NorthEastWay is a fully-automated Forex trading system that was launched on 13th July 2020. It trades in multiple currency pairs and has both MT4 and MT5 versions. There is no official website for this EA, so you need to purchase it via the MQL5 marketplace.
Detailed Forex robot review
While there is a lot of information on the MQL5 page about the setup and testing, the vendor has not elaborated too much on the features. We have the recommended input parameters for different risk settings as well as the screenshot of a backtest. Looking at the haphazard presentation, we are not very impressed.
Pavel Udovichenko, the seller, is based in Russia. While they have an official Telegram channel, there is no email address or phone number through which a user can get in touch with this person. We don’t know anything about their service history or the people they work with. While they have claimed to possess 10 years of experience in developing automated trading systems, there is no way we can verify it. LittleCrazy is the only other system developed by this person.
You can use NorthEastWay to trade in currency pairs like EURGBP, EURUSD, GBPUSD, USDCAD, GBPCAD, EURCAD, AUDNZD, NZDCAD, and AUDCAD for the M15 timeframe. It is possible to run all the pairs using a single chart setup. This EA is not sensitive to broker-specific variables like slippage and spread. It has an auto money management feature that you can enable from the EA settings. For aggressive risk, the value of the AutoMM should be less than or equal to 1000. If you want to trade with conservative risk, you should set the value greater than or equal to 5000.
NorthEastWay has a recovery mode that you can enable to force the EA to close a series of orders in profit. The vendor has mentioned that this causes the robot to deviate from its trading logic. To start trading with this EA, you need to invest at least $1000. The vendor recommends trading with a 1:200 leverage.
NorthEastWay strategy tests
NorthEastWay follows a pullback strategy where it looks for the return of the price following a sharp movement in any direction. The vendor has not explained the trading strategy in detail, which is a bit disappointing. Among the input parameters, there is a martingale coefficient. So we can assume that the EA uses martingale principles while trading. As we know, martingale is a very risky trading scheme that experts advise against using.
NorthEastWay carried out this backtest from 2010 to 2019 using an initial deposit of $100. It placed 4395 trades in total, maintaining a win rate of 75.56%. The total profit generated during this backtest was $1009786.90. It made 53 maximum consecutive wins and 13 maximum consecutive losses. Looking at the high relative equity drawdown of 66.46%, we can tell that the EA follows a risky strategy.
Real account trading results
Since May 19, 2021, NorthEasyWay has placed 1025 trades through this account. Thus, it is evident that it follows a high-frequency trading approach. However, due to the short trading history, it is difficult to objectively assess the profitability of the system.
The win rate for this account is currently 79%. It has daily and monthly win rates of 0.34% and 10.93% respectively, and the drawdown is 82.86%. The drawdown is much higher in comparison to the backtesting data.
From the trading results, we can confirm that the EA carries a high risk of ruin. It has lost several trades recently. Thus, we cannot consider it a safe trading system.
NorthEasyWay carries a price tag of $8346. This is too expensive compared to other systems and we don’t think a trader should invest this much money in a robot that uses a risky strategy. A free demo version of the EA is available for download but there is no money-back guarantee.
There are no verified user reviews for this EA on third-party websites. We cannot consider the reviews on MQL5 to be authentic.
There is no reason to trust a robot like NorthEastWay. The vendor sells it at a high price while offering no refunds. It uses a high-risk trading strategy that leads to multiple consecutive losses. Thus, we think investing in this EA is a waste of money.