Using proven Forex trading software increases your chances of making more profits and limiting your loss. With so many automated systems available in the market, you can find it overwhelming to choose the right one. Our list of reviews makes your task easier.
In this Elite Automated Algorithm EA review, we have done a meticulous analysis of the system including its features, strategy, performance, price, and more. This system is one of the products from Fueled by Forex trading. The group aims at providing a system that cancels all the market noise and emotional aspects of trading. Our analysis and recommendation aim at giving you a candid perspective of the expert advisor so you can make an informed decision.
Detailed Forex Robot Review
Nick Ross is the brain behind the Fueled by Forex systems which include the Elite system. He has undergone extensive training in MQL4 coding in Forex and has over 5 years of experience in the field. This system has been created with AI adaption and filters to ensure precise entries and aggressive trailing SLs to minimize losses.
Features of the system include automated account management 24/7. The system takes care of the stop losses, take profits, and entries. The trailing stops help in securing gains quickly when the trades end in profit and eliminate the risk.
Regarding the working of the system, you do not need any technical requirements. Signing up can be done from your mobile. The technical work is taken care of by the system after you purchase the pack and set up an account. A VPS and a reputed Forex broker are required to use the system and trade. The trades are managed automatically with proper risk assessment and lot sizes that aim at keeping your investment safe.
ELITE Automated Algorithm EA Strategy Tests
Ross doesn’t provide backtests for the system. Strategy test reports are based on historical data. As a general rule, a good performance in the tests does not always translate to an equally good performance in the live trading account. However, traders use the backtests to confirm that the strategy and the efficacy of the performance. Without backtesting results, we are unable to know about the strategy and other important functions of the system.
Real Live Account Trading Results
A real live account result of this system verified by the myfxbook site is shown here.
This is a real USD account with the leverage of 1:1000 using the MT4 platform and LMFX broker. From the trading stats, we could see the total and absolute profit percentages are similar at 20.96%. Other important values we found are the daily and monthly profit percentages which are 1.74% and 20.96% respectively. A 12.31% drawdown is revealed for the trading account that started on April 19, 2021, up to April 30, 2021. The deposit amount is $4,843.28 and the balance is $5,858.31. A profit factor of 2.06 is presented with the lot sizes ranging from 0.01 up to 0.05.
The ELITE Automated Algorithm EA is priced at $199. On purchasing the package, you will get all guidance needed for the remote setup of the system. The software offers full automation on your trading. You will get verified myfxbook results, software updates, and upgrades regularly. As per the developer, the system eliminates the need for all types of technical analysis, charts, indicators, etc. However the system does not come with a refund guarantee which is disappointing. The presence of a money-back assurance makes a system look reliable. Users can purchase the system and try it out without having to worry about their investment. The absence of a refund indicates the system is not a reliable one.
We found a few user reviews for the Fueled by Forex group. Here a few of the reviews are:
The user of the ELITE system indicates that grid and Martingale methods are used which the developer does not mention on the website. And another user indicates the maximal drawdown was $3000 which shows the amount of risk involved in the system.
Summing up our review of the ELITE Automated Algorithm EA, this system reveals several downsides which prevent it from being a reliable one. For starters, the trading approach used is not explained clearly by the developer.
However, some of the user reviews indicate that Martingale and grid systems have been used. Since most traders shy away from these approaches due to the high risk they carry, we are puzzled as to why the developer is using them.
While the live account results indicate a low drawdown, from the user reviews we know that it is high. The lack of a money-back guarantee and small sample size further reduce the impact the developer tries to create with the live trading results. In short, we do not find this to be a reliable system.