Forex Enigma EA requires a trading account with an equity of $1000 and leverage of 1:100. The robot trades on multiple pairs while using different strategies. The company does not detail the names of the developers and the only way to contact them is via a form on the website. The vendor provides live and backtesting records for the system. Is the robot a good trading tool to rely on? We are going to analyze this EA to see whether this is a profitable bet for us or not.
Forex Enigma EA at a glance
|Grid and Trend
Forex Enigma EA functionality
The EA has the following features:
- It can trade on multiple currency pairs and use multiple strategies.
- There is no need for manual intervention.
- Multiple subscription options are available.
- A 30-day money-back guarantee is present.
Forex Enigma EA trading strategy tests
The developers state that the system uses a trend and scalping strategy along with an application of grid methodology. It can trade on multiple currency pairs at the H1 chart and requires a minimum of $1000 in balance.
From the records on FXBlue, we can see that the robot takes an average of 1 trade each day and uses a swing approach with an average trade length of 6.3 days. There is a stop loss and take profit with each position.
Backtesting results are available for EURCHF, which shows the relative drawdown was around 16.9%, and the winning rate was 77.69%, with a profit factor of about 2.42. All the tests were done on the hourly chart with a starting balance of $1000.
The robot tanked an average profit of $312.95 during this period in a total of 493 trades. The best trade was $16.15, while the worst one was -$16.26. The modeling quality was 99.9%.
Forex Enigma EA real trading results
Verified trading records on FXBlue are available. We can see that the current floating P/L is at -$1001.56 with an account balance of $1301.34. This gives us a real drawdown value of around 80%. The winning rate stood at 73.8%, with a profit factor of 1.75. The best trade was $34.26, while the worst one was -$35.67 based on 160 trades performed.
The system made an average monthly gain of 4.7% during the period. The stated drawdown value regarding the monthly output is quite bad, which gives us a bad risk-reward scenario. A high value of downside is due to the implementation of averaging, which is quite risky.
There are no customer reviews present at Forex Peace Army, which shows that no one is interested in testing a high drawdown system. Traders might have realized this from the floating P/L and the use of a grid which can cause a margin call on the account. Lack of interest by traders is not good for the system.
Forex Enigma EA Review SummaryForex Enigma EA
Functionality2/5 BadThe service works only on MT4.
Trading strategy2/5 BadIt uses an averaging strategy, which is risky.
Live Results2/5 BadLive results show a good amount of drawdown.
Customer support2/5 BadCustomer support is available via a contact form only.
User reviews1/5 AwfullyNo customer reviews are present on the reputable third-party websites.
- Multiple purchase options
- It has a high drawdown
- No transparency of developers
- It only works on MT4