EA Super 8 is one of the newest Forex products being sold on MQL5. It was published on August 18, 2021, and several traders have bought it. Many others have downloaded the free demo version and tested the workability of its strategies. The purpose of this review is to determine if this system is worthwhile and consequently advise you accordingly.
EA Super 8 was invented by Vitali Vasilenka. The profile on MQL5 tells us that he is from Belarus and has been working in this market for a year. So far, he has 15 products, 34 signals, and 187 subscribers. However, like most profiles presented on MQL5, we are not informed about Vitali’s qualifications and skills.
EA Super 8 strategies and tests
The robot has several features, and we have indicated them below:
- The main trading instruments are AUDUSD, EURUSD, and NZDUSD.
- Trades on the M1 timeframe
- Exness is the recommended broker.
- Raw spread/zero accounts are preferred.
- The minimum required capital is $100.
Vitali does not provide us with a detailed description of the strategies that the EA uses. He mainly says that the system uses aggressive trading and has an in-built method for establishing the trend direction. The developer needs to elaborate on these approaches, especially if he wants to appeal to seasoned traders who look out for systems with well laid out strategies. On another note, it is clear that the scalping method is present since trades are conducted within short timeframes.
According to this report, the EA traded the NZDUSD using fixed lot sizes of 0.01 from January 2013 to June 2021. The modeling quality was 99.90%. The system placed orders frequently as it completed 230658 trades during this period. In the end, the deposit of $100 increased following a total net profit of $97,121.75. The win rates for short and long positions were similar — 70.45%. We had a maximal drawdown (28.90%), which was quite high. The average loss trade (-$1.78) was slightly higher than the average profit trade of $1.34.
EA Super 8 live trading account review
The vendor features the robot’s live trading results. Unfortunately, they are not verified. We have established that the developer has not opened any account with myfxbook, fxblue or fxstat. We prefer results from these sites because they are normally credible and hence more believable. Nonetheless, we have assessed the available results below:
The data above shows that the EA has made a profit of $275.62 from an initial deposit of $1009.13. So, the account has grown by 66%. We can see that the trading activities began just recently, October 12, 2021. To date, it has 8 trading days, and the average holding time is 50 minutes. The maximum drawdown is 12%, whereas the profitable trades are 72.9%.
Just like in the backtest report, it is evident that the system has a high trading frequency, with 262 orders made so far. However, the performance of the long trades (15.65%) is terrible. The short trades are performing much better — 84.35%. The profit factor is 2.87.
The asking price of this EA is $249. This cost is slightly higher than the average on the market. We say this because most fairly priced EAs cost below $200.
Is EA Super 8 robot a scam?
Yes, it is. This is mainly because the developer supplies us with unreliable trading statistics. This shows us that he is afraid to use a trusted site like Myfxbook.com because it will depict the real performance of the EA, which may not be good.
EA Super 8 has a total of 12 reviews on MQL5. Eleven out of these customers are happy with the product. So, there is only one negative feedback, and it reveals that the robot makes small profits and huge losses. This user reiterates that the quality is worsening.