Elite Currency Trader is a Forex robot that doesn’t try to lure us with fancy big names for strategies or algorithms it uses, it simply provides a high modeling quality back test results – as a screen shot and on video.
This no-nonsense approach does add to the software’s credibility – I’m always a fan of simplicity, if it works, there’s no need for bells and whistles to hide the deficiencies (which is the case with most EA developers which do that).
The back testing results look fairly good – the 6 month period on M5 chart shows 114 winning trades with 94.74% winning rate, 864% profit and only 5.68% drawdown.
However, I see some bad sides too – an average loss is significantly higher than the average profit, which is also evident from the chart. That means a possibility of a much higher drawdown in case the market changes (which it will) and the winning rate goes significantly down. The solution is the updates, which the developers claim to do frequently.
The current testing report at Forex Peace Army shows a similar performance to the back testing so far.
All in all, Elite Currency Trader looks like one of the better EAs released recently.
Some more details:
- Cost: $97
- Guarantee: 60 days 100% Money Back
- Supported currencies: EURUSD
- Updates: Free life-time updates
I am very impressed with this Elite Currency Trader EA so far. I have been testing this on a demo account for about 3 weeks and so far have had only one loss and 18 wins. It uses the 5 minute chart and a recommended 25 pip TP. The only thing that concerns me is that it uses no stop loss. You can however adjust this in the settings and use whatever stop you are comfortable with. I do know that this EA will close a trade after a loss gets to a certain point but I am not sure what that point is or how to determine what it is as there isn’t any manual about the EA or how it operates.
To get a better idea about the performance check out the demo test that forexpeacearmy.com is performing on this EA. They also have experienced only one loss and have 24 wins with an almost 80% account growth in under a month of testing.
http://www.forexpeacearmy.com/metatrader_expert_advisor/elite_currency_trader/demo
I am not sure how this EA will perform under live conditions but plan on testing it soon.
One more thing I forgot to add above. The one loss that the EA closed was for 59 pips loss. So I do know it will close a trade even though it sets no initial stop loss. I just don’t know how or why it closed the trade when it did.
Thank you for all your reviews, you are really helping the people like me, who are looking for a good robot.
I bought Elite Currency Trader today, and I will test it in demo first, and then if it makes profit I will use it in real, otherwise I will ask a refund, but I hope it will not be necessary.
The next weeks will let you know how this robot works.
I backtested this robot, and I don’t like it.
I does not use stop losses, and even if it works on 5 min timetrame, sometimes when the trades do not reach the TP, it lets them open for weeks, until your account goes to zero.
I tried to set a fixed stop loss, to different values, but the robot is never profitable.
Moreover it does not even have a manual to set the parameters.
I will ask a refund.
Marco… I do know that in the test that forexpeacearmy.com is performing on this EA the EA did close a trade on it’s own and it only lost 59 pips after that same trade was down over 200 pips at one time. So somehow this EA knows to close a trade before it wipes out your entire account if you leave the Stop at zero. I just don’t know how it knows when to close the trade? I will keep letting mine run on demo and provide updates. One trade I was in went over 200 pips negative before it finally reached TP after a few days. I am up 30% on my account even after I messed with testing different stops and losing a few trades and so I decided to just put the stop back to zero. Since doing so I haven’t had another loss.
Thank Anthony for your comments,
I will try to buy that robot and test it in demo account. By the way, have you test any other robots that outperformed Elite currency trader?
Thanks,
Kevin
Hmmm…. thought I would update… well this last trade (opened 3/17) is now at -252 pips and hit a max of -345 pips. So I am thinking there isn’t any way this EA closes out trades (like I thought) and the one that was closed before might have been closed manually by someone. I will continue to leave this trade open since it is only a demo trade and see if it ever gets back into profit. I really believe it will eventually hit the TP but when?
I am testing this EA and noticed it seems to – know when trades will reverse and when they wont. A few trades went into a serious drawdown and frightened the wits out of me – then after days (frustrating as I was looking to gain more winnign trades in that time ) 🙂 It reverse and cleared its small profit. Another trade it closed in a small loss – so far it seems to know what trades will reverse and which wont – or thats the impression i’m getting? I wont be getting a refund on this one as i do rate it – but it does have a negative side with the disturbing drawdown it can sometimes hang onto for a week!! Good luck all.