The Prism is an EA that is being sold on the mql5 website. According to the publication details found on this platform, the system was introduced to the Forex community on June 20, 2021. So far, it has only been activated 5 times. People are more interested in the demo version for now as they downloaded it hundreds of times.
Yaroslav Tarasov is the main person standing behind the Prism. He does not have any other trading systems in his portfolio. His experiences and qualifications in Forex are not highlighted.
The Prism robot is priced at $200. Unlike other systems that provide the trader with renting options, this EA incorporates none. You should also not expect to get any money-back guarantee.
- Trades on 7 EUR pairs which include EURCHF, EURJPY, EURAUD, EURUSD, EURCAD, EURNZD and EURGBP.
- Has a unique multithreaded system that offers quality auto lot size adjustment.
- Minimum deposit amount is $100.
- Easy to set up and use.
- A trend filter is included.
Unfortunately, we could not find any information about the timeframe, recommended leverage, or the brokers the system works with.
The Prism trading approach
Yaroslav does not furnish us with insight into the trading approach on board. We have noted that the vendor has described the Prism as a Trend multicurrency system. But when it comes to establishing the specific trend logic, we have nothing to say. This information is not disclosed.
The report above indicates that the system conducted 228 trades during its testing period. It won 76.32% of these dealings. We are troubled by this outcome as it reveals that the EA wasn’t profitable as we previously thought. The win rates for long (80.70%) and short trades (71.93%) were not impressive as well. The maximal drawdown was 7.28%. The average loss trade (-$2.17) was a bit higher than the average profit trade ($1.82).
The Prism live trading results
This real USD account began its operations on August 16, 2020, and by September 1, 2021, it had attained a 1075.35% gain. The account is no longer active. We don’t know why. The profit generated was $227.59. The drawdown was 22.58%. The monthly profits were 21.71%. A sum of $150 was withdrawn.
The robot carried out 267 trades with 2.67 lots. The long positions (72%) did not perform that well. The success rates for long trading positions, which are 82%, were far much better. The average win was 20.37 pips. On the other hand, the average loss was -27.68 pips. From these figures, it is evident that the system lost trades rather often.
This account is unlikely to survive for long. Since we have already established that the system has a high likelihood of losing trades, then from the stats above, it is clear that the account will crash soon.
The profits made keep on fluctuating. In some months, the system had high profit rates, while in others, the gains made deteriorated. With such a trend in place, it is not easy to predict how the EA will perform in the coming months.
What are the risks with the Prism?
We have ascertained that this EA is not a safe trading system. Our conclusion is based on the following findings:
- It has a high drawdown.
- Its risk of ruin is high.
- It has a disturbing losing streak.
There are a bunch of customer reviews for this system on mql5. Although a majority of them are positive, we came across some disgruntled traders. They mainly complain about the losses they made while using the EA. One client also warns that the team can easily blow your account.
What are the pros and cons of investing in Prism?
|Live trading results are available||Money-back guarantee is not provided|
|Disturbing losing streak|
|Lack of vendor transparency|
The findings on the table above tell you that this EA is not worth your investment.
The Prism Conclusion
Traders should not waste their money on this system. As noted earlier, the EA has a high drawdown and loses trades easily. This trend has served to increase its risk of ruin. Furthermore, one of the customers has attested to the fact that the EA can put your account at risk of being wiped out. Therefore, this tool will not protect or grow your investment.