We have completed our three month trial of Funnel Trader and here are the final results:-
|Trade Success Rate:||59%|
|Cost:||$397/year or $799 for lifetime license|
|Average number of trades:||8 per day|
|Rating:||0.5 out of 5.0 stars|
You can view full results here
Funnel Trader – Full Review
Funnel Trader is a Forex robot from the Leap FX team. The strategy behind Funnel Trader is based on short term trends. According to the sales page the robot has worked out how to recognize a short-term trend and then trades in that direction. The details of how it does so and using which indicators and signals aren’t provided and there is little information on the theory behind the system.
Sometimes it is OK for the details behind a strategy to be kept quiet as the creators don’t want to give away their secrets. We do like to know at least the basic idea behind a system however and where its edge over the market comes from, so we were a little cautious when we started this trial, although the results published on the sales page looked very good.
Sadly however the trial has been something of a disaster, with a loss of over $4,000 made from starting capital of $5,000 and using the recommended risk/lot settings.
As mentioned during our trial updates below, the robot doesn’t utilize stop losses and some of the positions just kept running up bigger and bigger losses of $300, $400 and even $500.
That is far too risky a way to trade in our opinion and we are wary of any strategy that doesn’t use stop losses. Even if you could make a profit, it would still strike as a risky approach. Unfortunately this robot didn’t even manage to do that though and in fact made huge losses.
There can be no other verdict than a FAILED one for Funnel Trader therefore given the poor results.
Ease of use: Setting up the robot wasn’t too difficult, there is a detailed manual showing you how to do so on a step-by-step basis and experienced robot users would find it fairly straightforward. Once the robot is set up you can just let it run, although of course you will need a VPS unless you keep your PC running all the time.
Transparency of results: The proofed accounts for Funnel Trader on myfxbook stopped in May, just when our review started and we can’t find any live accounts for it. That is a bad sign in itself but is perhaps not surprising given the results we saw in our trial.
Did our results match those on their website? As above, the results on their website only go up to May of this year so we don’t have results to compare ours to. However, the kind of results claimed on their website were certainly not repeated in our live testing.
Trade success rate: The trade success rate for the trial was 59% which in itself is pretty good, but as pointed out above the real problem were those trades that lost and ran up massive losses.
Subscription costs: The subscription costs are $397 per year or $799 for a lifetime license.
OVERALL VERDICT: FAILED 0.5 out of 5.0 stars
Funnel Trader is a Forex robot from the Leap FX team and it trades on multiple currency pairs simultaneously. We ran a trial of it for just over three months and unfortunately the robot made a loss of $4,049 from our starting capital of $5,000. It is therefore a clear FAILED rating from us for this robot.
Funnel Trader – Results Update
3rd July 2020
We remarked last time we were very concerned by the open trades on our Funnel Trader account and sadly those concerns proved to be well founded.
Those open trades materialized into big losses and unfortunately we are now $4,332 down for our trial.
You can view full results here.
That is close to our whole bank of $5,000 being wiped out so it’s fair to say this has been something of a disaster so far.
It always worries us when a system doesn’t use any stop losses and just lets open positions run. That can work if you have almost unlimited funds but also carries massive risks. Sadly in this case it meant a number of trades towards the end of May closed out with losses upwards of $300, $400 and even $500.
So unless something dramatic happens this robot is headed for a failed rating unfortunately.
Funnel Trader – Results Update
3rd June 2020
It’s been a rough old start to our trial of forex robot Funnel Trader.
In terms of the closed trades the start has been fine, with a profit of $36.21 made so far.
You can view full results here.
However, it is the open trades that have been the real worry, sitting over $2,800 down currently. That is on a starting balance of $5,000, so represents over 50% of the bank.
That is a very considerable drawdown and it is not inconceivable the bank could get wiped out at this rate. We are surprised there aren’t any stop losses in place to avoid this kind of situation, but none have kicked in so far.
Things will need to turn around and the recovery positions start kicking in soon, but we suspect the level of drawdown seen already would be too much for some.
Funnel Trader – New Review
14th May 2020
We are starting a new trial today of a forex robot called Funnel Trader.
The strategy behind Funnel Trader is based on short term trends. It has worked out how to recognize a short-term trend and then trades in that direction. The details of how it does so and using which indicators and signals aren’t provided, but it does at least seem to produce very good returns judging by the published results history.
The system trades multiple currency pairs simultaneously and manages the risk such that it does not become over-exposed. So it can recognize an overall position where some trades are winning whilst others are losing and close them out for an overall profit.
The results published on the Funnel Trader website and confirmed by myfxbook look very impressive, with 282% profit made from February 2016 to date. The robot has accumulated over $14,000 profit in that time at a win rate of 57%.
It has a very consistent record with only one losing month since 2016, although there was a gap in trading between April and December last year.
It is reassuring to see a long term track-record like this as it demonstrates a system can perform over an extended period of time and is unlikely to be just a “fluke.” That is also confirmed by the fact it has executed over 16,900 trades, so a very good sample size.
We have set up an MT4 account and connected the robot which started trading for us yesterday. Hopefully we will see the kind of steady growth achieved on their myfxbook account during our trial as well.
Results will be updated on this page at regular intervals so you can see how they are getting on.
In the meantime you can check out Funnel Trader for yourself here.
The contents of this website are intended for educational and information purposes only and do not constitute any form of advice or recommendation and are not intended to be relied upon by you in making (or refraining to make) any specific investment or other decisions. Appropriate expert independent advice should be obtained before making any such decision. We cannot and do not offer individual investment advice.
Leave a Reply