Hello and thanks for visiting my Forex EA test blog.

This blog is dedicated to testing as many Metatrader Expert Advisors as I can. I have traded Forex on and off for over five years and have had an interest in trading with an automated Forex trading system for all of that time. There are many EA’s on the market and some have shown some promise. However, there is so much hype around these programs that I decided to blog about the EA’s that I personally test for those who want an honest opinion. It is my goal to find several Metatrader EA’s that can consistently show a profit, if there are any.

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The trades were all profitable but I noticed that the default settings did not allow for much profit as the trades did not total much profit. Today I have adjusted each time frame with it’s own settings. Hopefully this adjustment will provide for better trades. The profitable trades that were made were on the 5 minute and 30 minute charts. These trades produced a $259.80 profit on the $50k demo account.

This EA was very inexpensive considering what some cost. My first clue that this might not be a “quality” product came from the PDF manual.

In this example, we will run the EA on 30M chart of EURUSD. So the currency pair is EURUSD and the period is 30M (Thirty minutes). Right click on EURUSD from the market watch window. When the menu pops up, choose “Chart Window”. On the periodicity toolbar, click 1H. Note that 1H stands for the one hour Chart. Each bar in the chart represents one hour.

In just a few sentences the manual starts telling you how to setup the EA on the 30 minute chart and finishes instructing on the 1 hour chart. I guess you get what you pay for. However, it did make a few profitable trades last week.

The manual finishes with this.

Forex Expert Advisor robot EA is a long term trader. That means, for best results you should leave it working for at least 1 month before you can judge its performance. It was designed and tested to work on EUR/USD – 1H chart with default settings. But feel free to test it on other currency pairs and other time frames. Forex Auto Advisor Robot is not a scalper, it’s an intraday trading robot. That means it doesn’t have to trade everyday or even every week. On the other hand, you can use it with more than 1 currency pair to avoid any non-trading days. Use a demo account for your tests and never trade with real money without backtest and forward test/demo trading. Forex Auto Advisor Robot is not the holy grail. You may end a month with negative results. That doesn’t mean in at all that the EA is not working the way it should. Forex trading is a risky business, So please use your EA with good money management and never risk more than what you can afford to lose.

I am starting this EA on the EUR/USD pair and may test additional pairs if it proves profitable.

According to StealPips.com, this EA is a price action program. That is apparently true as in the first week there were trades that looked to have been entered during periods of significant price movement in the EUR/UAD. The Steal Pips Advanced EA has not made a trade all week. I even contacted support about this and received a canned response. If there are no trades by April 23rd, the advanced system is a goner.

Steal Pips operates off of the 4 hour time frame and trades the USD/CAD currency pair. The Steal Pips Advanced operates off of the 4 hour chart as well but trades both the GPB/USD and the GBP/JPY simultaneously.

From the supplied Steal Pips PDF

The EA is extremely sophisticated, but we have left the parameters hidden within the EA so that nothing gets changed accidentally. Everything is handled internally within the EA.
It recognizes trade opportunities during a trend and even during technical corrections. Our built in money management practically guarantees your profit.
The average take profit is around 75 pips, and average stop loss is around 65 pips. Meaning, you stand to profit a lot of pips.

In the first week of demo trading Steal Pips, the EA made three trades.

The first trade was a buy at 1.00880. Lot size was 1.50. The trade stopped out at 0.98880. This was a 1% loss on the demo account value of $50,000.00 or -$672.11.

The second trade was a sell at 1.00430. Lot size was 3.00. This trade hit the profit target of  0.098430 for a $1,350.00 gain or 3% profit on one trade.

The third trade was also profitable. This trade was a buy at 0.99930. Lot size was 1.50. The trade hit the profit target of 1.01930 for a $627.80 gain. This is a 1% profit.

After the first week, the $50k account was up $1350.96 or 3%. I would be very pleased with a 3% return in a week, if this type of return is consistent. Time will tell.

This screen shot shows all three trades.