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Expert Advisors Reviews

Forex Fury EA Review - Is it scam or good forex system?

 The Forex Fury EA is a product which you may have heard about. The team behind it runs a website, which reviews other Expert Advisors and recommends two of their own. In this review, we will give you our unbiased opinion on the Forex Fury EA.

 

Strategy

 

The underlying strategy of the Forex Fury EA is not fully (or partially) disclosed. While nobody expects a vendor to freely reveal the code behind their project, at least a simplified explanation of what the system does will go a long way towards building credibility.

 

Update: We were contacted by the developers of this robot and managed to clear a few things. While we initially thought this system had grid-like elements, we were wrong. Here is an illustration, of the suspicious activity, which led us to that conclusion:

 

 

In reality, the system simply opens multiple positions at similar prices. This as the effect of increasing the total number of trades. They are later closed, after reaching a relatively close target (usually around 5 pips). The losing trade, illustrated in the previous picture was supposedly due to a server issue and other users of the system, should have experienced much smaller losses.
 

The Forex Fury EA usually closes winning trades within several hours, while the losers a kept open for a longer period of time, as shown here:
 

We must reiterate, the loosing trades shown here are the ones allegedly due to the technical difficulties.
 

The Forex Fury is basically a scalping system, which opens trades at the end of the US trading session. While it isn’t a pure Night scalper, this robot occasionally keeps trades opened during the Asian Session. These strategies are usually very broker-dependent, as a slight increase in the spread (being due to slippage or requiting) can drastically change the performance of such a system.
 

 

Historical Performance

 

There are a lot of issues when it comes to the historical performance of the Forex Fury EA. It is currently tracked on a demo account at Think Markets. This is never a good sign and while there was another live account associated with the system a few years back, it isn’t currently functioning. All of this, combined with the method of statistical manipulation described above, leaves a negative feeling about the system, before we even get to the growth chart. Here it is 

 

 

This is a prime example of a gimmicky EA’s equity curve. The slope is too flat to be true, with minimal deviations and then a massive drop follows. The Forex Fury may have some built-in emergency risk mechanism, which prevented it from blowing-out the account completely.

 

Let’s take a look at the drawdown chart:

 

 

It basically confirms all our assumptions and suggests the emergency “close everything” limit may be set at a 20% drawdown. This will probably be one of the few positive things about this system.

 

When it comes to the average pips/trade value, the Forex Fury EA scores a mediocre 3.8 pips. As you may know, if you have read any of our other Expert Advisor reviews, we consider 3 pips/trade to be the absolute minimum, below which you should not even consider using a system. On the other hand, the 5 mark is a bit more solid and while not many EAs overcome it, some, like the FXCharger do.

 

Pricing

 

The Forex Fury can be acquired for a single payment of $229.99. This will grant you a single live account license an unlimited demo accounts. Additionally, two accounts can be activated for $439.99, granting you a $20 saving.

 

Bottom line

 

The Forex Fury is a scalping system, which occasionally holds positions opened during the Asian Session. The two major risks involved with such a strategy are broker-dependency and the fact loosing trades are kept open for much longer than the winners. Again, we must reiterate the major losses occurred by the EA are supposedly due to a problem with the server. While there appears to be a hard-stop level at 20% drawdown, we generally do not believe in the long-term viability of such systems.

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