Prop Firm EA is an FX Robot that assures a low drawdown of 4.20% and monthly profits of up to 20%. It is compatible with funding firms like My Forex Funds, FTMO, etc. The vendor claims that the FX EA has been tested and passed the funding firm challenges while meeting the funding firm requirements.
My EA Academy promotes this FX robot and is part of the SinryAdvice Worldwide group. A register number and location address are provided on the contact us section along with an email address and social media links. To purchase this expert advisor, you have to pay $588 which includes a license valid for one year. A 6-month license package costing $388 is also available. The vendor offers a 14-day refund policy if the profits are not as promised.
With the purchase of this FX robot the vendor provides the following features:
- A funded trading account of a maximum of $200,000.
- Presence of smart indicators for market analysis and news filters to avoid trading during big market events.
- Use of spread control to avoid trading during volatile market conditions.
- A strategy that is 100% non-Martingale.
- The currency pairs this FX robot works on are shown below:
- It can work on USD accounts starting from 10K up to 200K.
- The lot management is automatically set by the EA.
Prop Firm EA trading approach
As per the vendor, this FX EA uses a top-bottom reverse trading approach. It also uses smart indicators, news filters, and grid methods for its trading approach. There is no further explanation of the approach. The vague explanation makes us suspect the reliability of this ATS.
No backtests are present for this MT4 tool. The absence of backtests further confirms our suspicion about the effectiveness of the approach and performance.
Prop Firm EA live trading results
The vendor provides a real live USD account verified by the myfxbook site. Here is the account trading using the IC Markets broker with the leverage of 1:500 on the MT4 platform.
From the above screenshots, we can see a total profit of 47.78% and an absolute profit of 48.07%. The daily and monthly profits are 0.73% and 24.11%. A drawdown of 57.59% is present. While the profits are as claimed by the vendor, the high drawdown is a source of big concern. It reveals the EA is using a risky approach.
For a deposit of $1000, the account started in August 2021 has completed a total of 313 trades with a profitability of 76%. The profit factor is 2.46 and the lot size used is 0.01. For the short duration, the trading frequency is very high and with a risky approach this can easily wipe out your account.
What are the risks with Prop Firm EA?
After assessing the various aspects of this FX robot, we find that it is not a reliable trading tool. Some of the risks you face using this EA are:
- A high drawdown indicating a risky approach that can lead to big losses of your capital.
- A vague explanation of the trading strategy and lack of backtests indicate an unreliable system.
- The product is overpriced and not worth the money.
We found customer reviews for this FX robot on the Trustpilot site. Here are the testimonials from users:
As per one of the reviews, the EA has shown a high drawdown and when asked for a refund the company has refused a refund. Another user complains that using the EA is a complete waste of time as the customer service is poor and the management of the trades by the company is bad.
What are the pros & cons of investing in Prop Firm EA?
|Fully automated system
|Vague strategy explanation
|Verified live trading results
|High drawdown revealing a risky approach
After evaluating the features, strategy, performance, support, and user feedback we find this is not a trustworthy expert advisor. Since the strategy and performance are not good, profiting from the system is not possible.
Prop Firm EA Conclusion
Prop Firm EA is an FX EA that promises a low drawdown and profits of a maximum of 20% per month. Our evaluation reveals the claims are false. The vendor does not provide a proper explanation of the approach and there are no backtests to prove the efficacy of the approach. From the live trading results, it is clear that the approach used is risky resulting in a big drawdown. The expensive price package and negative user reviews further confirm our suspicion that this is an unreliable expert advisor.