Odin Forex Robot Review Is forexrobottrader.com Legit

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Odin Forex Robot Review: Is The Automated Trader Legit Or Scam?

The Odin Forex Robot introduces their forex robot system as the “unrivaled expert trading advisor with brutal trading accuracy.” It goes on to list the astronomical profit figures they claim to have achieved with the robot trader in the last 30 days and ‘so far this year.’ This spikes off the first red flag not just because of their incredibly high numbers but because they have little evidence to back the results.

A quick search online reveals that Odin Forex Robot trading system is distributed and maintained by ForexRobotTrader.com that is in turn owned and operated by Don Steinitz. Apart from Odin forex robot, Don is also the developer of the equally controversial products. Yet they all have the same characteristics and key among them is the promise of huge profits from small initial investments.

  • Vader Forex Robot
  • Falcor Forex Robot
  • Ganon Forex Robot
  • Hedge Forex Robot
  • Directional Forex Robot
  • WaveRunner Forex Robot
  • Reaper Forex Robot
  • HAS Forex Robot
  • Pterodactyl Forex Robot
  • Volatility Forex Robot
  • Free Forex Robot
  • Fractal Breakout Indicator

What is the trading strategy used by Odin forex robot

According to the Odin Forex Robot website, their system embraces the Grid trading system that they claim plots charts in real time to identify trends that it then uses to “enter and close trades with no lag time.” The process is fully automated which then makes the Don Steinitz algorithmic trader deployable for all traders regardless of their skill as they don’t have to “lift a finger.”

From an experienced trader’s point of view, the explanation of this strategy is just meant to lure in traders. It glosses over all the important details that help an experienced trader determine whether robot trader is worth investing in or not. For instance, it doesn’t mention whether the strategy allows for the implementation of stop-loss or any other risk management protocol aimed at protecting the trader’s investments. It also doesn’t mention the number of trades the system can open during a trading session.

Reasons you should be cautious when dealing with Odin forex robot

No backtests

Backtests remain one of the most effective methods of helping prospective traders understand the inner working of the trading robot they hope to acquire. In an ideal situation, you would expect these backtesting results to include such factors as settings; tick data variation, stop loss levels, time frames, and amounts invested as well as the duration of the backtest. But Odin Forex Robot provides none of that.

Independent reviewers that have purchased and tested the system have nonetheless flocked such reputable trading robot review sites as forexpeacearmy.com, expressing their disappointment with the system. The chief concern in the unreliability of Odin’s default settings that don’t live up to the expectation peddled on their website.

Suspicious and unverifiable live trading results

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Independent trading review sites like Myfxbook and FxBlue give trading system developers a chance to host the verified trading history of their automated systems on their platforms. Odin Forex robot developers, however, decide to forego either of the platforms and link the results of their live trading accounts toa suspicious and unverifiable trading history profile.

This isn’t the first time ForexBrokerrobot.com is foregoing the independent and reputable trading history providers and hosting their forex robot’s trading history on unverified third-party websites. It is a trend as none of their forex trading robot has its history on an independently verifiable history tracking platform. This shoots up as yet another red flag that makes trader think hard about the trading robot provider’s transparency.

History of running scams

Forexrobottrader.com, the brand behind the popularization and distribution of Odin Forex Broker among other automated trading software, is marred with controversy. They also have a history of running scams with most of the trading robots they allegedly provide being flagged off by a majority of the trading community as highly unreliable and scam.

While the history alone is not enough to qualify Odin as yet another scam project, the fact that it follows in the footsteps of all its predecessors from risky trading strategies and unverifiable trading information does.

Negative user reviews

We agree that there may be a host of reasons why a disappointed trader may leave a negative review on a forex broker’s website. But a load of them, all from verified traders that have interacted with the system, addressing such common issues as poor performance, poor support, and poorly researched deposit settings, cannot be wrong.

Checking up on Forexpeacearmy.com, there are hundreds of negative reviews from verified traders directed at Odin and its Forexrobottrader.com developer as well as the other trading robots that the developer gives out for Free as an added bonus for every purchase.

PAMM forex accounts management has also evolved into one of the ways traders use to test the effectiveness of trading robots, as well as trading signal service providers. Before PAMM investors deposit into accounts they demand access to a trading system’s actual trading history and vet every possible threat to their often huge investments.

