The Einstein Trader’s creators make big promises on their website. According to the site, the trading bot will free traders from the shackles of their jobs, debt, and poverty. The site hypes the bot’s scalping technique while repeatedly discouraging the non-proprietary binary traders out there.
We perform an EA review on the Einstein Trader. Let’s analyze the tools it uses to trade and reviews from previous Einstein Trader users.
What is Einstein Trader?
The Einstein Trader is a forex bot that was designed in 2012 by William Morrison. The creator claims to have been a disgruntled systems developer before starting on the forex business. William says that in regards to forex robots, “You get what you pay for,” therefore if the binary traders are free, then you won’t earn from them.
He claims that forex bots work because traders pay for them. The bot is fully automated and is compatible with Metatrader 4. You purchase one Einstein Trader package that costs $497. What does the package entail?
- Full lifetime access
- A demo account and a live account of your choice
- A comprehensive user manual
- Free updates
- Unlimited customer support
- Expert recommendations
- 60-day money-back guarantee
EA Review: How does the Einstein Trader Work?
The EA is a modified frequent scalper that uses the M1 price action to ensure traders only trade on high-probability winners. The bot trades almost every day, and the creator claims not to use martingale, high stop loss, grid trading, or long-term trades. He promises shorter trades with lower risks to gain profit.
Einstein Trader supports three currency pairs; EURUSD, USDJPY, and the GBPUSD. William speaks of six forex trading accounts using his unique “Einstein formula” formulated after years of trial and error. The formula essentially combines technical indicators and analyses prices to determine when to start and stop a trade.
EA Review: Stats and User Reactions
We have been provided with many backtests on its website as proof that the Einstein algorithm works. The backtest Einstein Trader displays, uses 99% modeling quality and shows potential for exponential growth. But we don’t know what data they used to get these results.
The statistics on Myfxbook aren’t verified, but as of 2016, they show massive profits, as evidenced by the stats below. Come 2018, the trader starts taking huge losses, with only an average of 30% wins on both short and long trades. The bot hasn’t provided data to Myfxbook since 2018.
When it comes to user reviews, we couldn’t find any traders who used this bot before. Remember that this bot has been in the market since 2012; why aren’t there any user reviews on it?
It’s clear that despite the hype William Morrison placed on his magic formula, it isn’t as magical as he’d like us to think. The whole poverty alleviation spiel throughout the video should have been the first red flag.
Their track record on Myfxbook is unverified and not up-to-date. We can’t, therefore, use that data to measure the forex bot’s success. There are so many scams in the market today, but putting down Binary Options, even though we have some successful ones in the market, was an overreach on the creator’s part.
Since William took a five-year sabbatical to create Einstein Trader, maybe he is taking one from the bot to make another? Because we can’t see the bot’s activity anywhere.