In today’s series, we review the Channel Trader Pro EA. It is a simple plug-and-play robot that requires the trader to set the risk only. It is a fully automated EA that claims to be the most profitable.
This is another forex robot developed by Doug Price. We analyze this robot to determine the strategies it uses, its performance and user reviews.
What is Channel Trader PRO?
This is a forex robot that is 100% automated. The developers claim that this EA consistently brings in profits monthly. He claims he made $130,000 from an initial deposit of $4,950. His mission is to save forex traders from cheats in the forex market by helping them replicate his success.
One-time payment for this EA costs $799 for a lifetime license. The website also offers a 3 month payment option of $347. This EA can work with all currency pairs but favors AUDCAD, AUDUSD, and EURJPY.
This EA uses a combination of strategies to guarantee a profit, including trade management, money management, and market awareness. Moreso, It also eliminates trading with emotions and uses other trade verifications methods.
The trade verifications methods are used to verify signals to avoid bad trades. This verification uses indicators such as oscillators, multiple timeframes, trends etc. Moreso, trade management helps the EA enter and exit trades dynamically with an optional trailing stop.
Market awareness features ensures that the EA does not allow the trader to lose money based on market movements.
The website states that this EA is suitable for traders with:
- Little to no experience trading Forex
- Limited time on their hands because of work and family obligations
- Minimal technical experience
- Experienced trader, but tired of staring at the screen
Claims to check:
- Market awareness features ensures that the EA does not allow the trader to lose money.
- Consistent profits monthly
Now, let’s analyze the performance statistics for this EA from reputable sources. We also examine the user reviews and give you recommendations.
EA Review: Channel Trader Pro
We did not find any backtest results for this EA. Backtests are a good indicator on how the confidence level a team has with an EA. Moreover, if done correctly, It provides a chance for a prospective trader to see how the EA performs under different circumstances.
Although this EA has provided verified real accounts, updates stopped in 2017.
The results are spectacular considering the gain over a 3-year period stood at over 2100%. Consequently, the account grew from an initial deposit of $4,950 to $105,466 over the same period. Monthly growth averaged 9%, while drawdown stood at 33%, which we consider to be a bit high.
Over the period, the EA conducted 589 trades on this account. 553 of those trades were winning, representing a win rate of 94%. The average trade length was 23h 30m while the profit factor stood at 1.92.
We searched the internet for customer reviews from reputable sources. Reviews for this robot were mostly written in 2015. The user experience seems to confirm that this EA does not operate as advertised. One user pointed to the fact that this EA loses heavily despite having a trailing stop loss feature.
The site states that EA offers a 60-day money-back guarantee. Doug states that the risk is all on him. He says he loves Channel Trader Pro, and if one is not satisfied, he will return the money without question.
This is yet another expert advisor from Doug Price who claims to be an experienced forex trader and a money manager. A quick search on the internet and some quarters label Doug as a fraud.
The website tries to push this EA with an enticing sales pitch. There are promises of good profits in return for investing in this EA.
- Market awareness features ensure that the EA does not allow the trader to lose money: False.Several months show negative growth. In 2016, the highest monthly growth stood at almost 4% compared to a 7.89% dip.
- Consistent profits monthly:False. Checking data from 2016 and 2017. there is enough evidence that the EA is not consistent at all. In 2016, the EA lost in 7 out of the 12 months.
The fact that this EA stopped updating the real money account is a huge concern. From the few verifiable users, we found that customers were overly displeased.
Our Final Thoughts
Doug Price is the proprietor of many forex expert advisors. We have reviewed some of them here.
Additionally, customer reviews for this EA were not really encouraging. We hope that the creators of this EA reopen the real account to enable prospective customers to understand its performance currently.
Therefore, with these shortcomings, we do not recommend this EA.