In this post I will be reviewing the Forex Fury forex robot for the free to download MetaTrader 4 trading platform. This automated forex trading system is suitable for any level of trader as it includes detailed instructions and support to ensure that you can have it up and running on your forex trading account. Although a forex robot can be a hands-off solution for those of you who might not have the time or knowledge required to trade manually, there are some key advantages and disadvantages to consider. In this Forex Fury review we will take a look the trading strategy that it uses along with the backtests and most importantly, any verified results. Hopefully this will help you to decide if the Forex Fury Robot is an automated robot that you would consider using on your forex trading account.
What is the Forex Fury EA?
The Forex Fury robot is an expert advisor (EA) which are more commonly referred to as forex robots. This forex robot will do all the trading for you, analysing the market for entry and exits as well as managing your trades.
When trades are available, the robot will place trades automatically, and then close those trades automatically based on the settings. You can manually intervene if you wish, but you do not have to as the software is completely automated.
As with all forex robots you may want to start using it on a demo account first in order to familiarise yourself with how it trades and check out how it performs over a sustained period of time.
You will need the desktop version of the MetaTrader 4 platform in order to run the Forex Fury EA. It cannot work in the web based MT4 platform or the MT4 app. You will need MT4 up and running during the trading hours in order for it to work. If this is not possible, you may consider using a Forex VPS to remotely run MT4 for you 24/7.
Forex Fury EA Trading Strategy
The Forex Fury robot is a scalping trading system that typically trades around 0-7 times per day depending on the market conditions. It uses a range-based trading strategy that works best in low volatility. It trades 1 hour per day, and 1 pair per account to help ensure that it can try to avoid volatility at all costs. Trading hours are from 4pm-5pm EST.
- Compatible with NFA, FIFO, MT4 and MT5 Build 600+
- New settings are always in development and provided free to existing users
- Support for STP/ECN brokers
- Built-in money management features
- Multiple currency pairs
- Filters to try and avoid unsuitable market conditions
- 5-minute installation with full guides and videos
The Forex Fury robot is NFA/FIFO compliant and has been designed to run on major currency pairs such as the GBPUSD, USDJPY, EURUSD and USDCHF. The major currency pairs usually have plenty of liquidity and therefore some of the lowest spreads.
I would always prefer to use a regulated ECN forex broker for the best possible trading conditions. I find that they tend to have the tightest spreads and plenty of liquidity for execution at the best possible prices.
This is especially important when using a robot such as Forex Fury as it frequently opens and closes positions. This means that trading costs can add up so you should also consider the commissions charged by your broker and how they may impact the overall performance of the Forex Fury EA.
IC Markets are one of my top forex brokers for running automated forex trading robots. This is because they are an ECN broker with lots of liquidity which means that you can trade with tight spreads, low commission fees and rapid trade execution speeds at the best available prices.
The Forex Fury expert advisor is compatible with all account sizes from the very small, to the very large. There is no minimum deposit required to get started and as always, you should only ever trade with an amount that you feel comfortable with. Never ever risk more than you can afford to lose.
Forex Fury EA Back Testing
There are back tests running over 15 years of historical data on the Forex Fury website but unfortunately, we are unable to view the detailed statement for a more thorough analysis on the statistics such as draw down, profit factor, win rate, etc. I am not sure why the developer does not just provide the complete report as many potential users would want to see how the robot traded over many years of historical data.
We are also unable to verify the modelling quality and spread used as well as to see if commissions, swaps and slippage were included in the back tests. These are important things to consider when reviewing a back test as it is important that they are done in the best possible conditions within the MetaTrader 4 strategy tester. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Flex EA where you can also see individual statements and verified results.
I would use Birts Tick Data Suite for the best possible back testing conditions, including 99% modelling quality, tick data, real variable spreads, commissions and slippage. Whilst it is impossible to get 100% accurate back testing conditions in the MT4 strategy tester, this is as close as we can get. When considering a forex robot, the back-test quality is one of the most important things that I look for alongside real verified trading accounts.
Forex Fury EA Live Results
It is good to see that the Forex Fury developer has provided us with a Myfxbook verified account where we can see the latest Forex Fury results. This can be a good way for you to get an idea of how the robot trades and analyse the latest statistics. Up to date results are one of the most important things too look for when choosing a suitable forex robot. Without them, we wouldn’t have any idea of how good or bad a system has been performing in the current market conditions which are constantly evolving.
I think that the Forex Fury EA has been doing reasonably well, although perhaps they could work on trying to reduce the drawdown. It looks like the developer could take some time to try and improve the Forex Fury money management, ideally by reducing the stop loss so that one winning trade does not wipe out a consecutive run of winning trades. The problem with this is that reducing the stop loss may also cause the win rate to drop drastically and therefore have an overall negative impact on the implemented trading strategy.
It is imperative that you keep in mind any results shown are based on historical data and therefore not a guarantee of how the robot will perform in the future. You should be aware of all the significant risks involved with trading online if you are considering Forex Fury or any other trading system for that matter. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Update 16/09/2022: It looks like 2 of the Forex Fury Myfxbook accounts have been deleted. I cannot say why, but from my experience this usually means that the account crashed. Thankfully, we still have a few other accounts running the Forex Fury robot so we can keep an eye on the latest results.
Forex Fury Packages
There are a couple of packages to choose from on the Forex Fury website:
- Gold package: 1 Live Account License, Unlimited Demo Accounts, Free Updates, High Performance Settings, Lifetime Membership
- Diamond package: 2 Live Account License, Unlimited Demo Accounts, Free Updates, High Performance Settings, Lifetime Membership
The Forex Fury EA can be purchased for a one-off charge as there are no updates, upsells or extra charges. You immediately receive a download link to the Forex Fury robot once you have completed the checkout.
Forex Fury Summary
Overall Forex Fury can have large drawdowns at times so is aimed at the forex trader who does not mind taking a greater risk for the potential rewards. They are working on shifting to better risk reward ratios to make the software safer during volatile markets.
In saying that, credit is due to the Forex Fury team for their transparency and the fact that they continue to address critique from clients and critics in order to try and improve their service.
Forex Fury does come with full detailed instructions, full support, free updates and a money back guarantee. There is also an active online community discussing and sharing ideas relevant to this particular forex robot.
You may even reach out to the developer should you have any specific questions. They state that they care about their clients and will do everything in their power to ensure their trading clientele is happy.
I have conducted many forex robot reviews and there are alternative options that I would personally prefer over this EA. Primarily due to the lack of back testing quality and drawdowns.
Forex Fury EA
$229
Pros
- Customisable Settings
- Multiple Currency Pairs
- Multiple Timeframes
- Full Support
- Detailed Instructions
- Verified Results Provided
- Set Files
- Members Area
- Unlimited Demo Accounts
Cons
- MetaTrader 4 Only
- Limited Backtests
- Some Accounts Stopped
- Potentially High Drawdowns
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.
