Galileo FX Review
Galileo FX is a versatile trading robot that can run on any instrument and timeframe in the MetaTrader platforms. However, it is lacking in real results and backtests for us to see how it has performed.
Galileo FX is an automated trading software that has been designed for auto trading markets including forex, cryptos and stocks. Auto-trading is a style of trading that uses computer-based software and trading algorithms to automatically execute trading orders in the market. The Galileo FX expert advisor runs in the popular MetaTrader 4 and MetaTrader 5 platforms for desktop. You will need your computer or laptop to be running the trading terminal in order for Galileo FX to be able to scan the markets, place and manage trades. If it is not feasible to have your machine up and running all of the time, then you could always consider a virtual private server (VPS) which would allow you to remotely run your trading platform 24/7 without needing your own computer switched on. In this Galileo FX Review, we will take a look at some of the key features of this automated trading robot, the trading strategy that it uses and most importantly, its real verified results.
The Galileo FX trading strategy is based on the mean price action on the chart. Price action is the movement of a trading instruments price plotted over time. Price action forms the basis for the majority of technical analysis of a currency pair, stock, commodity or other asset chart. Many short-term traders rely exclusively on price action and the formations and trends extrapolated from it to make trading decisions.
Price action traders claim that it is a much better trading method in general. But if you dig a little deeper, price action and indicators are not that different. Candlesticks or bar charts are tools to visualize price information on your charts. Technical Indicators simply take the same price information and apply a formula to it so it is visually more appealing on the eyes. Indicators don’t actually add or take away anything from the price information that you see in your candlestick charts, they just process the information in a different way.
The Galileo FX EA will search the charts and timeframes that you load the robot onto for valid trading signals according to its built-in trading strategy. When it finds a signal, it will enter the market, manage the trade and eventually exit the position. Whilst this makes it a fully automated trading system, you can also set the software to semi-automated mode in which instance it can send you an alert when there is a signal for you to consider manually placing a trade after confirming the signal.
Some of the more prominent features of the Galileo FX Robot include the following:
Fully Customisable
Optimized for MetaTrader 4 and MT5, this trading robot enables you to auto-trade up to 20 symbols at the same time. For example, you could simultaneously and automatically trade 5 forex currencies, 5 cryptos, 5 indexes and 5 stocks, all at the same time. Users may choose to auto trade for 24 hours a day, or only use the Galileo FX EA for few trades a month.
Money Management
The software has money management features so that you can set the position size to a level that you feel most comfortable with. The automated trading system options allow you to use slow, fast or aggressive settings, based on your risk tolerance. Galileo FX does not use a martingale or grid system.
Trader Community
Users can join the private Galileo FX community to learn from other users, sharing ideas, results and set files.
It is imperative to have a look at the previous trading history of any automated trading strategy to see how it has performed historically. Although this is not an accurate reflection of future performance by any stretch of the imagination, it can give us a rough idea of what to expect.
Galileo FX Myfxbook
We are disappointed to find that there are no published Galileo FX results for us to judge its recent performance. Without results, we don’t really have much else to go by when it comes to determining just how good or bad the EA has been trading lately.
Galileo FX Backtesting
As with the real results, the developers have unfortunately not shared any Galileo FX backtests. Again, we are unable to see any results of this trading robot which may be a deterrent for some potential users. It would be great is the developer would share some 99% modelling quality backtests from the MT4 strategy tester to show how the software performed over years of historical data.
Although the Galileo FX expert advisor is versatile as it can be used on any trading instrument and timeframe, we do not have any real or even backtest results to see how it trades. For that reason, we would look at another robot such as Forex Flex EA. If you are still curious, you may want to start with the Galileo FX EA on a demo account to begin with in order to get a feel for how it trades and see if it meets your expectations, or not.
What is the Galileo FX price?
Galileo FX has a choice of 3 packages with different prices, starting from $199, these are the Personal, Plus and Pro versions of the expert advisor. You can choose the version that is suitable for you depending on your own needs.
- Personal: For trading once or twice a week with 1 or 2 currency pairs.
- Plus: For trading for 3 hours a day with 4 currency pairs.
- Pro: For using 24/7 with multiple currency pairs (up to 20).
When you buy Galileo FX, you’ll also receive a step-by-step video guide, optimised settings and future updates at no extra cost. You can use Galileo FX on unlimited demo accounts and 1 live account
Where can I download the Galileo FX?
You will receive a direct download link to the software should you choose to purchase it.
What kind of customer support does Galileo FX offer?
The Galileo FX customer support team is available every business day to help you. If necessary, they can remotely connect to your PC to help you with setting up the auto trading software.
What are the best brokers to use with the Galileo FX?
Users can choose any broker that supports the MetaTrader 4 or MetaTrader 5 platforms.
What’s the minimum amount required to trade with the Galileo FX?
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 Galileo FX refund policy?
The terms of the Galileo website state that there are no refunds.
Is the Galileo FX a scam?
We cannot say if Galileo FX is a scam or not as we do not have any results to go by. That being said, bad results do not always mean an EA is a scam as it can depend on many factors such as market conditions, broker environment and the trading strategy being used.
Can I get the Galileo FX for free?
You may be able to spend countless hours looking for a free version of the Galileo FX being shared but it will probably be out of date, unsupported and potentially dangerous.
What currency pairs does the Galileo FX trade?
You can use the software on any trading instrument.
What are the best Galileo FX settings?
The best settings for the Galileo FX robot are probably going to be those that are provided by the developer as nobody should know the robot more than the person who programmed it.
Can I change the Galileo FX 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 Galileo FX EA 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 Galileo FX?
You will need either the MetaTrader desktop platform and an account with a forex broker. Most forex brokers will let you open an account with a small deposit and provide a free demo account.
How much money can I make with the Galileo FX?
There are absolutely no guarantees on how good or bad any trading robot will perform, including this one. 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 using any auto trading system such as the Galileo FX.
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.
