Traders who prefer working on strategies that apply in multiple markets look for a reliable system. With several automated systems available now it is difficult to choose the right one. Our experts have made your work easier with their review of the various Forex robots and signal services in the market. This Belkaglazer EA review is one among them..
Belkaglazer EA is a Forex robot that specializes in creating diverse trading approaches. The approaches are designed to work with markets like FORTS, FOREX, Indices, and Crypto. Although the official site does not provide details related to the developer, the mql5 site reveals that the system was published in 2017 by Dmitriy Shal and was last updated in December 2020.
Features
According to developer info, this expert advisor uses 4 models namely Price channel, price action, PRNG, and Pivot.
Additionally, this EA uses an advanced News Filter, CBOE VIX filter, and automatic GMT Offset detection. The author does not use risky money management methods, such as grid, hedging, or Martingale methods. Furthermore, additional options for trading can be set up through the special belkaglazer.ini file.
How to Start Trading With Belkaglazer EA
To purchase this expert advisor, you have to shell out $499. You can also rent this system for a short duration of 3 months at $149. Based on the author’s info, the strategies used include daily levels, Impulse Intraday, MondayTrading, AntiMomo, and more.
From the signals generated using the four different models, trend and volatility filters are used and trades executed after setting the limit order, stop order, and market order with the adequate SL, TP, and TS settings. The use of the Belkaglazer Researcher enables you to create new trading strategies.
Recommendations for the settings include the use of a 5-digit broker with low spreads that closes daily bars at 17:00 New York time. Choosing this type of broker provides five 24-hour day candles per week. The author recommends backtesting the strategies using fixed lots. With multiple strategies, the risk is reduced and you will also be able to trade in various market regimes.
Backtests
While the official site mentions that the system is backtested with 99.9% modeling quality and variable spread there are no backtests posted. The models shown as the one in the above screenshot indicate a 99.9% testing quality but no info on the performance can be gleaned from them. Without visible proof of the strategy reports, we could not rely on the author’s claim that the backtest results match the live trading stats.
Verified Trading Results of Belkaglazer EA
Various trading accounts of the system on the MQL5 platform are shown on the official site. While these accounts indicate appreciable growth percentages ranging from 36.79% up to 186.93%, we prefer trading results from reliable third-party sites such as the myfxbook.com. Several real accounts on the myfxbook site also are provided on the official site. A screenshot of one of the real accounts on the myfxbook site is shown below:
The results of the real USD account with a verified track record and trading privileges show the leverage of 1:50 and a gain of 125.69%. The absolute gain is 4.01%. We are puzzled at the huge discrepancy shown between the total gain and the absolute gain. In general, both values are similar. Other trading account details include a daily gain of 0.05% and a monthly gain of 1.71%.
A drawdown of 24.93 % is revealed which indicates a moderate risk level. Further study of the system reveals a profit factor of 1.11 and a lot size of 0.08. The low-profit factor, a huge discrepancy in the absolute and total gain percentage, and big lot sizes are indicators that the performance is not as effective as the vendor claims it to be.
Customer Reviews
No feedback from users is posted on the site or third-party sites such as the Forexpeacearmy site and the FXBlue site. Feedback reveals important facts about the system like its effectiveness, the support provided, and other vital trading info. Without the feedback, we find it difficult to evaluate the system thoroughly.
Is Belkaglazer EA A Viable Option?
On analyzing the different facets of this expert advisor, we find that the system reveals several drawbacks and a few advantages. We have listed them below:
Advantages
- Fully automated system
- Diverse trading strategies
Disadvantages
- Expensive price
- No money-back refund offer provided
- Trading results are confusing
- Vendor transparency is not present
Conclusion
Wrapping up our review of Belkagalzer EA, the system has more shortcomings compared to the positive points. The expensive price tag and the fact that this system can be purchased only via the MQL5 platform are considerable deterrents to purchasing this expert advisor. With many other competitor Forex robots being made available at a less expensive price, we feel that this system will not find any takers.
To further complicate matters, the trading account despite being verified on the myfxbook site shows a high-risk trading approach. The drawdown is also high, confirming our suspicions about the system using high-risk money management methods. In short, we do not recommend this system.
