Developed by Nick Ross, Elite Automated Algorithmic EA assures long-term returns with its stable software. This Forex robot uses a compounding method and AI software for managing the trades 24/7. For traders looking to avoid the intricate aspects of Forex trading like technical analysis, chart patterns, indicators, etc., this software provides an easy trading avenue. The cost of this EA is $199. With the purchase of the ATS, you get remote installation, fully automated trading, software updates, and enhancements, and verified myfxbook results.
ELITE Automated Algorithm EA Trading Strategy
While there is not much info provided by the developer regarding the trading approach, there is mention of the software making stable and consistent weekly profits leveraging the benefit of compounding. According to the developer, this software is more effective when you use bigger balances starting from $5000.
We are not satisfied with the explanation provided for the strategy or rather the lack of it. Although Nick Ross dedicates an entire page to how he started developing the software, we are unable to find an explanation of the strategy used.
ELITE Automated Algorithm EA Features
The main features of this FX EA include fully automated account management. Smart artificial intelligence software takes over the task of managing the trades 24/7. Every aspect of trade including take-profit, stop-loss, and other actions is taken care of by the EA. Some of the features like the trailing stop are set to act quickly to capitalize on the gains when there is profitable movement. The trading happens in such a way that risk is minimized or eliminated altogether.
ELITE Automated Algorithm EA Backtesting Results
We are unable to find backtesting results for this FX EA. Strategy testing is a crucial part of assessing the efficacy of an expert advisor. While it uses historical data to test the performance the results still are useful to know about the approach used. The failure of the developer to post backtesting reports raises our suspicion regarding the reliability of this robot.
ELITE Automated Algorithm EA Live Trading Results
We found a live real USD account for this FX EA on the myfxbook site. Although the account has verified trading privileges, its track record is not verified. This account uses the LMFX broker and the leverage of 1:1000 on the MT4 platform.
From the trading stats, a total profit of 62.31% and an absolute gain value of 17.07%. The huge difference between the two values shows the approach is a risky one that you should be wary of. Other stats of importance include the daily and monthly gains of 1.68% and 62.31% respectively. A drawdown of 40.11% is shown. If the value of drawdown is over 20% it indicates the strategy and performance are not proper.
The trading history begins from April 2021 up until May 17, 2021, which shows the sample size is very small. The profit factor for this account is 1.79. From the trading history, we could see the lot sizes vary from 0.02 up to 0.26. Even with a higher balance, the lot sizes used are high and maybe the cause for the high drawdown.
ELITE Automated Algorithm EA Reputation
This FX EA is part of the Fueled by Forex company run by Nick Ross. On the official site, Ross explains his breakthrough software that uses AI that adapted to market conditions and filtered trades to provide accurate entries and minimal risk exposure. The developer provides phone contact, a P.O. box located in New York, USA, and an online contact form for support.
We found user reviews for this MT4 tool on the Trust Pilot and Forexpeacearmy sites. Here are a few of the reviews:
From the reviews, we could see that the ATS has provided decent profits and the customer service is good. But a few of the reviews indicate the high drawdown and how to be careful about protecting the investment.
ELITE Automated Algorithm EA Review Summary
Overall rating: 4.9/10
- Strategy – 4/10
- Functionality & Features – 4.5/10
- Trading Results -5.5 /10
- Reliability – 5/10
- Pricing – 5.5/10
Conclusion
As a 100% automated system, this FX robot appears to provide the profits assured by the developer. On a closer look, we could see several discrepancies. For starters, the strategy is not disclosed except for an ambiguous mention of price action and AI technology. While the price looks on par with the affordable price ranges of competitor EAs in the market, the lack of refund policy makes this system unreliable. Furthermore, the trading stats reveal several downsides like the huge discrepancy in the absolute gain and total profit percentages, the huge lot size, and the high drawdown. The absence of backtests and the small sample size further confirm that the performance is not as effective as the reviews and results reveal.
