Forex Fury is an EA designed to execute safe and aggressive trades resulting in profitable returns. Claimed by its developers as the most effective EA, this FX robot is advertised as having a 93% winning track record. This FX EA is developed by Patrick Ryan, who is known for his reviews of Forex trading tools including FX robots, indicators, and others.
Besides Ryan, there are other developers, analysts, and support staff that make up the team behind this EA. While the About Us section offers info on the main team members with their social media links, there is no info on the location. No phone contact is provided and the customer support is mainly via online contact form.
Two packages are offered namely the Gold package that costs $299.99 and the Diamond which costs $439.99. Free updates, lifetime membership, and settings that ensure high performance are common to both packages. They differ in the number of live account licenses available. Demo accounts are similar for the two packages so users can make use of the unlimited accounts. No money-back-guarantee is provided which makes us suspicious of the reliability of the packages.
Significant features in this FX robot include MT4 and MT5 compatibility and an NFA and FIFO compliant system. The developer claims that the SET files used are tested and proven. Besides trading on currency pairs, the ATS is capable of trading on indices and cryptocurrencies and uses low, medium, and high-risk trading approaches. This EA provides ECN support and is compatible with any regulated MT4/MT5 Broker. Multiple filters are used to prevent losses during risky market situations.
Forex Fury Trading Approach
As per the developer, the trading approach uses the time restriction principle which helps it to limit the losses. The trades are executed during a specific period of 4 pm to 5pm EST, which is ideally a period where volatility is minimal. An advanced scalping method is used to make quick wins. The developer maintains that this approach has ensured the ATS gives maximum profits and minimal losses.
The home page indicates a 15 year backtest with gains of 466725.08% and a drawdown of 6.98%. We are unable to know more about the strategy tester report as the link appears to be broken. Without the report, it is difficult to know more about the performance and efficacy of the approach. This failure to provide a proper backtesting report raises our suspicion about the reliability of the EA.
Forex Fury Live Trading Results
Several real and demo account trading results are displayed on the site. Here is a screenshot of a real USD account of the V4 of this EA.
From the trading stats, we could see the total gain and absolute profit value are similar at 48.13%. A drawdown of 17.84% is present for this live account that started trading in December 2020. 319 trades have been executed with a profitability of 95% and a profit factor of 12.35%. For a deposit of $10,000, the balance amount shown is $14,813.
The trading history reveals the lot size used is 0.10. Contrary to the claims of the developer that the EA is very profitable, the gains made are minimal. Furthermore, the sample size is small so it is not sufficient to prove the efficacy of the FX EA. Compared to the backtesting results the drawdown is higher and the profit is less in the real account.
What are The Risks With Forex Fury?
From our analysis of the trading approach, features, and the verified results we find the FX robot is not a reliable system. Here are the risks we identified in this ATS:
- Backtests and real account trading results do not match
- Profits are not as claimed by the developer
- Vendor transparency is not present
- Customer support options are insufficient
We found customer reviews on the Forexpeacearmy site and the Trustpilot site. Here are a few of them:
From the negative feedback, it is clear that this EA is not as profitable as claimed and there is mention of multiple fake positive feedbacks for this EA. This confirms our suspicions that this is not a reliable system.
What are the Pros & Cons of Investing in Forex Fury?
|Myfxbook verified results||Performance indicates low-profit potential|
|Fully automated EA||Negative user feedback|
|No money-back guarantee|
From our evaluation of the features, backtesting data, and trading results, we are convinced that this is an unreliable EA.
Forex Fury Conclusion
Forex Fury by Patrick Ryan appears to provide all the features and results that a traderlooks for at the outset. But a closer look at the performance indicates the approach used is not as effective as the developer claims. Further, the feedback confirms our suspicions regarding the performance. The fake reviews further make us refrain from recommending this EA.