Today’s review will be about the robot – Progressive EA. The developer team didn’t reveal itself. The main statement tells us that the robot makes money.
Is Investing in Progressive EA a Good Decision?
We don’t think so. The robot has zeroed the account after a period of mediocre trading. It seems that the developers didn’t want to fix it in order to increase the robot’s profitability and stability.
Vendor Transparency
The vendor has no transparency:
- No information about the developers provided
- No strategy explanations provided
- No backtest reports provided
Main Features
Let’s find the Progressive EA’s features:
- We don’t know what the strategy is behind the system. The developers didn’t reveal it.
- It trades two symbols: GBP/USD and GBP/JPY.
- Progressive EA works fully-automatically.
- The robot was created to provide us with solid monthly profits from 50% to 200%.
- The system closes all trades at the end of the day.
- It uses Stop Loss at 800 pips. We’re sure it’s so high.
- The developers suggest we use Roboforex as a broker company.
- We have to trade with the EA only on an ECN account.
- The minimum balance is $10. We’re not sure if this is correct.
- The optimal balance can be set at $100.
- The leverage should be from 1:200 to 1:500.
- The developers suggest we use a VP service to increase execution speed.
- It’s available only for the first 50 clients.
Price
Progressive EA costs insane money. Asking 999 EUR for the EA that has burned the account is insane. We can rent it for a week for 50 EUR or for a month for 160 EUR. The vendor doesn’t provide a refund policy. Anyway, if it were, there would be no chances to get money-back because PayPal doesn’t support refunds for digital products.
Trading Results
The vendor decided not to provide backtest reports to make sure the strategy was designed and tested well before it was released.
It’s a real USD account on a RoboForex brokerage house. The EA traded automatically with 1:500 leverage on the MetaTrader 4 platform. The account has a verified track record. It was created on November 09, 2020, and funded at $27.59. The deposit looks like a chuckle after asking 999 EUR for a copy. Since then, the absolute gain has become -99.9%. An average monthly gain and drawdown were -99.98%.
The EA closed 168 deals with -69.9 pips. An average win was 8.78 pips when an average loss was -19.83 pips. Win-rate for Longs was 73%, for Shorts was 56%. An average trade length was over an hour. The Profit Factor was 0.80.
The most-traded was GBP/JPY. The most profitable was EUR/JPY at $6.39.
Progressive EA traded during the European trading hours.
The most-traded day was Tuesday (50 deals).
The robot traded with 0.01 and 0.02 Lot Sizes on the $27.59 account. For 0.02 Lot, the account should be at least $200. The last five deals were stopped after reaching the Stop Out level.
The robot burned the account on the second month of trading activities.
People feedback
Twitter and Facebook accounts were suspended.
The Instagram profile is abandoned and interesting for no one.
Summing Up
- Strategy – score (0/10)
- Functionality & Features – score (0/10)
- Trading Results – score (0/10)
- Reliability – score (0/10)
- Pricing – score (0/10)
Conclusion
Progressive EA is an iconic scam software. It has been running a “real” account for several months with no success. The presentation looks unprofessional. It seems to us that it was designed for several hours during an evening. The developers didn’t share with us backtests, the list of settings, money-management advice, people testimonials. Taking into account everything we saw, including trading results, we’re completely sure that Progressive EA doesn’t deserve to be purchased.
