North East Way (NEW) is a Forex robot that uses a pullback trading methodology for trading the markets. The algorithm works on AUDCAD, AUDNZD, and NZDCAD and can be tested on MT4 or MT5 simultaneously on all currency pairs. There is a minimum balance requirement of $5000, which is quite high and needs a leverage of 1:200. We will review this EA to see if the drawdown is satisfactory for our accounts.
North East Way offering
The product is available on the MQL 5 website, where the author lists the price and the live signals. The input parameters are available in a detailed manner. We can consider the presentation to be presentable.
The robot is available for an asking price of $8346, and there is no money-back guarantee. Traders also do not have the option of renting the product. The asking price is super high for the system, which can be out of budget for many traders.
How it works
The robot can be purchased from the MQL 5 website. Afterward, traders have to place it in the experts’ directory of MT4/5. Investors can then attach it to the charts and enable auto trading.
The developer states that the system uses a pullback approach for trading. It works on the M15 time frame and can work on multiple currency pairs. From the history present on Myfxbook records, we can see the implementation of grid and martingale. The developer does not detail them openly, which is quite suspicious.
Backtesting results are available for an unknown pair where the relative drawdown was around 66.46%. The winning rate was 75.56%, with a profit factor of about 3.02. The developer performed the test on a starting balance of $100.
The robot tanked an average profit of $1009786.9 during this period. There were 4395 trades in total. The best trade was $13972.24, while the worst one was -$11507.26.
Verified trading records are available on Myfxbook. It shows performance from May 19, 2021, till the current date. The system made an average monthly gain of around 11.12% during the period, with a drawdown of 82.86%. The stated drawdown is quite high, which gives us a poor risk-reward of 8:1.
The winning rate stood at 78%, with a profit factor of 2.21. The best trade was $353.73, while the worst was -$130.50 in a total of 1226 trades.
The records are on a demo account which can not convince us to purchase the robot for our live account. The virtual portfolio does not respect real market liquidity and slippage and is therefore useless for showing live records.
There are multiple reviews present on MQL 5 marketplace. A trader says that the developer is providing good support, and therefore, he is leaving a satisfactory rating. He states that he will provide feedback again in the future.
Pavel Udovichenko is the author of the product who resides in Russia. He has a total rating of 5 for 233 reviews. The developer has four products published on the MQL 5 marketplace and has 4974 subscribers for his services. According to the website, he only has a trading experience of one year.