Forex inControl 3.0

As it’s been mentioned before Forex inControl has only one official Myfxbook account available. The system trades only with the AUDUSD currency pair on the official account and there are only two recommended currency pairs to trade on. But as the developer says: “The algorithm of Forex inControl is so unique that the EA can easily work on many currency pairs. But we chose the two best ones. Trading on two currency pairs makes it possible to cover potential losses on one pair by the profit from trading on the other one”. 

Note that the official developer’s account trades AUDUSD only, so the live statistics below reflect one pair. The EA itself works with two: Forex inControl 3.0 trades AUDUSD and EURGBP, and the Complete version adds USDCAD and EURJPY. We’ll come back to the EURGBP pair later in the review.

The official account of Forex inControl EA has made 867% of profit since February 2018 when the account has been started. At the same time systems’ max floating drawdown reached 38.8% of the deposit and the average monthly drawdown level is 7.51%. 

As we can see from the smooth straight upward curve on the Myfxbook account the EA hasn't faced any big stop-losses or deeply fixed drawdowns since 2018 (look at the chart below). It shows stable results for more than two and a half years already.

Talking about drawdowns on the account it is important to mention that Forex inControl EA is equipped with the system of “Hard control of Drawdowns” which, according to the developer, works as follows:

The trader sets the maximum drawdown in the EA settings, and the EA automatically places a StopLoss on all orders according to this limit.

There are real account statistics of Forex inControl EA available since February 2018 which gives us 30 months of trading to analyze. The average drawdown to profit ratio of Forex inControl EA according to the gain and drawdown levels numbers from Myfxbook statistics is approximately 1:0.21 if relying on the 7.58% monthly gain shown on the official page.

It might look like the system uses the compound interest to higher the gain level but actually, if we compare the deposit growth to the lot size, we can clearly see that for two years of trading (and with the gain of 867%) the lot size has risen for just 0.05 lot which is too small to be claimed as an option of compound interest. 

Here are two screenshots with the first orders of the system that shows lots size of 0.15 and then we see that the latest orders are 0.20 lots per trade.

So, as we can see, Forex inControl shows stability and no fixed deep drawdowns or stoplosses during more than two and the half years of trading. Even though the drawdown to profitability ratio is not high we still can say that the system has been profitable and, what is more important, has kept its drawdowns under control. The absence of sharp downward moves on the statistic graph indicates that the system really sticks to its philosophy which is described by the developer in this way:

“Forex inControl is the EA which can work both: as a single system on the account and in a combination with any other EA. It does not open orders all the time, it waits for the best moment to enter the market. That allows us to trade with several EAs on one account at the same time without getting big drawdowns”.

It is not clear how exactly the system “calculates the best moment to enter the market” but as it’s been mentioned the system managed to do it pretty well in the past.

The trading strategy of this EA looks exceptionally. In certain situations the system increases the lot size (a Martingale-type step), but this happens rarely. Analyzing trading statistics of Forex inControl EA it’s clearly seen that about 90% of orders are set without increasing the lot which speaks up about some other kind of trading strategy.

It also looks like the EA uses grid strategy when looking on the chart, but is actually something similar to a dynamic grid, but not a classic grid for sure. Orders are opened according to some special algorithm that analyzes the market instead of just opening pre-set grid orders. 

The screenshot below shows such a case: the lot size was increased within one grid, and the grid closed in profit even though four out of six trades were closed in a loss.

During its trading, Forex inControl EA managed to complete only 132 orders which also confirms developers' statements about the "awaiting" nature of the EA. The results of the trading on the other hand confirm that the system really manages to choose the best moment to enter the market as we see that the percent of the winning orders is 74% while there are only 25% of the losing trades on the account (look on the screenshot below).

The approximate average duration of the trades on the Forex inControl EA account varies from less than 1 hour to 12-15 days. The orders that have been on the market for a longer period in most of the cases ended up being unprofitable as we can see from the tab below.

There is a version of the Forex inControl EA that includes an additional feature called “Accelerator mode”. In short, this feature gives a customer an opportunity to allow the system to determine the situation on the market in which the advisor increases the volume of lots. More information about this and all other features of Forex inControl EA you can find in the user manual attached when buying the robot or by contacting the developer.

A note on the EURGBP pair: during the Brexit period it was unusually volatile, and at that time the developer advised clients to be more careful with it. Today EURGBP is a regular part of the system: Forex inControl 3.0 trades AUDUSD and EURGBP, the Complete version adds USDCAD and EURJPY, and EURGBP backtests are available from 2005.

Briefly characterizing this EA considering all that has been said I would describe Forex inControl EA as a well-balanced Forex robot that has shown good results in managing its drawdowns and choosing an entry point. It trades selectively and has shown steady monthly results.

There is not much detailed information about the trading logic and strategy of the system available but the trading results such as 2.5 years long upward trading statistics speak for the durability of the Forex inControl EA.