The installation process of the FXGoodWay X2 EURUSD on MT4 is pretty simple. You only need to download the installation files of the robot to your computer and put them into the right folders of your MT4. Learn how to install and run EA on MT4 and trade with FXGoodWay X2 EURUSD without problems.
If you got tired of trading robots, which are in losses for weeks, close trades by Stoploss and then go through a long and boring process of covering those losses, then you will definitely like FXGOODWAY! With this EA your profit will be stable and constant.
How to install the FXGoodWay X2 EURUSD on MetaTrader 4?
What is the profit level of the FXGoodWay X2 EURUSD on the real/demo account?
The FXGoodWay X2 EURUSD has been able to reach the profit level of 741.75% during the live/demo trading period. These results are proven by one of the respected third-party companies.
What is the drawdown level of the FXGoodWay X2 EURUSD on the real/demo account?
The FXGoodWay X2 EURUSD has been able to keep the maximum fixed drawdown level of 56.56% during the live/demo trading period.
How much does the FXGoodWay X2 EURUSD cost?
The official developer of the FXGoodWay X2 EURUSD has announced the price of the FXGoodWay X2 EURUSD to be $315.
FXGOODWAY EA Review
The FXGOODWAY EA is an automated trading system that’s been on a market for a long time and today we`re going to review the newest version of this Forex robot that’s been released not long ago. So, dive deeper into this FXGOODWAY EA review to see all the pros and cons of this robot.
Live performance of FXGoodWay X2 EURUSD
There are three live trading accounts of FXGOODWAY EA available on Myfxbook. Two different sets of EURUSD currency pair and an account of the USDCHF currency pair. The two accounts of the EURUSD pair were set up on June 25, 2020, while the USDCHF account begun trading on March 27, 2020. This gives us 7 and 10 months of live trading to analyze respectively. As we can see all of the statistics of the robot show strong upward movement with no stop-losses which speaks up about the reliable nature of the robot. Nevertheless, there are a few long drawdowns on EURUSD set 2 and USDCHF accounts that however never were closed in a loss.
There is also one backtest per each live Myfxbook account of FXGOODWAY EA available. All three backtests were made on the historical quotes from 2015 to 2020 which is 5 years of backtesting. All the backtests were also made on the basic MetaTrader backtester on the 1H timeframe with 90% accuracy which is okay for this EA because it does not use scalping strategy and doesn't need the precise every tick data for its proper work. As we can see from the statistics the EA showed itself very stable and constant.
*The backtests are taken from the developers’ website
*The subsequent analysis of the adviser is based on live analytics from the Myfxbook website. We’ll go through the pluses and minuses of the trading system as well as the profit and drawdown analysis.
PROFITABILITY AND DRAWDOWN
If you are not new to automated Forex trading you’ve probably heard about FXGOODWAY EA before. There was an old version of the EA that’s now replaced by two new versions. The new versions of the FXGOODWAY are FXGOODWAY X2 EURUSD and FXGOODWAY USDCHF. The X2 stands here for the availability of the robot to use 2 different sets of trading which the developer describes in such a way:
“In the new version, FXGOODWAY X2 is now available two sets of settings, which include many patterns (sessions). In the settings of the EA, it is possible to choose whether to trade using Set 1, Set 2, or both sets at the same time. Set 1 is basically the old version of FXGOODWAY. Set 2 – consists of new settings that have also been tested for a long time on a real account, the results of which you can find in the Statistics section. Set 1 uses up to 10 patterns; Set 2 - up to 7 patterns”.
The live performance of the account is pretty close to each other. As we can see from the Myfxbook statistics of the robot the most profitable of the accounts was the Set 1 of X2 EURUSD which has made 184.51% of the gain since the beginning of the trading (look on the chart below).
The maximum floating drawdown level on this trading account that was fixed by the Myfxbook is 31.18% but as we can see from other statistics of the account, the real maximum fixed drawdown that was closed with a trade on this account is 6.45% (look at the chart below). This together with the gain level of 184.5% and 7 months of live trading can be calculated as a profit/drawdown ratio of 1:0.9 or (in case of the 6.45% of drawdown) 1:4.
The next profitable trading account of the FXGOODWAY EA is the USDCHF account. This version of the robot has only one set available which includes 9 patterns that are built into it. It was able to make 130.37% of gain since the beginning of the trading (March 2020). Here is a screenshot of the trading chart of the account:
The maximum floating drawdown level on this account fixed by Myfxbook is 21.18% but at the same time, the maximum fixed drawdown since the beginning of the trading was just 10.61%. As we can see from the screenshot below there were two cases of such a drawdown. All these numbers together with the gain statistics and 10 months of trading give us a profit/drawdown ratio of either 1:0.62 or 1:1.2.
There is quite a similar situation with the third account of the FXGOODWAY EA. Set 2 of the X2 EURUSD account has 7 months of trading and 106.75% of gain during this period. At the same time, the highest floating drawdown level on the account was 28.65%, and the highest fixed drawdown – 20.34% (look screenshot below).
The profit/drawdown ratio in this case if calculating through all the numbers of gain and drawdown levels together with the trading period is either 1:0.53 or 1:0.75.
