In this post I will review the Falcor Forex Robot that is yet another fully automated forex robot that has been developed by the Forex Robot Trader team and is to be used in the MetaTrader 4 (MT4) trading platform.
MT4 is free to download from most forex brokers across the world and you can begin by running the Falcor Forex Robot on a demo account until you are familiar with how it trades at which point you may wish to trade with it on a real live account.
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The Falcor Forex Robot is suitable for beginner and advanced forex traders due to its fully automated nature and can be setup in minutes using the provided step by step instructions. You just need to set a suitable lot size depending on your account balance, leverage and risk preference whilst checking back regularly for the latest Falcor Forex Robot performance.
The Falcor Forex Robot is another from the same Forex Robot Traders group that have other forex robots which I have reviewed including the Vader Forex Robot, Odin Forex Robot, Ganon Forex Robot, Reaper Forex Robot, Pterodactyl Forex Robot, HAS MTF Forex Robot, Hedge Forex Robot, Volatility Forex Robot, WaveRunner Forex Robot and Directional Forex Robot.
You are probably asking yourself why would they be selling so many forex robots if they all worked as good as they claimed they do. Well, perhaps the lack of verified results across all of the trading robots they sell can help to answer your question. That being said, in this Falcor Forex Robot review, I will be taking an impartial look at this particular trading robot. We will cover the trading strategy implemented, any backtests available and most importantly, real results.
Falcor Forex Robot Trading Strategy
The Falcor Forex Robot looks to find weak areas of support and resistance which it combines with price action candlestick analysis to take advantage of and try to catch market moves.
Price action analysis is beneficial tends to be up to date with the current market conditions rather than relying on lagging technical indicator analysis. This makes sure the Falcor Forex Robot is adjusting to each differentiating market conditions.
Falcor Forex Robot can trade anytime the forex market is open, 5 days a week, 24 hours a day. It is fully automated and can run on multiple currency pairs. I prefer to use major currency pairs such as the EURUSD & GBPUSD as I find that they usually have the most liquidity and can catch some mid-long term moves.
The developer has made all of the Falcor Forex Robot settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
Falcor Forex Robot Back Testing
There are no back tests shared by the Forex Robot Traders team on the official Falcor Forex Robot website. I would use Bits Tick Data Suite (Birts TDS) to back test Falcor Forex Robot with 99% modelling quality using real tick data, real spreads, real commissions and real slippage. This would help decide the best currency pairs and time frames to run it on and also to get a rough idea of its historical performance.
Without any backtest results, we cannot get an idea of how the Falcor Forex Robot may have performed based on historical data which is disappointing. I am also concerned to why the developer has not bothered sharing any backtests as I think this is a vital aspect for a trader to consider when choosing any forex robot. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
Falcor Forex Robot Live Results
If the lack of top quality backtests wasn’t bad enough, the developer isn’t even sharing any real live verified accounts of the Falcor Forex Robot. Without them, we don’t have any idea of how good or bad this forex robot has been performing in the current market conditions which are constantly evolving. For this reason alone, I would consider looking at another trading robot such as the Forex Flex EA. They have 99% modelling quality backtests that are also backed up by verified results. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Falcor Forex Robot Summary
The Falcor Forex Robot will try to adapt to existing market conditions using price action analysis along with support and resistance. I would start on an MT4 demo account to begin with until I became familiar with the EA although keep in mind that demo account conditions can vary greatly from live account conditions due to the different price feeds and liquidity.
The Forex Robot Trader team does share updated results although I would like to see these results verified by myfxbook or FX Blue. It should be noted that there are no guarantees on how any system will perform and historical results are by no means an indication of future performance. Without any backtests or verified account to analyse, we have no way of backing up the claims made by the developer.
The Falcor Forex Robot comes with full support, detailed instructions, free updates and a money back guarantee. Please feel free to browse my forex robot reviews for some alternative options. Many of them do have verified results and backtests for you to get an idea for how they trade.
Falcor Forex Robot
$99
Pros
- MetaTrader 4
- Multiple Currency Pairs
- Multiple Time Frames
- Price Action Analysis
- Customisable Settings
- Detailed Instructions
- Full Support
- Free Updates
- Money Back Guarantee
- Fully Automated Forex System
Cons
- MetaTrader 4 Only
- No Backtests
- No Verified Results
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
