The company behind the development of the WallStreet Forex robot 2.0 evolution presents multiple algorithms to trade the markets. All the expert advisors come with a spy module that indicates the broker’s performance on technical terms such as latency, slippage, etc.
The company fails to give us the information on the whereabouts of the developer behind the expert advisor. We do not know what types of trading experience they have. This type of activity raises some red flags over the genuineness of the product.
WallStreet Forex Robot At a Glance
WallStreet Forex Robot Functionality
The robot has the following features:
- It comes with a broker spy module that offers insight into latency and slippage
- Is compatible with ECN brokers
- It comes with three other forex robots that are completely free
The robot has several built-in settings that control the profit as soon as the position runs in the positive. It also has broker protection that hides the stop loss from the brokerage. The expert advisor uses an advanced money management system to control the lot size and the risk it takes into account.
WallStreet Forex Robot Trading Strategy Tests
According to the developer, the robot uses low-risk scalping methods based on short and medium trends. Looking at the history on Myfxbook, we see that the algorithm places a high stop loss, generally 100 pips. Once the position enters in profit, it starts trailing it.
Backtesting results are available for multiple currency pairs and for all the robots offered by the company. The average drawdown was around 10%. The winning rate was more than 80% for all the major pairs with a profit factor of about 1.30. All the tests were done on the 15 minutes chart with a starting balance of 2000 from January 04, 1999, till March 04, 2021. The robot tanked an average profit of $150k during this period.
What About WallStreet Forex Robot Real Trading Results
Real trading results are tracked via Myfxbook, which shows performance from December 22, 2017, till the current date. Since then, the robot has had an average monthly gain of 2.55%, with a drawdown of 21.17%. The drawdown value is comparatively high in regards to the monthly gain, which depicts that the algorithm is not good enough to give better results. There were 3162 trades in total, with 136.24 lots traded. The expert advisor traded with a winning rate of 79% with a profit factor of 1.14. The best trade was $54.37, while the worst one was -$165.56. Multiple currency pairs were utilized for trading with an average holding duration of 4 hours 49 minutes.
Customer reviews are available on Forex Peace Army, which gives the algorithm a rating of 2.85 for 18 reviews. Customers complain about the little profitability and high losses that can wipe out the gains. This was evident when we deduced that the expert advisor is using big stop losses when analyzing the history.
WallStreet Forex Robot Review SummaryWallStreet Forex Robot
Functionality2/5 BadThe robot works on MT4.
Trading strategy2/5 BadThe developer fails to disclose the strategy properly.
Live Results2/5 BadLive results show performance with little to no gains.
Customer support3/5 NeutralCustomer support is offered 24/7.
User reviews2/5 BadCustomer reviews give it a poor rating.
- It comes with verified trading records
- Little to no monthly gains
- No transparency of developers
- It only works on MT 4