Anyways, the FXGOODWAY EA was profitable during a 7-10 months trading period having no stop-losses and no deep fixed drawdowns. The profit/drawdown ratios of different accounts of the EA might be not the highest stats you've ever seen, but still, the EA is profitable, and even the 1:0.9 ratio is very good for the automated trading system.
As it was mentioned the EA has got live trading results for 7 and 10 months on Myfxbook. There is not much that we can specifically know about the algorithms that form trading patterns (sessions) of settings for trades but what we know is that the trading style of the FXGOODWAY EA is based on a grid strategy and the EA provides some unique system of market analysis to calculate the best entrance point as well as a closing of the order.
So, basically, all the trading of FXGOODWAY EA is divided by sessions that consist of some preprogrammed patterns that define the conditions of the next grid that's going to be opened. The EA analyzes market conditions and somehow decides the pattern that is should be used in the current market situation. And if the EA has no opened orders of the chosen pattern it starts a new session or grids in the direction of the trend. There are a different number of preprogrammed patterns in different versions of the FXGOODWAY EA. For example, there are 10 patterns built into Set 1 of the X2 EURUSD version, 7 patterns into Set 2 of the X2 EURUSD version, and 9 patterns into the USDCHF version.
It is easy to see from the live trading statistics that the EA really trades using grids. The longer grids I noticed analyzing the trading stats are up to 4-5 trades closed mostly in profit. For example, on the screenshot below we see the grid of 4 trades closed in profit even though the first opened trade came out to be unprofitable.
It should be considered that the EA does not use compound interest since we can trace the obvious tendency of the lot size to be the same during the whole trading history of the robot. If we look at the screenshots below, we’ll see that the lot size stays 0.10 since the beginning of trading.
There is also a fixed common pips amount that FXGOODWAY takes in normal conditions through the whole trading history of the EA. For example, let's look at the screenshots below that represent FXGOODWAY X2 EURUSD Set 1 trading statistics of the beginning of trading and the latest trading results of the same version of the robot.
The first screenshot represents statistics of the EA at the beginning of trading. As we can see there is a common profit amount of 30 pips taken by FXGOODWAY EA X2 EURUSD Set 1 which mostly is equal to 30 USD.
The second screenshot shows the same tendency on the latest trading results of FXGOODWAY EA. The common number of 30 pips which is equal to 30 USD taken also shows that there was no change of the lot size through time.
The trading frequency of the FXGOODWAY EA is different on all live accounts but it fluctuates within the range of 0.4 – 0.8 trade per day. For example, statistics on the FXGOODWAY EA X2 EURUSD Set 1 account shows that the robot has made 150 trades since the beginning of trading which is 0.7 trade per day if divided by the number of trading days. In general, it's worth saying that FXGOODWAY EA trades pretty frequently and has no problems with bringing stable profit.
Let’s summarize all that's been said about the FXGOODWAY EA. This robot is a new version of the old FXGOODWAY which has been on the market for a long time. The new FXGOODWAY is actually two versions: the FXGOODWAY X2 EURUSD and the FXGOODWAY USDCHF. The X2 version includes two trading sets that have different logics built into them.
The EA has three live accounts and each account has got 5 years of backtesting and live trading statistics of 7 and 10 months (for USDCHF currency pair). The Set 1 of X2 EURUSD account has made 184.51% of profit during its 7-months trading period and has a profit/drawdown ratio of 1:0.9 or (in case of the 6.45% of drawdown) 1:4.
The FXGOODWAY EA USDCHF account has made 130.37% of profit during its 10-months trading period and has a profit/drawdown ratio of either 1:0.62 or 1:1.2. And the Set 2 of the X2 EURUSD account has made 106.75% of gain during its 7-months trading period and the profit/drawdown ratio is either 1:0.53 or 1:0.75.
The main trading strategy of the EA is grids but there is more about the logic of the trading. Different sets of the FXGOODWAY EA uses different preprogrammed pattern and chooses the most appropriate of them by analyzing the current market situation. The robot does not use compound interest in reaching its results.
The price of the EA matches the quality of the product in my opinion. There are all the features that are needed to be sure that the EA is one of the high-quality robots. FXGOODWAY EA has good trading results so far, it has no stop-loses or deep drawdowns closed in a loss. It has backtests for each of three live Myfxbook account that are opened for everyone to analyze. There are also a 30-days money-back guarantee and 24/7 support for customers. All this is enough to give a 5 out of 5 stars mark.
The ratio between profitability and drawdown varies a little from account to account but mainly the EA shows satisfying results. It might not be the most profitable Forex robot on earth but it does its job and does it well. So, I give it 4 out of 5 for this mark.
There are 7 months trading statistics for two EURUSD Myfxbook accounts of FXGOODWAY and 10 months statistics for USDCHF account which is enough to give this robot 4 out of five stars for this stat. There is also one backtest per each set of the EA that has 5 years of backtesting which is totally enough to give it 5 out of 5 in this criterion.
And my own attitude toward this robot is fine because the trading of FXGOODWAY EA is profitable and the risks are just exactable. Moreover, all the features that are included in the purchase and the respective price for it are enough to give it 4 out of 5.
At the moment of writing the review, the automated rating system of the ForexStore rated FXGOODWAY EA with 8.6 points out of 10 which is very close to those equivalent marks that I've considered after reviewing this Forex EA.
I hope this helps you, traders! I wish you profitable trading and luck on the market!