ELITE Automated Algorithm EA is described as a breakthrough system designed to attain long-term success. Apparently, it can make consistent profits every week while capitalizing on the power of compounding. So, the system may be good for people looking to have a stable income stream, according to the vendor. Let’s see how accurate these assertions are in our review.
ELITE Automated Algorithm EA company profile
This EA is the invention of Fueled by Forex (FBF). The company is headed by Nick Ross, who has a Bachelors degree in Business Management. He is based in New York City, and his interest in Forex trading prompted him to learn the ins and outs of MQL5. Subsequently, he built this system and two others, namely Medallion EA and Algorithmic Forex Signals, to beat the Forex Market.
The highlights of ELITE Automated Algorithm EA
Here are a few features of the system:
- It is fully automated.
- The robot works well with a minimum balance of $1000 or above.
- It applies stop losses and take profits on trades.
- It’s easy to use.
- The recommended broker is LMFX.
The vendor does not provide any strategy insight in the presentation. However, our assessment of the EA’s live results on Myfxbook made us realize it blends two distinct strategies—grid and martingale. The former approach entails placing buy and sell orders above and below a set price creating a grid with the orders. Martingale focuses on increasing lot sizes whenever losses are made. The goal is to make large profits that will recover the losses.
Facts & figures
The backtest results for this system are missing. It would be nice to know what kind of trading outcomes the EA generates on historical data. This way, we can determine the viability of its strategy in the long term.
The EA ran the above account for two months only before it was deactivated. When the account was first opened, it was deposited at $7455, and the system made a profit of $4410.97. The daily and monthly profit were 0.19% and 31.56%, respectively. The drawdown (18.27%) was small, meaning that low-risk trading was implemented.
A total of 1207 trades were executed, and the resulting success rates for short and long positions were 62% and 66%, respectively. The losses made were much higher than the wins, as demonstrated by an average loss of -46.38 pips against an average win of -26.44 pips. There were 67.87 traded lots, and 93.7 pips won. No commissions were charged on profits.
A majority of the orders were placed in the middle of the week, Wednesday.
The EA mainly traded on the AUDUSD currency pair, attaining a total net profit of $1111.38. The EURGBP symbol was the least traded and least profitable pair.
Both the grid and martingale strategies were employed, causing the account to incur numerous losses.
ELITE Automated Algorithm EA packages
The system currently costs $199/month. You will get complete remote installation, fully automated trading throughout, and software updates and improvements at this price. The bot will also eradicate the need for technical analysis, chart markups, and indicators. No money-back guarantee is provided.
Customer support is mainly offered through email and live chat. You can also contact the support team through social media platforms like YouTube, Facebook, and Instagram.
We found mixed user reviews relating to products produced by FBF on Forex Peace Army, and many of them are positive. Among the satisfied lot, the claims are that Nick’s EAs are amazing as they can make super entries and exits, allowing users to make profits. On the other hand, the vendor is accused of deceiving people and blowing up traders’ accounts through his EAs.
Is ELITE Automated Algorithm EA a reliable system?
We have learned from the previous section that the system has generated good profits for some users. However, there are concerns that it may still wipe out trading accounts. This might be attributed to the use of risky strategies—grid and martingale.