MG PRO EA works on all brokers on five different recommended pairs: AUDCAD, CADCHF, EURUSD, NZDCAD, and USDCAD. The robot works on auto mode opening and closing trades based on the analysis from the algorithm. The developer states that the expert advisor is smart and may show a little drawdown before it closes all the positions in profit. Our article will discuss if the claims are valid or not.
MG PRO EA Strategies and Tests
After you purchase through the website, the developer sends over the ex4, which must be placed within the experts’ directory of the MT 4 platform. Place the robot on the respective chart and enable auto trading to begin trading.
The robot works on the 5 min time frame on the recommended pairs, i.e., AUDCAD, CADCHF, EURUSD, NZDCAD, and USDCAD. It has 12 undisclosed indicators that analyze the market based on price action, support, resistance, trend lines, and other information. There is no further insight on the strategy except for the statement that it trades on auto mode. Using the trading history on verified Myfxbook records, we can see that the algorithm uses a grid trading strategy and holds trades for an average duration of 2 days, maintaining a mini swing approach.
The robot and the company has the following features:
- Easy to use default setting with automatic opening and closing of trades
- Analysis of market with more than 12 indicators
- 100% refund if not profitable
- Live results available at Myfxbook
- It comes with two licenses, one for demo and the other for live
The developers of MG PRO EA fail to provide any backtesting results. This shows that the expert advisor might have failed during the period of prolonged historical analysis. It raises concerns over the authenticity of the algorithm.
MG PRO EA Live Trading Account Review
Live account results are available on Myfxbook, which shows trading from September 25, 2020, till the current date. The frequent separation between the equity and balance curves confirms our previous analysis of the grid trading method. The expert has a winning rate of 66%, with a profit factor of 1.81. The average monthly gain is 10.48%, with a drawdown of 44.93%. A high drawdown means that your account will suffer a good amount of loss which can be detrimental to your psychology. There were $514 in deposits, and the current balance hangs at $1287.52. The average winning trade was $2.74 while losing was -$2.90. The best trade brought in $28.44 in profits while the worst one was $-35.43. A total of 12.22 lots were traded with 959 trades.
You can purchase the robot for a one-time price of $288. There is a money-back guarantee of 14 days which is only applicable if a trader can show results that are not profitable. There are many grid trading systems in the market which are available at a much lower price than MG PRO EA and have similar or better results. Considering this factor, the robot is priced relatively high.
Is the MG PRO EA a scam?
MG PRO EA does not provide any transparency on the portfolio of the developing team behind the expert advisor. They mention their location as Malaysia and state that they have official certification from SSM but do not provide any hyperlink to certify the claim. The website also lies about the accuracy rate as 74%. The actual number is 66% which is evident from the records on Myfxbook.
Grid trading systems fail when the markets trend heavily in one direction. Considering this and other factors, MG PRO EA is therefore not a reliable system.
- 14 days money-back guarantee
- No transparency of the developer
- The price is relatively high
- Uses risky grid trading strategy