In this post, you’ll see a review of Forex Cyborg EA; a robot that his/her developer claims it’s a professional forex robot for professional Forex trader!
Well, let’s see what you got Mr. Professional
The first thing that you notice is their well-designed website that makes them look professional, however, you don’t find any information about the developer of Forex Cyborg, AKA Mr. Professional!
There is some info on their website that most of them are about the results of the EA whether backtests or live trading tests.
That would be enough for me because I don’t care much about who the creator is. Even well-known programmers can code unprofitable EAs so all that matters is the performance of EAs.
So as you probably guess, we’re going to dig into the analytical data of forex Cyborg and study them to see if the EA is profitable and how reliable its results are.
So the question is: Is the EA really profitable?
The short answer is:
It has potential
But before getting to the complete answer, first, let’s take a look at an overview of Forex Cyborg EA.
Forex Cyborg Overview
|Timeframe||n/a, Probably lower TF|
|Currency pair||18 Forex Pairs|
|Real Account Test||Yes|
|MAX Drawdown||10% – 26%|
|Average Expected Return||1.5% – 5% Monthly|
Forex Cyborg Trading Strategy
You don’t find much about the trading strategy of Forex Cyborg on its website. It’s just stated that it’s a multi-currency EA using neural networks.
That so-called sophisticated word, neural network, means nothing to me, just write what indicators the EAs uses. During all these years that I’ve been in this market, I’ve seen people using these kinds of terms when they want to say we’re different while they use 2 or 3 MAs.
Anyway, by looking at the average win and loss (pips) in the results and stats of this EA, I noticed that Forex Cyborg aims for small numbers of pips so I guessed that it would be a scalping EA, however, when I looked at the average trade length, it wasn’t short enough that we can call the EA scalper.
By the way, we’ll talk about the results and stats in the following sections
So it’s not a pure scalper. Probably it uses some kind of reverse signals for exiting the trades so it stays in some trades longer.
I became more confident about that when I saw the history of trades in the EA’s statement because there are some positions that have gained or lost larger pips so the EA doesn’t target only a few pips and it sometimes goes for larger numbers.
After that, I found a comment where a person from Forex Cyborg has explained more about the EA’s system.
He states that the EA is an Asian scalper that starts trading after the New York session is ended and the pacific session begins.
I guess that could be another reason for having long average trades duration because the pairs are calmer and move slower when the US market is closed and at the beginning of the Sydney session.
He’s mentioned that the EA has something between 50 to 120 pips as TPs and SLs but in 99% of the time, the EA closes trades sooner.
So, those numbers are not the actual take profits or stop losses of forex Cyborg but they act as insurance in case something goes wrong.
I think the above lines strengthen the reverse signal argument for exiting the trades.
He also mentions that Forex Cyborg EA doesn’t use high-risk methods such as grid or martingale.
We still don’t know anything about the tools or indicators used in the EA.
To summarize all that, it seems that the forex Cyborg is a semi scalper EA that trades at the pacific session when the market isn’t volatile.
Forex Cyborg EA Results
One of the positive signs that makes an EA stands out and separates that from run-of-the-mills forex robots is having results from a real money account.
Some vendors only provide backtests and/or the results from demo accounts. It shows that they are not serious about what they do. A potentially good EA always comes with real account results.
The vendor of Forex Cyborg has presented results from three real accounts along with lots of backtests on the EA’s website.
I’m not going to talk about the results from the backtests especially when I’m reviewing a scalping EA. Although it’s mentioned on the website that the backtests are done using real data and simulating real conditions such as spread and slippage I still think they are not worth much for buyers.
Backtests might be a very useful method for a developer or programmer to optimize their EAs but the real results, especially from a real account, is something important for me.
Anyway, Forex Cyborg has the results from accounts connected to Myfxbook, one of the third-party websites that provides statistical service to forex traders.
Two of the accounts have the results from 2017 until now, 2020, and the statement of the other one is for the year of 2019.
Since the current results are always more relevant and reliable, we review the forex Cyborg result of one of the recent accounts called Forex Cyborg Darwinex, and where I see a tangible difference between this account and others, I’ll touch on that.
Before we review the different metrics of the forex Cyborg accounts, there’s something that makes the results of the accounts a little bit untrustworthy.
One of the strong suits of Myfxbook is that this website has a result confirmation system. It means the site checks if the results come from a real or demo account and whether they are manipulated or not.
It has 2 levels of verification: tracking record and trading privilege. If a green check sign is in front of them on the result page, it means the account is confirmed otherwise the account owner hasn’t provided the necessary info for verification.
As you can see in the above picture, the trading privilege is verified but the tracking record is not so the account is not fully verified by an independent website i.e. Myfxbook.
