Falcor Forex Review

Falcor Forex

Falcor, priced at 79 $, trades on the MT4 platform, where it catches the current market signals rather than relying on past trends. To start trading, traders only need to install the EA and drag the files onto the MT4 charts. 

Don Steinitz is the developer behind the Falcor Forex Robot and has worked in many shady businesses like blackjack casinos. According to his profile, he developed MQL coded robots that are easy and safe to use. The developer has mentioned no information about his certifications or contact details on the site. 

Falcor Forex at a glance

Price$79
Trading PlatformsMT 4
Currency PairsMultiple
StrategyN/A
TimeframeN/A
Recommended DepositN/A
Recommended LeverageN/A
Money ManagementYes

Falcor Forex Robot functionality

The EA has the following features:

  • It uses innovative code.
  • It has a user-friendly interface for beginners.
  • The system uses advanced price action methods.
  • It works using current market conditions rather than historical trends.

Falcor Forex trading strategy tests

The developers state that the EA trades on multiple currencies and adapts to the market changes using the automatic stop and reverse method. From the trading history, we can observe that it may or may not use a fixed stop loss for trades. It can have multiple trades opened at one single time on different instruments. 

Trading history of the system on the Forex Robot Trader website
Trading history of the system on the Forex Robot Trader website

On the website, backtesting records have only been provided in a graphical image that is significantly blurred and does not give any tabulated data to indicate factors like drawdown, initial deposit, profit factor, etc. This is highly suspicious and raises serious concerns about the developer. 

Backtesting records on the Forex Robot Trader website
Backtesting records on the Forex Robot Trader website

Falcor Forex Robot live trading results

Although trading results are disclosed on  the official product website, they lack verification. Inspecting the month of February 2022, we can see that the robot made a total of 435 trades, out of which it lost 65. The floating P/L was 1 172.40 USD. The maximal drawdown was 387.00 points. Gross profit stood at  57 712.10  USD & gross loss stood at 7 214.10 USD. The profit factor was valued at 7.99. 

Live trading statistics on the Forex Robot Trader website
Live trading statistics on the Forex Robot Trader website

User reviews

There are no user reviews present about this robot on any review sites like Trustpilot, Forex Peace Army, and MQL5. Therefore, there is no guarantee on the market this robot works. Although one may find multiple reviews that speak highly of the robot on its website, there is not much credibility in this source of feedback so that they can be disregarded. 

Customer reviews on the Forex Robot Trader website
Customer reviews on the Forex Robot Trader website

Pricing 

The robot is sold for a one-time fixed price of 79 USD. Payments can be made through a credit card or PayPal. Customers can try a demo version for free by providing their email. There is no information about the money-back or refund policies which makes this robot a risky investment, especially for beginners. 

Falcor Forex Review Summary

Falcor Forex
2 5 0 1
Falcor Robot works by a strategy unspecified by the developers, which may have many flaws like high drawdown, high lost trades, and losses. The absence of clear backtesting records and live testing results makes this robot an unworthy investment option.
Falcor Robot works by a strategy unspecified by the developers, which may have many flaws like high drawdown, high lost trades, and losses. The absence of clear backtesting records and live testing results makes this robot an unworthy investment option.
2/5
Total Score
  • Functionality
    2/5 Bad
    The service works only on MT4.
  • Trading strategy
    2/5 Bad
    Not clearly specified.
  • Live Results
    2/5 Bad
    Live results give no drawdown value.
  • Customer support
    2/5 Bad
    Customer support is only available through a query form.
  • User reviews
    2/5 Bad
    There are no external reviews present.

The Good

  • Trades on multiple currencies

The Bad

  • No transparent strategic approach mentioned
  • No transparency of backtesting
  • It only works on MT4
Total
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