Bonanza EA is an advanced trading system mainly optimized to work with the XAUUSD currency pair. We are made to believe that the system trades safely as it doesn’t grid, martingale, or other dangerous strategies. However, these are just mere words with no verifiable evidence. The goal of this Bonanza EA review is to determine if the robot is a viable option or not.
Bonanza EA is the work of a Russian called Elizaveta Erokhina. She has also developed other systems: Level Wizard EA and Tiburon EA. Unfortunately, we don’t know anything more about her. This decreases our trust in her abilities to create quality tools for Forex trading.
Features
The EA has the following features:
- Works on the MT4 platform
- Easy to install
- Applies hard stop loss and take profit for every position
- Not sensitive to broker conditions
- Works on the 1 hour time frame
- ECN brokers are recommended
- The minimum recommended deposit is $300.
How to start trading with Bonanza EA
The robot costs $699. However, you are at liberty to rent it for a month or 3 months at $399 or $499, respectively. No money-back guarantee is featured.
Bonanza EA is a fully automated advisor, which the vendor says does not need any special skills from you. The only thing that you are required to do is just set it up, and the system will do the rest for you.
The robot particularly applies what the developer terms as complicated filtering techniques to search for precise points of entry and exit. It also applies in-built price action algorithms along with the author’s indicator. Even then, we are not contented with this strategy description. It is too general and lacking in detail. This doesn’t inspire any confidence in the strategy’s efficiency.
Backtests
The developer features several backtest reports in her presentation. However, they are not as informative as we would want them to be. As you can see below, one of the reports only indicates the testing period and the lot-size used. We want the vendor to give us a comprehensive strategy tester statement that highlights the long-term profitability rate of the EA and the level of risks it applies while trading. Until then, we will continue being doubtful about the workability of its trading algorithm.
Unverified trading results of Bonanza EA
The live trading results below have not been verified by a third party site like Myfxbook.com or FXStat. For this reason, the validity of the data is in question. Anyway, let’s see what it says.
From the info, we can see that the system supposedly began operating the account on August 14, 2021, with a deposit of $1,000. It has traded for 44 days and, so far, the growth rate is 49.73%. This is after making a profit of $497.29. Although the maximum drawdown (19.3%) is not high, it can still increase and pose significant dangers to the capital.
The EA has implemented 98 trades. Only 53.06% of the long trades and 46.94% of the short trades have been successful. It is unfortunate that the robot loses more than it wins. We can see this from the average loss of $-352.54, which is 40 times more than the average profit of $8.76. The profit factor is 2.41.
Customer reviews
We found several customer reviews on mql5. From the feedback, it is evident that the robot uses small take-profits and big stop losses, leading to losses that cover all the profit. In other words, the traders are trying to tell us that Bonanza has a poor performance.
Is Bonanza EA a viable option?
Advantages
- It is fully automated
- Can be operated easily
Disadvantages
- Provides unreliable trading data
- The backtest report available has insufficient information
- The vendor is not transparent enough
- The strategy description is vague
Wrapping up
Investing in Bonanza EA would be a risky venture. This is because the credibility of the vendor is questionable. We are also uncertain about the robot’s achievements in the live market. There is a high likelihood that it performs poorly hence explaining why the developer is reluctant to use a verified site like Myfxbook.com. In fact, some customers have confirmed the system’s piteous performance. Lastly, with no proper strategy explanation, it is hard to understand how it really works.
