BuySellSeriesEA uses a trend trading strategy and candlestick patterns to enter and exit the markets. The robot can work with a minimum balance of $100 and comes with performance results available on multiple Myfxbook records. Let us observe the live portfolio and see if the statistics are good enough to consider buying the system.
Is investing BuySellSeriesEA a good decision?
After analyzing all the ups and downs of the system, we conclude that investing in the robot is not a good choice. It uses a risky grid trading methodology for trading the markets, resulting in a high drawdown.
Company profile
Chukwidu Joshua Obiekwe is the author of the product who resided in Nigeria. He has a total rating of 5 for two reviews. The developer has 2 products published on the MQL 5 marketplace and has seven subscribers. He has experience of three years. The vendor is not transparent in providing a verified portfolio of his trading career.
Main features
The software come with the following main features:
- It only requires a minimum balance of $100.
- The system is fully automated.
- It comes with 24/7 support and free updates.
- It comes with verified performance tracked via multiple Myfxbook accounts.
To install the robot, follow the following steps:
- Purchase the system from the developer and download it from your email id.
- Place it in the experts’ directory of the MT 4 and enable the auto-trading button.
- Place the EA on the charts.
Price
The robot can be purchased for $800 and can also be rented for $250. There is no money-back guarantee. The license is available for unlimited demo and five live accounts.
Strategy
The robot uses a trend trading strategy with a candlestick and a news filter. The developer refrains from providing more information, so we use the records on Myfxbook for our interpretation. From history, we can see that the EA closes out multiple trades at once, which refers to the implementation of the grid strategy. The lot sizes are hidden, so we can’t know if the developer uses martingale.
Trading results
It is intriguing to note that there are no backtesting records. The developer states that the historical data is not sufficient to prove the performance of the algorithms. He does not write this himself; rather uses a google search and takes a screenshot of the answers.
Live trading results are available on Myfxbook, which show performance from Jul 12, 2021, till the current date for BuySellSeriesEAme. Since then, the robot has had an average monthly gain of 72.07%, with a drawdown of 80.49%. The stated drawdown is considerably high which means that the account had a loss of nearly 80%. Most brokers would close out all the positions at such a high value of downside.
There were 779 trades in total, with an unknown amount of lots traded. The expert advisor traded with a winning rate of 78% with a profit factor of 2.20. The best trade was $72.80, while the worst one was -$91.
Customer reviews
There are no customer reviews available on Forex Peace Army, which shows that the traders are not willing to try out a high drawdown system. They are cautious that the robot might be using grid and martingale strategies in combination, which can cause liquidation if the market trends.
Summing up
BuySellSeriesEA is not a profitable algorithm as it implements risky strategies. The developer refrains from providing backtesting records as they might have resulted in infrequent margin calls. This type of trading approach is poor for the outlook of the EA.
