Considering that artificial intelligence is helping in all industries, it is no wonder that modern forex traders are developing forex robots with predefined strategies and preferences to best suit their needs. The best part about automating a trading strategy is when someone finds an edge in the forex markets. They can use it to develop a forex robot based on their own strategy to automatically trade for them 24/5. On the other hand, beginners and even experienced traders can choose and buy existing forex robots with a proven track record. But you should always keep in mind that no single manual strategy or automated trading system can work all the time. After reading through our Forex Fury Review, you should always conduct your own due diligence before making any decision.
- Fully automated trading robot
- Can trade on any financial instrument
- Customisable settings
- Compatible with MetaTrader 4 and MetaTrader 5
- No 99% modelling quality backtests
- Large drawdowns on some of the accounts
- Some of the Myfxbook accounts have been removed
- Requires very specific broker conditions
- Martingale money management
Forex Fury employs a mix of time-limited and scalping strategies. The robot opens all trades within a specified one-hour timeframe every day in more often than not, less volatile marketing conditions. This may be a disadvantage for traders who prefer a lot of action and does mean that market conditions during these hours can be unfavorable, due to wider spreads and lower liquidity.
Because of the way that the Forex Fury strategy is designed, it could perhaps be considered more effective when trading in a ranging market where currency pairs are consolidating. The robot implements a range trading filter which tries to ensure that the robot only opens trades during ranging market conditions. This is a very useful filter when you consider that it is using a scalping strategy which aims for a few pips. If the market is trending in one direction and very volatile, this can cause multiple and large consecutive losses when trying to scalp a few pips.
The Forex Fury martingale money management will attempt to recover from a loss by continuously increasing the position size. Whilst this may work well when the price remains in a narrow range during a consolidation period, it can also be very dangerous. This is because a martingale strategy will keep adding to a position in order to try and recover from a losing trade. If this is done in too aggressive a manner, it can lead to significant drawdowns and even a blown account.
There are alternatives for money management modifications via the EA inputs, just as for the martingale strategy. You can adjust the Forex Fury settings according to your own trading style and risk preferences.
There is a function where users can attempt to hide the fixed stop loss and take profit levels from the broker. Regardless if this is switched on or off, the broker will need to know what price levels you wish to place your SL/TP at in order to execute them on your behalf.
The Forex Fury news filter aims to prevent trading during potentially volatile economic events. Whilst the forex market is constantly unpredictable, this robot aims to detect trends and implements a combination of trading strategies based primarily on technical analysis to try and maximize results whilst minimizing the impact of losses. However, it is imperative to keep in mind that Forex Fury is an automated system and just like a human trade, it cannot be right all of the time.
Forex Fury scans the charts in the MetaTrader platform for trading signals. It can place and manage trades on behalf of the user. You can also set the EA to send you alerts when it find a potential signal then place the order yourself. Some users will take advantage of a Forex VPS that enables them to run forex robots such as this one 24/7, without needing their computer switched on.
Here are some of the key Forex Fury EA features:
- It is Compatible with FIFO, NFA, MT4, and MT5 Build 600+
- Multiple Filters To Try And Avoid Unsuitable Market Conditions
- ECN Broker Support
- Fully Customisable Money Management System (stop loss, take profit, trailing stop, breakeven)
- Works With Any MT4/MT5 Forex Broker
- Easy 5 Minute Installation With Full Guides And Videos Provided
- Includes Preset Files
- Low, Medium & High-Risk Strategies
- Trade Any Pair, Indices, or Cryptos
Let’s take a look at the Forex Fury results fetched from live Forex Fury Myfxbook portfolios and MetaTrader strategy tester reports.
Forex Fury Myfxbook
You can see a snapshot of the Forex Fury Myfxbook results below to see how the software has been performing recently.
Update 15/08/2022: One of the Myfxbook accounts has been deleted, which is often an indication that an EA could have crashed. That being said, we still have a few to keep track of the latest results. Please see our trading robot ratings for an alternative option.
Forex Fury Backtesting
The information is very limited when it come to backtests. The developer has just shown us the below snippet which looks like backtesting only used 90% modelling quality. We cannot see if they have used real spreads, tick data or if they have included commission on trades. All of these can have a massive impact on results. Thus, the Forex Fury backtests provided are far from sufficient. We would like to see detailed reports across different currency pairs and chart timeframes, with 99% modelling quality.
Forex Fury can cater to both novice and professional traders. This forex robot comes with a comprehensive installation guide, knowledgeable and supportive customer care, and tested settings. It is quite simple to use, and even a beginner with no trading experience may use it with ease. Although, you would certainly want to consider starting on a demo account until you understand how it works.
