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CovertFX EA forex robot brainyforex review

Jared Rybecks latest EA forex robot 31 August 2016 is called CovertFX. Brainyforex is currently completing a review of this fully automated trading system. Read more below.

As seen on the left, the independent third party results on Jared's live money account look very impressive. As brainyforex has previously tested Jared's first EA called KeltnerPRO with good results it is anticipated that this system should do even better as it trades a lot more currency pairs including gold.

Brainyforex independent testing with review copy through IC Markets (demo account) below
1 Sept 2016 to 13 March 2017

The only way to find out if CovertFX is any good is to give it time to trade many market conditions and the longer term results will provide us with the answers.

As at 1 September 2016 brainyforex has now got this EA up and running on IC Markets demo account and will compare the results to Jared's real money account as shown on myfxbook.

Other factors that will be looked at too will be the stability of the software, ease of installation and any other issues that arise will be reported on.

Report 1 - Installation of EA 1 September 2016

Brainyforex installed CovertFX easily with no issues following the user manual provided by Jared. Everything was explained clearly in the members login area and the manual provided.

The recommended currency pairs and risk settings are used as per manual. aud/usd 3.5%, eur/aud 3%, eur/gbp 1.5%, eur/usd 3.5%, gbp/aud 3%, gbp/jpy 1.75%, gbp/usd 3.5%, nzd/usd 3.5%, usd/jpy 2.5% and xau/usd 2%

Report 2 - After 14 days of results

Looking at the brainyforex statistic results we see that after 14 days of trading the worst day has been a 17.5% drawdown of the balance which would indicate that the recommended risk settings are probably too high for most people? A more conservative risk level across all the currencies, to help with the drawdown factor may be closer to 1% instead of those recommended and pre-loaded into the EA as shown above. Just a personal preference decision depending on one's risk appetite.

Report 3 - After 3 months of testing

After three months of testing we see CoverFX down 30%. It was down 50% at one stage but has managed to claw back 20% recently. If it can continue to crank out more winners like this then it should recover rather quickly. Time will tell of course, so lets keep watching.

Report 4 - 16 December 2016

She did it! CovertFX did continue it's winning streak and has now recovered from it's drawdown back to it's opening balance. This is what can happen when a forex robot is first run. You get a nasty drawdown and then it recovers. Most people would not have the courage to keep the system running after a 50% drawdown, thinking something has gone wrong? Maybe it's a scam robot or a problem with the broker used?

It was easy for us to keep CovertFX running for our test because it is currently tested on a demo account. It lost $2,500 on the $5,000 account before recovering the full amount. This happen within three and a half months.

I think a case of using half of the recommended risk settings would be a safer alternative. That way this drawdown would only have been 25% instead of 50%. For our continued testing with demo account we will stay with the recommended risk settings.

Report 5 - 13 March 2017 testing finished

Brainyforex needs more VPS space for testing new EA's hence testing has ceased on the 13 March 2017 as CovertFX has not produced any profit since testing started six and a half months ago.

Total loss for period was -$1,740.21. It made 557 trades, 283 winners and 274 losers. Tested for six and a half months. Two of those months showing profits and the others loses.

It was observed that this EA has the ability to recover losses if the market moves in it's favor.

It is worth watching the vendors independent third party verified live account to see where it goes from here. As it normally goes, since testing finished a few profitable trades came through.

If trading results pick up from here it would mean that Brainyforex's testing was during a drawdown period and this EA. If it can manage some 100% profitable months due to market conditions it may be worth purchasing if you can handle larger type of drawdowns without stressing out.

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