The developers of ELITE Automated Algorithm EA try to convince us that their system can “Enhance Your Trading With Automation. Gain an edge in trading with our proven automated algorithm software the same type institutional traders use.” We are here to check this claim and the system’s performance.
We tried to gather all possible information about how the system works and what we should expect from it. The past trading account was replaced by two new ones. We don’t know the reason for this action.
What is behind ELITE Automated Algorithm EA?
The system has some features, settings, and other explanations provided about performance and strategies behind it.
- We may expect that an advisor will help us with automatic trading.
- It should be used on a VPS only.
- The devs claimed that registration on a LMFX broker is a good idea.
- It looks for the best market conditions to open a trade.
- We can customize risks whatever we want.
- It places orders with SL and TP levels.
- If we need advice, we are free to ask the devs directly.
- The robot is consistently updated.
- Automatic trading.
- The robot works with SL and TP levels.
- It calculates lot sizes for all orders.
- We can work with EUR/GBP, EUR/USD, AUD/USD, EUR/CAD, and USD/JPY.
- The margin requirement to start trading is $5000.
- The system is introduced without explanations about a strategy.
- It looks like it uses a Grid of orders with Martingale for trading.
- The presentation doesn’t include backtest reports.
The pricing is simple and allows us to subscribe to the advisor for $199 monthly. Developers decided not to provide us with long life packages not to carry to support this system all the time. There’s no money-back guarantee available.
Trading performance of ELITE Automated Algorithm EA
Trading results are the positive side of the presentation. The advisor has been running a real account on LMFX automatically using technical indicator data from MT4. The account has a verified track record and verified trading privileges. It was created on May 20, 2021, and deposited at $11,135.99. Since then, the absolute gain has become 387.13%. An average monthly gain is 37.98%. The maximum drawdown was 23.95%.
There were 654 orders traded with -4711 pips lost. It’s a scam. An average win is 24.09 pips when an average loss is almost three times deeper -61.55 pips. The win rate is 68% for longs and 59% for shorts. An average trade length is 8 days. The profit factor is 3.76.
The system has lost three cross pirs in pips but kept them profitable. It’s so dangerous to trade like this. EURCAD is the most traded cross pair with 214 orders.
The system focuses on opening orders during the American session.
Tuesday with 167 orders is the most traded day.
The advisor trades with maximum risks to the balance.
We are not allowed to know what’s going on with closed trades.
ELITE Automated Algorithm EA trades with monthly profits, but they were obtained because of high risk trading.
We don’t know details about how good the customer support is. The comments mentioned nothing about it.
The company runs a page on Forex Peace Army. There are no trading accounts added. We have 17 reviews with a total rate of 3.33.
We have many negative testimonials that convince us of the fact that the system is broken and shouldn’t be used on a real account.