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Forex Glory EA Review: Is It a Reliable System?

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Forex Glory EA

Forex Glory EA can apparently turn the trader’s dreams of making profits while maintaining risks at low levels a reality. Therefore, the vendor guarantees the trader a sense of peace in Forex. Nonetheless, these statements are just hogwash. Through our review of the system, we have learned that the system is not reliable. .

The vendor behind Forex Glory EA is unknown. There is no information on its official website that can even give us clues about who they are. The name of the company, its professionals and their respective profiles, experience, vision, contact details, and physical location is not mentioned. So, the reputation of this vendor in the Forex market cannot be determined. It would thus be dangerous to enlist their products since you wouldn’t know how to get to them.

Forex Glory is a Forex robot that mainly carries out trades automatically for traders. However, the vendor does not describe its features. This is odd.

Trading strategies and currency pairs

Forex Glory EA mainly trades Gold. But the trading strategy in place is not indicated. Therefore, we do not know the workings behind this system. On what time frames does it trade? What data does it use? What indicators does it track? What charts does it focus on? These are just some of the questions we found ourselves asking. Therefore, traders may find it hard to comprehend how it operates to make profits, and consequently, trust it.

Fortunately, backtest results are available:

Backtest results for the XAUUSD pair

Backtest results for the XAUUSD pair

According to this report, the workability of this EA’s strategy was tested between January 2021 and August 2021 using the XAUUSD symbol. We can see that the initial deposit was $100 and, out of it, a total net profit of $31,286.46 was made. As such, the profit factor was 12.55. The maximum drawdown (5.88%) was not high.

The system managed to engage in many trades, i.e., 5,398. The winning rates were poor for both short positions (71.38%) and long positions (76.82%). The average profit trade of $8.50 was higher than the average loss trade of -$1.94.

Forex Glory EA trading statistics

The trading statistics of Forex Glory

The trading statistics of Forex Glory

This trading chart reveals that the account is just a few weeks old. When it started its operations on August 20, 2021, a $50.01 deposit was placed. The profit made is $70.66, and this is similar to a gain of 141.29%. The balance has increased to $120.67. The daily and monthly profits stand at 6.05% and 141.29% respectively. The drawdown rate is low – 3.20%.

The trading performance of the account

The trading performance of the account

So far, a total of 41 trades with 0.41 lots have been completed. The winning rates for short trading positions are 100% and 87% for long ones. The profit factor is 16.29 and somewhat unrealistic in the long-term.

The pips made are 7066. The average win which is 203.46 pips is higher than the average loss of -115.50 pips. However, this is not enough reason to conclude that the EA is profitable. There is the need to monitor the performance of the account for a longer period to see if it can maintain this trend.

Trades executed by the EA from Monday to Friday

Trades executed by the EA from Monday to Friday

From the advanced statistics of daily trading activity of Forex Glory EA, we can see that it trades 5 days a week, from Monday to Friday, with the highest trading activity on Thursday (13 out of 41 deals were closed).

Monthly profits between August 2021 and September 2021

Monthly profits between August 2021 and September 2021

August was profitable as it recorded 111.38% in profits.

Hidden trading history data on Myfxbook

Hidden trading history data on Myfxbook

The trading history data is locked.

Pricing and refund

Forex Glory EA is priced at $70/month. This cost appears cheap, but if you renew your subscription for 3 months in a row or a year, you will end up spending up to $240 and $840 respectively. The price quotation is thus meant to trick traders into thinking that the system is inexpensive. Worse still, a money-back guarantee is not offered. Based on this assessment, you now see why the robot is not worth your money.

Forex Glory’s pricing package

Forex Glory’s pricing package

What else you should know about Forex Glory

There are no customer reviews for this robot on its official website or on other Forex review sites like Trustpilot, Quora, mql5 and Forex Peace Army.

Forex Glory EA Conclusion

2.5

We believe that traders are better off without the Forex Glory EA. The vendor has only focused on providing us with the system’s backtest data and trading results. In the process, they have failed to display their background information, the system’s features, strategy, and trading history. The lack of transparency in these areas makes them unreliable.

  • Price-3/10
  • Strategy-2/10
  • Trading results-4/10
  • Vendor transparency-2/10
  • Customer reviews-2/10
  • Support-2/10

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