EA Black Dragon is an expert advisor that is sold on the MQL5 marketplace and works on the basis of the Black Dragon indicator built by the same developer. You can run this expert advisor on the MT4 or MT5 platform.
The current price of this robot is $30. There is a free demo version you can download to test the system’s performance using virtual money. Unfortunately, the vendor does not entertain refund requests.
EA Black Dragon trading strategy
EA Black Dragon initiates a trade based on the color of the indicator. You have the option of increasing the network of orders and applying stop losses for each order. It is based on a trend detection indicator that supports all kinds of strategies. You can make your entry based on a modified stochastic while using the color of the Black Dragon indicator as a filter.
Oddly enough, the vendor has not elaborated on how the EA uses the signals from the indicator to place a trade or how it identifies profitable trades. The lack of strategy insight comes as a major disappointment and it will deter many traders from investing.
EA Black Dragon features
EA Black Dragon mainly trades in two pairs, namely GBP/USD and EUR/USD. You can run it on M15 charts. The vendor recommends sticking to the default settings for best results. For a standard account, the recommended deposit is $1000 and for a cent account, it is 1000 cents.
From the EA inputs, you can select the size of the initial lot. There is an auto lot feature that you can enable for the EA to calculate the lot size automatically. You can also set a lot multiplier for subsequent orders. It is also possible to set the maximum volume that can be opened by the EA.
EA Black Dragon backtesting results
Using market data from 2010 to 2020, the vendor conducted a backtest for this EA using an every tick model for the M15 timeframe. Out of 3209 trades placed during the testing period, the EA managed to win 2189. This means it had a win rate of 68.21%.
There were 16 maximum consecutive wins and 1 maximum consecutive loss for this backtest. The relative drawdown for this backtest was extremely high at 77.23%, and this indicates a high-risk trading strategy. Systems with high drawdowns are more prone to suffering heavy losses and as such we cannot consider EA Black Dragon a safe system to invest in.
EA Black Dragon live trading results
There is no verified trading account on trusted third-party websites like Myfxbook, FXBlue, and FXStat where we can check the live performance of this EA. On the MQL5 product page, the vendor has shared a link for real operation monitoring, but it seems like the live account on MQL5 has been deleted. This is a tell-tale sign of a scam.
Live accounts reveal vital performance parameters like profitability, profit factor, drawdown, etc. They also allow us to analyze the trading history and figure out the trading style of the system. There is no way to gauge the profitability of a trading system without live statistics.
EA Black Dragon reputation
The developer behind this trading system is Ramil Minniakhmetov. This person is based in Russia, but other than that, we don’t know anything about them. It is not clear whether this person has a team working alongside them. We also don’t know when they started building Forex robots. It doesn’t seem like they have much of a reputation in the Forex trading community. Other robots developed by this person include Asia Trend EA, Hamster Scalping, EA Element Premium, and Element Gold.
At this moment, there are no user reviews for this expert advisor on popular review websites. This makes the lack of reputation even more obvious. There are 52 reviews for the robot on MQL5, and all of them are positive. This is quite unrealistic, and we think the vendor had the negative reviews deleted in order to paint their system profitable and trustworthy.
EA Black Dragon review summary
- Strategy – 2/10
- Functionality & Features – 2/10
- Trading Results – 3/10
- Reliability – 2/10
- Pricing – 2/10
EA Black Dragon is a scam robot that you definitely should not invest in. The devs have zero reputation and they haven’t shared the verified live statistics for this robot. Other reasons not to invest in this EA include the lack of a refund policy and an inadequate explanation provided for the trading strategy.