But the net reward from maintaining these accounts is worth the close scrutiny. It is, therefore, suspicious that Odin Forex Robot would forego the lure of guaranteed profits made from maintaining PAMM accounts only to sell their system that “beats the market” for $199.

No money back guarantee

Legit Forex trading system developers, confident about their systems, give their clients enough time to test their trading robots. They provide a free trading period, allow for the use of demo accounts or opt for the more popular money back guarantee strategy. Odin Forex robot offers none of these, neither does it promise to give back your invested amounts should their system lose you money or perform dismally.

Odin Forex Robot — Is it Scam or good Forex system trading?

Odin Forex Robot is an automated Forex advisor that gained fame in 2020. It is a whole system that has based on a number of algorithms. The system has based on the Grid trading strategy. Many potential traders have doubts about the effectiveness of the forex robot during long trials on a real account. After all, this is a standard network advisor, which have characterized by the opening of several transactions in different directions at once. This leads to drawdown of the deposit.

Let`s see why we should pay attention to Odin.

Table of Contents

Features of automated trading with Odin Forex Robot

The official website of the adviser states that the algorithms have based on the Grid strategy. This is a network strategy, which involves opening orders through a certain time step or price in a delayed way. The methodology of trading have focused to the fact that, eventually, the price will move on the flat in both directions, and Take Profit will close all profitable trades. It is important to clarify that the trading have conducted mainly in stable markets, where there is no trend or protracted tendency.

Such strategy is difficult for efficient and profitable trading even without automation. The fact is that it is very important to choose the right timeframe and take into account all the risks. After all, the opening of numerous orders in different directions leads to a drawdown. Therefore, to use Odin Forex Robot, have recommended holding a good deposit margin per $ 500.

Trading conditions of this automated advisor:

  • The minimal lot for opening trades – 0.01;
  • The recommended deposit – from $ 500;
  • Leverage level – up to 1: 500;
  • Type of orders – pending;
  • Trading terminal – Metatrader;
  • The currency pairs – EUR / USD, USD / CAD, USD / JPY, AUD / USD, GBP / USD, USD / CHF.

Advantages of the Odin Forex Robot network Advisor

The Odin’s network advisor has a number of features and advantages:

  • All settings have optimized for more than 20 currency pairs, for which this fx robot is best suited;
  • Installation will not take more than 5 minutes (for installation instructions read below in the article);
  • Built-in patented the user data protection technology (Shield);
  • The ability to generate income up to 300% per annum (according to objective reviews and test results).

The robot has downloaded by the archive, including all necessary for installation.

Disadvantages of the robot Odin

The obvious drawbacks of the bot:

  • A network of orders, as a trading strategy, sooner or later leads to the discharge of the entire deposit (as an analogy, you can specify the Martingale method of doubling lots);
  • The official site indicates clearly overstated test scores (evidence of real returns are not freely available);
  • For trading, you need to have a good deposit margin so that have not drained;
  • The algorithms built into the adviser are not based on real technical indicators, and fundamental factors and the behavior of candles are not used for the analysis.

Accordingly, experts and experienced traders will not recommend Odin’s system for real money trading. Since the risk of discharging the deposit is too high.

How to install and optimize automated system Odin Forex Robot

If you still decide to try your luck and test this robot, we recommend to doing it on a virtual account. You should to download bot archive. Unzip the main folder and move it along the path: Metatrader (or another name of the root folder of the trading terminal) – MQL4 – Expert (the main file in the ex4 format has copied.). The indicator has copied to the MQL4 folder – Indicators.

If you desired, you can optimize the following parameters of an automatic robot:

• The trading lot (according to the standard set to 0.01); • The order network step (with what interval deals are opened); • The Stop Loss and Take Profit levels; • The price of the asset to open and the price of the asset to close the order (as the pending transaction type is used).

After copying the advisor files to the root folder of the trading platform, please, restart the program. Then you can activate the robot on any chart. The bot has its own user interface, expressed by the information block on the chart (there you can find all the information on trading).

