There are a lot of advantages when using a Forex Robot or Expert Advisor (EA) when trading. For one, it completely removes all emotions involved which is undoubtedly one of the keys to long term successful trading.
If you have experience trading stocks, forex, commodities or cryptocurrencies, you would know that the primary reason why traders lose money is because of emotions. A little dip in the price will make them fearful and lead them to cut their losses way too early only to find out after a few minutes that the trend starts to reverse.
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Emotions make traders greedy, using insane leverage so that they can make money quickly. Emotions and the wrong trading psychology are the primary reason why the vast majority of people lose money on forex and thus creating the wrong impression that it is a scam.
Emotions also lead traders to have FOMO or Fear Of Missing Out, causing them to enter trades when the prices have already gone way up.
Emotions also cause doubt on a strategy that could have worked. A few losing streaks will make you doubt an indicator or strategy that you once look up to.
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Using an EA will remove all these emotions in trading. It can trade for you 24 hours a day and lessen the chances of any missed opportunity. It frees up valuable time, instead of looking at the charts every minute, or using ALT+TAB on your computer during work hours, using an EA can help you (somewhat, but not totally) set and forget your trading.
The Disadvantage
No Expert Advisor (EA) or forex robot will work 100% in different market conditions. EAs are programmed to follow a set of algorithms on when to enter and exit trades and these are designed for “normal” market conditions. When there is significant news that affects a currency, markets rally higher or lower and EAs usually cannot adapt. EAs don’t understand the news. This led to thousands and thousands of forex accounts getting burned during Brexit, trade war, and the coronavirus. Some EA developers advise their clients on when to turn ON/OFF the EA, but even this won’t stop the sudden reversal of market sentiments.
G-ProFex EA
G-ProFex EA was developed in Japan. It primarily trades USD/JPY and EUR/USD. It opens approximately 2-10 trades per day and holds it anywhere between hours to days and sometimes weeks. It supports both bull and bear markets meaning it can open buy and sell positions with almost similar efficiency and simultaneously. It uses a counter-trend trading strategy.
Trade starts at 0.10 lot for F. version and 0.01 lot for V. version (only important to know if you are buying the EA). It uses Martingale strategy on the V. version which might be discouraging for some. Using Martingale strategy will not completely protect the account from very large and sudden trends and your account may incur a massive drawdown and even cause it to burn or dry up. On the flip side, Martingale strategy may help offset losses from previous trades by opening new trade with increasing lots. The Martingale system is known to have dried up more accounts than make it grow. Martingale system may grow your account in a few months but ultimately, one trending day will wipe out all your gains. The F. version trades with 0.10 lot and does not use the Martingale strategy but still uses counter-trend strategy.
G-ProFex EA support is ok. They will reply to your inquiry via Line App within 24 to 48 hours. Their preferred broker was previously XM but now it is FBS.
The whole system costs $999 for the EA, a very expensive EA indeed. You can get cheaper EAs for 1/4 of the price or less. It requires a $2000 recommended initial trading capital because it needs equity to accommodate its martingale strategy. Other expenses include approximately $300 per year for a good VPS service. A VPS allows the EA to trade 24 hours a day. The whole setup of this EA is very expensive compared with others which can start with less than $500 already including EA, VPS, and initial capital.
Results
I used the EA for only 1 month before burning my account. It started trading last January 17, 2020. See the below picture (pinch to zoom).
From the picture below, you can see it is clearly using Martingale strategy. Martingale strategy may grow your account for a short period of time but one day it will burn it down. It’s not a question of whether it will happen or not, it’s a question of when.
Unfortunately, the day came too soon as on February 27, 2020, only a month after using G-ProFex EA, my account got burned.
Verdict
I am not sure what YouTube is showing you about G-ProFex EA, but this is my first-hand experience. In this article, I am not selling anything, I am not running any YouTube Channel, I am not enticing you to buy any other EA… I will have no gains for sharing this. I only want to warn people about my own personal experience with this expensive EA.
As mentioned, the EA uses the Martingale + counter-trend strategy and trades USD/JPY and EUR/USD. This means a sudden weakening (or strengthening) of the dollar can make the EA trade both currency pairs in the opposite direction. Any strong trend will burn your account. It is very hard to time the market and turn off the EA as no one really knows when market sentiments will reverse. By the time you realize it, the EA might be too deep in its martingale trading system to even turn off.
G-ProFex EA is a very high-risk EA and it will burn your account sooner or later. Timing when to turn OFF the EA during trend market is highly unlikely. You are not awake 24/5 so it is impossible to time it every time.
Note: The above information is my own personal opinion and experience only. I have nothing to gain by sharing my actual experience with this EA in this article. Below are other pictures of G-ProFex EA performance.
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