ELITE Automated Algorithm EA is an expert advisor that is advertised as one of the most profitable EAs available on the Forex market. Its developers claim that this FX ATS was designed to provide constant weekly income. They add that the system has had no losing day since its inception, thus they believe it is ‘perfect for those looking to have a steady income stream.’ If you decide to try this EA, be ready to deposit at least $5K on your trading account.
How ELITE Automated Algorithm EA Works
On the official website we are provided with a very short outline of what the system entails. The product presentation is too brief and does not answer all the questions we are interested in to decide whether it is a worthwhile trading solution.
The Fueled By Forex Team stands behind this EA. It is led by Nick Ross from Long Island, New York. About himself, he tells us that he has been trading for 4 years with zero success. Five years ago he ‘had perfected an artificial intelligence algorithm capable of analyzing previous historical points at their highs and lows.’
He also shared some interesting facts about himself, however, we are not sure these facts are true:
The main features of this trading system are gathered in this list:
- The robot uses the power of compounding to generate stable profits in the foreign exchange market
- It was designed to work on the MT4 terminal
- The dev claims his expert advisor is a powerful ATS that did not have any losing day
- The vendor recommends using the EA on large account balances, from $5K and higher
- It has a money management feature that lets you manage your funds with minimal manual intervention
- This AI software manages your trading account 24 hours 7 days a week
- The robot handles entries, stop-losses and takes profits
- The system uses a trailing stops technique when you’ve gained a certain level of profit. It is done to quickly secure your gains
When you buy the robot, the service team helps you complete the installation process remotely. This EA eliminates the need for indicators, technical analysis, or chart markups.
Unfortunately, the vendor failed to provide information about the trading strategy used by this expert advisor. It is a huge con. Those developers who want to gain reputation and brand awareness try to be as transparent as possible. They provide a detailed product description including all the techniques they use for identifying profitable trades. An undisclosed trading strategy is a red flag for ELITE Automated Algorithm EA.
The same we have with the backtesting report. The dev decided not to provide backtesting results on their website. Without this sort of important information, we cannot be sure that this system was properly tested before being released and become accessible to the public. When a trading system has good and long testing trading results, you know it is more likely to generate stable profits in the live market. Without it, it makes it impossible to assess the profitability of the robot.
ELITE Automated Algorithm EA Trading Results
This is a live trading account verified by a reputable third-party website – myfxbook.com.
It is a Real (USD) account that trades under LMFX brokerage. It trades with 1:1000 leverage on the MT4 platform. Since the day of its inception (April 19, 2021), the robot could generate over $1,3K of profit. Its total gain gas raised to +28.25%, with daily and monthly gains of 1, 57% and 28, 25% respectively. The account was deposited at $13, 144. 57. Over 4K of dollars were withdrawn.
It has placed a total of 392 trades and won 249 out of them, which represents a win rate of 64%. The average win is 26.22 pips/$12.68 when the average loss is -43.13 pips/-$12.30. The profit factor is 1.79. The robot trades both Short and Long directions equally – 63%. The average trade frequency is one day. Although all these figures look good, what concerns us is the high drawdown of 37, 77%. The drawdown is too high and can easily increase the risk of ruin and destroy this trading account.
The most frequently traded as well as the most profitable currency pair is EURCAD (112 trades).
Currently, the EA is trading with low risks to the account balance:
As you can see, the robot uses Grid and conservative x2-x5 Martingale strategies, increasing the lot size from 0, 01 to 0, 05:
Oddly, but SL and TP are hidden.
Pricing & Refund
There is not a lifetime license or one-time payment for this EA. Traders have to pay $199 monthly.
A money-back guarantee is not included.
There is a page of the mother company on the FPA website. It has a 4,7 based on 8 customer reviews rating.
It looks that these are fake customer reviews, as all of them were written between April 22 to April 30, 2021. Taking into account that this is a recently launched EA, there could not be that many reviews written for such a short period.