MG Pro EA is a Forex expert advisor that claims to have a win rate of 74%. It is a 100% automated system that, according to the vendor, closes each week in profit. Since many vendors make such tall claims, we need to conduct our own analysis to determine whether this is a reliable EA.
On the official website, the vendor provides us with a short introduction to the robot, followed by a list of main features. They have explained how the robot functions and how to install the software. We also have a video revealing further details on the EA. The vendor has also shared their recommendations and has provided the links to a verified live trading account.
MG Pro EA is a product from the Sinry Advice team which is based in Malaysia. This company is known for manufacturing systems like Swing VIP, Trend Reversal EA, Scalp Pro, and SFI indicator. We don’t know much about this company’s background and history, and no information is available on the developers and traders working for Sinry Advice. If you need to get in touch with the company, you can use the email address provided on the website.
You can purchase MG Pro EA for a one-time price of $288. The vendor has a 14-day refund policy, which is quite odd. Most vendors offer a 30-60 day money-back guarantee. You cannot possibly test EA’s performance in just 14 days, so this comes as a major disappointment.
MG Pro EA can trade in pairs like GBP/USD, NZD/CAD, AUD/NZD, and EUR/USD. It automatically opens and closes trades and provides 2 license keys, 1 for a real account and another one for a demo account. The vendor recommends using a VPS for round-the-clock online trading.
It is also advisable that you don’t run this EA on mini or cent accounts. The leverage should be more than 1:100. To start trading with this robot, you need a minimum starting balance of $500.
MG Pro EA Trading Approach
We know that MG Pro EA uses more than 12 indicators for analyzing the market. The vendor has not revealed any further details about the trading strategy, which is quite disappointing. We think they should have at least mentioned what these indicators are, which would have allowed us to get an idea about EA’s profitability.
Backtesting Results are not available for MG Pro EA. For some reason, the vendor has not shared the historical performance of the system. We don’t think there is any reason to hide the backtesting results unless you don’t want to reveal the true performance of the EA. Seasoned Forex traders place a lot of emphasis on backtests, and the absence of the same will no doubt disappoint them.
MG Pro EA Live Trading Results
This is a live trading account for MG Pro EA that was launched on September 25, 2020. The EA has placed a total of 994 trades through this account, winning 657 out of them and thus achieving a win rate of 66%. This is significantly lower compared to what the vendor claims on the official website.
The vendor also claims that the monthly profit is between 12-20%, but here we can see that it is only 10.32%. Another thing of note is the extremely high drawdown of 44.93%, which indicates a risky trading strategy.
What Are The Risks With MG Pro EA?
MG Pro EA is not a safe and reliable trading system. It uses an unknown strategy that leads to a high drawdown. We don’t have the backtesting results for this EA, and the vendor only provides a 14-day money-back guarantee.
There are no customer reviews for MG Pro EA on websites like Quora, Myfxbook, Trustpilot, and Forexpeacearmy. It is evident that at this moment, not many people are using this robot for live trading.
What are the Pros and Cons of Investing in MG Pro EA?
|Verified live trading results||Lack of strategy insight|
|Backtesting results are not available|
As you can see, this EA has too many disadvantages for us to consider it a viable option. Without backtesting results and strategy insight, it is extremely risky to use this EA.
MG Pro EA Conclusion
MG Pro EA is an EA you should avoid at all costs. It uses a risky trading approach that could drain your account. Moreover, you have only 14 days to test this system, after which you won’t be eligible for a refund.