FX Constant EA uses 20 independent price action patterns to make profits. The robot is available for both MetaTrader 4 and 5 versions. The seller tries to convince the trader into buying his product by sharing backtest and live trading results. After diving into them, we can determine the real outcome of the algorithm.
Is FX Constant EA a Good EA to Invest?
We have carefully observed the website for analyzing the algorithm and go through the trading results and backtests thoroughly. After a few hours, we can render the system useless for making money on the long-term horizon.
The algorithm does have a solid report on Myfxbook and backtest, but there are situations where there are significant daily drawdowns of 40%. As the expert uses the martingale strategy, it can be perilous in certain conditions.
There is no information on who is the developer of the trading system. The seller does not even provide his own email through which we can contact and ask any questions. The website is small, with a single short page compiling every piece of information.
There are no promises from the developer regarding the performance of the algorithm other than capital protection. The product is delivered through email after your purchase, where you can install it in your MetaTrader expert directory and place it on the charts.
The robot uses the traditional martingale approach, with orders opening in a similar direction as soon as the trade ends up in the negative territory. It does not trade quite often and maintains a day trading approach with most positions opening and closing within the same day. It trades on only one currency pair, i.e., EUR/USD.
There are 20 patterns fed within the algorithm, and according to the market conditions, it chooses one and trades on it. Then, depending on the selected pattern, it activates a similar trade management plan.
For $295, you are getting one unlimited license for any account type. You can change the account number whenever needed online. A 30 days money-back guarantee is available if you are not satisfied with their product.
Verified trading results on Myfxbook show an average monthly gain of 6.55% with a drawdown of 9.59%. With 150 trades, it had an average winning rate of 55%. The profit factor was 1.53. The risk-reward ratio barely meets the required winning rate for making the system profitable. With high leverage of 1:500, it is evident that the expert advisor is using some risky strategies. It had the most winning trades on Monday with an average of 70%. The best trade tanked in $624 while the worst was -$316.
Backtesting results are available for both aggressive and standard settings. They show quite a different profitability beginning only with $200 in the capital. The robot operated on EUR/USD from January 2012 to March 2021 and tanked in a massive 18 million dollars in profit. If we compare it with the live trading account, the results are pretty promising, which shows the robot performed well in the backtest. However, the profit factor and the winning rate are in line with the live results.
There are no reviews available on noted review forums such as Forex Peace Army or Trust pilot. For a system that has been on Myfxbook for over a couple of years, there is no hustle and bustle amongst traders about the expert advisor. Usually, there is some sort of chatting on review websites about robots with verified results. It might be possible that the developer recently made his results public.
Without any customer reviews, it is hard to say that the EA will be profitable for a general buyer. For example, specific algorithms only work for the developers where they are able to tweak it quickly according to market conditions, and regular traders are left behind. Also, be wary of the martingale system as it has the potential to put massive risk on your account.