Has anyone tried this EA? I know Inspiron suggests this EA all over these threads but my result has been less than positive.
I have been running this EA for just over a week (which I know is not very long) but in that time, the EA opened a trade that was positive for about 4 hrs, then went negative. The EA opened two more trades along the way (all SELLS), and all are negative. My account has been at -30% drawdown for almost all of this time. The first trade was down 200 pips and it STILL wasn’t stopped out; all three trades are still open, sitting at around -25% drawdown.
Support says this is okay, the EA will find a way out. Hmmmmm…
Anyone have experiences with this EA? PLEASE let me know how it has gone for you.
UPDATE:
EA hit -68% draw down (on just one pair trading micro lots!). Original four trades still open, still negative, hovering at around -38% dd. I smell a refund request brewing…
I am also using this EA.
I agree, there where some times when i got also decent DD, but luckily it finds that way out.
Support is really supportive, i also thought that risk is too much, but they improved my settings.
For now it’s fine.
I hope that also for you it will be good.
I am still profitable with this EA.
Actually, I have already withdraw initial deposit.
For now, I am totally safe.
I assume, that performance also depends on account size.
I was talking with support guy via skype, he explained me some details that’s why i have such assessment.
“Bacon Makes It Better” Is this secret or can you tell how much you where deposited.?
You have a good point. With small account size using a large lot size you can go into a large DD. I have been running for two weeks now and all my trades have closed in profit. Currently, I have no open trades.
What trades do you still have open “Bacon Makes It Better”, and what is the largest lot size open?
I am having a hard believing that “sewy” isn’t working for this EA. Same wording, same phrasing.
I had a $1000 account, running their recommended settings, with the 1000.set settings. Everything exactly as recommended. The first trades were on E/J. When the first one went negative, it took another position in the same direction. When that went negative, it took another position in the same direction. when that went negative, it took another one, in the same direction. At one point the first trade was 460 pips negative! It took three weeks for the trades to conclude at brake even. There is one trade running right now, surprise, it is negative. After a month, this account went nowhere, but only after risking almost 70% at one point! This ridiculous experiment has come to an end.
Everything as recommended, horrible risk, negative balance. Enough said.
That myfxbookaccount has “Unverified Track Record” and “Unverified Trading Privileges” statuses, so excuse me if I don’t trust it.
What I know is, my results are my results, as at my earlier post. Also, I believe this is a terrible way of trading and if I had known the basis for this EA’s trading logic, would never have purchased it. There is a hand written poster above the desk of a VERY successful fund manager that reads “Losers scale into losers” which means that it is a losing proposition to buy deeper into a losing trade, in an attempt to “average” the total costs. This is the road to eventually blowing up your account, which this EA nearly did. Even at 600 pips NEGATIVE on one trade, it took yet another position in the same direction! This is no longer trading, it’s gambling.
I can understand your distrust. It is only a demo account and I don’t think I need to verify it. Even though the last two weeks have been very positive I can see how it can get into trouble. So far it has been able to successfully close all baskets in profit. In the default set file I think it will only open up 4 levels of trades. I will let it run for a while and see how it performs over the next few weeks. Let us know if your account recovers. Thanks.
Not exactly, but similar. It uses a grid to trade and when a trade goes negative it opens an additional position with increased position size. If that trade also starts to go negative, it opens another trade at a yet larger position size, and so on, (to 4 levels in this EA) so that when the trades finally go your way, you recover all the losses and make some profit. This is a very dangerous way to trade as nothing says that price MUST come back to where it started and you could be left holding 4 very ugly, very negative trades for a long time; small accounts can be blown up altogether.
I have used a lot of EAs for about 5 years looking for the one that finally works, and I have come to the conclusion that they don’t work or if they do they make such a small profit its not worth bothering with them. If you think about it EAs work on logic and very strict rules, the market is run by traders, bankers and large companies in other words people and sentiment! and how often has the market gone the opposite way to the way you and the experts thought it would.
And if you really think it through no one is going to sell you the “holly grail” for $100.
All that said if you are going to use an EA please please please choose one that doesn’t have massive draw down, they are usually the ones with the 80% plus success rate, if they are risking 400 pips to make 12 pips you are going to have an empty account sooner or later
This is exactly how this EA operates, and at one point, my $1000 account was down $700!! Then it broke even. Ridiculous. If I knew this is how the EA operated, I would NEVER have bought it.
I’ve asked for a refund as per their guarantee, and they are calling me a liar, saying it’s impossible that the EA could not make a profit after a month. I sent my account details of these trades but they won’t accept that either. These guys are NOT honest businessmen.
how did you pay? If it was click bank they are very good at refunding! Im not anti EA in theory they should work in practice in my experience they may work in a specific type of market condition then soon as it changes bang! you hit 2 stop losses and you are back to square one or worse your account is blown up!
Stop losses? What are these stop losses you speak of? They obviously don’t exist with this EA as the first trade went over 600 pips negative and still didn’t get stopped out. Not to be flippant, but I really think the only real SL it has is when it cleans out your account.
I agree 600 pips DD is nothing to sneeze at. I am thinking of lowering the starting lot size and step so if one pair goes into deep DD it won’t be the end of the account. So far the demo is still making good returns.
