Red Horse EA comes with tested settings that help it to produce profitable results for the user. Also, the system features a drawdown limit that aims at keeping its drawdown below the 9% mark. However, the vendor also recommends that you set your own risk management.
A UK-based company called Sinry Advice is the one that developed this EA. The firm usually creates indicators and EAs for the Forex market. For now, its portfolio includes the Werewolf Robot, Swing VIP EA, TJ10X Forex Indicator, and others.
The EA is forwarded as a high-income machine that is able to earn you 12-23% profits monthly. So, our review focuses on determining whether the system is this lucrative and if you stand to gain from it.
What is behind the Red Horse EA?
Red Horse is not fully automated like the other Forex robots. As such, all the EA’s users are joined to a single trading system, which is regulated by the company’s professional traders. They determine the criteria the main system will trade but leave the role of setting up the time, drawdown, and trading days to the users. This technique supposedly minimizes Red Horse’s chances of wiping out your account.
We have listed the features of the EA below:
- It should be run on the XAUUSD currency pair.
- It includes risk and money management systems.
- The system works on the M5 timeframe.
- It comes with a customizable news filter and is able to assess technical and fundamental news.
- The EA only works with ECN and Standard account types.
- The minimum recommended balance is $1000.
- Account leverage must be more than 1:500.
- It’s easy to use and provides a setup guide.
This system works with multiple strategies. For instance, it has inbuilt indicators which assess market factors and initiate trades based on them. It also uses a top-bottom trading model to analyze the market price to gauge when to open and close positions. The devs say that this approach is based on volume and volatility. Lastly, multiple scalping and grid approaches are applied when certain market conditions are met.
Backtest results for this system aren’t available. With the help of backtesting, it is possible to get stats illustrating the productivity of market activities. Through the assessment of this data, the devs can enhance the efficiency of a strategy, pinpoint limitations, and rectify them. So, the final algorithm will possibly have minimal flaws.
You can obtain this system at a monthly cost of $59 or a yearly price of $495.6. Each pack comes with 2 account license keys, 1 for a real account and another 1 for a demo account. A 14-day refund policy is available, but this refund window is very small. It is virtually impossible to deduce the profitability or risk of an EA in just 2 weeks.
Trading performance of Red Horse EA
The above demo account was opened in November 2021, and the last activity was conducted on Mar 23, 2022. The EA has used a deposit of $1000 to carry out 510 trades, earning an income of $302.84 for the owner as a result. Now, the balance has increased to $1302.84. The monthly profit is 6.37%, whereas the drawdown is 19.85%. The total gain currently stands at 30.28%.
The profit factor (1.40) is relatively low and a sign that the EA makes small profit amounts from trades. So far, the pips won are 14368, and the profitability rate is 74%. The best trade has generated a profit of $52.82, while the worst one has led to a loss of -$50.35, possibly reducing the gains made.
January is the only period that reported significant gains. Since then, the EA has been struggling to make profits for the account.
In case you have any inquiries or questions regarding the services the vendor offers, you can reach the support team through their email. A phone number and a live chat platform are also available. For more information on the service, you can visit the company’s Facebook, YouTube, and Instagram pages.
We could not find any user reviews that relate to this EA on either Trustpilot or Forex Peace Army websites.