PROP FIRM EA is a Forex robot which claims to have a very low drawdown of 4.20% and a monthly profit of between 10% and 20%. In essence, it provides funding firm solutions. The vendor checks the trader’s capability to maintain a particular drawdown level and achieve a stable profit margin. Once the challenge is passed, the trader is gifted with a funded account. The earnings will be shared equally between the firm and the trader.
PROP FIRM EA is currently being offered in 2 packages. To get a 1 year license key, you will have to part with $588. The 6-months license key is available at $388. Both plans incorporate a 14-day money-back guarantee. We feel that this period is too short to ascertain the real profitability rate of the robot. Giving traders a minimum of 30 days to decide whether to continue using the system or ask for a refund is more sensible.
How PROP FIRM EA trading strategy
PROP FIRM EA utilizes a top bottom reverse trading strategy coupled with grid and internal indicator signals. A news filter to prevent trading on big market event days is applied as well.
However, we still do not know what factors dictate which approach will be applied. We are also concerned about the grid strategy; it is a very risky one. If the market takes an unexpected turn, then a trader can end up with a losing position that increases if the price continues to move in one direction rather than oscillating in a range.
PROP FIRM EA features
According to the vendor, the robot comes with the following features:
- Offers a funded trading account up to $200,000
- Is compatible with funding firms like MY FOREX FUNDS, FTMO etc
- No martingale used
- Fully automatic
- Trades on 25 trading pairs
- Works on both individual and funding firms accounts
- A full setup guide is available in PDF format
- Is equipped with smart internal indicators to assess the market prior to placing a trade
- Has spread control to prevent trading in volatile markets
- Works on 2k, 5k, 10k, 50k, 100k and 200k USD accounts
PROP FIRM EA backtesting results
The developers do not provide backtest results. So, we are still much in the dark about its past profitability rate, losing streak, profit factor, levels of risks and much more.
PROP FIRM EA live trading results
Fortunately, verified live trading stats have been made available on myfxbook.com. We have analyzed them below:
We can see that this is a very new account as it was opened on August 1, 2021. Within 3 weeks it has made a gain of 19.48%. It was initially deposited at $1,000 and has made a profit of $192.71. The balance has grown to reach $1,173.49.
The EA makes daily and monthly profits at rates of 0.81% and 19.48% respectively. The drawdown which is 57.59% is high. This is unsettling given that the account has been in the live market for only a short period. It shows us that the strategy being applied is dangerous and ineffective.
The robot has performed 110 trades with 1.10 lots. The winning rate for long trading positions is 74% and 80% for short ones. These outcomes are uninspiring. The profit factor is 3.79. There are 3232 pips. The average win of 62.10 pips is less than the average loss of -81.87 pips by almost 20 pips. Clearly, the likelihood of losing trades is significantly high.
Wednesday was the most traded day (33 deals).
So far, the system has made 17.28% profits.
The risk of losing the account is small.
The performance of the EA in open trades is shocking as it mainly incurs losses.
The system traded with fixed lot sizes of 0.01. The gains made were also very small. Long time frames were applied.
PROP FIRM EA reputation
This system was introduced by My Ea Academy, a trade name under SINRY ADVICE WORLDWIDE. According to the organization, they strive to give their clients the latest trading experience. We also know that the firm is situated in Malaysia and some of their other products include Pro Max Gold EA, MT Forex Indicator and Red Fox EA. Unfortunately, the real identities and profiles of developers as well as other key employees are hidden.
Customer reviews
There are a total of 17 reviews for this robot on its official website. It has been given a rating of 4.7 out of 5. However, we highly doubt the credibility of these testimonials. The vendor could have easily manufactured them to persuade unsuspecting traders to purchase their product. There are no reviews for the EA on trustworthy third party sites like Forex Peace Army and Trustpilot yet. We will have to wait a bit longer to know what real clients feel about this product.
PROP FIRM EA review summary
Strategy – 4/10
Functionality & features – 4/10
Trading results – 3/10
Reliability – 3/10
Pricing – 3/10
PROP FIRM EA is very new to the market and in such a short time, it has accumulated a very big drawdown. Also, it makes losses at higher rates than wins. Therefore, it will take eternity for the account to recover the amount of money lost. Furthermore, the grid strategy is on the board, and it will not come as a surprise if the account blows up in the near future. In view of this, we simply advise you to not buy this robot.
Prop Firm is the worst EA I have ever tested and I have tested many EAs. All losing weeks for 5 months since august, These people always come up with poor excuses to explain failure and try to argue against critics. They are scammers.
Thank you Sergio! You save my money. God bless you