In this EA Smoke review, we will be analyzing a new expert advisor that launched the FX market on 2 July 2021. EA Smoke is’ based on the second indicator of trend determination with modification of control of transactions’. According to its developer, the system independently determines the direction of the trend excluding any risky approach that can increase money loss.
The owner of this Forex expert advisor is Vitali Vasilenka, located in Belarus. He has an active mql5 profile where he provides 15 signal services through their platform. Unfortunately, there is no team behind the products, just a single developer so it is a much smaller outfit than we have in our best forex robots list. Vitali has 1 year of trading experience on the Forex market. So he is certainly a small-time player at this point.
EA Smoke overview
The product presentation we see on mql5 looks short and not informative enough. The dev has only detailed the best settings for the EA and the recommendations. We are not provided with enough information about how the system functions and what makes it special when compared with the other EAs on the market. It is a red flag because reliable vendors always try furnishing the maximum amount of information possible and clearly explaining what the products they sell to the public have to offer.
Out from their brief presentation, we could hardly find the next features of the robot that we have listed below:
- This is a fully automated expert advisor
- It can trade on the MT4 or MT5 platform
- M5 is the only time frame to work with
- Recommended currency pairs to trade on are USDCAD, EURCHF, EURUSD, USDCHF, EURAUD, AUDUSD, and GBPUSD
- The minimum deposit (per trading pair) is $50
- The devs recommend brokers with minimal slippage
- The ECN account is a crucial option
- The minimum spread is from 0 pips
- The dev points out that ‘the advisor uses the server time GMT+3’
- Recommended leverage is 1:500 or higher
The robot is sold via the mql5 market. Its price is 149 USD for 1 digital copy. Traders can also test the EA on a free demo account before purchase. The devs want us to know that only 4 copies are left for this price. The next 10 copies will be sold for 449 USD. As the product is sold via the MQL 5 marketplace, the money-back guarantee is not provided.
How it works
The system works fully automatically on MT4 or MT5 terminals. The devs point out that it trades on the M5 timeframe with a deposit of 50 USD per 1 currency pair. Although it was not mentioned, the robot is a night scalper.
There are only vague mentions of the trading approach of this EA. We know that the system works based on a trend determination indicator. The dev tells us that the robot determines the direction of the trend. However, the vendor does not tell us what indicators the system uses or how it determines the trend.
Vitaliy says that the robot does not use Grid, Doubling, Martingale, or Averaging. If the robot does not use these approaches in trading, then which ones? Absence of detailed trading strategy information looks suspicious and odd.
The dev failed to provide live trading account results for this expert advisor. Therefore, we were obliged to conduct additional myfxbook research. As a result, we have found a real (USD) trading account that has been trading since June 14, 2021.
The account was deposited at $1,040. For 1 month of trading activity, the total gain has grown to 7, 25% which equals $2,90 of profit. As you see, the income is too small. Now the balance is $42, 90, as $1,000 was withdrawn from the trading account, which means that the trader does not trust the robot. The average monthly and daily gains are 4, 37%, and 0, 14%. Although the peak drawdown was only 7, 92% it is too much for the account generating 4% of the monthly gain. It means that the robot needs 2 successful months to recover after loss.
The EA has placed 102 trades through this account, which resulted in 69 of the winning trades, representing a win rate of 68%. The profit factor is low – 1,16. The average trade length is 1 hour and 23 minutes, meaning that the robot is a scalper.
The risk of losing 10% of the account balance is huge – 41, 12%.
The EA uses a scalping trading approach keeping trades open for no longer than 5 hours.
On mql5, there are 75 customer reviews provided for MT5 and only 3 reviews for the MT4 version. Based on them, the system has a high rating. However, we prefer customer reviews that are written on reputable third-party websites like Forex Peace Army. Reviews written on other websites can easily be manipulated to attract new customers.