Profit Lab EA focuses on helping all kinds of traders to make money from Forex even if they don’t know anything about this market. According to the vendor, the robot can generate profits in all market conditions. Real account proof is also provided. We will assess the outcomes produced by the EA to determine if it is indeed lucrative.
Detailed Forex robot review
The EA is defined by the following characteristics:
- It is fully automated
- It trades on EURUSD, AUDUSD, GBPUSD, and NZDUSD currency pairs using the M15 timeframe
- Is easy to configure and trade
- No trading experience is needed to use it
- Works on the MT4 account
The devs behind this tool are not disclosed. We are only told that they are experts in Forex. Their biographies are not featured in the sales pitch, so we cannot verify their expertise or experience in this market.
Profit Lab EA strategy tests
Profit Lab has an inbuilt advanced and intelligent strategy that it uses to place trades. However, the vendor fails to give specific details on how the approach works.
We could not find the EA’s backtest results on its official website. This implies the vendor didn’t test the workability of the strategy on board to determine its efficiency.
Live account trading results
The EA’s live trading stats are readily available on FXBlue. We assess them in detail below:
This is a real USD account that was opened on May 23, 2022, and deposited at $4827. From the look of things, Profit Lab is a poor trader. As you can see from the screenshot, it has consumed nearly all the capital, leaving the account with $1.48 only. That’s why a total return of -100% is reported. The peak drawdown is also massive at -100%. It is only a matter of time before this account is shut down.
Friday has the highest percentage of trades completed, followed by Wednesday.
The EA has made bad trading decisions on numerous occasions, which have cost this account a lot of money. We see that it works with both the grid and martingale strategies, which are notoriously risky.
At the moment, the account has a 100% risk of ruin, so it may not be around in a few days’ time. The system made losses of over $6000 during its worst day and week, which was devastating to the owner. The risk/reward ratio is also bad at -14.11. It tells us that the bot hardly ever generates profits for the account.
With Profit Lab, you have three main pricing options to choose from. The cheapest pack (Standard) is $99. Business and Premium plans are being sold for $149 and $249, respectively. Purchasing any of the packs gives you access to 24/7 customer support, free updates, and a 30-day money-back guarantee. The license also allows you to trade on both demo and real accounts. The number of accounts you can use depend on the type of package purchased.
There are no user testimonials for this EA on any of the independent review sites such as Forex Peace Army, TrustPilot, or Myfxbook.