Automated software applications have become a mainstay in Forex trading. They offer convenient trading and help gain appreciable profits. But not all these systems are as effective as they claim. For instance, the BigExpert MT5 is a fully automated expert advisor focusing on the EURUSD currency pair. Published first in March 2021 by Renate Gerlinde, this EA assures good returns at low risk. Renate Gerlinde Engelsberger resides in Germany. The Forex programmer has developed 4 products including the BigExpert MT5 system.
To spot the right trading tool, you need to consider many aspects like its performance, price, strategy, and more. In-depth research on every system is not possible for every trader. Luckily, we have just the solution traders need. Our list of the best Forex robots narrows down your choice and helps you pick the right one. In this BigExpert MT5 review, we have analyzed the various features of the system and provided our opinion on using it.
Featured on the Mql5 site, BigExpert is a Forex robot of expert-level focusing on the EURUSD currency pair. The developer claims that all trades by the system are covered by appropriate stop-loss and take-profit features. Multiple timeframes are recommended by the developer. These include H1, H4, M30, and M15. A minimum deposit of $200 is recommended and it is compatible with any broker.
The vendor offers a 65% discount for the system which brings down its earlier cost of $1000 to $345. A monthly rental option is also available for $150. No charges are levied for the demo version. Compared to the prevailing rates of competitor expert advisors, the price of BigExpert is too high even with the 65% discount.
How it works
Based on the info provided by the vendor, this system works best when you combine different strategies and use plenty of personal indicators. Some of the settings revealed include the lot size which ranges from 1% to 5% or there is an option for manual setting of the size. Other settings include active take profit, stop-loss, and Max orders and the option to use the time filters, breakeven, and FIFO.
While the vendor does not reveal the exact trading approach used, there is mention of the system not using the Grid and Martingale approaches. Since the strategy is not disclosed, we find it difficult to evaluate the efficacy and the risk involved in the system. The Forex robot has been tested in over 20 brokers and all FIFO rules are adhered to by the expert advisor. It is possible to use a leverage of 1:40 with this system.
Backtesting of the system is done and the vendor reveals a strategy tester report on the official site. Here is a screenshot of the result:
We found the modeling quality was 96% only which is insufficient. Features like slippage, spread, commissions, etc. cannot be identified with this quality. For a total of 2199 trades, the maximal drawdown was 6.92% and the profit factor was 1.72.
The vendor does not provide verified live trading results on the site. We found a trading result on the myfxbook site for this system with verified trading privileges, but unverified track record. A screenshot of the result is shown below:
From the trading stats, we find that the real USD account that began on March 19, 2021, stopped trading on April 3. A loss of 0.53% and an absolute loss of 0.27% are recorded with the daily and monthly losses being at 0.02% and 0.53% respectively. The drawdown is 6.17%. However, we are unable to further gain information on the system due to many of the data being hidden. Further, the huge lot size also indicates the strategy used is of high-risk category.
No user reviews are posted for this expert advisor on trusted third-party sites such as Forexpeacearmy, Trustpilot, etc. While the MQL5 site has reviews for the Forex robot, since it is the vendor for this system, there are chances of the reviews being manipulated. This is the reason we look for reviews on third-party sites.