Expert AdvisorsForex

ForexTruck Review: Things You Need to Know Before Investing

3 Mins read
4.3

ForexTruck assures reliable profits and low risk with its efficient system. This FX robot is 100% automated and claims to use an approach and algorithm that ensures broker compatibility. It works on the MT4 and MT5 terminals. The expert advisor is designed to work mainly on the USDCAD pair. 

ForexTruck trading strategy

As per the vendor info, the system is made of two blocks that work in combination. The first segment works on opening orders by identifying the accurate entry points. It uses a fixed lot and opens one or two orders at a time. If there is a change in the market situation, the orders are closed with a small profit or even a small loss to prevent high drawdowns. 

If the first segment is not effective in producing good results, the second segment is activated. It works to ensure all trades are profitably closed. The results are good due to the opening of additional orders as per the market condition. A small increase in the lot size is done to quickly resolve the unsuccessful trades and gain a higher return without any loss.

ForexTruck backtesting report

A few backtests are present on the official site. Here is one of the test reports.

Backtesting report of ForexTruck on the official site
Backtesting report of ForexTruck on the official site

From the above stats, we can see the backtesting was done from 2014 to 2020 using the H1 timeframe on the USDCAD pair. For an initial deposit of $1000, a total net profit of 11776247.85 was generated. A total of 1617 trades were executed with a profitability of 61% and a profit factor of 1.86. The maximum drawdown for the account was 35.65%. We find the drawdown is high indicating a risky strategy. 

ForexTruck live results

A real USD account using the FXOpen broker on the MT4 platform is present for this FX robot. The screenshots of the trading results verified by the Myfxbook site are given here.

Growth curve of ForexTruck on the Myfxbook site
Growth curve of ForexTruck on the Myfxbook site
Trading stats of ForexTruck on the Myfxbook site
Trading stats of ForexTruck on the Myfxbook site

From the stats provided, we can see the EA has generated a total profit of 643.93% and an absolute profit of the same value.  The daily and monthly profits are 0.27% and 8.30% respectively. A drawdown of 18.67% is present for the account that started with a deposit of $2000 in January 2020. For a total of 480 trades, profitability of 57% is present and the profit factor is 1.94. The trading history reveals varying lot sizes ranging from 0.08 to 0.42 are used. From the big lot sizes, we suspect the strategy used is risky. Although the drawdown is not very high and the profits look decent, the big lot sizes are a source of concern.

Some features of ForexTruck

Important features of the FX EA that the vendor focuses on are:

  • It works on the USDCAD pair mainly.
  • A reliable system is used for minimizing the drawdown.
  • An SL is set by the EA and it monitors orders in real-time to manage them in case of unexpected market changes.
  • A specific risk value is set beyond which the EA will close any open orders to protect your capital.

We could not find info on the recommended deposit, broker, leverage, etc.

Total return643.93%
Maximal drawdown 18.67%
Average monthly gain 8.30%
DeveloperForexstore.com
Created year2020
Price$329
TypeTrend-following
TimeframeN/A
Lot sizeN/A
LeverageN/A
Min.depositN/A
Recommended depositN/A
Recommended brokersAny
Currency pairsUSDCAD
ECNN/A

Main things to consider if you invest with ForexTruck

If you are interested in this EA, then you need to pay attention to:

Verified trading results

The vendor provides a real live verified account that shows a steadily growing account with decent profits and a low drawdown. However, the lot sizes used vary and are very high indicating the approach used is risky.  

 Lack of vendor transparency

The official site does not provide any info on the developer or the team behind the FX robot. Other than the mention of Forexstore.com powering the ATS, we could not find vendor details.

Strategy

A detailed explanation is provided for the trading approach. The vendor claims that the two blocks of systems help in reducing the losses and increasing the profits. 

Pricing details

For $329 you can purchase this FX robot. One lifetime license, unlimited account number changing facility, user guide, MT4/MT5 version, and 24/7 support are part of the package. When compared to the price of other competitors in the market, we find this FX robot is overpriced. A 30-day money-back assurance is present for the EA.

Other notes

Unfortunately, we could not find user feedback for this FX robot on trusted sites like Forexpeacearmy, Trustpilot, etc.

ForexTruck Summary

4.3
ForexTruck uses a special algorithm and approaches to ensure high returns. Our evaluation of the system reveals that the backtesting and real trading results for the EA show it in a good light. However, there are downsides like the absence of vendor transparency, expensive pricing, and risky strategy that you need to consider before deciding on this FX EA.
5.0

Functionality

3.0

Reliability

7.0

Strategy

5.0

Price

4.0

Trading Results

2.0

Vendor Transparency

Pros

  • +A completely automated system
  • +Verified trading results

Cons

  • -Lack of vendor transparency
  • -Big lot sizes are used showing a risky approach
  • -Pricing is expensive
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