FxSecret was established back in 2012 and consisted of experienced financial traders. The company produced an algorithm that implements three different strategies in the market and has a drawdown control in place. The Myfxbook records show performance for several years that we will go through in our article and see if it has potential for the future or not.
FxSecret trading strategy
The developer states that the robot uses three different strategies for trading. They claim to have improvised on the system’s logic but do not share any information on what type of improvements were included. To understand the subject, we go over the live records on Myfxbook that show that it has a martingale approach with the combination of averaging. The trades come with a virtual stop loss and take profit.
FxSecret backtesting report
There are no backtesting records available for the trading robot, and the primary reason might be that it had failed the procedure. Martingale systems do not work for a significantly long period and can suffer high drawdowns. The lack of transparency on the developers’ part is alarming.
FxSecret live results
Verified trading records are present on Myfxbook. We have a performance from May 27, 2013, till the current date. The system made an average monthly gain of 4.74%, with a drawdown of 65.84%. The stated drawdown is high, showing that the robot loses more than half of the account value while trading.
The winning rate stood at 56%, with a profit factor of 1.16. The best trade was $11908.37, while the worst was -$8000.28 in a total of 3037 trades. There were $1863 in deposits and $0 in cashouts.
Some features of FxSecret
FxSecret has the following features:
- It uses a combination of three different strategies.
- The algorithm is available for both MT4 and MT5.
- There is lifetime support present 24/7.
- Traders can change the account number online as they wish.
|Average monthly gain||4.74%|
|Type||Grid and Martingale|
From the Myfxbook records, we can see that the robot is currently working only on EURUSD. There is no recommendation on deposit.
Main things that make FxSecret unreliable service
Let us go over several things that make the company unfit for use.
The lot multiplication settings keep us on the alert while using the algorithm. It can cause a high drawdown or even margin call on the account. Traders have to be careful while using the product at all times. The current drawdown on the live records shows that the algorithm is risky.
No backtesting records
The developer does not explain the backtesting records to us and shares a detailed statement on the topic. We are blind when it comes to finding out historical testing. This could be due to the fact it fails during the procedure.
One of the traders on Forex Peace Army states that he has purchased multiple products from the developer. He does not recommend any one of the algorithms as they resulted in a loss in the end. There are no further reviews that show the lack of interest by traders in the product.