Age and Number of Trades
I look at this factor in statements because I want to make sure that there’s enough data to study. If our sample size is too small, the results can’t be reliable.
Do you think an EA that has 2 or 3 week old statement with 10 or 20 trades is worth running on your real account? Do you rely on that kind of result to invest your money? Probably not.
That’s why a statement should have enough data to be acceptable.
I normally consider a one year statement with at least 300 trades as somehow reliable, however, the more the better.
Forex Cyborg Darwinex is around 3 years old so it’s been tested in a reliable time period. One factor that makes this time period of data even more acceptable is that the result is current and the EA is already trading on the account so we don’t have irrelevant outdated data from somewhere in the past.
The EA has traded 2113 positions so far which means 2.8 trades per day on average. So it’s not a frequent trading EA but we can definitely call it a day trader.
From what I see, there’s enough data for Forex Cyborg Darwinex so we can rely on the results to a great extent.
There are some differences between the three accounts in terms of return or gained profit. The profit in the Forex Cyborg Darwinex is 3.23% per month while it’s 1.39% and 4.4% in the two other accounts.
It might come from the different settings applied for each of those accounts. What I can see is that there’s a relation between gained profit and average losing pips. Simply put, the accounts that have smaller SLs have larger profit growths.
So if you decide to try this EA, you might want to go with the setting that has smaller stop losses. That way, you would probably gain more.
I look at this metric as a risk gauge. It shows how risky a strategy or EA is.
If a forex robot has a drawdown lower than 30%, it’s considered low risk and above that level, it’s a high-risk EA — obviously the lower the less risky.
The MAX drawdowns of forex Cyborg accounts are between 10.68% and 26.17% so this forex EA is in the category of low-risk EAs; however, there’s something in the stats of Forex Cyborg Darwinex account that shows the actual Drawdown of the account is larger than the one we see.
In the stats section of the Darwinex account, I see a gaping difference between Gain and Abs. Gain.
It means that the account has been deposited several times. When you inject your account with extra deposits, it affects the calculation of drawdown and makes the final result smaller.
People do that in order to lower the drawdown and convince others that their strategy is not risky which is of course wrongdoing and not ethical.
Regarding that, we don’t know what the actual drawdown of forex Cyborg Darwinex is but it’s definitely larger than the 26.17% that is shown in the stats.
Another issue about forex Cyborg drawdown is about a rather long recovery time of this EA. As you can see in the following picture, it took 5 months that the EA regained what it had lost in a short period of time.
When you check the profit of an EA and want to see how profitable it is, you also should see how much of that profit is gained every month.
In other words, you should check whether the EA has gained its profits in one or two months or it’s distributed among all the months of EA’s lifespan.
You should also check whether the EA has traded every month or even week or the results only come from a few months or a small part of the time period.
Forex Cyborg EA has traded every month since it was run on the Darwinex account so there’s no problem in terms of consistent trading.
However, in terms of consistency of growth, the data are not distributed evenly. It’s not actually a crucial issue. It’s somehow normal that a strategy gain or lose more in some months but the more evenly the profits of an EA are shared the more confident we can be about the reproduction of results in the future.
All in all, I don’t see a big problem in this section and Forex Cyborg has traded every month.
Forex Cyborg Support
The only way that you can contact the vendor of Cyborg is via email. There’s a form at the bottom of their site where you can ask your questions, however, don’t expect to receive an answer ASAP.
Although it’s stated on the website that they have 24/7 support, I contacted them around 12 hours ago and I haven’t received an answer yet.
Cyborg EA Price
There are two packages for purchasing forex cyborg: Gold and Premium
The only difference, other than price, between them, is the number of real accounts that you can run the EA on.
If you pay €499.99 and buy the gold package you can run the EA on 1 real account and unlimited demos.
On the other hand, if you buy the Premium package, which costs you €599.99, you can run Forex Cyborg EA on 3 real accounts and of course unlimited demos.
There’s also a 30-day money-back guarantee in the terms of their service that you can find from the terms & conditions section at the bottom of the page. There are no extra conditions for a refund which basically means they have to refund you if you aren’t satisfied for any reason up to 30 days after your purchase.
The Bottom Line
In this review of Forex Cyborg EA, I tried to dig deeper and find the cons and pros of this EA particularly by looking into the results of the provided accounts.
What I like about this EA is that the results of it are realistic and we don’t see a complete uprising graph with no losses, something that you see in the grid or martingale systems.
I also like that the EA has a rather low drawdown, however, we saw the injection of money in one of the accounts, which prevents us from knowing the real drawdown of that account.
What I don’t like is the recovery time and I think it’s a bit longer than normal.
Overall, I have a positive opinion about this EA and I think it has the potential to bring you some profits although it might take some time and you should expect profits from this EA in the long term.
By the way, you can check out the post that I wrote about the best forex robots below.