Forex Robots

RED FOX EA Review: A Phony Forex Trading System

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RED FOX EA

RED FOX EA is introduced as a smart Forex robot. Apparently, it can help traders to obtain consistent profits and, at the same time, ensure that the drawdown rate is low. The robot was developed by My EA Academy, which is said to be a trade name under SINRY ADVICE WORLDWIDE.

However, the team of developers behind this EA is anonymous. Since their profile data is missing, we cannot determine their qualifications, skill-sets and experiences. Thus, working with such a vendor would be risky.

RED FOX EA strategies and tests

Being an expert advisor, RED FOX is a form of artificial intelligence that trades automatically for you. It also has the following features:

  • Can work on any MT4 account type
  • The minimum deposit needed to begin trading is $1,000
  • Trades with a variety of trading pairs; EURCAD, GBPAUD, EURUSD, USDCAD GBPUSD, GBPNZD, GBPCAD,  AUDUSD, EURAUD,  and EURNZD
  •  Is easy to use
  • Full setup guide PDF is present
  • Can work on al MT4 broker accounts
  • Martingale strategy is not applied
  • Fully automatic and can be installed within 5 minutes
  • A news filter is included
  • The recommended leverage is 1:500
  • Opoforex broker is preferred
  • The broker used should have low fees and swap as well as a high speed server

We are told that the system uses a strategy that is based on market reverse price. However, we do not know whether the EA follows the uptrend or the downtrend. Internal custom indicators are also used to assess the market.

Although the developers do not mention anything about the grid strategy, we later realized that it is on board. They probably wanted to mask this reality so as not to scare off traders given that this approach is risky in nature.

We cannot analyze backtest results since they are not there. We do not understand why the vendor has downplayed this data. The statistics would have enabled us to compare and contrast them with the live trading outcomes and see if the performance of the EA changes or remains the same in the real market.

RED FOX EA live trading account review

Red Fox EA’s trading stats

Red Fox EA’s trading stats

This account began trading on May 17, 2021 after being deposited at $1,000. Since then, it has been making daily profits at rates of 0.23%. It also grows the account by 7.17% on a monthly basis. The profit value is $281.60 and the balance has reached $1,280.80. The overall gain is 28.17%. The EA has made a drawdown of 38.55%. This value is high and highlights the fact that the account is making numerous losses.

The trading performance of the bot

The trading performance of the bot

The system has completed 580 trades with 5.80 lots. The win-rates are 76% and 77% for long and short trading positions. This profitability rate is not good as it shows that the robot struggles to generate returns on the investment made. The profit factor is 2.03. The pips are 3703.8. The average win is 14.96 pips. The average loss (-22.99 pips) is higher by about 8 pips. Evidently, something is amiss. The strategy on board seems to be attracting more losses than wins.

Monthly profits from May 2021 to September 2021

Monthly profits from May 2021 to September 2021

As we take a closer look at the month by month performance, we see that the system’s profits increased consistently from May to July. Unfortunately, the profits dropped to reach 5.51% in August.

Trading history of the EA

Trading history of the EA

The robot traded using the grid strategy while applying micro lots of 0.01. Trailing stop losses and take profits were applied to mitigate losses and optimize profits respectively.

Pricing

Red Fox EA is sold at $266. You will be saving $134 if you decide to purchase it since its original price was $400. Each order comes with 1 demo and 1 live license key. Anyone can tell that the pricing of this product is high. There are many EAs of a similar nature being sold at lower prices. A 14-money-back guarantee is provided.

The robot’s pricing package

The robot’s pricing package

Is RED FOX EA a scam?

This robot is simply a scam. It is overpriced, an indication that the vendor is mainly concerned about getting more money from traders. It also applies a risky trading approach that makes it susceptible to losses and a high drawdown. So, by using it, you will not get value for your money.

User reviews

Every customer is recommending this product on the user reviews section on its official website. These testimonials are not credible as they can not be verified. Thus, they cannot be taken seriously. We have seen for ourselves that the EA is making lesser wins and has generated a high drawdown. Therefore, anyone who tells us otherwise is providing misleading info.

RED FOX EA

4

From this review, it is evident that the vendor has misrepresented RED FOX EA. It is incapable of maintaining a low drawdown as promised. The system also has a high loss rate that will continue to eat away the capital. Certainly, the grid strategy on board does not inspire any hope. Since we do not know the qualifications of the developers, we expect the situation of the account to worsen with time. We do not recommend this trading tool.

  • Live trading results are provided
  • Is fully automated
  • Lack of vendor transparency
  • Customer feedback is unreliable
  • Grid strategy is being used
  • Backtest results are missing

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