BlackQueen is an FX robot offering stable entry of price movement-based orders. This ATS can trade on multiple currency pairs and use the appropriate strategy, besides having unlimited customization possibilities. As per the vendor, the software is user-friendly and is ready to use so does not need any prior knowledge for its use.
Mikhail Sergeev is the developer of this system and has published this on the MQL5 site in June 2021. The product is in version 1.4 now with the recent update being done in July 2021. Mikhail is from Russia and has more than 8 years of experience in the field. He has developed 18 products, 5 signals, and 1752 demo versions. No location address or phone contact is provided. To contact the developer, you need to message via the MQL5 site.
Features
As per the developer, the default settings are for the EURUSD pair on the H1 timeframe but can work on other currency pairs including USDJPY, USDCHF, NZDUSD, AUDUSD, USDCAD, and GBPUSD. You need not worry about an unstable internet connection as the FX EA operates on hourly bars only.
The developer claims that this system does not use short-term approaches like scalping and pipsing. Other than the mention of the EA using price momentum for trade entries, the developer does not disclose the strategy used which is disappointing. The lack of strategy explanation raises suspicion on the reliability of the FX robot.
How to start trading with BlackQueen
You can buy this FX EA for $182 or choose the rental option which costs $35 for monthly rental. The developer also offers a demo version for testing the system before you take the plunge. For the working method, the developer claims that this MT5 tool implements three different trading modes namely the auto-7 pair, auto(This chart), and the manual mode.
With the first mode, you can trade multiple currency pairs using a single chart without any separate configuration. For the second mode, you can trade the pair that the EA is attached to but you can choose from 7 currency pairs. The third mode supports all currency pairs but parameters have to be set and the EA trades only on the chart it is attached to. A minimum deposit of $50 is recommended by the developer.
Backtests
The developer provides a screenshot of backtests on the MQL5 site. Unfortunately, there are no details of the strategy tester reports. Only the growth chart is shown, which does not reveal the modeling quality, deposited amount, profit, and other important details. Since backtests help to know more about the strategy used and its efficacy, the lack of info is disappointing.
Trading results of BlackQueen
A real trading account of this EA using the RoboForex-ECN broker is displayed on the MQL5 site. Here is a screenshot of the results.
From the trading stats, it is clear that the system does not show big profits. A growth of 33.3% is present for an initial deposit of $100.80 for this USD account started in June 2021. The stats reveal 17 trading days with an average of one trade per week. A maximum drawdown of 2.6% is present for this account with a profitability of 100%.
The recovery factor is 839.25 and the profit factor is 116.76. While the stats look good, the sample size is too small to assess the effectiveness of the EA. The lack of backtesting details makes it impossible to compare with the real account results. This raises our suspicion about the dependability of this FX robot.
User reviews
Two reviews are found on the MQL5 site. One of the reviews mentions that while the backtesting results were good, the real trading had a low frequency of trades and hence not much of a profit. Here is a screenshot of the review.
We prefer reviews from sites like Forexpeacearmy, Trustpilot, etc. as the reviews are unbiased. With the MQL5 site, since the site promotes the products, there are chances of the feedback being manipulated.
Is BlackQueen a viable option?
From our evaluation of the FX EA, we find that it is not a viable choice due to several factors. Here are the main advantages and disadvantages that led us to this conclusion.
Advantages
- Fully automated system
- Affordable price
Disadvantages
- No explanation of the strategy
- Small sample size
Summary
BlackQueen claims to be a professional trading tool that can provide high returns with low risks. Based on our assessment of the features, strategy, and trading results, we find that this is not a reliable FX EA. To start with the developer does not disclose info on the trading approach and does not provide backtesting info. Further, the real account trading stats show a very small sample size which makes it difficult to assess the performance. Long story short, this is not a trustworthy EA.
