Elite Automated Algorithm EA offers traders access to a quality robot that promises substantial gains quickly. The developer Nick left his job and learned the MQL5 language to develop the robot which operates on martingale strategy. Using such a risky approach, the account has seen considerable drawdowns in equity.
Is ELITE Automated Algorithm EA a good EA to Invest?
The algorithm sure works and has the potential to make money. However, a trader should be prepared to receive a margin call anytime as the EA uses an aggressive martingale strategy. This is also evident from Myfxbook results which show considerable drawdown. To analyze the system perfectly, we have spent hours looking for the background of the developers and studied the actual results with utmost care.
The expert advisor should only be used by those who do not mind losing a couple thousand bucks in a short period.
Company Profile
The company is led by a sole developer Nick Ross who states himself as a helpful person. After quitting several jobs and losing in manual trading, he decided to learn to code and developed a robot of his own. The guy explains his ventures in currency trading to convince traders to invest with his monthly program. Tactics seem similar to those used on other websites, i.e., flipping accounts of a few hundred dollars to six figures.
Main Features
The EA comes with 24/7 support accessible via Telegram, mail, email, and telephone number. All the process is fully automated. For setting up, you have to send your MetaTrader login credentials to the developer. He will place the EA on your chart. VPS is mandatory for the robot to perform accurately. Real-time trade alerts are included with the package, and constant updates are available to ensure the algorithm stays up to date with the latest market conditions.
Strategy Explanation
The robot is based on martingale strategy. If a position moves in the negative territory, it will open consecutive orders in the same direction. It trades on five pairs, including EUR/USD, USD/JPY, EUR/GBP, EUR/CAD, and AUD/USD, and holds positions for several days.
This type of trading approach can be extremely detrimental if the market trends in one direction. The developer constantly receives margin calls on his portfolio, which wipes off all of his equity, but later on, he opens a new account and tracks the results again on Myfxbook.
Price
The service is available for a price of $199.99 a month. Yearly subscriptions come with a discount and cost $1800. The developers also mention other products, including algorithmic forex signals $49.99 and Legacy Automated EA $149. For a system that can turn your account into dust within a short period, the price point is exceptionally high. Even though the performance was good for the past few months, the chances of losing are never less.
Trading Results
Verified trading results are available on Myfxbook for the month of April and May. They show an average monthly gain of 65.95% and a drawdown of 40.11%. The high drawdown means that the robot wipes of nearly half of the account equity whenever it trades. The algorithm won 63% long and 62% short trades with a profit factor of 1.85. The leverage used on the account is 1:1000, which explains the substantial growth. There were deposits of $18,888.23 and withdrawals of $12,397.00. The best trade tanked in $654 while the worst one was negative $147.49.
In April the robot made 21.49% and had an average trade duration that lasted for more than 24 hours. It used USD/JPY, AUD/USD, EUR/USD, EUR, GBP, and EUR/CAD as trading pairs. The risk-reward ratio was negative for EUR/CAD.
In May the robot made 42.03% and had a similar average trade duration and trading pairs. The risk-reward ratio was negative for EUR/CAD and AUD/USD.
From the risk of ruins statistics, we can observe that the system required 678 trades in a row to reach margin call. For a 10% loss, 68 consecutive loss trades were necessary while for 20% 136.
Backtesting Results
There are no backtesting results on the website that we can contrast with the live. We are unable to predict the future performance as we have no idea about the past statistics under different conditions. This raises red flags on the transparency of the system as the developer hides something that is a must for any algorithm in the market.
Customer Reviews
Most of the customer reviews on the popular forum Forex Peace Army have been posted over the last two months, during which the performance of the robot was exceptional. Most of them look as if they have been bought from the developer himself. There are a total of 10 reviews with a combined rating of 4.824.
Summing Up
Various scams in the financial industry that operate around the get-rich-quick scheme promise huge gains over a short period. Elite EA may have the potential to make profits, but the chances of a significant drawdown remain prevalent. You can lose your account over a couple of days with the martingale strategy.
