Hot profit robot is described as an EA that initiates profit success for the trader. Created with full market expertise, the system allegedly enables home traders to earn extra money. The vendor further claims that the EA has 10+ years of Forex experience. The system operates 24 hours daily and conducts rigorous analyses in Forex markets to identify entry opportunities. The robot also manages risks for the user, and achieves this by calculating lots based on default settings. The lot size can either be fixed or based on the balance on the account.
Is Investing in Hot Profit Robot a Good Decision?
Investing in this EA would be a bad decision. As we will see later, the robot has only executed trades for a month, and this is not enough time to determine if it is really profitable. Furthermore, it uses a high-risk approach that can cause the trader to incur huge losses.
The presentation of the robot is quite brief. The developers highlight the EAs live performance test, the benefits of the robot, trading strategies, subscription plans, a contact us form and a disclaimer.
We know nothing about the company responsible for creating this robot. The EA’s official website does not present any information about the company. So, we could not establish the company’s activities, its goals, professionals it works with, other robots it has developed or its experience in the Forex market. If the company cannot trust traders with its background information, then users should not have confidence in it.
The robot’s features are listed below:
- Trades on the MT4 platform only
- Offers customer support
- Trades on 16 currency pairs: AUDCAD, AUDNZD, AUDCHF, AUDUSD, EURAUD, EURCAD, EURCHF, EURUSD, EURGBP GBPUSD, GBPAUD, USDCAD, USDCHF, CADCHF, NZDUSD, and NZDCHF
- Is fully automated
- Provides user manual
Hot profit robot executes trades automatically for the user. For the EA to begin working for the user, they have to subscribe to their preferred subscription plan. After that, the trader will receive a detailed User Documentation that shows them how to install the EA and how it will function.
According to the developers, the EA applies 3 powerful strategies. They are described below:
- Range trap-the EA relies on SnR and unique candle patterns to execute trade bounces from the top and bottom.
- Momentum rider-when the market enters a period of strong price movement following political or news events, the robot takes advantage by trading early and exiting.
- Trend capture-the robot applies fundamental and technical analysis to ascertain and track a Forex currency’s strong long-term trend.
The vendor promises that the bot will deliver outstanding performance, high profitability, and continuous support.
Hot Profit Robot has 3 distinct subscription plans. The mini and the smooth plans cost €17/weekly and €64/monthly respectively. Each offer features 1 trading account. The aggressive plan is priced at €99/weekly and comes with 2 trading accounts. In addition to being expensive, the robot does not provide any money-back guarantee. Therefore, it is not worth the money.
Backtest results for this robot are lacking. Without this important intel, it is hard to gauge how the EA performs in the long-term.
The live trading results are described below.
The account has been able to make a profit of $2,838.40 between June 8, 2021 and July 12, 2021. As a result, the account balance has increased from $5,045 to $7,883.40. The gain stands at 56.26%. The daily and monthly profits are 1.32% and 47.57% respectively. The drawdown which is 82.32% is huge. This shows that the account uses a high-risk approach.
The robot has executed 266 trades. The win-rates for longs and shorts are 70% and 69% respectively. These figures are average and hence not promising. The profit factor is 1.28. This value is also average. It indicates that the EA cannot generate significant returns for the user.
The pips are 690.9. The average win which is 14.87 pips is nearly two times lower than the average loss of -25.42 pips. This further draws attention to the high-risk approach taken by the account.
Friday is the least traded day with 45 orders. Most trades occur on Thursday with 74 deals made so far.
The account’s risk of ruin is relatively high. If the EA makes 6 consecutive losses, it stands to lose 10% of the account.
Evidently, the gains made are small. Martingale is evident. The EA increases lot sizes when losses are made.
User testimonials for this robot are absent. We searched for reviews on the various websites like Forex Peace Army, Quora, Trustpilot, and myfxbook but could not find any customer feedback.
Traders should not use this robot. It usually applies a high-risk approach in trading, and therefore, a user can suffer significant losses. Vendor transparency is lacking. As a result, we cannot trust the developers to deliver on their promises. Since we do not know how customers feel about this product, we could not ascertain if its performance in the market is satisfactory or not. The absence of a money-back guarantee makes us believe that the bot is not worth the user’s money.