Forex inControl is an EA that can work either on its own on an account or jointly with other EAs. It was recently updated to its latest version which the vendor calls ‘Reborn’. The improved version has incorporated a new accelerator mode and is able to control drawdowns.
We have no idea who developed Forex inControl. The names of the developers or the company behind this EA have not been disclosed. Their qualifications and experiences in the FX market also remain a mystery. This is a red flag that should not be taken lightly. How can investors be assured that their money is in safe hands if they do not know who they are dealing with?
Forex inControl executes trades for you automatically. Therefore, if you are interested in its services, you can easily buy it, download and install it on the MT4 platform. Once you deposit money, the EA will begin trading on your behalf almost immediately. The EA has the following features:
- Fully automated
- Detailed user manual
- Professional support 24/7
- Free updates
- Easy to install
- Hard drawdown control
Trading strategies and currency pairs
The vendor alleges that the algorithm of Forex inControl is very distinctive and allows it to work with any currency pair. However, they have selected the two best ones. On that note, the robot mainly trades with the AUDUSD and EURGBP pairs.
The strategy used is not stated. However, we later learned that a combination of grid and martingale are being applied. These are very risky methods that can wipe a trader’s account in no time.
The report above indicates that the robot traded with the EURGBP symbol in the 30 minute time frame between January 2013 and December 2016. During this period, it conducted 358 trades securing win rates of 83.52% and 68.75% for short and long positions respectively. The average profit trade which stood at $577.89 was slightly above the average loss trade of -$525.78. This means that the possibility of making losses and wins were nearly similar. This was definitely not a promising trend.
When the account was launched, a deposit of $10,000 was placed and over time, it produced a total net profit of $113,073.25. The profit factor was 3.53. The relative drawdown (30.79%) was huge. With such a high value, the account’s capital was at risk of being depleted.
Forex inControl trading statistics
This is a real USD account being operated under the FXOpen brokerage. Since its launch in February 2018, the account has obtained an absolute gain of 1161.43% from a deposit of $1000. This represents a profit of $11614.26. The balance has also increased to $12603.26. A total of $11 has been withdrawn.
The daily profit is 0.20% while the monthly profit is 6.11%. The drawdown which is 38.84% is very high and worrying. This means that the account is at risk of making many losses that will soon eat into the profits made.
It is evident that the robot performed 190 trades with 3007.5 pips. Sad enough, the average loss (-72.48 pips) has surpassed the average win (52.74 pips) by almost 20 pips. This is a bad sign as it points to the fact that the EA is highly likely to make more losses than wins with each trade conducted. The profit factor which is 2.36 is slightly lower than the backtest result, an indication that the system is less profitable in the live market. The win rates for long and short trading positions are 77% and 65% respectively.
Wednesday and Friday were the most traded days as they each closed 40 deals.
The probability of losing the account is moderate. A total of 8 consecutive losses are enough to cause 10% of the account to be lost.
The month-month performance demonstrates that the EA has been making consistent profits since January. As such, the gains made range between 1.01% and 4.9%.
The lot sizes traded were high and long time frames were also used. The grid and martingale strategies are evident. The account increased the lot sizes so as to recover losses.
Pricing and refund
Forex inControl is currently available in 2 packages. The first one costs $270 and upon buying it, you will receive a lifetime license without the accelerator mode. The second plan is priced at $310 and includes a lifetime license and an accelerator mode. A 30-day money-back guarantee is available for both pricing options.
We have to say that these prices are a bit high compared to other EAs in the market. So, the product may not be worth this money especially for novice traders who are looking for cheaper options and are not ready to lose their cash unnecessarily.
What else you should know about Forex inControl
We found one negative customer review on the Forex Peace Army website. The client acknowledges that he realized that the EA applies a grid martingale strategy which is very dangerous. He also discovered that the vendor has already blown out 2 accounts and that the 30-day money-back guarantee is pretty much non-existent. He, therefore, warns other traders to stay away from this robot because it is a scam.