MyFxBots In-Depth Review of Forex Growth Bot v2.0: Strategy Analysis, Backtests, & Live Trading Results

The EA trading strategy is not definitely clear, so this will be guesswork; the market entry depends on a volatility indicator working on two different periods - if the volatility get changing, the EA considers that a trend has started and a position will be opened. Then position management is controlling: if the market goes against it, the position will be closed at once (at an average loss of 30 pips) and the EA will wait for another chance to capture. If the market moves in the desired direction, it adds up to 5 times the existing position's original size. Sure, the market may retrace later and the positions will not always go straight, but when they flow, they result in good profit.

During such a positions basket course, some of them will be occasionally closed and others will be opened and this mechanism is still unknown - Forex Growth Bot is a bit of a mysterious EA, but it works great both in backtesting and in forward testing and that's enough to trust an EA.

The overall win ratio is just about 40%, but the fact that the average profit trade is more than twice the average loss trade can exceed that win ratio compensation. It's the ideal trend-following forex robot and there is no similar EA existing in the market until now.

The EA authors state that 3 to 10 trades are open per week, but a deeper analysis seems to suggest an average of more than 1.5 trades per day, periods of several no-trade days will pass as well as periods of 5-6 trades per day will also exist. Even though the author says "This is not frequent trading, I beg to differ" but when compared to other EAs, this is a gush of trades. Concerning the duration, over 80% of the trades will be closed within a day (the average being around 12 hours), but some trades may last for 2-3 days. As with most trend EAs, there are no trading session restrictions on positions opening which is around the clock as long as its signal conditions are met.

A good advantage for Forex Growth Bot to escape from your broker if it's out to get you is that the EA opens and closes its positions only at the start of each bar, so no stoploss & takeprofit target is sent with each order. But it may be risky if your internet connection goes down or if your VPS crashes.

As far as I can tell, Forex Growth Bot complies with the no-hedging rules, and now it features a parameter that lets you enable FIFO compliance as some of its positions get closed before those opened before them and still open at the time.

Regarding configuration, it can be considered nonopalescent. It misses many settings that other EAs are full of. The only money management parameter in the basic version lets you set the lot size manually. There are more 3 parameters to control the volatility settings but they should only be edited if you want to set the EA for another pair and timeframe.

The EA author recommends running it only on the EURUSD pair and M15 timeframe, but it can be run on other pairs too so feel free to try. Experimentally, running it on EURUSD M5 FXT could be profitable with the default settings even on that timeframe. If you'd optimize it on other pairs, you can use the "open prices only" method, it will be a good idea relaying that the EA only trades and closes on bar start.

A Forex Growth Bot advanced separate version can give you access to more configurations such as the interesting Wave Trailing (a sort of trailing stop) and more volatility settings that are briefly described in the EA manual without recommending a range for them or even mentioning the influences of modifying them. Moreover, there is a reinvest capital option in the advanced version that seems to be an advanced money management where for each $4500 profit, the lot size will be increased by 0.1.

This recalls position sizing. As stated in the manual, you can manually input the lots number and for balances lower, you should use 0.01 lots while for balances above $2000, you should use 0.1 lots. However, it is recommended not to use more than 0.1 for each $5000 in your account (which means 0.02 lots per $1k), even going as low as 0.01 lots per $1000 balance, depending on your drawdown acceptance, this will be focused on in the backtesting section. Anyhow, the money management that adds 0.1 for each $4500 profit seems far more logical.

Although being user-friendly deficient, Forex Growth Bot is a really powerful and stable trend EA. It's an ideal profitable EA for you if you can afford balance curve flatness periods that may last for several months and also if it's accepted by you that it will be profitable although a slightly larger part of the trades will be closed in negative, it's better described as "an EA for the connoisseur" despite its low cost of $129.

As mentioned before, an Advanced Edition is available for $89 with additional configuration settings, and a Power Source Edition too for $99 with partial access to its source code. Finally, there's a monthly subscription of $49 entitled Advanced Support & Optimization which will give you access to support via Skype & remote assistance, the ability to request additional features, and access to future additional pairs. As stated by the author, the basic version is "built to last" and all the other additional purchases don't influence the robot's proper functionality.