FxPro Dragon is an MT4 tool that can work independently and equally well with other expert advisors. Rather than focusing on trade quantity, it concentrates on the quality of the trades. As per the vendor, the EA waits patiently for the precise market entry time. It allows trading using multiple expert advisors from a single account simultaneously.
The vendor claims that the FX Robot can avoid big drawdowns despite the use of several EAs on one account. We could not find info on the developer or the team behind this EA. There is no info concerning the founding year, location address, phone contact, etc.
For customer support, the vendor presents an online contact form and no other forms of support are available. To purchase this EA, you get to choose from two price packages. The first package includes a single real and demo account costing $129 along with MT4 licenses, free updates, lifetime access, and 24/5 support. With the second package, you get three real and three demo accounts while all other features are similar to the first package. There is no money-back guarantee offered.
The vendor claims that this FX EA does not require any complex process for installation. You can start using it in less than 5 minutes. Features of this MT4 tool include compatibility with all 4-digit brokers, a fully automated system that does not need any tweaking before you start using it, and a responsive support team.
This FX Robot uses the H4 timeframe and works on the USDCAD pair mainly but the vendor states that it can work on other currency pairs too. The vendor does not provide recommendations on the minimum deposit, the leverage, and other relevant details that traders look for.
FxPro Dragon trading approach
There is no mention of the strategy this ATS uses for trading which is disappointing. As per the vendor, an automated strategy and a programmed analytic system are part of the trading approach used. The vendor claims that this trading tool does not make any sudden decisions and instead uses facts and data to identify profitable trades. The lack of explanation of the strategy is a major shortcoming that makes us suspect the reliability of the EA.
The vendor provides a backtest for the USDCAD pair for the H4 timeframe and from 2017 up to 2020. Modeling quality of 90% is present which is insufficient to know about the commission, spreads, slippage, etc. The strategy tester report shows a profit of 1178579.40 for an initial deposit of 2450. A profit factor of 101.41 and a maximum drawdown of 15.1% are present for this account.
FxPro Dragon live trading results
A real USD account verified by the FXBlue site is provided by the vendor. Here is a screenshot of the account statement.
From the trading stats we can see that the account started in March 2021 and ended in June 2021, shows a total return of 61.8%. A monthly and weekly return of 37.4% and 7.9% respectively are present with a peak drawdown of -0.8%. For an initial deposit of $2000, the balance amount present is $8,272.22. The profit factor value is 43.69 and profitability is 92.5%.
A risk to reward ratio of 4.50 is present for this account with a trading history of 86 days. The high risk/reward ratio indicates the risky approach used and from the profit factor and drawdown values, we find that the high values are for a smaller sample size. The values may be lower if the account is for a longer-term. Further, comparing the backtest results with the real trading we can see the profits are less in the real account trading.
What are the risks with FxPro Dragon?
As a fully automated system, this EA is not a reliable and safe system as we found several shortcomings:
- Lack of vendor transparency
- No explanation of the strategy used
- Small sample size does not reveal true details on the performance of the system.
No user feedback is present for this ATS on trusted review sites like Forexpeacearmy, Trustpilot, etc. The lack of reviews indicates this is not a popular trading tool for traders.
What are the pros & cons of investing in FxPro Dragon?
|Fully automated trading software||No explanation of the strategy is present|
|Affordable price||Trading results indicate a high risk to reward ratio|
|Small sample size|
From our analysis of the features, performance, and other aspects of this EA, we find it is not a safe and reliable system to consider.
FxPro Dragon Conclusion
FxPro Dragon is an MT4 tool that claims to be highly profitable. Our evaluation of the features, trading results, support, etc. reveals it is not a reliable system. Without a proper explanation of the strategy and insufficient sample size we are unable to get a precise insight into the system and its effectiveness. The absence of vendor transparency, insufficient support options, and the lack of user reviews further confirm that this is an unreliable EA.