times bigger than the profits)
Figure; Forexfury EA losing period
This can also be observed by comparing the average win versus average loss as show below;
Figure; Forexfury Robot averageprofit versus average loss
The other account by the developer been deleted for unknown reasons however past archives show huge drawdowns which forms a possible reason for deletion from myfxbook.
Figure; Forexfury EA deleted account
It is also important to mention that the live performances of Forexfury EA are on demo accounts and no official real accounts have been made available by the developer.
Forexfury is a very robust EA during its winning streak. The winning streak will occur more often since it trades on GBPUSD which is volatile enough to guarantee that the takeprofit of 5 pips will be achieved most of the time. However, it is also important for the user to understand that the EA will experience some periods of sharp drawdowns which will be recovered during the next winning streak period.
Please post comment/review about ForexFury, if you have any experience with this forex Robot!