FX Track Pro Review
The FX Track Pro EA combines 3 technical indicators to analyse 6 currency pairs for trading signals. It has verified Myfxbook account and backtests, but the drawdowns and risks of the EA are quite high.
The FX Track Pro EA is an automatic forex trading system that is compatible with the MT4 and MT5 platforms. This forex robot requires the desktop version of either terminal which needs to be open and running on your computer in order to work correctly. You can use a Forex VPS to remotely run the MetaTrader platforms 24/7 if it is not possible to always have your own machine switched on. Whilst the software is fully automated, you can also set expert advisors in MetaTrader to send you signal alerts via SMS or email notifications if you wish to maintain control over your account and trade manually based on the forex signals that the robot produces. With so many commercial forex robots to choose from, this FX Track Pro Review will cover the strategy, features and results, to help you find out more about the software and if it is something you would like to use moving forward.
The FX Track Pro robot has been developed specifically for 6 currency pairs, which are as follows: EUR/USD, USD/CAD, GBP/USD, EUR/JPY, USD/JPY and CHF/JPY. Whilst the automated strategy is capable of trading multiple currency pairs simultaneously, you can choose how many pairs you would like to use. The major currency pairs such as the EUR/USD and GBP/USD often have plenty of liquidity which can mean lower spreads and slippage.
The FX Track Pro strategy combines 3 technical indicators within its unique trading algorithm. It scans the charts for possible trading signals where the entry criteria of the indicators suggest there is an opportunity. The robot can then place and manage trades on behalf of the user. The fact that the EA uses different indicators for confirmation of signal does suggest that it can dynamically adapt to different forex market conditions such as trending or ranging markets.
One of the main concerns that we have with this automated forex strategy is that we believe the money management being used could be vastly improved. By default, the trading software uses a wide stop loss and has a dangerous money management setup that shows there can be significant drawdowns. As is evident from both the backtests and Myfxbook results, it only takes one bad trade for the system to suffer large losses which can wipe out consecutive winners and more.
Let’s take a look at some of the key features of the FX Track Pro EA.
Automated Trading
This forex software is completely automated which means that it can do everything from complex market analysis to placing and managing trade positions. This makes it accessible for beginner and advanced forex traders alike. However, whatever your prior trading experience, you should be well aware of the significant risks involved with using any manual or automated forex system.
Protection System
The FX Track Pro EA has a risk control system that will close all orders if the account falls below a predefined level. This is in addition to the fixed stop loss and an important part of this forex EA due to the large drawdowns that it can have.
Broker Compatible
The developer mentions that the forex robot is compatible with any broker that has the MetaTrader 4 or MetaTrader 5 platforms. However, we would choose a forex broker that has tight spreads, low commission fees and reliable execution speeds as these are all factors that can impact the performance of a trading strategy.
Easy Installation
The FX Track Pro robot is quick and easy to install and configure in the MetaTrader platforms. Instructions are provided along with dedicated support if you need help getting setup. The expert advisor can automatically calculate the position size based on a specified risk from the EA inputs.
When choosing a trading robot, one of the most important things to do is to check the latest results and see how it has been performing historically. Whilst this is no guarantee of future performance, it can help to give us a rough idea of the trading system being used.
FX Track Pro Myfxbook
We can see a couple of live FX Track Pro trading accounts showing the most recent performance of the robot. These accounts have been verified by Myfxbook which is an online automated analytical tool for forex trading accounts and a social forex community. It is primarily used to analyse and compare forex systems. You can see the FX Track Pro Myfxbook accounts below and click the graphs for more detailed statistics. It looks like this particular trading software suffers from large drawdowns and a poor risk to reward ratio. You may wish to consider another forex robot from our robot ratings page instead.
Update 15/08/2022: One of the Myfxbook accounts has been deleted, which could be because it crashed.
FX Track Pro Backtesting
There is a good selection of FX Track Pro backtests provided by the developer showing how the EA may have traded based on historical data. The problem with these backtests are that the modelling quality is only 90% which means they aren’t as accurate as they can be. The robot tests haven’t used tick data, variable spreads or included commissions. We would like to see these improved greatly and for the developer to share 99% modelling quality tests. These historical results also reiterate the potential dangers of the money management that the EA is using as we can see large drawdowns. It would only take 1 wrong trade for this forex robot to see very large losses. You can see the FX Track Pro EA backtests below.
FX Track PRO is a multicurrency EA that can be used on up to 6 currency pairs simultaneously, depending on how the user sets it up. It combines 3 technical indicators for analysing the forex market for automated trading signals. Despite the risk protection system implemented within the EA, we believe that the default risk level could be significantly improved as we can see it has very large drawdowns from the setting and results provided by the developer. You are of course free to experiment with the robot settings if you have the time and knowledge to do so. We would consider another more established forex robot such as the Forex Flex EA.
What is the FX Track Pro price?
There are a couple of purchase options. The FX Track Pro standard version can be traded on 3 currency pairs and cost $325. The FX Track Pro Super version can run on all 6 currency pairs that the robot has been developed for. Both options include one license for any trading account that can be changed at any time.
Where can I download the FX Track Pro?
You can purchase and download the FX Track Pro from the official website here.
What kind of customer support does FX Track Pro offer?
Users get reliable and friendly technical support 24/7.
What are the best brokers to use with the FX Track Pro?
You can use any MetaTrader 4/5 trading broker to run the FX Track Pro.
What’s the minimum amount required to trade with the FX Track Pro?
There is no specified minimum amount required to start using this trading software. You should only use what you feel comfortable with and can afford to lose.
What is the FX Track Pro refund policy?
Any purchase of the FXTrackPRO EA comes with a 30 days money back guarantee.
Is the FX Track Pro a scam?
Although we don’t believe that the FX Track Pro is a scam, that does not mean that it will produce good results. As we can see from the trading accounts shared by the developer, it does have substantial drawdowns.
Can I get the FX Track Pro for free?
You probably could spend countless hours looking for a free version of the FX Track Pro being shared but it is likely to be out of date, unsupported and potentially dangerous.
What currency pairs does the FX Track Pro trade?
The FXTrackPRO EA is compatible with the following currency pairs: EUR/USD, USD/CAD, GBP/USD, EUR/JPY, USD/JPY and CHF/JPY.
What are the best FX Track Pro settings?
The best settings for the FX Track Pro are more than likely going to be those provided by the developer. Nobody will know the robot more than the person who created it. They would have spent countless hours over many years optimising the settings so that you don’t have to. However, you can adjust the settings accordingly, especially the risk which should be changed to a level suitable for your trading style.
Can I change the FX Track Pro settings?
If you have the knowledge and experience, you are free to experiment with your own settings, this includes the lot size, stop loss, take profit, and more. You may wish to test your settings on a demo account to begin with. You could also backtest the robot in the MetaTrader strategy tester with your own combination of settings to get a rough idea of historical performance.
What do I need to run the FX Track Pro?
You will need either the MetaTrader 4 or MetaTrader 5 desktop platforms and an account with a forex broker. Most forex brokers will let you open an account with a small deposit and download the MetaTrader platforms free of charge.
How much money can I make with the FX Track Pro?
There are absolutely no guarantees on how good or bad any forex trading robot will perform, including this one. Due to the unpredictable nature of the forex markets, nobody can predict what will happen in the future. You should make sure that you understand all of the risks involved using any forex automated system such as the FX Track Pro expert advisor.
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.
