FXBoom Review

By ForexBrokers · Filed Under Robots Leave a Comment 

Today, we review a combo package which combines a forex robot and two forex trading strategies, collectively known as FxBoom Well of Fortune package. The components of this package are:

a)    EA Trade Manager (the forex robot)

b)    Pro 624 (strategy)

c)     LPR Strategy

The products are available either as a combo package that costs $1,499 or as individual products. The EA Trade Manager is available for a trial price of $199, and then a recurrent subscription of $299 a month. Traders can pay for this forex robot using several payment methods: credit/debit cards, PayPal, Money Order, Western Union, MoneyGram and Liberty Reserve.

Features

The EA Trade Manager is a unique kind of EA. It is only responsible for managing trades. It does not do initiate trades. This means that all the trader needs to do is to identify a trade opportunity and enter the market. He can then place the Trade Manager EA on the currency chart and this forex robot will automatically manage the stops, profit targets and trailing stops. This allows profitable trades to be scaled out. The technique is to close out a percentage of the position, while contracting the stop loss towards breakeven point to control risk and reduce the chance of losses. At a certain percentage, the forex robot will move the stop loss to breakeven as a profit conservation method. This is done automatically.

The FxBoom team also claims that this EA is capable of hiding the stop loss and profit levels it sets from the dealing desk of brokers to guard against a practice known as stop hunting. Stop hunting is a practice where dealing desk brokers manipulate prices that are located close to a stop loss point to actually hit the stop loss and close the trader out in a loss position when in actual fact, prices have not moved to the stop loss position. The other extreme is to manipulate prices so that a winning position does not hit a profit target, or is not closed out in profit. This can usually be confirmed by opening an ECN trading platform side by side with the dealing desk platform. This practice is unethical and some high profile dealing desk brokers have been punished for this. By hiding the trader’s stop loss and profit targets, FxBoom claims that its product can protect traders from unwholesome price manipulations of brokers.

The Trade Manager EA is also reputed to be a master scalper. Most dealing desk brokers will not allow scalpers on their platforms. Others will also not allow take profit levels of less than 10 pips. But this forex robot is reputed to take trades and scalp as low as 1 pip in profit. This is also an offshoot of the profit target masking properties of this forex robot.

In essence, the Trade Manager forex robot allows the trader to adopt a “set and forget” system so that the trader will not need to stare at charts all day to manage his trades.

Trading Results

FxBoom makes it a habit of sending out trade results for the month. A cursory look at these results shows that the EA is highly profitable, and that the results actually justify the cost of the product which at a monthly subscription of $299, is one of the highest in the industry. But is this really the case?

Some independent reviews by traders who have purchased and used the product complain that the indicator that accompanies the trading system given as a bonus with the EA to show the point at which the signal is generated ‘repaints”. Repainting is a phenomenon which describes when an indicator arrow appears (indicating a signal) only for that arrow to disappear completely or show a different signal, thus producing conflicting signals.

Conclusion

On the basis of what this forex robot offers, the performance and what it offers traders looks very promising. However, the onus is still on the trader to initiate the trade. This the trader can do by acquiring the entire FxBoom package so that the Pro 624 and LPR trading strategies can be used to generate the signals. A major drawback is the cost of this product. Acquiring this package will only make economic sense for traders who have large amounts of money to trade with.

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