Odin Forex Robot Reviews

Odin Forex Robot deserves the potential attention of a trader. But only if he objectively assesses the risks of losing the entire deposit due to the use of a network of orders. Trading has conducted 24 hours a day, so the user will have to either monitor the indicators around the clock, or deactivate the robot for a while. You can all run to chance, but in the reviews indicated that without control and optimization, Odin Forex Robot drains the deposit for a couple of weeks.

To obtain the desired results (which are so actively published by the creators of the robot), you must correctly use Money Management and Time Management. You can feel more confident with a deposit of $ 2000, but this is not a small amount, and not everyone is ready to test the next robot on it.

Today, reviews of Odin, as an automated trading system based on the Grid strategy, are mostly neutral. A lot of negativity has also found in relevant forums, in discussions. Despite this, the robot continues to “collect” nominations for the best Forex bot from various organizations.

Odin Forex Robot Review

Odin Forex Robot is presented as a leading forex robot, an unrivaled expert advisor with brutal trading accuracy, designed to automatically earn you guaranteed daily profits, while you sit back and watch as your account grows. Odin has made $165,176 in the past month, and over $1,606,651 so far this year.

Although this might sound pretty attractive, you should be especially wary when someone offers you guaranteed daily profits, with some unproven trading algorithms.

Not to mention that Odin Forex Robot is using a very risky trading approach you should avoid, if you are looking for a profitable trading strategy.

What is even worse however, is the fact that the forex robot does not have a verified trading account. So if you are still considering to add them to your trading account tool better read the following review.

Meanwhile, the best alternative to Odin Forex robot scam is Daxrobot.com.

Odin Forex Robot Review

Odin Forex Robot is another expert advisor sold by the ForexRobotTrader.com team, created to trade popular currency pairs like USDSGD, EURCAD, NZDJPY, EURCHF, EURGBP, NZDCHF, USDJPY, EURUSD, GBPCAD, EURAUD, EURNZD, USDCHF, AUDCHF. The robot is being sold at a price of $129 but they did not disclose the recommended trading timeframe.

We all know that One of the reasons newbie forex traders don’t do as well as they should is because they’re usually trading the wrong time frame for their personality. A subscription to Odin Forex Robot offers you access to a handful of unpopular free forex robots including HAS Forex Robot, Hedge Forex Robot, Fractal Breakout Indicator, Pterodactyl Forex Robot, Directional Forex Robot, WaveRunner Forex Robot, Volatility Forex Robot, or Equity Trail Forex Robot. There is no mention whether what you are buying is for a lifetime or limited. Also you will not see information about testing service.

Meanwhile, to help forex beginners learn the ropes before diving into the deep end, forex robot vendors provides clients with the option of a free testing service to trade risk free.

How does it work

We usually reserve the this section of our review for any possible trading methodology that a forex robot might offer its customers. In the case of Odin Forex Robot, however, we saw that they did not provide real insight on why we should trust their strategy. The Odin Forex Robot Odin uses an advanced grid trading strategy to find beautiful forex trades automatically. They wanted to use a couple of taglines to back it up, but it is not enough. They fail to explain the actual technicality behind their Forex strategy especially now they are using a risky strategy like grid.

Meanwhile, the problem with the grid trading strategy is that the risk is not controlled. The trader could end up accumulating a larger and larger losing position if the price keeps running in one direction instead of ranging.

Odin Forex Robot also mentioned a ”Real Time Broker Shield” but there is no in depth explanation.

Trading Result

At the SCAM EA, you will find hundreds of reviews of Forex robots, where we check to see if they are verified investment product, or simply a scam. The way investors properly compare a Forex EA result, is by checking to see if their results are published in a public statement sharing site, like myfxbook or FXBlue.

The ForexRobotTrader.com group do not provide a verified trading result for their robot

They do provide trading statements, which is better than screenshots, but these statements are not verified by a third-party website like Myfxbook or FX Blue. What is worse is that clients are proposing that the robot result stated are not real.

Our best advise for you

At this point in time, we are not recommending the Odin Forex Robot because the obvious reasons they are scam and results are not matched with real clients feedback. Odin Forex Robot needs to settle this by publishing their results on a third party statement sharing site like myfxbook. Until they do this, the community is going to remain skeptical, and we are going to follow suit. If you want to make money as a trader, check out these trading tools.

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