Red Horse EA works on the MT4 platform and claims to offer a monthly profitability of 12-23%. The algorithm uses money management alongside a news filter to avoid putting excessive risk on the account. There are multiple live records available on the website that we will analyze in our review to see if it can maintain good profitability.
The algorithm can be purchased for $59/month and $495.6/year. There is a 14-day money-back guarantee if the robot turns out to be unprofitable.
Alt. Subscription package on the Sinry Advice website.
The company claims to have been situated in London with the address as 2 Fredrick Street London WC1X OND, UK. They provide an email ID and phone number for support, however, there are no developers’ names or whereabouts mentioned.
A few features of the EA can be listed as follows:
- It comes with a customizable news filter.
- There are money and risk management techniques used.
- Traders can use it to trade gold on the MT4 platform.
- The dev claims that the max drawdown is 9.7%.
Red Horse EA trading approach
The algorithm trades on XAUUSD using technical and fundamental analysis. It implements a top-bottom strategy using volume and volatility as side indicators. In addition, it will also use market sentiment to add additional confluence. The averaging technique is used to recover drawdowns.
The history on Myfxbook shows that the EA also uses martingale techniques which the developer refrains from mentioning. It uses a trailing stop loss to secure profits once the trade is positive.
The developers do not provide any backtesting records for the EA. This is a poor approach by the company, which restricts us from measuring its historical performance.
Red Horse EA live trading results
Trading performance is available from November 16, 2021, to April 2022, where the robot had a profit factor of 1.41. The initial deposit was $1000, and the current balance is $1330.99. The drawdown was 19.85%, with a monthly gain percentage of 6.44%. There were 554 trades made with a profitability of 74% and a loss ratio of 26%. The average win was $2.78 and an average loss of -$5.57.
What are the risks with Red Horse EA?
Traders should be cautious while trading with robots that use averaging and martingale strategies. The drawdown can shoot up if the market trends in one direction. We can observe the following risks with Red Horse EA:
- There are no backtesting records available for the product.
- The robot trades on a demo account to show its live records. Virtual portfolios are not enough to show the actual performance of the EA as they do not respect real market liquidity and slippage.
The company has a total of 2 reviews present on Forex Peace Army which gives them zero-rating. One trader states that the company does not respect its refund policies and investors should not fall victim to their schemes.
Another buyer comments that they ran one of the company’s robots for a month, and the drawdown was high. They had to manually exit from the trades in order to save their account from liquidation.
What are the pros & cons of investing in Red Horse EA?
|Live records are available||Lack of customer reviews on Forex Peace Army|
|It uses grid and martingale|
|No backtest reports provided|
|The pricing is costly|
|Short refund policy|
Red Horse EA Conclusion
Red Horse trading robot lacks backtesting records and uses averaging and martingale techniques. The developers are not transparent about their portfolio, and there are few options available to contact customer support.