BlackQueen is a Forex expert advisor for the Metatrader 5 trading platform. It has different trading modes and can trade in multiple currency pairs simultaneously. However, in order to determine its reliability, we need to conduct a thorough analysis of the system by judging the various performance aspects.
Detailed forex robot review
Since we don’t have an official website for BlackQueen, the MQL5 marketplace is the only source of information for this robot. Here, the vendor makes a concise presentation, explaining the features of the EA and how it works. We have a video showing the first run of BlackQueen on MT5, as well as several screenshots showing exponential account growth. However, none of them looks authentic.
This EA is sold on MQL5 by a Russian trader called Mikhail Sergeev. They have a total experience of more than 8 years and have sold 18 products on the MQL5 website. Unfortunately, we don’t know what kind of trading experience this person has or whether they have other people working alongside them. Apart from BlackQueen, this person has built other systems like Investo, Aver, Sparta, BearsHunter, Devilfish, and Ilanis.
To get started with this EA, you need to make a minimum deposit of $50. It has three distinct trading modes. The first one is a fully automatic mode that can be used for trading in 7 different currency pairs without performing any additional configuration. With the second mode, you can trade only the pair to which you’ve attached the EA. This mode also requires no configuration. The third and final mode is manual and it allows you to set the parameters according to your trading style.
As per the vendor’s recommendation, you should first set the EA to the EUR/USD H1 chart using the default settings. BlackQueen can also trade in other currency pairs like USD/JPY, USD/CAD, USD/CHF, NZD/USD, AUD/USD, and GBP/USD. It does not use short-term strategies like pipsing or scalping.
BlackQueen strategy tests
There are two strategies for this Forex EA, namely BQ and OneOrder. Although the vendor has mentioned these as trading strategies, we think they are nothing but trading modes. For the first one, the EA places opposing trades with increased lot sizes after suffering a loss. It does this as a compensatory measure. However, for the OneOrder mode, the EA waits for the next opportunity after a trade is closed in a loss.
The vendor has not properly explained the actual trading strategy, which is quite disappointing. Experienced Forex traders always look for strategy insight, because it gives them an idea about the robot’s profitability. Thus, many of them might take the lack of strategy insight as a red flag.
There are several screenshots where it is mentioned that the EA has been tested for 11 years. Unfortunately, we cannot find the verified results for the same. It is important for all EA vendors to backtest their strategies since it reveals the robustness of the system. Without them, most traders will not be confident about investing in BlackQueen.
Real account trading results
Before analyzing the trading results for this EA, we should mention that it used to have a live trading account on Myfxbook which has now been deleted. We don’t exactly know why the vendor deleted the account, but we can assume that they don’t wish to reveal the true performance of their EA.
This is a live trading account on MQL5 that has a short trading history of 16 days. It is impossible to form an objective opinion about the EA’s profitability by analyzing these results. The EA has placed only 26 trades through this account, winning all of them. Again, no EA would have a perfect win rate in the live market, so we think the results might have been tampered with.
You can buy BlackQueen on MQL5 for the price of $182. The vendor also allows you to rent the EA for a monthly fee of $35. If you wish to test its performance prior to live trading, you can use the free demo version of the software. Here, we should mention that the vendor does not offer a money-back guarantee. Thus, it makes no sense to spend so much money on an unproven trading system.
There are reviews for BlackQueen on third-party websites. We have a single review on MQL5, but this cannot be considered authentic. Clearly, the EA suffers from a lack of reputation.
BlackQueen is an expert advisor you should not consider investing in. It is a newly-launched EA that is not supported by verified trading statistics. Using this EA for live trading might lead to large losses, so you should look for other options.