Forex Hacked Review
Note: See my test results and recommendation at the bottom of this review.
Forex Hacked is a forex robot built for the Metatrader 4 platform. It is not clear who developed this forex robot, but the vendor shows a lot of confidence in his product. It operates in the 1 hour timeframe in GBPUSD, EURUSD, USDJPY and EURCHF currency pairs, uses no visual stoploss and has a profit target of 45 pips per trade.
They refrain from making any promises, except for saying that they guarantee that you will make money on the right settings. They suggest that you should be just as successful as they have been.
Credibility of vendor of Forex Hacked
- No backtests, which they regard as “meaningless optimized”.
- No “fabricated fake” forward tests – only forward test showing real, live accounts.
- They quote 14 satisfied customers, stating how successful they have been with this robot.
The account balances they provide as proof of performance comes from MT4Stats, which is a reputable independent third party site. They show the main account balance of Forex Hacked, as well as 7 others, of which only 4 have content.
How does Forex Hacked work?
The system is based on two indicators: Parabolic stop and reverse, as well as one of the Moving Average Indicators (not clear which one). The sales page is not very clear on how the robot works, but it seems like the robot will extend the profit target and secure the profits with a net stoploss: “The new trend reversing feature will hold onto these trades longer putting them all in a “basket” takeprofit and stoploss net.” If the market turns against an open position, the EA simply keeps on adding lots (higher than the initial order) until the maximum number of orders are open.
Other features of Forex Hacked
- The user can change the trading characteristics as he wishes.
- Money management is solely based on marginal requirements.
- Hidden stoploss that is handled “internally” by the EA.
- You have the option to choose the trading hours of Forex Hacked.
- Forex Hacked works on 4 and 5 digit price quotes and supports ECN brokers.
The Forex Hacked package
For $169.99 you get the following:
- Forex Hacked Expert Advisor version 2.3: Only one trading account
- A 5 page PDF installation guide. Installation is simple.
- A 3 page PDF settings guide
Guarantee: Thirty days money back guarantee if you don’t make money with the right settings.
My Forex Hacked Test Results and Conclusion
I tested Forex Hacked extensively and while it was extremely profitable at times, its Martingale components wiped out my account a number of times. The trading strategy used by this product is simply too risky and I don’t recommend using it on any size of account.
See my testing stats and account statement on the Forex Robot Testing page. Based on my own test results I wouldn’t recommend this product to anyone and would definitely suggest that you focus on one of the robots on my Top 5 list or subscribe to my weekly robot testing newsletter.