NorthEastWay is a fully automated Forex expert advisor that trades in multiple currency pairs. It was launched on 13th July 2020 and the vendor is currently offering the robot at a discount. Since there are so many unscrupulous sellers trying to scam traders, we must thoroughly investigate the features and the performance of this system.
How NorthEastWay EA works
NorthEastWay does not have an official website of its own. On the MQL5 product page, the vendor has highlighted the special offer and provided a short introduction to the system. We have some information related to the timeframe and the currency pairs, along with some links for the live signals. The vendor has also shared testing and setup-related information. We are not able to see any strategy-related information, which is quite disappointing.
Pavel Udovichenko, the seller, is a Russian developer we know very little about. On their MQL5 profile, they have claimed to possess more than 10 years of experience in developing automated trading systems. However, there is no way we can verify this information. There is a link to a Telegram channel hosted by the vendor, but no official contact information is present. The developer has built one more EA known as LittleCrazy.
NorthEastWay is a robot that trades on the M15 timeframe. The base currency pairs for this robot are AUD/NZD, NZD/CAD, and AUD/CAD. According to the vendor, it can also trade in pairs like EUR/CAD, GBP/CAD, USD/CAD, GBP/USD, EUR/USD, and EUR/GBP. It is possible to run all the pairs from a single chart. The robot is not sensitive to slippage or spread.
To calculate the trading lot size, you can use either balance or equity. Alternatively, you can enable the AutoMM parameter to enable automatic money management. There are two modes for this, namely conservative and aggressive. NorthEastWay has a recovery mode that you can enable to force the EA to close a series of orders in profit. However, this causes the system to deviate from its logic, which can be risky.
The starting balance depends on the risk level. For high risk, you can start with $1000 and 1:200 leverage. A balanced risk level requires a minimum balance of $5000 and the same leverage.
There is no information available on the trading strategy used by this expert advisor. The vendor has not mentioned the indicators this system uses, and as such, it becomes difficult to assess its profitability. Since there is a martingale coefficient present in the input parameters list, we can assume that the strategy involves martingale. Most experts consider the martingale strategy risky and it is especially unsuitable for novice traders.
This backtest was conducted between 2010 and 2019 with an initial deposit of $100. The EA placed a total of 4395 trades during the testing period, winning 75.56% of them and generating a total profit of $1009786.90. There were 53 maximum consecutive wins and 13 maximum consecutive losses for this backtest. The relative drawdown was incredibly high at 66.46% and this tells us that the EA was following a risky trading strategy.
NorthEastWay trading results
This is a verified demo trading account on Myfxbook for NorthEastWay. It has been active since May 19, 2021, which means it has a very short trading history. During this time, the robot has placed 956 trades through this account, maintaining a win rate of 80%, which is slightly higher in comparison to the backtest.
The daily and monthly win rates for this account are 0.35% and 11.09%, respectively, while the drawdown is 82.86%. Such a high drawdown indicates a high risk of ruin. Trading with this robot can lead to heavy losses.
Pricing & refund
NorthEastWay carries a hefty price tag of $8346. This is much higher than the market average and it makes no sense to invest so much for an EA. The absence of a refund policy makes it an even riskier investment.
There are no user reviews for this EA on websites like Trustpilot, Forexpeacearmy, Quora, and Myfxbook. It is therefore evident that not many people are currently using this robot for live trading. There are a few reviews on MQL5, but we cannot consider them authentic.