We’d like you to read a review of a robot called Progressive EA. It was introduced by a no-name company with a statement that it makes money.
Progressive EA costs insane money. We don’t know any person who’d buy an EA for 999 EUR that zeroed account. Even if no, this price is completely out of place. One week renting costs 50 EUR. One month renting costs 160 EUR. There’s no refund policy at all.
Progressive EA Trading Strategy
- The developers don’t disclose a strategy behind the system.
- It trades GBP/USD and GBP/JPY.
Progressive EA Features
- The robot trades fully-automatically.
- It was designed to make significant profits – up to 50%-200% monthly.
- It closes all trades at the end of the day.
- The system uses hard Stop Loss (800 pips) to protect the account.
- The developers suggest we use Roboforex as the broker house.
- We have to run the EA on an ECN account.
- The minimum balance can be $10 (???).
- The optimal balance should be over $100.
- The EA can work with from 1:200 to 1:500 leverage.
- VPS services are recommended to decrease potential slippages.
- The robot is available only for the first 50 clients.
Progressive EA Backtesting Results
The vendor decided not to provide backtest reports to make sure the strategy was well-tested before being released in the EA.
Progressive EA Live Trading Results
We’ve got a real USD account on a RoboForex brokerage company. The EA traded automatically with 1:500 leverage on the MetaTrader 4 platform. The track record of the account was verified. It was created on November 09, 2020, and funded at $27.59. This amount of the deposit looks like a joke because they ask 999 EUR for a copy. The absolute gain, average monthly gain, and maximum drawdown equaled -99.9%.
The EA closed 168 deals with -69.9 pips. An average win (8.78 pips) was more than twice fewer than an average loss (-19.83 pips). Win-rate for Longs was 73%, for Shorts was 56%. An average trade length was 73 minutes. The Profit Factor was 0.80.
The most traded and the less profitable was GBP/JPY – 87 deals with -$33.46 of the profits.
Progressive EA traded, having focused on the European trading session.
The most-traded day was Tuesday – 50 deals.
Trading 0.01-0.02 Lots on the account that less than $100-$200 is a suicide. The last deals were stopped after Margin Call and Stop Out for less than one minute 09:58-09:59.
From this screenshot, we can see how two Grids of six orders where two of them were with Martingale have brought losses.
The account zeroed, and the robot was stopped.
Progressive EA Reputation
The company with these trading results most likely has no reputation.
The same picture we can see on Facebook. There’s a single like and follower. The last update was on November 12, 2020.
Instagram is not far ahead. There are only two posts and a single follower.
Progressive EA Review Summary
- Strategy – score (0/10)
- Functionality & Features – score (0/10)
- Trading Results – score (0/10)
- Reliability – score (0/10)
- Pricing – score (0/10)
Conclusion
Progressive EA is a scam robot that zeroed the account for a month. The developers were too lazy to make a good and well-written presentation with settings explanations, backtests, and other important info. We couldn’t find any sign of who is behind the robot and who these developers were from social networks. The reason for the EA to zero the account was using Grid with Martingale on the low deposit. Now, the EA is not an option for purchasing.
