When you are new to Forex trading you are confronted with several strategies. There is scalping, swing trading, position trading, and more. While there are advantages for each of the strategies all of them have some disadvantages too. You have to be careful in your choice of strategy.
However, using an automated trading system can help you minimize the losses you make. With such automated systems, most of your trading work will be taken care of. All you need to do is choose the right system.
In this review, we analyze the BigExpert system promoted on the MQL5 site. The system is a fully automatic trading software designed for the EURUSD currency pair. Read this review to know whether this is a system suitable for you.
Is Investing in BigExpert a Good Decision?
We began our analysis of the system by assessing the features, functionality, backtests, and trading results of this expert advisor. Our initial conclusion of the system is that its strategy and performance are not reliable and need more optimization. Here is a more detailed analysis of the system that includes the company profile, features, price, trading results, and user reviews.
BigExpert Forex robot was first published on March 6, 2021, and since it has been updated once with its current version being 1.9. It is developed by Renate Gerlinde Engelsberger, a German Forex programmer with over 7 years of experience in developing indicators and experts.
Under his profile, Engelsberger states that he does not promise profits with the system which is an unusual assurance from a developer. However, no system can indeed guarantee profits. You need skill, experience, and perseverance to make profits.
In general, the MQL5 site does not divulge much information on the automated systems and other trading instruments it promotes. This is true for BigExpert too. From the minimal details posted for the system, we could glean that the strategy used is not grid or Martingale. But the vendor does not reveal the exact strategy used. The system has been backtested for 11 years and uses five timeframes namely, M15, M30, H1, H4, and D1. A minimum deposit of $200 is recommended by the developer.
On the working mechanism, the developer states that the system combines different strategies to predict the EURUSD pair and also uses various personal indicators. Complex mathematical calculations also form part of the strategy used. The developer claims that leverage as low as 1:40 can be used for this system which he has tested in over 20 brokers worldwide.
This expert advisor costs $245 as a one-time payment. The vendor also offers a single monthly rental charge of $95. A free demo version is also provided for this system which falls under the experts’ category. The price of the system is comparable to the prevailing Forex robots. But when it comes to performance and reliability the trading results and user reviews provide a better picture of knowing whether this system is worth the money or not.
Although the vendor does not provide verified trading results on the official site, we found a real USD account of the BigExpert EA using the Metatrader 5 platform and the leverage of 1:500. Although the system closed its account on April 02, 2021, we have analyzed the trading here. Find below a screenshot of the trading results:
From the results, we could see why the account has stopped trading. The trading stats reveal a loss of 0.53% and an absolute loss of 0.27%. Losses have also been recorded in the daily and monthly values with the drawdown for the system being 6.17%. Most of the trading stats are hidden which makes it difficult to assess the system. The trading started on March 19, 2021, ended on March 29, 2021. A total number of 13 trades have been executed during this time with a profit factor of 0.97. The trading history reveals big lot sizes which indicate the system is using a high-risk strategy.
Backtests are also posted on the MQL5 site and here is a screenshot of a backtest.
The strategy tester report shows a modeling quality of 96%. We prefer a 99.9% or more modeling quality as it provides better information on the commissions, spread, slippage, etc. From the results, a profit factor of 2.36 and a drawdown of 1.27% are seen. Comparing the real account trading results and the backtesting we see many dissimilarities. For one, the backtesting shows a steady profit while the real account shows a loss.
Wrapping up our analysis of the BigExpert system, there are several downsides we have identified that prevent the system from being reliable. The ambiguous explanation of the trading approach, closure of the account on the myfxbook site, and hidden trading details all point to the system lacking adequate performance. We have also noticed that the vendor does not provide a money-back guarantee. All these downsides indicate the system is not to be trusted outright.