ELITE Automated Algorithm EA is a Forex robot that promises long-term results. According to the seller, this is a stable system that has never suffered a losing day during the time it has been trading in the live market. Since many vendors make false claims about their systems, we need to analyze each and every performance factor of this EA before considering it profitable.
Nick Ross, the developer of this EA, is a resident of Long Island, New York. He is an MQL4 programming language expert and has a background in Business Management. There is no information on the other members of the team. Also, we don’t know if this person has built any other expert advisors.
You can purchase the robot for $199 but the vendor does not entertain refund requests. The presentation on the official website is a bit too brief. We have a short introduction followed by a small paragraph explaining the features.
ELITE Automated Algorithm EA at a glance
|Currency Pairs||USD/JPY, EUR/USD, EUR/GBP, EUR/CAD, AUD/USD|
ELITE Automated Algorithm EA functionality
As per vendor recommendation, you should use this EA with larger balances of $5000 and above. Not all traders can afford such a high starting balance, which means this system is not suitable for beginners. ELITE Automated Algorithm EA lets you manage your account without human interaction. This is an AI-powered software program that monitors your trading account on a 24/7 basis.
You can use this robot to trade in pairs like USD/JPY, EUR/USD, EUR/GBP, EUR/CAD, and AUD/USD. The vendor has not mentioned the leverage explicitly, but for the live trading account, the EA trades with 1:1000 leverage. With every trade, it uses a take profit and a stop loss. Once it reaches a specified profit level, the robot uses trailing stops to lock in the gains.
ELITE Automated Algorithm trading strategy tests
Unfortunately, the vendor has not disclosed the trading strategy used by this EA. Most traders look for strategy insight since it helps them understand whether they can fit the EA into their respective trading styles. The lack of strategy insight is a major concern, and it makes it difficult for us to trust this system.
Backtests are extremely vital for automated trading systems. These tests go on for several years and thus reveal the long-term performance of the robot. We don’t have the backtesting results for ELITE Automated Algorithm EA. This tells us that the vendor does not wish to reveal the system’s historical performance.
What about ELITE Automated Algorithm live trading results
Here we have a live trading account on Myfxbook that has been active since May 20, 2021. Due to the relatively short trading history, it becomes difficult to accurately assess the robot’s profitability. To date, the EA has placed 654 trades through this account, winning 63% of them. As a result, it has generated a total profit of $41,223.68.
The daily and monthly gains for this account are 1.05% and 37.98% respectively. Looking at the high drawdown of 23.95%, we can tell that the EA follows a high-risk trading strategy. The vendor has chosen not to reveal the trading history, which creates some transparency issues.
We came across several reviews for this expert advisor on Trustpilot. One of the users has complained that after the first six weeks, they started losing money with all the trades. Other users have claimed that the vendor keeps deleting their Myfxbook accounts to hide the losses.
ELITE Automated Algorithm Review SummaryELITE Automated Algorithm
Functionality1/5 AwfullyThe EA does not have any advanced features that give you an edge over the market.
Trading strategy1/5 AwfullyWe have no idea what trading strategy ELITE Automated Algorithm uses.
Live results1/5 AwfullyThe trading history is too short and the drawdown is a bit high.
Customer support3/5 NeutralCustomer support is available via email Sunday to Friday, 9 AM to 11 PM.
User reviews1/5 AwfullyThere are several user reviews claiming this service is a scam.
- Verified trading results
- Short trading history
- Lack of strategy insight
- No money-back guarantee