The Easy Money X-Ray Robot is an automated forex trading system developed by LeapFX. It has been designed specifically for the MetaTrader 4 platform which is a popular choice of trading platforms for CFD and forex traders all over the globe. If you don’t already have the MT4 platform, you can download it and open a demo account free of charge with most forex brokers. LeapFX have a range of forex software available to purchase that I have previously reviewed, including Trade Explorer, AX Trader, DynaScalp, The Wave Scalper, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron, Econ Power Trader and more. Here we will take a detailed look at the Easy Money X-Ray Robot, covering what it is and how it works, with a view to helping you decide if it is something that you would like to explore in further details. Now let’s get to it!
What is the Easy Money X-Ray Robot?
As the name rightly eludes to, the Easy Money X-Ray EA is a forex robot that can analyse the markets, place and manage trades on behalf of the user. This makes is a “hands-off” trading solution that can be used by traders of all experience levels. You can simply follow the provided instruction guide and set it up on your MetaTrader 4 charts within minutes.
How does the Easy Money X-Ray Robot work?
The Easy Money X-Ray Robot is unique in the sense that it uses a quad indicator system which is a proprietary combination of 4 indicators that spot trending opportunities.
It will then enter trades and use a dynamic management system to try and automatically lock in trades at a rapid rate month after month.
It does not require any settings adjustments by the user as it is self-adjusting with your only input being the selection of the amount of risk you can tolerate such as Very Safe Risk, Safe Risk, Medium Risk, and High Risk.
You are of course free to experiment with the settings if you wish. I would certainly at least adjust the risk used to my own individual preferences as every trader is different in that sense. Not to mention, this trading system can run into periods of drawdown as we will find out later in this review.
Going by the Easy Money X-Ray Robot Myfxbook accounts, it primarily trades the EUR/USD and GBP/USD currency pairs. I personally like these pairs as they are considered major currency pairs which can have plenty of liquidity for good market movements.
This can also mean tighter spreads and quicker execution speeds with minimal slippage, especially when using an ECN forex broker from my experience.
Easy Money X-Ray Robot Features
Hopefully by now you will have an understand of how the Easy Money X-Ray Robot works. Here we will take a look at some of its key features, which are as follows:
- Fully automated forex trading system
- Developed for the MetaTrader 4 platform
- Combination of technical indicator for analysis
- Can be used with default settings or customised
- Dynamic money management system
- EUR/USD & GBP/USD currency pairs
- Detailed setup instructions included
- Free lifetime support and updates
- Money back guarantee
Easy Money X-Ray Robot Back Testing
Disappointingly, the LeapFX team have not shared any Easy Money X-Ray Robot back tests. This would have given us a rough idea of how it may have performed over historical data for a number of years and throughout different market conditions.
Whilst back tests are never 100% accurate, they can still provide us with useful statistics that can help us decide if we would like to try out a forex robot or not.
I would like LeapFX to add tick data back tests with 99% modelling quality that use tick data, variable spreads, commissions and slippage. I am sure they have the knowledge to do this going by the vast range of forex products that they have commercially available.
The question for me if they could do this but decide not to, would be why not? Are the back tests not favourable for the long-term outlook of the Easy Money X-Ray Robot EA?
You can of course use a software such as Birts Tick Data Suite to do your own back tests in the MT4 strategy tester. I have even managed to find better input settings than those provided by the developer whilst experimenting with some forex robots in the past!
Easy Money X-Ray Robot Verified Results
The developers have kindly shared a few verified Easy Money X-Ray Robot Myfxbook accounts that show its potential over a number of months based on historical data. Whilst the returns it achieved may appeal to some, the drawdowns are too high for my tastes.
I would have preferred it if the EA was to cut losses with a tighter stop loss rather than leaving them open in anticipation of the price turning back around.
I have often seen with this type of money management a scenario where price does not return which can lead to stop-outs and margin calls, especially on an over leveraged account. This is not uncommon with new forex traders who do not have a proper understanding of forex money management and trading discipline.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Easy Money X-Ray Robot Packages
There are a couple of Easy Money X-Ray Robot packages that you can choose from. The only difference between the packages are that one comes with a yearly license at $347, whilst the other comes with a lifetime license for $597.
Easy Money X-Ray Robot Conclusion
I will say straight off the bat that I am not a fan of the name choice by LeapFX for this particular fx bot. Why? My years of experience in the forex industry have shown me one thing if nothing else, there is no such thing as easy money.
Trading successfully can take many years of studying, practice and even failing. I think the name can give a false impression to potential users who are looking for a quick way to make money. LeapFX also make claims of guaranteed returns on the Easy Money X-Ray Robot website which I think is a dangerous thing to do.
Nothing is guaranteed in trading!
Trading online always carries an element of risk that you should be aware of. Never risk more than you can afford to lose and certainly don’t expect “easy money”.
That being said, the Myfxbook accounts could be impressive to some potential users who are willing to overlook the drawdowns. It must be said that they to show reasonable results although perhaps I would like to see an account that has been up and running for a few years to see how the drawdown situation held-up long term.
If I was to give the Easy Money X-Ray Robot a chance, it would certainly only be on a demo account to begin with. If and when I have built up confidence in how it trades and performs, I may then consider switching over to a real live account.
As per usual, the LeapFX support team will be happy to help you with setup or any other questions that you may have. If you wish to learn more about the Easy Money X-Ray Robot, please feel free to visit the official website by using the link below.