Ivybot went on sale during the summer, traditionally the slowest month of the year for forex trading. This makes it a little difficult to evaluate. Many users did find that it had very few trades at first but that is not suprising during the summer months. If you buy it now you should find that it is more active.
How It Works
According to a webinar accessible on the website, Ivybot is a trend based automated forex system. It establishes trends based on H4 and daily charts, cross referencing with H1 for the timing of its trend following trades. It will use trend channels and two indicators to confirm and give a measure of the strength of a trend.
Ivybot is not just one robot but four. There is a different robot for each of the four currency pairs that it works with. USD/JPY and USD/CHF are the ones where you will probably see most action and more success.
As with all forex robots, you may sometimes wonder why it makes some trades and not others. This is particularly easy to criticize with hindsight. The signals are obviously complex. However, Ivybot does seem to manage trades well, adjusting quickly to adverse price action. If something unexpected happens, it will exit at the first good opportunity.
Settings
Ivybot comes with default settings which they recommend that you use to start. We would definitely vary this a little by including a hard stop. The robot does not have one by default and users report that it is quick to react when the price goes against it, but it is still not a good idea to leave yourself unprotected against system failure.
You will need to consider your own stop loss levels since these are not set by default. This is something that you should do based on your own risk comfort zones, but limit your risk to 5% of your funds at most.
Left to the default, Ivybot tends to go large on both profits and losses. Many people, especially beginners, cannot take the losses on an emotional level. This has resulted in some negative reviews from people who have only used it for a very short time, and panicked. So learn from their mistakes. Use it in demo mode to begin and set a robust stop loss level.
If you generally use very high leverage, i.e. over 200%, we recommend lowering that to 100% for Ivybot. This will again reduce your risk and give you a greater margin for error while you optimize the settings. This applies even if you are in demo mode. It is important to run your demo account as if it was real money, and not take bigger risks just because it's not real. If you do that, you will find that your demo experience is useless when you go live for real.
Guarantees
As with all robots, trade it on a demo account before going live. This is a Clickbank product with the standard Clickbank 8 week guarantee period. This means that you can use it on a demo account for 8 weeks without risking either any of your real funds or even your purchase price, which you can get refunded if it does not work out.
Recommendation
One mistake that many people make with forex robots in general is not to give them a fair trial. One loss and people give up. There is really no point in buying a robot or getting into forex trading at all if you have that attitude. All systems will suffer losses. You have to test them for several weeks in demo to have an idea of whether the losses will be outweighed by gains to give you a good overall profit.
If you are interested in forex robots then you will want to try Ivybot. Our recommendation is to test it thoroughly and put some thought into optimizing the settings on the basis that we set out in this Ivybot review.
If you are a beginner, you might get along better with FAP Turbo. Click to see an updated FAP Turbo review.