Forex Real Profit Expert Advisor (FRPEA) is an automated trading tool that claims to provide long-term returns with low risk. As per the vendor, this trading tool uses technical signals for identifying and executing trades successfully. This EA boasts verified performance and 10 years of proven track record.
As an MT4 tool, this ATS comes with personalized support and a guide for setup. While the vendor provides verified trading results, we find the trading approach used is risky and there are other downsides including lack of vendor transparency that make it an untrustworthy EA.
There is no info present concerning the developer or the company behind this expert advisor. We could not find a location address, phone number, and other vendor info. For queries and concerns, an online contact form is present. The lack of vendor transparency makes us suspect the reliability of this FX EA.
How Forex Real Profit EA works
As per the vendor info, this FX robot uses technical analysis and statistical probability for spotting the successful trades and executing them. Some of the features of this FX EA include the use of six different trading approaches, a dynamic SL and TP, and dynamic lot size. The vendor claims the EA has a winning percentage of 61% with 25 pips gain on average. A safety SL for all approaches between 50 and 200 pips is present.
The MT4 tool uses a high-impact news filter for its scalping approach and uses large spread and slippage protection. As per the vendor, it does not use the Martingale, grid, or recovery mode of trading and does not trade during the weekend.
Timeframe, currency pairs, deposit
The vendor recommends a minimum deposit of $1000 for optimal performance of the FX robot. The FX EA works on the EURUSD and GBPUSD pairs and uses the M15 timeframe. Other recommendations include the use of fixed lots or money management, NFA compliance filter, and automatic GMT adjustment.
As per the vendor, this FX EA uses two scalping approaches and three breakout strategies for its trading approach. There is no further explanation of the approach. The lack of explanation raises a red flag for this EA.
Pricing and refund
This FX robot costs $199 per year. The package includes support, continuous updates, and a 30-day money-back guarantee. When compared to the price of similar systems in the market, we find the price is exorbitant.
The vendor provides backtesting results for this FX EA. One of the strategy tester reports is shown below.
From the above report, we can see the backtesting was done on the M15 timeframe for the EURUSD pair from 2003 to 2021. For an initial deposit of $500, the EA had generated a net profit of 24360565.63. A profit factor of 1.35 and profitability of 59% was present for the account. The maximum drawdown for the account is 11.51%. From the low profitability and profit factor values, we can see the approach used is not effective.
A few real trading results verified by the myfxbook site are also present on the official site. Here is a real USD account using the leverage of 1:500 on the MT4 platform.
From the trading stat, we can see the system has generated a total profit of 453.21% and an absolute gain of 60.02%. The big discrepancy between the two values raises suspicion on the effectiveness of the strategy. A drawdown of 27.30% is present for the account which started with a deposit of $2839 in June 2013. For a total of 7904 trades, the profitability is 64% and the profit factor value is 1.17.
From the trading history, we can see varying lot sizes are used ranging from 0.01 up to 0.09. The big lot sizes and high drawdown indicate a risky approach despite the claims of the vendor that the system does not use dangerous strategies. Further comparing the backtests with the real trading stats, we find the low drawdown and high net returns in the backtests are not replicated in real trading.
People say that Forex Real Profit EA is…
Unprofitable. We found one review for this FX robot on the Forex Peace Army site. Here is the user feedback:
From the above review, we can see that the EA had performed well in the demo.But it had performed poorly in real-time trading.This corroborates with our analysis of the real trading results which show a higher drawdown and low profits.
|A fully automated expert advisor
|No strategy explanation
|High drawdown and big lots size in real trading
|Verified trading results
|No vendor transparency
Forex Real Profit EA Conclusion
FRPEA claims to provide safe and consistent profits. Our evaluation reveals the system uses a risky approach that can endanger your account. Furthermore, the expensive price of the product, inadequate support, and lack of vendor transparency are other shortcomings that confirm this is an untrustworthy EA.