Today, we review The Skilled Trader, another forex robot from LeapFX. This forex robot is designed to work automatically, free from human intervention.
LeapFX deals with a myriad of forex robots such as Quick Scalp Trader which we reviewed previously.
In this post, we delve deep to examine this EA. We tell you about its performance and what users say. Finally, we give you our honest recommendation, whether to board or stay away.
What is The Skilled Trader EA?
This is a fully automated forex robot that works on the MetaTrader4 platform. The owners of this EA promise profit even when the markets are volatile. They have gone ahead to give a compounded profit estimate based on a starting deposit.
This EA has three price packages. The starting price for 3-months membership is $247. Lifetime access will set you back $899.
The website claims that they have three secrets to trading forex. The first secret they consider important is following the big money. They admire how banks, money markets and countries carry out their trades by buying and then holding only to liquidate when the market conditions are favourable.
The second secret is proper risk management. This is all about the risk to reward ratio, trade frequency, and market changes. The EA looks to manage the number of trades it opens at a time.
The final secret is adapting to the market. The website states that the key to profitability is identifying market trends. Markets are typically either sideways or trending. The EA has internal adjustments that consider these changes based on major news cycles.
The developers claim that the EA’s ability to detect market changes and adapt quickly make this robot extremely powerful.
- NO SCALPING, NO BROKER SENSITIVITIES
- LOW ACCOUNT RISK
- AUTO UPDATING SOFTWARE
- TRADES GOLD AND MORE
- START WITH AS LITTLE AS $100
The Skilled Trader EA Strategies
The developers have done a good job at outlining the strategies they use for this robot. They claim that these inbuilt tools make this EA successful in multiplying live trades while minimizing risk exposure.
Iron Clad Resistance to Broker Slippage, Delays, and High Spreads: Despite brokers trying to manipulate traders’ accounts using slippage, this EA can maintain a stable and consistent strategy. The software follows big money and aims for wins on each trade. The EA can prevent brokers from StopLoss hunting by having enough cushion on trades while avoiding high StopLoss.
Trend Trading With Volatility Component: This strategy is built to deal with changing market conditions. The EA, though meant to chase profits, is aware of sideways markets and volatility. Therefore, this robot can operate under varying conditions.
Express & Auto Updates: This robot is completely automatic, only receiving over-the-air updates for settings and algorithms.
Specific & Carefully Selected Trading Pairs: The EA works with EURUSD, GBPUSD, and XAUUSD (Gold) currency pairs. Currency pairs can also be auto-updated.
Now that we have seen the trade secret and strategies, we see if all these work. We analyze the performance and see user reviews.
EA Review: The Skilled Trader Statistics and User Reviews
We did not get any backtest results for this EA. However, we got verified account results hosted on Myfxbook.
From a deposit of $5,000, the account got a profit of $8,103. The monthly growth is at 7%, while the drawdown is almost 3 %. However, looking keenly, gain and absolute gain have a marginal difference of 3%, which means that there were deposits to shore up this account.
Monthly growth for 2020 shows encouraging results. All months saw positive growth apart from only 2. More so, the EA won 63% of its total trades.
We did not find any customer review from any reputable sources.
The site claims to offer a 30-day money-back guarantee. However, we cannot verify this claim at the moment.
Our Final Thoughts
Real live results for The Skilled Trader are not bad. However, our evaluation of this EA indicates some serious concerns. If you purchase this EA, likely, you will not make any money.
Additionally, this EA s not cheap. At $247 for 3-months, we expected performance for this EA to be significant.
The fact that we did not find any user review was not a good sign. We do not recommend this EA for either forex trade beginners.