This forex robot is NFA, FIFO, MT5 Build 600+, and MT4 compliant. It supports ECN brokers and utilizes a potentially dangerous martingale money management system if you are not careful. The news filters can be used to try and prevent trading in volatile market conditions. Users can make use of a range of advantages provided by the Forex Fury EA. It gives the trader the flexibility and freedom to customize settings according to their own goals.
In an attempt to enhance their credibility, the developers additionally provide 15-year backtest results although the statistics and validity of these backtests leave a lot to be desired. Furthermore, for an automated trading system that has been around for so long, it is not great that many of the Forex Fury Myfxbook portfolios are either demo accounts or haven’t been running for a sustained period of time. In saying that, you may find additional backtesting results available in the member’s area. You may also look at a better forex robot such as the Forex Flex EA.
All this does not mean any guarantee of winning trades every time. Since the forex market is highly volatile and unpredictable, the results are not 100% every time. It could be a wise idea to first test Forex Fury with a demo account before making a commitment, if at all.
The Forex Fury EA can cater to both novice and professional traders alike. This forex robot comes with a comprehensive installation guide, knowledgeable customer care, and customisable settings.
What is the Forex Fury price?
Forex Fury offers two account packages. The Gold Package starts costs $229.99 while the Diamond Package costs $439.99. The membership is for lifetime in both packages with the difference between them being in the number of licenses that you get. The payment method is simple; you may pay with a credit card or PayPal.
Where can I download the Forex Fury?
After processing the payment, you will find a membership area registration link to download the Forex Fury EA.
What kind of customer support does Forex Fury offer?
Customer support of Forex Fury can be reached via email. However, once you have purchased the robot, you can also contact customer support from your members’ area.
What are the best brokers to use with the Forex Fury?
You can use any MetaTrader 4 and MetaTrader 5 broker with Forex Fury.
What’s the minimum amount required to trade with the Forex Fury?
You can start with virtual funds on a demo account, or with any amount that you feel comfortable if you want to trade live. The robot is compatible with all account sizes, just never risk more than you can afford to lose due to the risky nature of trading online with any manual or automated system.
What is the Forex Fury refund policy?
Forex Fury comes with 60 Days return policy. However, you need to meet certain criteria to be eligible for the return policy. We would be much more confident with a straight refund procedure regardless of the circumstances.
Is the Forex Fury a scam?
We do not believe that the Forex Fury EA is a scam. However, that does not mean it will produce positive results every time. No matter how good any forex robot is, none can predict the future.
Can I get the Forex Fury for free?
No, you cannot get the Forex Fury for free unless you find a copy being shared somewhere which would be against the terms and conditions.
What currency pairs does the Forex Fury trade?
Forex Fury is a forex robot that has been developed to trade any pair on the forex market. If you ask about specific currency pairs, the developer seems to give priority to the USD/JPY, GBP/USD and USD/CHF. These are more often than not considered to be major currency pairs.
What are the best Forex Fury settings?
The default settings provided by the developer are usually always the best settings, although you will need to choose your desired risk level. Moreover, the backtesting results are based on the built-in settings of the forex robot. In case you want to have some alterations, you may want to consult with the support team first and try them on a demo account. It is not always wise to mess around with the robot settings if you aren’t sure what you are doing.
Can I change the Forex Fury settings?
Yes, Forex Fury allows you to change the settings as per your need. However, it is better to consult the support team before doing so. If you are a veteran trader, it may work for you after extensive optimizations within the MetaTrader strategy tester. However, for a beginner, it can be potentially risky to change the default settings other than your chosen risk.
What do I need to run the Forex Fury?
Forex Fury is compatible with the MT4 and MT5 platforms which you can get for free from most forex brokers.
How much money can I make with the Forex Fury?
There are absolutely no guarantees on how good or bad any trading robot will perform. Due to the unpredictable nature of the markets, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved in using any automated trading system such as the Forex Fury EA.
Is Forex Fury available on Mobile?
Forex Fury does not work on the MetaTrader app. The robot works on either MT4 or MT5, which require a PC, MAC or Forex VPS.
Do Forex Fury offers free trials?
Forex Fury does not offer free trials.
How frequently does Forex Fury trade?
There is not any hard and fast rule of the exact number of trades. It depends on the broker and market conditions. However, according to the official website, there could be around 0-7 trades per session.
Are there any hidden charges for Forex Fury?
There is a one-time payment, and there are not any upsells or extra charges.
Is Forex Fury updated?
Yes, the developers are striving hard to try and make the robot more productive. They frequently launch updates in order to adapt to the current market conditions. Features are also regularly updated.
Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.