Forex Enigma EA trades on multiple currency pairs at the H1 chart. It works 24/5 when the markets are open and comes with multiple purchase options. Traders can use the system with high or low-risk settings depending on their account balance. To better understand how the robot works and to see if it has a reasonable risk-reward, we will review it in our article.
Is Forex Enigma EA a good decision?
Forex Enigma uses a grid trading methodology and has live results with a hidden detailed statement. From the floating loss, we can predict that the robot can incur a high drawdown while trading, which is generally the case with cost averaging systems. Traders should not invest in such an algorithm.
Company profile
The author of the product does not reveal their name and trading background to us. We cannot find any information on the website that could hint at their whereabouts. This approach is not satisfactory and hints that the system might be a scam.
Main features
The robot comes with the following main features:
- It comes with multiple options for purchasing.
- There is a 30-day money-back guarantee.
- The updates are free after purchasing.
- There are live and backtesting records to analyze the performance.
To install the EA, use the following steps:
- Purchase the system from the developer and provide your live account number
- Attach the robot on the charts to start trading.
Price
The robot is available for an asking price of $149, $199, and $249, which comes with a license for 1,2, and 3 accounts, respectively. There is a 30-day money-back guarantee.
Strategy
The developer states that the EA trades on EURCHF, USDCAD, AUDCAD, AUDUSD, EURUSD, GBPUSD, and EURGBP on H1 timeframe. It requires a minimum account balance of $1000 and uses a scalp, trend, and half grid approach for trading. The robot uses a news filter to avoid uncertain market conditions. The FXBlue records show that it can hold a trade for 6.3 days, which means it is a swing trader. The long holding period may be due to the implementation of the grid, which requires the market to reverse consuming a long time.
Trading results
Backtesting results are available for EURCHF. The duration of the tests is about 1 years. The robot had a maximum drawdown of 16.90% and turned an initial deposit of 1000 into $1312.95. It had a winning rate of 75.30% with a profit factor of 2.42. The average amount of profitable trades was $1.39, while the average amount of losing deals was -$2. There were a total of 493 trades executed during this period.
Verified trading records are available on FXBlue that show performance from July 05, 2021, till the current date. The system made an average monthly gain of 4.7% during the period, with an unknown drawdown value.
The winning rate stood at 73.8%, with a profit factor of 1.75. The best trade was $34.26, while the worst was -$35.67 in a total of 160 trades. The developer made $1011 in deposits.
From the image, we can see around $500 loss in equity. For a $1,300 balance, this refers to a 30% drawdown.
Interesting facts
There are no customer reviews available on the Forex Peace Army platform showing that no one has tested the system as of now. Traders are probably aware of the use of the grid approach.
Summing up
Forex Enigma EA has a high drawdown due to the use of a risky grid strategy. This raises great concerns on the system’s efficacy and keeps us on alert while using the robot. It is better to avoid such an expert advisor in your portfolio.
