BENDER FXAGGRESSIVE FIBO EA Review – A Powerful Forex Trading Robot

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The BENDER FXAGGRESSIVE FIBO EA is a relatively new automated forex trading robot that utilizes a combination of price action analysis and Fibonacci levels to identify high-probability trading opportunities. In this comprehensive review, we will take an in-depth look at how this expert advisor (EA) works, its key features, performance statistics, pros and cons, and ultimately help you determine if the BENDER FXAGGRESSIVE FIBO EA is worth considering for your forex trading.

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Overview of the BENDER FXAGGRESSIVE FIBO EA

The BENDER FXAGGRESSIVE FIBO EA was developed by the team at BenderFX, who have released several other EAs over the past few years. It is optimized for the popular MetaTrader 4 trading platform and is designed to trade multiple currency pairs including EURUSD, GBPUSD, USDCAD, AUDCAD, and AUDUSD.

According to the developers, the BENDER FXAGGRESSIVE FIBO EA generates monthly returns between 40-80% on invested capital by utilizing a combination of price action analysis and Fibonacci levels to identify high-probability entry and exit points in the market. It also incorporates a martingale money management strategy to recover losing trades.

Some of the key features highlighted by the developers include:

Price action + Fibonacci trading strategy
Works on multiple currency pairs
Monthly returns of 40-80%
Martingale money management
Stop loss and take profit levels
Optimized for H1 and M15 timeframes

While the monthly return claims may seem exaggerated, it’s important to analyze the EA’s trading strategy and performance results before making a judgement. Let’s take a closer look at how it works.

How the BENDER FXAGGRESSIVE FIBO EA Works

According to the developer’s website, the core trading strategy of the BENDER FXAGGRESSIVE FIBO EA revolves around price action analysis and Fibonacci levels.

Price action refers to analyzing the movement of candlesticks and chart patterns to identify potential support, resistance, trend direction, and momentum shifts. The EA is programmed to identify certain candlestick patterns that may precede a market move.

In addition, the EA utilizes Fibonacci retracement and extension levels to identify possible reversal points and profit targets. The Fibonacci tool is widely used in technical analysis to determine areas where the price may encounter support or resistance as it moves.

By combining price action and Fibonacci analysis, the EA aims to identify high-probability entry points in the direction of the prevailing trend. It will also use Fib levels to target profit taking and stop losses.

To recover losing trades and remain profitable during volatile market conditions, the EA also implements a martingale money management approach. This means that after a losing trade, it will open a new trade with an increased lot size to try and win back the lost capital. The lot size increment depends on the EA settings.

The combination of price action, Fibonacci, and martingale suggests that the BENDER FXAGGRESSIVE FIBO EA is optimized for trend-trading strategies on higher timeframe charts like 1-hour and 15-minutes. It aims to capitalize on short to medium-term trends.

Performance Statistics and Backtests

It’s important to analyze the historical backtest reports and live performance of any EA before committing real capital. Unfortunately, verified backtest reports are not publicly available for the BENDER FXAGGRESSIVE FIBO EA at this time.

The developers claim that during live testing, the EA was able to generate between 40-80% in monthly returns when tested on a $1,000 account balance. However, there is no long-term data available to validate these claims.

Some traders have commented on forums that they have been able to achieve monthly returns of 20-40% using the EA, but drawdowns of 30-50% were not uncommon. High drawdowns can pose a significant risk with martingale EAs.

One trader shared a 6-month MyFXBook report showing a 21% gain but a 34% drawdown on a $1,000 GBPUSD account. While promising, a longer-term verified report would be more useful in evaluating the EA’s consistency.

Overall, without verified long-term backtests and live results available, it is difficult to assess the reliability of the performance claims. It would be wise to thoroughly backtest the EA yourself before using it with real capital.

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Pros and Cons

Pros

Utilizes widely-used price action and Fibonacci technical analysis
Can potentially capitalize on short and medium-term trends
Trades multiple currency pairs
Incorporates stop loss and take profit levels
Martingale system may help recover losses

Cons

No verified long-term backtest available
Potentially high drawdown with martingale system
Requires frequent monitoring and optimization
May not perform well during ranging, volatile markets
High risk on small trading accounts

Final Verdict

The BENDER FXAGGRESSIVE FIBO EA incorporates some commonly used technical analysis techniques and a high-risk martingale approach to try and generate sizeable monthly returns for traders. However, the lack of a long-term verified track record makes it difficult to assess whether the claimed 40-80% monthly returns are realistic or not.

For traders willing to take on higher risk, the EA may be worth testing out in a demo account first. Be prepared to encounter substantial drawdowns exceeding 30% account equity. Appropriate position sizing and risk management will be crucial to long-term survival.

Overall, the BENDER FXAGGRESSIVE FIBO EA may appeal to traders looking for an aggressive trading system to capitalize on short-term trends. However, it likely carries higher risk than most EAs, so caution is advised. Thorough backtesting combined with good risk management will be key to maximizing performance. The jury is still out regarding its long-term profitability potential.