FXGoodway is such a well-known scalper across MQL5 and Forex Store’s communities that was designed and realized in 2018. Let’s talk about features that are the core according to the devs’ vision.
- Predictable profits. The robot can open and close trades when needed. It allows keeping drawdowns on the low levels.
- Every month should be profitable.
- There are several patterns behind the system, so the EA uses one of the best-fit patterns based on the received data. It allows an increase in profits solidly.
- An inbuilt money management system can easily calculate Lot Sizes for trades based on preset risks.
- The devs care about convincing us all the way, so they provided backtests and trading results.
Is Investing in FXGoodway a Good Decision?
The EA was designed to make money only on the EUR/USD symbol, putting a grid (high-risk) strategy behind the system. It checks to get sure that trades will be opened only in the trend direction and never on the opposite side. We don’t know if each of the patterns has its SL and TP levels, or they’re the same for all of them. The minimum deposit requirements are $700+. It can be run not only on the MT4 but also on the MT5.
The developers don’t have a specialized page about them. In the past, the EA screwed one real account. It’s the second attempt to sell it after updating.
We’ve systemized other FXGoodway X2’s features gathered across the presentation:
- The system allows not only to choose which setting is the best to use right now but also lets us manually turn off which one we don’t want to use.
- The first set is the original FXGoodway’s patterns (10); the second one is all-new ones (7).
- The stable settings were sewn in the second version of the product.
The offer costs $365 and includes the next:
- One license for any type of account and unlimited switching
- Free upgrades and support
- A 30-day money-back guarantee is provided to make sure we’re safe.
It’s a Set1 EUR/USD backtest on the M1 (scalping) timeframe. An initial deposit was $10000. For the four years of trading, it became $1.716M. A profit factor was 1.99, with the mid-win-rate (72% for Shorts and 66% for Longs). The maximum drawdown was high and equaled to 30.64%. A winning row is only three trades.
A Set2 pack provides less of a total net profit from the $10k deposit ($603k). The maximum drawdown was higher and equaled (34.90%). A win-rate became in 5-10% higher (74% and 76%) than on a Set1. The winning row got +1 and equaled 4.
Several accounts feature the site with verified trading results.
It’s a Set1 real USD account on FXOpen with Track Record Not Verified, so there could be removed period of trading. A total gain amounted to +595.69%. A monthly one was +10.10%. The maximum drawdown was high as on the backtest and equaled 36.33%. An account was funded at $2100. FXGoodway performed from July 2018 until February 13, 2020.
FXGoodway has traded 461 deals with 3361 pips, and that’s good as for a scalper. An average win (33.27 pips) was twice as lower than the average loss (-59.57 pips). The win-rate of Longs sucked and was only 59% when the Longs one was 74%. An average trade length was insane as for a scalper and amounted to three days. The Profit Factor was 2.32.
As we can see, going Shorts has brought ten times more profit than Longs. It shows that patterns are not set well and need to be redesigned.
The EA scalped mostly during an Asian session opening and a bit during a European session.
As usual, Mondays are not the favorite days for the scalp because of lacking the previous data.
The account was run with quite high risks.
The last trades showed that the EA was broken because it kept opening trades without closing the previous one like it was before. We’re not sure if it’s trading without SL and TP, or it would just broker protection.
The last trading results tell us that with high risks, the EA could provide little profits.
FXGoodway Review Summary
It was a good robot in 2019 then it was a mediocre robot at the start of 2020. Now, we have any sign that it can be profitable. The main reason not to buy it is the fact that the devs stopped it after quite strange actions in March 2020 and never turned it on again. As for a scalper, $365 is a mid-price. It’s not sky-high, but not cheap as well. If you still want to try, we’d suggest you contact support to check if they’re alive and to know the reason why the EA was stopped.