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Trading Style – Market Condition Adaptation
Developer – Pranjali Agarwal
Trade Length – 4-8 hours
Forex pairs – EURUSD
TimeFrame – 1 min
Broker – FXVoodoo forex EA work with any Forex MetaTrader broker.
Recommended Minimum deposit – N/A
$199 $179 (with $20 CashBack from ProfitF)
FXVoodoo Manual – Download after Purchase
Payment processor – Click2Sell
Refund policy – No Refund Policy
FxVoodoo – Forex Expert advisor. Most developers name their EAs to reflect their strategy’s prowess in the market. This particular EA is no exception to that; FxVoodoo. Voodoo is actually a kind of witchcraft and hence we would assume that this EA has some particular charm while working the markets! However, the developer is said to believe in the practice himself.
Away from the name; let us look at how the EA works in the market. Fx Voodoo works with several currency pairs but it is best suited for EURUSD on the 1 minute timeframe. It modifies its trading style depending on the current moment of trading. For this reason, it will adapt it trading style depending on various periods, for instance, it will trade differently depending on the day of the week or time of the year.
Author of Myfxbook statement – Developer Real (USD), MT4, 1:500, MetaTrader 4
Fx Voodoo’s site features a live chatand it would be among the very few EAs that give live support; unfortunately, the live chat button does not work and one can only email support or access help from the members area. Though this is an unverified claim, Fx Voodoo’s team states that it will donate 50% of the EAs proceeds to the needy!
Let us start with the back-test performance shown by Fx Voodoo EA. It has been tested on different brokers including; Alpari and FXCM. Back-tests reveal that Fx Voodoo uses a trailing stop on almost every trade to guarantee profits once the trade moves to the desired direction hence most of the trades are closed by the stoploss.
Fx Voodoo Trailing Stop Feature
Normally, strategies that show a high win rate have a poor reward to risk while those that have a high reward to risk show a low win rate. Fx Voodoo’s tests show the first characteristic; having a high win rate and a poor reward to risk where its average win is smaller than its average loss. However, it shows a very high win rate above 95% to guarantee profits.
Figure; Fx Voodoo Backtest
Fx Voodoo’s team guarantees profits of 100% – 1000% a year using this EA, so lets look at the live performance and see if it has lived to achieve such returns. Fx Voodoo has a live account verified by both fxblue and myfxbook. On the live account, FxVoodoo EA has traded for only two month showing a 237.62% return; this is a very high return considering the duration traded. Though this duration is not sufficient to properly analyze Fx Voodoo’s long term stability; it has already achieved the minimum return stipulated by the developer.
Figure; FxVodoo Live Performance
Trading privileges and track record is yet to be verified by the developer on myfxbook, however, the same account on fxblue shows similar statistics and hence we can say this is a true live account performance. It also shows a withdrawal $10,000 confirming this since with withdrawals are not possible on demo .
Figure; Fx Voodoo Live Performance on fxblue
The most interesting and attracting characteristic of Fx Voodoo is that it has 100% win rate on its live account performance. Though it has only taken 25 trades for the two months traded, it does not show a single losing trade.
Figure; FxVoodo 100% Win rate
Though this is a very impressive winning streak; it is important to monitor Fx Voodoo EA further since demo accounts trading the EA reveal that it has a very high level of drawdown. (See other more safe Forex Robots)
Figure; Fx Vodoo Drawdown on a demo account
This revelation will definitely bring you to the conclusion that Fx Voodoo EA keeps loosing trades for a very long time waiting for them to recover from loss achieving a high win rate in the process. This cannot be correctly verified since the developer has chosen to keep open trades private.
Figure; Fx Voodoo’s Open trades are private
ForexVoodoo is not a black-box and the user is able to change the available parameters.
Here are some of the parameters available on Fx Voodoo;
Lot size; the user is able to set the position size of the trades
UseEquityPercentage; with this setting, the user can choose to risk a particular percentage of account equity on every trade e.g. 5%
TakeProfit; this is the target for every trade
Stoploss; this is the number of pips to exit a loosing trade.
BEP; this setting allows the user to specify the number of pips a trade is allowed to move to the winning direction before the stoploss is moved to a point of breakeven
Trailing stop; this is the number of pips the stoploss should advance to protect profits as the trade goes into profit
Hedging; Hedging in this robot can be activated if the user’s broker allows it.
Mondaytrade; The user can activate or deactivate trading on Mondays
Fridaytrade; the user can activate or deactivate trading on Fridays
The win rate on FxVoodoo is very impressive, however, users should monitor the levels of drawdown closely since the EA may be holding losses for a long period of time. The period used to test the EA on a live account is not also sufficient to make long term conclusions about Fx Voodoo. Apart from the demo account drawdown, the drawdown on the live account is still low for now and this is definitely an EA to watch and if purchased, a needy person somewhere will be grateful if the developer fulfills the promise to donate 50% of the profits to the needy.
Please post comment/review about FxVoodoo, if you have any experience with this Forex MT4 EA!
FxVoodoo price = $199, however you can buy it with Discount. ProfitF offers BONUS – $20 Cashback. … more info >>
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