The Ganon Forex robot is an MQL-coded robot that works on the MT4 platform using the New Strand Theory. The algorithm detects the most reliable trends in the Forex market and avoids noise and broker fake-outs. The developer claims that his product is perfectly easy-to-use for beginners as well. Our review will be the better judge of that, so keep reading.
Is investing in Ganon Forex Robot a good decision?
The only backtesting records provided on the website are in the form of an image link that offers a screenshot of the system performance only for a few months from 2015. Other than that, there is no textual information that confers any useful information about the reliability of the bot. Without clean, visually satisfying backtesting records, it is not recommended to invest in this robot.
Company profile
Don Steinitz is the developer who resides in the United States. He has a total of 12 forex products on the marketplace. Forex Peace Army performance ratings indicate that the developer has a P/L Gross % of -43.794, which is not good. His profile claims that he has a blackjack and casino industry background. There is no further proof whether he has a clean record in these trades. No certificates are available that can prove his expertise in the forex trading industry.
Users can contact the developer through a Customer Support query form that asks for their emails.
Main features
The indicator comes with the following main features:
- Uses exclusive New Strand Theory for trading
- Automatically adjusts to currency pairs
- Contains two modes based on the type of trade
- Very easy to use UI
- Free upgrades provided post-purchase
To install the EA, use the following steps:
- Purchase the Ganon Forex Robot from the website onto your PC
- Launch your MT4 platform and log in
- Drag the EA files from the robot folder onto the charts in MT4 and start trading
The developer states that the robot finds the trend direction for placing trades and uses ATR to get out of the position. Traders can use any account size and enable the algorithm to place more or fewer trades. Unfortunately, there is no further information on the strategy that we could use to analyze its methodology.
From the custom records on the website, we see that it has a scalping approach where it gets in and out of the trades in a few minutes. The stop loss is small at 2 pips.
Price
The EA asks for a one-time price of 79 USD for a single person. There are no installment options available, although users may try a demo version for free. Payments are only accepted through personal credit cards or PayPal. There is no refund policy, but the seller only exchanges the defective software with a new one which is not satisfactory.
Trading results
There are no links present that direct towards live stats like Myfxbook etc. The developer only shares self-created results by month, which may be subject to manipulation. This goes against best practices and reduces the transparency of the developer. There is no custom statistics page present that could highlight the monthly profitability or the drawdown.
Customer reviews
Customer reviews are present on the Forex Peace Army, which gives the product a total rating of 2.26 for 270 feedbacks. One trader states that the indicator does not work, the developer never responds and calls it a scam.
Another trader states that the robot only provided them with losses and nothing else.
Summing up
The Ganon Forex Robot is not transparent on its trading results and does not show backtesting results, which is against the best practices in the industry. The developer does not explain the strategic approach. Furthermore, there is no money-back guarantee provided. Traders must be cautious if they come across this robot.
