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GoodMorning EA Review

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GoodMorning EA Review

GoodMorning EA was introduced to the public in January 2022. The system operates with two strategies, namely basic and smooth. It is recommended that you work with the latter approach, which eradicates the need to configure the supported currency pairs manually. This enables the bot to  automatically select the best currency pairs monthly based on historical data and present performance.

How GoodMorning EA works

The EA’s features are listed below:

  • It trades on different currency pairs like  AUDCAD, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP,EURUSD,GBPAUD,GBPCAD,GBPCHF,GBPUSD, and USDCHF.
  • The recommended timeframe is M5, while the minimum deposit is $50.
  • The EA runs all symbols on a single chart.
  • It can use pending orders to enter and exit the market, decreasing slippage.
  • It has multiple exit mechanisms.
  • It is fully automatic, so you don’t need to set parameters manually.
  • You are required to run it continually on a VPS with a latency of no more than 100ms.
  • The EA works on both MT4 and MT5 accounts.

The author of this robot is known as Wei Tu. She has no trading experience and has not created other tools apart from this EA. The published signals for now are 9, while the downloaded demo versions are 597. Wei is from China. 

Vendor’s profile.

Applied strategies

GoodMorning EA applies advanced night scalping and makes safe entries using smart algorithms when the market is at its quietest. It also attaches a take profit and a stop loss to each order and enters the market for two hours only daily.

GoodMorning EA trading results

Backtest results.

This backtest report tells us that the EA traded on the 2016-2022 market data using a fixed lot size of 0.01. As a result, it turned a deposit of $100 into $2219 profit. The profit factor, which was 2.49, shows us that the profits were substantially higher than the losses. 

The 11967 completed trades generated a small maximum drawdown of 2.51%. This means that low-risk trading was implemented. There were win rates of 82.29% for short trades and 82.26% for long ones. 

Live trading stats are available on MQL5, but our major concern is that they have not been verified by any independent site.  

Live trading stats on MQL5.

The robot has traded on this account for 98 days and has managed to make a profit of $148.32 from a $100 deposit. So, the account has grown by 148%, which is very impressive. The drawdown is also below 20%, meaning that trading risks are not that high. On average, the EA holds a position for 6 hours. 

Performance stats.

The system trades frequently as it has already finalized 701 trades. The resulting profit factor (1.52) is lower than the one reported in the backtest statement. It means that the profits realized in the live market are smaller. So far, the best trade has earned the account a profit of $13.53, while the worst one has caused a loss of -$13.12. 

Performance of trading pairs.

The EURUSD and GBPUSD currency pairs are the most profitable instruments so far. 

Pricing & refund

GoodMorning EA’s lifetime license is priced at $699, while the rental package is offered for $199/month. These packages are pricey and don’t protect users with a money-back guarantee. 

The EA’s price.

Other notes

The EA has been reviewed by 4 customers so far, and they all have positive things about it. In summary, they claim that the tool is good, safe, well-written, and generates a good profit/loss ratio. Unfortunately, no reviews have been posted on more reliable sites like Forex Peace Army and Trustpilot.   

Customer reviews on MQL5.
REVIEW OVERVIEW
Overall rating
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