An easy and smart way to trade in Forex is by using a Forex robot. You can find different kinds of expert advisors, each promising high returns and low risk. Progressive EA is one such Forex robot that assures a monthly profit percentage of 200%. This system uses advanced algorithms to ensure the trades are executed with high returns. Can you rely on this Forex robot to produce the high returns it guarantees? To know this, you must learn more about this EA below.
Progressive EA: To Trust or Not to Trust?
Compared to other competitor systems, the website design of this Forex robot is minimalistic to the extreme. The website features very few details related to the system. Here is a breakdown of the features as revealed by the vendor.
From the minimal info that the vendor has shared on the site, the features of this expert advisor include the use of advanced algorithms that help the system to be up to date with the current market conditions.
All the trades are closed by the end of a trading day with hard stop-loss being used for protection of account. Two main currency pairs are focused on by this system. These include the GBPJPY and GBP USD pairs. While the vendor does not disclose the time frame used, the recommended balance is $100 or 1000 cents if a cent account is used.
However, a minimum balance of $10 is sufficient for using the cents account. The vendor recommends leverage of 1:200 up to 500. 24/7 support for the trading and customer queries is provided.
Now that we have perused the main and only features revealed by the vendor, we could see several shortcomings. These include:
- Lack of vendor transparency
- Verified but poor trading results
- High drawdown
Below you will find further information that will inform you why this Forex robot fails to meet some of the significant criteria, which result in the system being below par.
Verified but Poor Trading Results
A real USD account traded with RoboForex broker with leverage of 1:500 on the MT4 platform is displayed by the vendor. From the Myfxbook site info, we could see that the track record and trading privileges are verified. However, the performance revealed is not favorable. A loss of 99.9% and an absolute loss of 100% are shown in the screenshot below.
The trading done from November up to December 17, 2020, shows a $0.0 balance. A daily loss of 12.90% and a monthly loss of 99.9% are shown. Further, the trading history reveals that the strategy used is not producing the gains the system guarantees. The very low-profit factor of 0.80 is another indicator of the inefficacy of the software.
In any trading performance, drawdown plays a significant role. Generally, a drawdown of 20% or less is considered admissible in a system with moderate risk. But, in the Progressive EA trading results, we could see a drawdown of 99.98% which means the system has lost all of its balance at a time.
Traders would not be comfortable with such a high drawdown. Such a high drawdown indicates the trading approach is not well-designed. Further, the lack of details on the strategy confirms our suspicion about the system being ineffective.
All information related to the developer and the vendor is not divulged on the site. Except for the contact form provided at the end of the single-page site, there is no other data such as location, phone number, etc. This is a total lack of transparency that makes it difficult for us to assess the reliability of the system.
Without the contact info and name of the developer, we could not verify the authenticity of this expert advisor. The entire website, as we mentioned at the beginning of our Progressive EA review, provides very minimal data related to the software, its strategy, and other details. Most of the Forex robots reveal too much information even if it is not significant or related to what a trader would look for. In contrast, Progressive EA provides only the bare minimum which is not at all sufficient for evaluating its efficiency.