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Expert Advisors Reviews

FXCharger EA Review - Is it scam or good forex system?

This will be a review of the FXCharger Robot, a relatively new and interesting Expert Advisor. While not much is known about the essence of this system, we will delve into it. 

 

Strategy

 

The developers of the FXCharger have not provided much meaningful information on the strategy, which runs this EA. That being the case, we have to review its historical performance, in order to get a better understanding. Here is a summary of the recent trades it has taken:

 

 

While the chart may seem fairly chaotic, we can draw a few conclusions form it. First of all the system runs long and short positions at the same time. Additionally, if you take a closer look at the position sizing, it tends to be occasionally very aggressive – when a trade is loosing money a new position is opened in the same direction, with an increased size. While this is neither a classic grid nor martingale system, it has the characteristics of both. As we have mentioned numerous times these strategies are fundamentally flawed and do eventually go bust. 

 

On the other hand, one of the relatively unique features of the  FXCharger is the fact it only takes traders in the late US session, but keeps the open for multiple days. The system’s average trade length is four days, but all of the trading activity is done at very specific times of the day:

 

 

This system is definitely not an Asian Scalper (or any form of scalper, for that matter), but this is rather unusual.

 

Historical Performance

 

The performance of the FXCharger is being tracked on a verified MyFxBook account, registered with FXOpen. At the time of writing of this review this system has been running for a year and a half and has managed to gain an impressive 1194.5 %. That being said, lets take a look at the growth chart

 

 

As we can see the chart is very smooth. In fact, one could argue it is to smooth for comfort. The more experienced traders know, this is the sign of a grid-based system. The drawdown chart is equally amazing, peaking just above 6%:

 

 

The FXCharger EA has achieved and average of  7.4 pips per trade. This is a very good score, which few systems manage to reach. For instance the Einstein Trader only makes 1 pip per trade (on average), which is enough for us to not recommend it. A higher value of this parameter is always better, with 5 being a solid level.

 

Pricing

 

The FXCharger Robot is being sold with the common “licensing model”. A buyer will have to make a single payment, which then allows him to use the EA with a single live account (and up to 3 demo-accounts). The price of the basic version of the FXCharger is $219, with $259 being charged for the premium. The difference between the two is that you can change “advanced settings” with the more expensive one. Given how the developers have not explained the trading strategy, it’s hard to know if having the option is worth the price.

 

Bottom line

 

The FXCharger is an automated forex robot, based on a controversial strategy. While the team behind it hasn’t revealed much, our analysis of the historical performance, proves they utilize grids, hedging and increasing the position size. While, the system is not a pure “double-sided Martingale”, it does still utilize all of these risky trading approaches. So far the FXCharger has performed and although we may doubt the gimmicky style, the low drawdown and solid pips/trade values speak for themselves. Overall, we are left with mixed feelings and wish the team behind this project had shared more information. 

 

TAGS: fxcharger  fxcharger ea  fxcharger ea review  fxcharger ea scam  fxcharger robot  fxcharger robot review  fxcharger robot scam 
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