The foreign exchange (forex) market can be highly lucrative yet extremely risky for retail traders. Automated trading systems like the Forex InControl EA promise to take the guesswork out of trading by automatically executing trades based on programmed strategies.
But can this robot really take control of your forex trading profits? In this comprehensive Forex InControl review, we’ll take an in-depth look at how this Expert Advisor (EA) works, its features and settings, backtests, real user reviews, pricing, and ultimately whether it’s worth buying.
What is the Forex InControl EA?
The Forex InControl EA is an automated trading system developed by FXAutomater, a team of professional traders and mathematicians. It analyzes the forex markets and executes trades automatically based on programmed mathematical strategies and technical indicators.
Some key features of the Forex InControl EA:
- Fully automated – Places trades automatically without manual intervention. Runs on the popular MetaTrader 4 platform.
- Multiple currency pairs – Can trade up to 9 different currency pairs including EUR/USD and GBP/USD.
- Money management – Has inbuilt risk management features to minimize losses and protect capital.
- Technical indicators – Uses MACD, RSI, CCI, and other indicators to identify trading opportunities.
- No scalping – Uses a medium frequency trading strategy, not low timeframe scalping.
- Backtested history – Extensively backtested on historical data to verify profitability.
The developers claim that Forex InControl can generate reliable profits month after month in both trending and ranging market conditions. But does it work as well in live trading as it does in backtesting? Let’s analyze further.
How Does the Forex InControl EA Work?
Forex InControl EA is based on mathematical models that identify high probability trades by analyzing multiple technical indicators on various currency pairs.
It is programmed to constantly monitor the markets and place buy and sell orders when opportunities arise based on its coded logic. The team does not reveal the full details of the underlying algorithm, but we can infer some key aspects:
Trade entry rules
- Uses indicators like MACD, RSI to identify trend direction and entry signals.
- May combine indicators like RSI, Stochastics to look for oversold/overbought levels.
- Places pending orders above or below key levels rather than market orders.
Trade exit rules
- Uses indicators like moving averages to trail stops and lock in profits.
- Closes trades based on parameters like take profit, stop loss, trailing stop distance.
- May close portions of trades at different profit targets.
Risk management
- Sets a stop loss and take profit for each trade.
- May use equity or martingale money management methods.
- Risks only a small % of capital per trade (e.g. 2%).
The team has likely optimized these rules over many years of testing and refinement to create profitable strategies. Next, let’s analyze the settings and parameters.
Forex InControl EA Settings
The Forex InControl EA has several user-configurable settings that allow you to fine tune its operation. The key settings available are:
Timeframe – M15, M30, H1, H4
Currency pairs – EURUSD, GBPUSD, USDJPY, USDCHF etc.
Lot size/risk – auto or fixed lot size
TP/SL – Take profit and stop loss in pips
Trailing stop – Trailing stop distance
Max spread – Max allowed spread to trade
Slippage – Max slippage or difference between order and fill price
Magic number – Unique identifier for trades
GMT offset – For EA time vs broker time sync
Stealth mode – Hide take profit and stop loss
The EA comes pre-configured with tested settings, but traders have the flexibility to adjust as needed for their account and risk tolerance. The default settings use a 2-3% risk per trade which is reasonable.
Advanced settings allow further customization of things like:
- Indicators and parameters
- Martingale multipliers
- Order close settings
- Option to trade on Friday before weekend
Overall the settings provide the critical functions while still keeping operation simple. Next let’s analyze the historical backtest reports.
Forex InControl EA Backtests
Extensive backtesting on historical data is crucial to validate the profitability of any trading system before going live.
The developers have shared detailed backtest reports on the Forex InControl website showing impressive profits:
EUR/USD Backtest on 2020 Data
- Gain: $20,285
- Drawdown: $2,102
- % Profitable trades: 57%
GBP/USD Backtest on 2017-2019 Data
- Gain: $21,614
- Drawdown: $3,687
- % Profitable trades: 55%
USD/JPY Backtest on 2015-2020 Data
- Gain: $28,993
- Drawdown: $4,332
- % Profitable trades: 53%
The backtests were run across multiple years and currency pairs, optimized for a $10,000 account. The results show steady profits with reasonable drawdown. Note that past performance does not guarantee future results.
