The trading industry is full of automated trading bots. Most products do not stick around year after year and develop a solid following. One exception is Forex Fury, which has been around since 2015 and claims to have approximately 15,000 users worldwide.
In this article, I’ll cover the basics of trading bots and, more specifically, what Forex Fury offers traders, its features, performance, risks and ultimately, whether it holds overall value to traders.
An automated trading bot is software containing a trading strategy algorithm that automatically places trades in a trading account. For it to be a genuine automated bot, it must be able to carry out the following functions:
- Connect to a live trading account.
- Place entry orders.
- Place stop loss orders.
- Place take profit orders.
If the automatic trading bot meets all four conditions, it meets the definition of an automated trading bot.
“Expert advisors” (or EAs) are MetaTrader extension files that allow traders to add custom features to MetaTrader, such as indicators, chart enhancements, and automated trading bots. Many traders first discovered automated trading through MetaTrader expert advisors.
Let’s look at ten important features of how Forex Fury works.
- Forex Fury is a downloadable automated software trading bot which places trades on your account.
Forex Fury sends a link to download the files once you purchase it.
- Forex Fury can run with any MetaTrader broker.
- Forex Fury can place trades on Forex, indices, and crypto.
However, all the performance data on Myfxbook posted by Forex Fury that I saw is on Forex pairs. As the name suggests, the creators designed Forex Fury to run on the Forex market.
- The strategy is a range-based trading method.
According to the creators, the strategy works best in low volatility range bound conditions. It has filters to ensure the robot trades during these conditions.
- The strategy trades one hour daily, 4–5 p.m. ET, on the standard setting.
Forex Fury aims to capture trades during quieter market times, and the standard setting is for it to trade between 4–5 pm ET, i.e., the end of the US session. Users can change this; another popular time for this strategy is at the end of the Asian session. Because it is an automated bot, users do not need to be on the screen while it is active and can place the trade times for whatever performance is best.
- The software places 10-20 trades per day per pair.
Forex Fury aims to capture multiple small moves in the market. Slippage and spreads disproportionately impact profitability on smaller movements, so it’s critical to choose a broker with the lowest spreads and good execution for less slippage to use this bot.
- Forex Fury is a one-time cost.
The company does not charge recurring annual fees; all future product updates are free. However, there are no free trials, and the purchase is non-refundable.
- The software allows users to change many settings.
Like most automated trading bots, Forex Fury has default settings out of the box. However, users can change these settings to suit their needs. These include:
- The software allows for backtesting.
This is an essential feature to test the strategy on different markets with different settings.
- Customer support is via email only.
This may make some users uncomfortable, but multiple user reviews confirm that the company responds quickly to emails.
Let’s define reliability:
- Is the software stable? Or does it shut down or stop working?
- Is Forex Fury profitable? What’s its performance?
There are occasional instances of it opening multiple sets of trades when it’s not supposed to do that, but this only happens sometimes. I found no reviewers claiming the software crashed or unexpectedly shut down.
It’s easy to install, because the software comes as a MetaTrader Expert Advisor, it is a tried and tested installation format.
Forex Fury posts performance examples on Myfxbook.
Like any creator of an automated trading bot, they will publish only profitable results. However, it’s still nice to have those results on their site as a reference. Some of their performance data is from live accounts, and some from demo accounts.
The default setting is no stop-loss.
This is usually not an intelligent trade method, and I recommend using a stop-loss. However, I think the current version has an “equity percentage” protection feature—for example, if the account is down by a certain percentage, Forex Fury will close all its trades.
The optional stop loss sizes are much higher than the take-profit sizes.
When using one of the optional stop loss sizes, the risk per trade is much higher than the reward per trade, sometimes three times more risk than the potential reward. This inevitably leads to deep drawdowns, which take longer to recover from.
The win rate is high.
The creators advertise win rates over 90%. On the surface, this is excellent. However, I always view win rates alongside the average reward to risk ratios. The Forex Fury stop-losses are 2 to 3 times greater than the targets. So, although the win rate is high, the losses are larger than the wins. This means deeper drawdowns.
With multiple settings that users can change and different markets they can choose, measuring long-term performance is subjective. Forex Fury makes regular updates. So, if you’re looking at someone else’s historical results, it may be from a previous version rather than the current version.
This is the million-dollar question. I give Forex Fury a medium rating. Forex Fury has the potential to be profitable, but it depends on user settings. Forex Fury also has drawbacks. Here are my pros and cons of Forex Fury.
- I love that it is a one-time cost with free lifetime upgrades. As Forex Fury improves, paid users automatically benefit from the new upgrades without repurchasing the software. For example, the more recent versions can filter out trading around news events to further avoid volatile markets that do not meet the strategy’s ideal conditions.
- Trade execution is fully automated. Once I have decided on the settings I want to use in my account, I can let Forex Fury run without being on the screen. This is great if I don’t have the time to trade.
- As a fully automated bot, I can automate backtests. I can try different Forex pairs, times of day, etc., to see which settings have performed best.
- Forex Fury has a large community that shares ideas. For example, I’ve read some great tips about avoiding Fridays because they can sometimes be volatile, which is not an ideal market condition for Forex Fury. And even some well-known YouTubers have reviewed Forex Fury and given their thoughts.
- Customer service is responsive. All Forex Fury reviewers state that their customer service is quick to respond.
- There are lots of users that have struggled to be profitable with Forex Fury. The reviews are mixed, and profitability has depended on which Forex pairs and settings people have used.
- The take profit targets are small compared to the risk. The strategy aims to capture lots of small wins. However, even though there are usually fewer losses than wins, the average loss sizes are larger than the average win size, i.e., the reward/risk ratio is less than 1. A few losses can wipe out the gains of many winning trades. One complaint amongst users is that the drawdowns take a long time to recover from. Even some of the performance data posted by Forex Fury show large drawdowns on occasion—one performance summary on Myfxbook on a particular pair posted by Forex Fury showed a drawdown that took a year to claw back.
- There’s no free trial. Once I’ve paid, that’s it. If I don’t want to use it, there’s no refund. The company makes that clear on their website—nobody is tricked into thinking they can get refunds.
- The strategy is susceptible to volatility and small changes in market conditions. It is important to be careful with which pairs to trade and the settings to use, and to constantly back test recent data to help make those decisions.
Forex Fury is a fully automated trading bot designed to run on any MetaTrader brokerage account. Their website states it can run on Forex, indices and crypto, assuming the chosen broker offers these markets on MetaTrader. However, all the performance data by Forex Fury that I saw is on Forex.
Forex Fury allows users to play with the settings—the most important being the time of day the bot operates because the programmers designed it to capture trades during quiet market hours. There is no official track record because it depends on which pairs and settings, and the creators are constantly releasing updates (which are free for all paid users).
Is Forex Fury a good bot?
Forex Fury is a stable, fully automated trading bot, and some (but not all) users have experienced profitable performance and good customer service. Another thing that makes Forex Fury good is that the creators constantly release updated versions for free to paid users.
How profitable is Forex Fury?
The win rate is over 90%, but even though the number of losses is small, the losses are large.
What is the average return on Forex Fury?
The Forex Fury website says they aim to generate 10-20% monthly returns.
How often does Forex Fury trade?
On average, Forex Fury places 10-20 trades per day per Forex pair but only trades for 1 hour per day unless the user changes the settings.