Making a big profit from Forex depends on your trading skills and experience. But this does not mean that as a beginner trader you cannot make profits. The Forex robots or automated systems used in Forex play an important part in your success. With automated trade entries and exits by the Forex robot systems, you need not worry about making the wrong move.
For traders interested in trading the gold market, an expert advisor like Leprechaun can help. The automated system is mainly optimized to run on the XAUUSD pair. In this review, we analyze the Leprechaun expert advisor developed by Aleksei Zaitsev. Our analysis is sure to help you decide on whether it is a good system to invest in.
Is Investing in Leprechaun a Good Decision?
Every automated system is designed to make winning trades that not only limit your losses but also help you increase your investment. We have analyzed the Leprechaun expert advisor assessing its features, functionality, trading results, and other aspects. Our initial perception of the system is that the approach used by it is a high-risk one. Here is a more detailed analysis we have done to confirm our assessment of the system.
Aleksei Zaitsev, a Russian developer has created the Leprechaun system. This is his only product and was published first in September 2020. Since then, it has been updated and its current version is 3.6. The vendor provides a link to the official website of the developer and the link for technical support. Most of the info on the official site, Lebrechaunbot.ru is about the various versions. We could not find further information about the strategy or other aspects of the system on the site other than the details found on the MQL5 site.
A unique trading approach is used by the system where the Martingale system does not work against the trend. In the event of a change in the trend, there is a reversal of the trading positions in the direction of the trend. As per the developer info, the robot trades constantly and works best in high volatility conditions. The Forex robot does not use indicators. Only the price action acts as the decisive factor for the trading positions. The system makes its entry during the beginning of the American trading session and the developer claims that it can make 1% profit per day.
From the features revealed by the vendor, a timeframe of H1 is used for trading, and recommended settings include a cent account with a minimum lot size of 0.01 and a balance starting from 10,000 cents USD.
This Forex robot is priced at $100 and a free demo version is also available. Compared to the price of other gold trading robots in the market, the price is very affordable. However, there is no money-back guarantee present. Despite the lack of refund, the low price is a definite attraction. Furthermore, the demo version is free which users can try out and decide on the purchase of the real account license.
We found verified trading results for the Forex robot on the Myfxbook site. Here is a screenshot of the trading result.
From the trading stats, we could see the system has elicited a total profit of 269.52% and the absolute gain is also the same value. A daily profit of 0.68% and a monthly gain of 22.56% are recorded while the drawdown is 58.83%. For the trading account that started in October 2020, up until April 2021, the profit factor is1.18. From the trading history, we could see the lot sizes vary from 0.01 up to 0.82 and more. The high drawdown and lot sizes indicate the strategy used is a high-risk one.
Backtesting results are provided on the MQL5 site. Here is a screenshot of the results:
The backtesting reveals a maximal drawdown of 49.65% with a profit factor of 1.05. For an initial deposit of $10000, the net profit is $5787.36. Modeling quality of 90% was used for the test, which does not reveal much info about the slippage, commissions, etc. Comparing the real account trading stats and the backtesting results we find the drawdown is high in both and the profit factor values are also similar.
No user reviews are found on the official site which is disappointing as we would like to know more about the performance and support offered by the system.
Leprechaun Review Summary
Summing up our review of the Leprechaun expert advisor, the system reveals decent profits but with a very high drawdown. Some of the factors in favor of the system include its backtesting results and verified real account results. We are concerned about the high drawdown and huge lot sizes which makes us suspect that the approach used is very risky. The low price of the pack is another advantage for users. Barring a few hitches, this system has the potential to turn into a reliable system.