It’s also encouraging that the % profitable trades is only about 55-57%. This indicates the EA is profitable due to favorable risk-reward, not win rate. Let’s compare the backtest results to real-world live trading performance.
Forex InControl Real User Reviews
While backtest results are useful, it’s crucial to also analyze real user reviews from traders who have tested Forex InControl live with real money.
The consensus opinion seems to be that it performs reliably in live trading as well, although results can vary. Here are some of the trends we found in user reviews:
- Makes steady pips week after week – Many mention the EA trades consistently even through sideways markets.
- Safe and stable – Users highlight the focus on capital preservation and risk management. Drawdowns tend to be small.
- Better than expected – Some skeptical traders found the EA exceeded their profit expectations.
- Take profit needs adjusting – A common feedback is to lower the take profit slightly from the default 30 pips.
- Sensitive to spread – Trading during high spread events like news can impact results. Timeframe and pairs can be optimized.
Overall most live trading reviews are positive. Next let’s take a look at the all important cost and pricing.
Forex InControl EA Pricing
The Forex InControl EA is sold through the FXAutomater website for a one-time fee of $347. This includes:
- License for 1 live trading account
- Unlimited MetaTrader 4 demo accounts
- Free updates
- Money back guarantee
The pricing is very reasonable compared to many other EAs that charge upwards of $500-$1000. Additional licenses can be purchased for just $67 making it affordable to run on multiple accounts and instruments.
There are also no added monthly fees, commissions from recommended brokers, or other hidden costs with Forex InControl. Just a simple one-time purchase.
Is Forex InControl EA Worth Buying?
So what’s the final verdict – is Forex InControl worth purchasing? Let’s summarize the key pros and cons:
Pros of Forex InControl:
- Easy set up and automation for hands-free trading
- Extensively backtested for reliability
- Reasonable price compared to competitors
- Attractive risk-reward from technical indicator confluence
- Cost effective way to diversify trading strategies
Potential Cons:
- Requires trusting a “black box” system
- Live results may vary from backtests
- Needs periodic monitoring and optimization
- Unavoidable losses on individual trades
Overall based on the backtest stats, user reviews, and transparent pricing, the Forex InControl EA seems worth trying out – especially if you are a busy trader looking for set and forget automation.
It provides a methodical, rules-based approach to the forex markets. Like any EA, it takes patience and optimization to dial in suitable settings for your account. But the features and price make it a worthwhile investment if you trade forex.
Frequently Asked Questions
What brokers work with Forex InControl EA?
The EA is designed for the popular MetaTrader 4 platform. Recommended brokers include IC Markets, Turnkey Forex, FXOpen. It’s best to choose an ECN/STP broker for reliable execution and low spreads.
Does Forex InControl trade all currency pairs?
No, the EA has been specifically optimized for a selection of the most liquid major and minor pairs like EUR/USD, GBP/USD, USD/JPY. Trading exotic pairs may require further optimization.
Can I run it on multiple accounts or instruments?
Yes, you can purchase additional licenses at a discounted price and run the EA on multiple accounts and currency pairs for greater diversification.
Is there a money back guarantee?
FXAutomater provides a 30 day money back guarantee if you are not satisfied with the EA. Please note use of the software indicates acceptance of the terms.
How often are updates available?
The developers release occasional updates with optimizations and improvements. As a buyer you get lifetime free updates and support which adds value.
Is there a monthly fee?
No, Forex InControl is a one-time purchase with no recurring fees or commissions from recommended brokers. This makes it very cost effective.
The Bottom Line
The Forex InControl EA provides traders with a structured and mathematically formulated approach to potentially profiting from forex. The automated hands-free trading, backtested history, and reasonable pricing make it an attractive option for traders wishing to add algorithmic strategies to their portfolio.
Like any EA, live results will ultimately depend on your account, broker, and settings. But Forex InControl provides a methodical solution worth considering for your forex trading. Opening an inexpensive demo account is the best way to validate it aligns with your risk tolerance and objectives.
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“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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