In this post I will be reviewing the Forex inControl automated forex trading system. This is a trading system developed for the MetaTrader 4 trading platform that runs fully automated placing and managing trades for you. You will find the MT4 platform free of charge to download from most forex brokers. The Forex inControl EA is a complete set and forget trading solution with no manual intervention required on the trader’s behalf. There is no prior trading experience required to use the Forex inControl forex robot as it comes with detailed instructions for a fast and easy setup.
This is another forex robot from the same development team who have a range of other forex software that I have previously reviewed including FxDiverse, FXCharger, FXParabol EA, FxStabilizer, FXQuaser EA, FXConstant EA, FXHelix, FXZipper EA, FXTrackPRO, FXRapid EA, MyForexPath EA, FXGoodway EA, Forex Truck EA, Forex Extract EA and the FXCipher EA.
You may ask yourself why do these developers sell so many forex robots when they claim each of them can perform so well. Surely, they should be using them on their own accounts and raking in pips rather than selling them and dealing with customer support issues.
Hopefully this Forex InControl review will help you decide if these claims are backed up with solid trading strategies, top-quality backtests and verified real account results. We will look at the most important aspects to consider when choosing a forex robot to see if this is a forex expert advisor (EA) that you would consider running on your own trading account.
Forex inControl Trading Strategy
As the name suggests, Forex inControl EA aims to control the drawdown on your trading account by entering into established trends across 4 different currency pairs. This gives diversity to your trading portfolio and spreads the risk out. You are able to specify your maximum acceptable drawdown within the EA settings.
The pairs that Forex inControl trades on are GBPJPY, USDJPY, AUDUSD and EURGBP. Whilst these pairs do not have the liquidity of majors such as the EURUSD and GBPUSD pairs they do have relatively low spreads and plenty of volume most of the time. You are free to optimise and run Forex inControl on other currency pairs should you wish and have the experience to do so – otherwise it is ready to use straight out of the box with the default settings.
There are 3 trading modes you can choose from with the Forex inControl robot depending on your trading style – conservative, normal and aggressive. I think it is good that there are different options for each user but it does require some adjustment of the Forex inControl settings to discover what works best for you, because every trader is different.
The Forex inControl EA can work both: as a single system on account and in a combination with any other EA’s. It does not open orders all the time, it waits for the best moment to enter the forex market according to its built-in algorithm. That allows the user to trade with several EAs on one account at the same time, but just be wary of the possible large drawdowns that this can create.
The developer has made all of the Forex inControl 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. I would use the MT4 strategy tester to backtest the software across different currency pairs and chart timeframes to discover unique combination of settings that match my trading style and goals.
There are recommend currency pairs to use but that does not mean you cannot run it on other financial instruments. However, if you do wish to experiment with the Forex inControl software, then you may want to do so on a demo account to begin with and see how things go.
Whilst the Forex inControl robot is a fully automated forex trading system, you could always set the software to semi-automated mode in which instance it would send you an alert when it finds a trading signal and you could decide from there if you would like to enter the market or wait for the next opportunity to come along.
Forex inControl Back Testing
The Forex inControl website includes some back tests going back 14 years. The modelling quality is only 90% which means that the results are not as accurate as they could be. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage. Tick data would have been ideal to achieve 99% modelling quality. Without this, we cannot really take anything from the Forex inControl backtests simply because these are factors that can have a huge impact on the results. I would like to see the developer improve and update the Forex inControl backtests, especially when you consider they have been around for years so should certainly have the skills required to do so. Most of the top forex robots nowadays have 99% modelling quality tests, including the Forex Robotron EA.
Forex inControl Live Results
It is good to see that the developer has shared a verified Myfxbook account that shows the latest Forex inControl results. To be honest, the performance looks decent but I would keep a keen eye on the drawdown as I feel like things have the potential to head south quickly should consecutive trades start to head in the wrong direction. However, it has held up thus far which shows there is some potential with this automated forex system given the right market conditions. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex inControl Summary
Overall, I think that the Forex inControl robot does have some potential but there are also areas in which it can be improved. I think the money management could be slightly improved whereas I feel like it could be broker sensitive. When it comes to automated trading systems, IC Markets are one of my top choices of broker as they have tight spreads, competitive fees and plenty of liquidity for execution at some of the best prices on the market.
Forex inControl is an automated forex trading system that has diversity by trading multiple pairs and is flexible depending on the requirements of the individual user. It comes with full support, licenses, updates and a no questions asked 30-day money back guarantee. You could always try it on a demo account to see if the results live up to your expectations. Otherwise, please feel free to browse my forex robot reviews for some alternative options.
- Multiple Currency Pairs
- Multiple Timeframes
- Various Packages
- 30 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Detailed Instructions
- Verified Results Provided
- Fully Automated Forex System
- Backtests Available
- MetaTrader 4 Only
- Limited Backtest Quality
- Requires User Input
- Broker Sensitive
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.