Waka Waka EA was launched on 19th August 2021. It is a Forex robot that works on both Metatrader 4 and Metatrader 5 trading platforms. According to the vendor, it can generate consistent returns while minimizing the trading risk. However, in order to verify this, we must investigate the system independently.
How Waka Waka EA works
Waka Waka EA is sold on the MQL5 marketplace, where the vendor has described in brief how the robot operates. We have a list of principal features and requirements, installation instructions, and EA settings. The vendor has also shared some screenshots of backtests and forward tests.
This is a product from Valeriia Mishchenko, a Russian trader we know very little about. Her MQL5 profile contains no information about her background or service history. It is unclear whether she works alone or in collaboration with others. Apart from Waka Waka EA, she has another expert advisor called Night Hunter Pro. The lack of vendor transparency is quite apparent, and it is not a sign of a reliable robot.
This Forex EA trades in pairs like NZD/CAD, AUD/NZD, and AUD/CAD. The vendor recommends running it on M15 charts. To trade all the different pairs, you need a single chart setup. The robot performs automatic adjustment of GMT and should be used on a hedging account.
Although the robot is not sensitive to slippage or spread, the vendor recommends using a reputed ECN broker. They have also mentioned that you need to run in continuously on a VPS. This essentially means Waka Waka EA follows a high-frequency trading approach and as we know, such schemes are often very risky.
For a $6000 account, you should use 1:30 leverage and avoid using higher than low-risk settings. If you are using a $1000 account instead, leverage of 1:100 and a normal risk setting is appropriate. There are several lot-sizing modes you can choose from. The fixed lot mode will use a fixed lot size as specified by the user. When you select dynamic lots, you need to specify how much balance or equity is to be used for every 0.01 lot. Finally, there is the deposit load mode where the lots are calculated as a certain percentage of your deposit.
Waka Waka EA follows a grid strategy which expert traders generally consider risky. As per vendor claims, this system does not reflect archival data, rather exploiting the present market inefficiencies. In a directional market that moves against you, it can be difficult to work with this strategy. Your losses might build up without you even realizing it.
Here we have the results of a backtest conducted from 1999 to 2021 with 99.90% modeling quality. The EA made an initial deposit of $1000, which is used to place 1750 trades. It won 76.19% of all trades, generating a total profit of $84304.83.
There were 31 maximum consecutive wins and 4 maximum consecutive losses during this backtest. The relative drawdown was quite high at 31.22%. This is because of the risky grid strategy the system follows.
Waka Waka trading results
This is a live trading account for Waka Waka EA on Myfxbook. Since the vendor has not shared any links to verified trading accounts on the MQL5 page, we had to conduct our own research to find it. After placing 2332 trades, the win rate for this account currently stands at 74%. This is slightly lower in comparison to the backtesting results.
While the daily and monthly profits for this account are 0.29% and 9.21% respectively, the drawdown is 26.70%, which is a bit high. The total profit generated through this account is $6982.56 and the profit factor is 1.75.
Pricing & refund
Waka Waka EA has a hefty price tag of $549. It makes no sense to pay such a large amount for an EA that follows a high-risk strategy. Although a free demo version is available for download, the vendor does not offer a money-back guarantee.
There are multiple user reviews for this EA on the MQL5 product page. However, since they are not published on third-party websites like Myfxbook, Trustpilot, Quora, or Forexpeacearmy, we cannot consider them authentic.