The algorithm from Fueled by Forex aims at delivering quick growth on your account with a chance of substantial drawdown. The trading records have been wiped numerously by the developer, and the current results are available for two months from April 2021 till May 2021.
Elite Automated Algorithm EA Features
The robot has the following features:
- Virtual connection to your MT4 platform. The installation is completely remote.
- Full automated executions from the beginning to the end.
- Trade alerts for more than 20 forex pairs.
- The software is regularly updated to make sure it is up to the standard.
- Support is available 24 hours, seven days a week.
- You can cancel your subscription anytime.
Elite Automated Algorithm is available via a monthly subscription of $200. You can also opt for the yearly package, which comes at a discounted price of $1800.
In contrast with other services in the financial industry, the developer is asking for a lot more.
How it works
After subscribing to the service and making a payment, you have to open a MT 4 account with a minimum balance of $5000. Then, send the login credentials to the developer through his Telegram, and he will connect the expert to your account. You can monitor the performance by logging in to the platform whenever needed.
The developer states that the algorithm uses previous price points at their highs and lows and filters trades that have the most impact on the market. For reducing risk exposure, it used a strict tight stop loss. Analyzing the trading history on Myfxbook, we can observe that positions have no proper exit points. The robot uses the martingale strategy, which constantly increases the lot size as the trade goes negative. It holds the trades for an average duration of a single day and works on five different pairs, including USD/JPY, EUR/USD, EUR/GBP, EUR/CAD, and AUD/USD.
Verified trading records on Myfxbook showed an 85.72% gain until now. The developer makes frequent deposits and withdrawals, which mount up to $18888.23 and $12397, respectively. An increasing number of cashouts can indicate that the system is not trustworthy, and there is a chance of liquidation. With an average winning rate of 63.55, the system had a profit factor of 2.02. The average winning trade was $17.36, and the loss was -$15.28. There were a total of 854 trades and 57.41 lots traded. The system wins most on Thursday with average winning trades of 70%.
Trading results are also tracked by Forex Peace Army, which shows similar outcomes. The system showed a relative drawdown of 47.8% meaning that the account wipes off nearly half of the equity.
All the reviews on Forex Peace Army are after April 22, 2021. This was when the system started performing a bit better. Eleven reviews give a total rating of 4.842.
On Trustpilot, they have some negative reviews, which indicate that the system uses risky strategies that can expose your account to a huge drawdown. Traders complain that the developer is buying all the reviews.