Forex Growth Bot, however, appears to be different to these types of robot. The backtests on the vendor's website (and also the forward test which has so far been running over 5 months) suggest that the system is likely to win less than 50% of its trades, but its risk/reward ratio seems to be somewhere between 0.4 and 0.5, meaning the average profit is likely to be over twice the size of the average loss. The EA is made even more attractive by the fact that its average win size is around 60 or 70 pips which should theoretically mean that its performance is unlikely to change much regardless of which broker it's run on.
The system works on just one currency symbol, the EURUSD, and runs on the 15-minute chart. I wanted to test it for myself to see if it can live up to its promises.
Unfortunately, the Forex Growth Bot system is very much a black box and it's difficult to fully understand what it's doing. It seems to be indicator driven and, if its indicators align, it will open several positions at 15 minute intervals, so it's not uncommon to have 4 or 5 trades open at the same time.
I'm hoping to understand a bit more about how it works from my tests and, while I'm carrying out those tests and preparing my review, I've put Forex Growth Bot onto a $5k Alpari UK demo account to see how it runs.
The EA is running on the 15-minute EURUSD chart using the default settings as recommended within the manual, and is trading 0.1 lots as is suggested in the manual for account balances over $2,000.
You can monitor Forex Growth Bot's performance at MellyForex by clicking here.