BlackQueen is described as a fully automatic, professional trading system. It trades on 7 currency pairs and requires a small capital of $50 for it to start working. As per the vendor claims, the EA can spot steady entry points based on universal price movements.
This robot is quite expensive as it is currently going for $371. There are two renting options that cost $40 for 1 month and $68 for 3 months. No money-back guarantee is provided.
BlackQueen trading strategy
The expert advisor implements 3 different trading modes. First, we have Auto-7 pairs, which allow the system to conduct multi-currency trading on one chart, utilizing 7 currency pairs. This mode is said to be perfect for novice traders.
The second mode enables you to only trade with the pair to which the EA is attached. Lastly, there’s a manual feature that can be utilized on any instrument. This configuration provides you with limitless options for setting parameters. The mode trades only on the chart it is attached to and needs parameter settings.
There are two trading strategies to choose from — BQ and OneOrder. The robot uses the first one to apply opposite trades to win back losses. Lot sizes are also increased to optimize profits. When it comes to the second approach, the vendor says the system waits for the next entry opportunity after it makes a loss.
BlackQueen features
The main features of the robot are indicated below:
- It supports multiple currency pairs including GBPUSD, AUDUSD, NZDUSD, USDCHF, USDCAD, and USDJPY symbols.
- The system works on hedging accounts.
- It does not utilize super-short trades (scalping, pipsing).
- The robot focuses on the H1 timeframe.
- It is easy to set up and use.
- It has a user-friendly interface.
BlackQueen backtesting results
The developer does not provide a detailed strategy tester report. All there is the chart we have posted above. According to it, the EA was able to make $10,000 from $1000 within 2 years. The chart is not helpful because it fails to include other important metrics such as the profit factor, winning streaks, spreads, averages, frequency of trading, drawdown rate, etc.
BlackQueen live trading results
We don’t have credible live trading data. The vendor is not using any of the verified sites (Myfxbook, FXStat, or FXBlue) to track the performance of his product. Nonetheless, see below what we found out as we assessed the available data:
This account is claimed to have been opened on April 13, 2021, and deposited at $100.80. The profitability rate of the EA appears to be too low because it has only produced a profit of $49.62 after trading for 33 days. Now, there’s a balance of $150.42 and a 5.7% drawdown.
We find the trading frequency low. Only three trades are completed on a weekly basis. So, the number of trades completed so far is small — 49. Even worse, their win rates are below par. From the stats above, you can see that most of the short trades are unsuccessful (48.98%). The long trades are not good either —51.02%. Chances are that you will end up with more losses than wins if you use this robot. This conclusion is based on the average loss (-$4.11) that is almost 3 times higher than the average profit ($1.47). The monthly growth is negative (-0.46%).
The EA prefers to work with the EURUSD currency pair. On the other hand, USDCHF is the least used instrument. But it is the USDCAD that takes the crown for being the most lucrative symbol, having made a 1k profit.
BlackQueen reputation
BlackQueen was authored by a Russian programmer known as Mikhail Sergeev. There’s a list of many other trading systems created by him. Some of them are: UniversalMA, Sparta, Investo, Ilanis, Aver, BearsHunter, Devilfish, etc. The reputation of this developer in the market is unclear. But we suspect the creation of unproductive systems like BlackQueen will soon earn him a bad reputation in Forex.
This EA has mixed reviews on mql5, but many are positive. Some of the traders are saying that it makes good profits although it doesn’t trade often. Even then, there are a few negative testimonials. Customers are complaining that the system is not working as claimed.
BlackQueen review summary
- Strategy – 3/10
- Functionality & Features – 4/10
- Trading Results – 2/10
- Reliability – 3/10
- Pricing – 3/10
The unverified live trading results and customer feedback indicate that the robot doesn’t trade often. This may mean that it loses many opportunities it could have taken advantage of to make profits. We are also concerned about the low return rate as this will greatly impede the growth of your trading account. The lack of a detailed backtest report is a big disadvantage as well. Without it, you can’t tell whether the system can benefit you over a prolonged period or not.
