Luring traders with steady profits and a win rate of 74%, MG Pro EA from Sinry Advice uses smart indicators for its analysis. The fully automated trading system boasts of 488 delivered orders, 74% accuracy, 80% more profits, and 50% lower rates comparatively. Are the claims of this Forex robot true? Is it a trusted and effective expert advisor for you? Read what our experts have to say on this automated Forex trading system and our recommendation.
Detailed Forex Robot Review
According to the developers, MG Pro EA is a profitable EA with a verified winning rate. This system works on five currency pairs and uses the 5-minute time frame. Some important feature highlights include easy default setting, use of over 12 inner indicators, one real and one demo account, and full refund.
While we could not find any mention of the strategy used by the developer, the official page indicates the EA uses 12 indicators for analyzing various market conditions such as resistance, support, price action, etc. The settings help the system to trade at minimal risk and high returns.
Furthermore, the vendor recommends the use of VPS for uninterrupted trading. Small lot sizes of 0.01 are recommended by the vendor for a minimum deposit of $500.
SinryAdvice, which promotes MG Pro EA, is registered in Malaysia and includes a team of 18 that includes developers and traders working from offices located in India, the UK, and Turkey.
MG Pro EA Strategy Tests
No backtests are provided by the vendor. Although the vendor claims a high success rate, this claim is not corroborated with adequate strategy tests. Historical data is generally provided by Forex robot systems so users can evaluate the strategy and its effectiveness. The lack of backtests makes it difficult for us to assess the strategy, which is already not explained clearly by the vendor.
Live Account Trading Results
A real live account verified on Myfxbook is provided by the vendor. The trading is fully automated with a leverage of 1:1000 on the Metatrader 4 platform. Trading stats are shown in the image below:
From the results, we could see a daily gain of 0.51% and a monthly gain of 16.67%. A drawdown of 19.64% is shown for 198 trades. This is very high considering the small sample of trades. Furthermore, the difference in the gain and absolute gain percentage is also suspicious (31.73% and 7.95%). The trading done from October 2020 to November 2020 is a very short span. It is difficult to evaluate the precise nature of the system and its effectiveness for such a short duration of trading.
MG Pro EA is available for $288. Earlier this Forex robot was sold at $450. Despite the price being slashed drastically, the price is still expensive. A money-back guarantee of 14 days is provided by the vendor.
Both the price and refund offer is not up to par when compared to other such systems available in the market. With this expert advisor being a new one in the market, it is not likely that traders would prefer it at such a price tag when there are proven systems out there at more nominal rates.
We could not find any user feedback for this Forex robot on reliable sites such as Forexpeacearmy, Trustpilot, etc. The absence of authentic user feedback points clearly that the system does not provide the profits or success rate claimed by the vendor.
Wrapping up our MG Pro EA review, we find that this system is not an effective one to recommend. There are several reasons for our not trusting this EA.
The absence of proper strategy insight, small sample size, suspicious trading results, lack of strategy tests, and expensive price are some of the significant shortcomings we could spot in this new Forex trading system.
Despite the results being verified on the myfxbook site, the uncorrelated results stand out like a sore thumb. In short, we would not recommend this automated Forex trading system.