FXGoodway X2 (EA) review and verification【Dangerous! !】

FXGoodwayX2 is an EA that trades with a combination of grid and martingale.

High-risk logic is used, but the forward test results are good for now.

How long will this good result continue? ?

 

Basic information of FXGoodway

 

Live performance of FXGoodway

It draws a beautiful balance curve.
However, please note that this is a feature of the high-risk grid and martingale EA.

More than 50% equity drawdown occurred in March 2019, but this is not reflected in the Myfxbook graph.
Please note that Myfxbook graphs may not reflect equity fluctuations.

 

Trading features of FXGoodway

This EA combines the grid and martingale strategy.

Unable to find consistent features at entry points.
This EA appears to enter randomly, and if the market price goes backwards, open additional positions with increased lot size.

Some grid systems use a fixed pips width as the basis for additional entries, but the pips width of additional entries in this EA varies.

In addition, as will be explained in detail later, there is a feature that positions are opened only in the direction of long-term trends.
So the above image is only SELL position. By entering only in the direction of the long-term trend, there is an advantage that the risk that the market price greatly reverses from the position is low.

Exit point

If the market price moves 30pips in the direction of the position, it will take profit.

On the other hand, if the price does not reach the take profit line of 30pips and the price moves in the opposite direction, it opens an additional position and waits for the market to reverse.

Lot size

If the market price moves in the opposite direction of the position, positions with increased lot size will be opened.

If the initial lot size is 0.1 lot, the additional position lot size will increase to 0.17lot, 0.29lot, 0.49lot, 0.83lot, 1.42lot.
By increasing the lot size, this EA aims for total profit from a small market reversal. However, it is a very high risk method.

On the other hand, additional entries may be made without increasing the lot size. Complex logic is used to determine the lot size.

 

Danger of FXGoodway!

Dangerous transaction history analysis

I already explained that there was more than 50% equity drawdown in live performance.

The first sell position was opened at 1.11925, but the price went up to 1.14479.
In other words, the price moved 250pips backward from the first entry.

The following table summarizes the transaction history and the amount of equity drawdown.

Open Date	Open Price	Difference	Lot	Currency Unit (1Lot)	Equiy P/L (USD)
2019.03.07 18:51	1.12067	-0.024	0.1	100,000	-241
2019.03.08 00:00	1.11925	-0.026	0.1	100,000	-255
2019.03.08 15:08	1.12225	-0.023	0.17	100,000	-383
2019.03.12 00:00	1.12428	-0.021	0.1	100,000	-205
2019.03.12 22:00	1.1296	-0.015	0.17	100,000	-258
2019.03.13 00:00	1.12845	-0.016	0.1	100,000	-163
2019.03.13 19:05	1.13125	-0.014	0.29	100,000	-393
2019.03.13 21:57	1.13263	-0.012	0.29	100,000	-353
2019.03.13 22:38	1.13328	-0.012	0.17	100,000	-196
2019.03.14 00:00	1.13248	-0.012	0.1	100,000	-123
2019.03.15 17:19	1.13425	-0.011	0.49	100,000	-516
2019.03.18 00:00	1.1319	-0.013	0.1	100,000	-129
2019.03.20 15:05	1.1363	-0.008	0.29	100,000	-246
2019.03.20 21:00	1.13751	-0.007	0.17	100,000	-124
2019.03.20 21:02	1.1393	-0.005	0.49	100,000	-269
2019.03.20 21:04	1.14026	-0.005	0.83	100,000	-376
2019.03.20 21:05	1.1409	-0.004	0.17	100,000	-66
2019.03.20 21:20	1.14163	-0.003	0.49	100,000	-155
2019.03.20 21:33	1.14327	-0.002	1.42	100,000	-216
2019.03.20 21:50	1.14448	0	0.17	100,000	-5
Total	-	-0.232	6.21	-	-4,673
Date	Highest Price			Blance	8,922
2019.03.20 22:00	1.14479
				Draw Dawn(%) （Equiy）	52.40%

During this period, a total of 20 Sell positions have been opened.
The lot size has increased up to 1.42lot.
The total lot for 20 positions is 6.21lot.
This is a very dangerous situation.

In this case, since the price started to drop from 1.14479, the account was safe.
However, if the price rose 70pips from 1.14479 without falling, the account balance would have been zero.

Previous version destroyed account!!

The next image is a forward test of the previous version of FXGoodway published on FXBlue.

The operation started in April 2017 and had good results for a while.
However, in May 2018, the balance of the account became 0 instantly. It ’s a terrible loss.

As a result of checking the trading history of this destroyed account, most are buy positions.
(Total＝593 transactions, 546=Buy / 47=Sell)

On the other hand, the trading direction of the current version published on Myfxbook is mostly sell trade at present. (July 9, 2019 to September 4, 2019)
(Total＝329 transactions, 61=Buy / 329=Sell)

From the difference in the direction of the position, it can be inferred that FXGoodway is an EA that open positions only in the direction of the long-term trend.

The next image is a chart of the EURUSD weekly timeframe.

■EURUSD / Weekly

Looking at the long-term trend on a weekly basis, we can see that the previous version was accumulating profits in the buying position on the uptrend.
On the other hand, the current version is profitable in the selling position on the downtrend.

It should be noted here that the previous version destroyed the account around May 2018 when it turned from a downtrend to an uptrend.
In other words, the turning point of the long-term trend is a huge risk for this EA.

The current version is currently experiencing only a long-term downtrend.
It is expected that the risk of account destruction will increase when turning to an uptrend.

However, in the vendor’s forward test, the initial lot is fixed at 0.1 lot despite the large increase in the account balance.
Of course, the larger the balance of the account, the lower the risk that the account will be destroyed, so there is of course the possibility of continuing to make profits.

 

Risk management of FXGoodway

This EA can protect the balance by specifying the maximum equity drawdown as a percentage.
All positions are closed when the specified percentage of equity drawdown occurs.

This is the same feature as FXCharger, FXStabilizer and Forex inControl which are typical martingale EAs.

In one posting forum, there are rumors that the developer of these EAs listed above and the developer of FXGoodway are the same person, but the truth is not known.

The maximum drawdown setting recommended by the vendor is 35%.
However, in the vendor forward test, the positions are not closed despite an equity drawdown of more than 50%. In other words, the vendor forward test draws a beautiful asset curve instead of accepting a big risk.

If you set the risk setting to 35%, your balance may sometimes decrease instead of eliminating the risk of your account being destroyed in an instant.

 

Conclusion of FXGoodway

I recommend that you avoid using this EA, considering the following:

On the other hand, it is true that the price of the market rises and falls.
If a large balance is used and the lot size is kept as small as possible, the expected profit rate is low, but there is a possibility that profits can be obtained in the long term.
So it cannot be said that it is a completely bad EA.

However, if you do use it, make sure you understand the risks as described before using it.

Using a broker’s deposit bonus is an effective way to withstand the floating losses of Martingale EA.

However, it should be noted that the deposit bonus of most brokers is counted only in the “how big position you can have” part, and the bonus will disappear if you lose more than the deposit amount It has become. That is, the bonus cannot endure the floating loss.

On the other hand, the deposit bonus of the XM standard account is designed to cover floating losses. This is a considerable advantage.
Account opening $ 30 bonus, double deposit up to $ 500, 20% bonus above $ 500 (up to $ 5000). This is in very good condition.

* Low spread type “Zero account” are not eligible for the bonus, so it is necessary to select “Standard account (1lot = 100,000 currency)”.