SIEA Zen is an EA that apparently provides its users with “peace of mind.” According to the developer, the system is robust and offers a very balanced risk-reward ratio and is able to survive all market environments. Furthermore, there are claims that it has an awesome performance. Read this review to find out if these assertions are justified or not.
How SIEA Zen works
SIEA Zen is an auto trader that runs on the MT5 terminal. It has several elements and a strategy it uses to carry out trades. Its features are listed below:
- Works with a total of 28 currency pairs based on the eight major currencies; CAD, CHF, USD, JPY, EUR, NZD, AUD, and GBP
- Has inbuilt news filter that stops new trading positions around central bank news events
- Includes a swap management module that prevents costly trades and monitors the swap continuously
- Manages risk through the use of just one risk/drawdown limit for the whole trading system rather than individual stops per trade
- Provides one parameter that permits the trader to establish their optimal acceptable risk and the whole money management will be modified as the need arises
This system was created by Daniel Stein. According to his profile on mql5, this person has 7+ years experience and a total of 15 products in his portfolio. However, it is not clear if he is a professional trader or just a random developer testing his luck in Forex.
We are also informed that Daniel is the founder of Stein Investments. Unfortunately, there is no information that discloses the background of the company, i.e., its history, vision, experience, reputation etc.
Applied strategies
SIEA Zen’s strategy entails identifying the one currency that market participants are targeting and chooses the best possible counter currencies to trade the anticipated moves. Sad to say, the developer has not bothered to provide his audience with a comprehensive explanation of the method. The formula used to select the currency or the data it relies on are thus unclear. Therefore, it will be difficult to persuade traders that this approach works.
The backtest report is provided and we have analyzed it as follows:
The vendor tested the workability of this EA between October 2018 and July 2021. The account was deposited at $100,000 and the system generated a total net profit of $98,116.25. The profit factor was 2.88. The maximal drawdown which was 7.29% was within acceptable levels.
All that time, the system performed 460 trades attaining win rates of 75.25% for short trades and 65.89% for long ones. Obviously, these results were poor and indicated that something was not right about the strategy. The average profit trade was $466.57 when the average loss trade was -$377.68.
SIEA Zen trading results
The robot started trading on the live market on June 21, 2021 under the RoboForex brokerage. It has made a gain of 1.74%, which is small given that the account is already two months old. The daily profits (0.02%) and monthly profits (0.73%) also highlight the poor performance of the system. The drawdown (2.26%) is still low.
A deposit of €10,000 was placed and a profit of €173.80 has been made. As a result, the balance has increased to €10,173.80.
The robot has carried out 16 trades with 0.91 lots. The win rates for long positions are 66% and 60% for short ones. These outcomes are way lower than the values reported in the backtest statement. The live market seems not to be favoring the inner workings of this system.
The profit factor is 2.18. The pips made are 390.3. The average loss is -57.37 pips. Although the average win (73.45 pips) is higher by 16 pips, the possibility of lost trades increasing is still real. Only time will tell.
A majority of the trades were conducted on Tuesday (5 deals).
The system made losses in June. No profits or losses were made in July. The only profitable month, i.e., August, recorded a profit of 2.05%.
Trailing stop losses and take profits were used but not on all trades. The take profit levels were indeed large. Long time frames were applied. There are instances where the robot stayed for up to 23 days without performing any trades.
Pricing & refund
SIEA Zen is very expensive. The vendor is currently selling it at $999. Even more surprising is that the original price is $1,245. Only 5 copies that are being sold at the discounted price are left. There are 3 renting options as well. You can rent the robot for 3 months, 6 months or 1 year at $199, $299 and $499 respectively. A money-back guarantee is absent.
But is this system worth the money? No. The trading results have revealed that this EA is not lucrative. So, you will not get value for money.
Other notes
Only two clients have narrated their experiences with SIEA Zen. They both praise it. Nonetheless, we cannot agree with them since we fully know that its performance is below par.
