Gratified Long Term Day Trader comes with a detailed backtesting report and is available for both MT4 and MT5 platforms. The developer states that a loss of $50 to $80 should be expected while trading with this algorithm. To understand its functionality and profitability, we will review the product in our article and see if it can be profitable for us.
The algorithm can be purchased for $299, and there is no money-back guarantee as per the rules of the MQL5 marketplace. Before buying, traders can backtest it on a demo account.
Scott Fredeman is the product’s author who resides in the United States. He has a total rating of 4.8 for 112 reviews. The developer has 10 products published on the MQL5 marketplace and has a total of 6 subscribers for his services. He has experience of more than 5 years.
A few features of the EA can be listed as follows:
- It uses a virtual stop loss and take profit.
- There is a detailed backtesting report available.
- It traders 14 currencies from a single chart.
- The EA is optimised using 100% real quality tick data.
Gratified Long Term Day Trader trading approach
The robot trades on AUDJPY, AUDNZD, AUDUSD, EURCHF, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPNZD, GBPUSD, NZDCAD, NZDUSD, USDCAD and AUDCAD. It trades these instruments from EURUSD H1 chart .
The history on MQL 5 live records shows us that the EA uses a wide stop loss and takes profit ranging from 10 to 200 pips. It opens trades on the close of the hourly candle and does not use averaging.
Backtesting results are available for unknown currency pairs. The duration of all the tests is 11 years from 2010 to 2021. For the duration, the robot had a maximum drawdown of 10.27% and turned an initial unknown deposit into $65843.03. It had a winning rate of 54.11% with a profit factor of 1.2. The average amount of profitable trades was $113.24, while the average amount of losing deals was -$110.89.
Gratified Long Term Day Trader live trading results
Trading performance is available from December 07, 2021, till the current date, where the robot had a profit factor of 0.98. The initial deposit was $500, and the current balance is $909.72. The drawdown was 28%, with a monthly gain percentage of around 1%.
There were 170 trades made with a profitability of 50%. The average win was $10.33 and an average loss of -$10.59.
What are the risks with Gratified Long Term Day Trader?
We can observe the following risks while trading with the robot:
- The overall gain and drawdown ratio stands at 1:6. This gives us a poor risk-reward scenario.
- The developer is not fully transparent about the algorithm’s strategy.
The company has nine reviews present on the MQL 5 marketplace, where it has a rating of 4.5. One of the trader comments that the bot does not work and does not generate any profit. The money that they had invested is lost.
What are the pros & cons of investing in Gratified Long Term Day Trader?
|Live records are available||Little information on the strategy|
|Low overall gain on the live account|
|No money back guarantee|
Gratified Long Term Day Trader Conclusion
Gratified Long Term Day Trader has produced little to no profits at the expense of a moderate drawdown. The algorithm is not fully transparent on its strategy and has few reviews on MQL5 marketplace.