PROP FIRM EA is a Forex robot claimed to have a low drawdown of 4.20% and a monthly profit range of 10% to 20%. After testing it for several months, the vendor says that the system managed to fulfill the conditions of funding firms, and subsequently passed their challenges. Therefore, it can supposedly assist a trader to generate favorable results that will qualify them to receive an account funded up to $200,000. However, is it true? We are going to check the veracity of the vendor’s claims in this PROP FIRM EA review.
How PROP FIRM EA works
PROP FIRM EA is essentially a Forex robot designed to work with prop firms. So, it conducts trades automatically for traders who work with the firm’s money instead of their own. When the system makes profits, they are split between the firm and the trader. The EA is also characterized by the following features:
- Works on 25 different currency pairs
- A full setup guide is present in PDF format
- Martingale and scalping strategies are not used
- Works on both personal and funding firms accounts
- Spread control to prevent it from executing trades in volatile markets
- Works on 2k, 5k, 10k, 50k, 100k and 200k USD accounts
- Closes trades on Friday
- Can work on FTMO, MY FOREX FUND and any similar funding firms
- Is designed to pass the funding firm challenge rules
- Does not require a stop loss
My EA Academy is the vendor behind this robot, and it is affiliated to SINRY ADVICE WORLDWIDE, a company that creates trading tools for Forex. Sadly, info that matters such as the company’s experiences, achievements, and detailed profile of the team, is not provided. So, this puts the credibility of this dealer in doubt.
Applied strategies
The PROP FIRM EA utilizes a top bottom reverse trading strategy plus grid. Smart internal indicators are also incorporated to assess the market prior to performing a trade. A news filter is present to exclude big market event days that may be perilous for the account.
The grid approach is risky and can spell doom for an account. The problem with this method is that the EA could end up amassing a bigger and bigger losing position if the price keeps following a sole direction instead of ranging.
Backtest results have not been provided. For this reason, it is hard to tell if the robot executed trades successfully in the past or not.
PROP FIRM EA trading results
The EA has only been in the live market for a month now. Since beginning its operations on August 1, 2021, it has made a gain of 31.91% after the account was deposited at $1,000. It makes daily profits at rates of 0.90% daily and 31.05% monthly. The resulting profit is hence $314.79. Consequently, the balance has reached $1,295.57. The drawdown (57.59%) is very high and raises serious concerns about the risky approach being applied.
Since its inception, the system has engaged in 180 trades. Out of these, it has achieved win rates of 70% for long trading positions and 80% for short ones. The profit factor is 2.5. The pips made 4804.6 pips. The average win is 62.49 pips whereas the average loss is -80.69 pips. On average, the EA is likely to end up with more losses than wins when it conducts trades. It has traded with 1.80 lots.
The AUDNZD was the only profitable pair. The other ones incurred losses.
The grid strategy was applied and trades were made with fixed lot sizes (0.01). The gains made were very small.
Pricing & refund
PROP FIRM EA is currently going for $388 for a 6-months license key and $588 for a 1 year license key. A 14-day money-back refund policy is also in place. Therefore, if the bot does not function well or perform as hoped, you are at liberty to ask for a refund.
But is the system worth this money? We don’t think so. Along with being expensive and not offering any unique features, its refund policy period is too short. Reducing the price and extending the money-back guarantee period would make the product more appealing to traders.
Customer reviews
There are 17 reviews on this EA on its official site and most of them are positive. We are not surprised. This is just one of the many tactics that the vendor uses to convince traders to purchase their product. Therefore, traders should not believe what these customers say.
We couldn’t find reliable reviews on Forex Peace Army or Trustpilot. More time is needed to see if real clients will surface and reveal the actual truth about the performance of this product.
