Athena EA promises to grow your account enormously by generating 8-25% worth of profits monthly. The tool comprises 2 EAs that work together. One is used to place buy orders while the other one is used to close positions. It is recommended that you run the two EAs simultaneously on multiple EURUSD charts using different timeframes. A managed account service is available for traders who don’t want to control their own accounts.
Athena was developed by full-time professional Forex traders, namely Chris Svorcik and Nenad Kerkez. They claim to be highly skilled in creating customizable strategies, indicators, and Forex tools that are consistently profitable. They also provide education on the art and science behind CFD and Forex trading while helping traders to make profits. The devs operate under a Europe-based company known as Elite CurrenSea.
The EA features 4 subscription plans, but one of the plans (Managed Account) is free. It only asks that you provide an account that works with a recommended broker. The other packs, namely Rental Sponsored, Rental, and Lifetime are somewhat expensive, with their prices ranging from €499, €799, to €999.
The EA has several features, as shown below:
- It trades the EURUSD pair only.
- The system includes a risk management system to increase/decrease the profit factor.
- It provides an installer and setup handouts.
- No freezing of capital, so you can withdraw profits or top up your account whenever you want.
- It offers access to a free VPS.
- The EA supports brokers who accept hedging.
- The expert advisor mainly trades on the MT4 terminal.
- The devs claim that the system only requires a capital of $50 to initiate trades on a cent account or €4000 for a normal account. A PAMM account needs to have a deposit of €400.
- It is highly recommended that you trade with a leverage of 500:1 or above.
- The robot works with low spreads.
Athena EA trading approach
The devs list the strategies that the system uses to transact but don’t describe or explain any of them in detail. As such, the system applies the grid, price action, scalping, classical equation, and hedging strategies. The entries and exits are based on a mix of price swings, moving averages, and oscillators.
Athena EA backtesting results
No backtesting results are available. The cause for this, the vendor explains, is that it is difficult to reproduce a backtest on a specific chart, given that Athena consists of two EAs working concurrently.
Athena EA live trading results
Athena EA has worked on the above account for 15 months now, and during this period, it has managed to turn a deposit of €21669.95 into a €17337.94 profit. Consequently, the account’s value has risen by 190.71%. On average, the system has been making daily and monthly profits of 0.23% and 7.27%, respectively. To date, the drawdown generated is 33.73% and doesn’t raise much concern about the safety of the capital.
The EA is very active, going by the 21740 deals it has already completed. But the success rates of long positions (69%) are slightly lower compared to the short ones (73%). It is quite worrying that the account has suffered losses amounting to -10619.3 pips. Also, the system’s high losing streak is demonstrated by the average loss (-18.02 pips), that is higher than the average win (6.43 pips). As of now, the traded lots are 761.07, whereas the profit factor is 1.65.
The EA is very active throughout the business days. It also opens positions on weekends, but not that often.
The monthly profits obtained are inconsistent and relatively lower than the 8-25% monthly gains the vendor promises.
The account is not in danger of being burned.
What are the risks with Athena EA?
Based on the period the system has been operating live, it is apparent that it can produce profits under varying market conditions. However, the trading risks are much higher and may reduce the user’s income significantly over time.
We could not find any comment that relates to this EA among the many customer reviews about the vendor’s products on Trustpilot and Forex Peace Army.
What are the pros and cons of investing in Athena EA?
|Low risk of ruin||Poor risk/reward ratio|
|Currently running a live account on Myfxbook||Expensive pricing|
|No losing month in 2022 yet||Zero feedback from clients|
|Grid on the board|
Athena EA Conclusion
On the good side, Athena has proven that it can generate profits for traders monthly and keep an account's risk of ruin low. However, the EA makes more losses than wins, which can lead to an undesirable risk/reward ratio. The grid approach also heightens its trading risks to a great extent, making it more vulnerable to losses.