ELITE Algorithm EA is a robot that promises success for long-term traders. According to the vendor, it is capable of generating steady profits week in and week out and has never had a losing day to date. It also has verified live trading results that show the true performance of the EA.
The presentation on the official website is a little too short, with the vendor only providing us with a short introduction to the robot. There is a list of all the main features and the pricing details. We also have some separate tabs for vendor details and contact information.
This Forex EA has been developed by a company known as Fueled By Forex that is owned by an American trader called Nick Ross. He has a background in Business Management and is proficient in the MQL coding language. The company headquarters is located in Shoreham, New York. We don’t know anything about the other members of the team, however.
Features
This Forex robot trades in five different currency pairs, namely AUD/USD, EUR/CAD, EUR/GBP, EUR/USD, and USD/JPY. It is capable of 100% automated trading from the beginning to the end. Updates are provided on a regular basis to keep the system updated with the attest market conditions.
On the official website, the vendor has not shared any details on the strategy used by the robot. However, it has been mentioned that it does not use technical analysis, charts, or indicators. But making such a statement further necessitates the need for a proper strategy insight, which unfortunately is not available. Some traders tend to place a lot of emphasis on technical details and they might be disappointed to see this.
How to Start Trading With ELITE Automated Algorithm EA
This EA is capable of managing your trading account without any need for manual intervention on your part. It uses the power of Artificial Intelligence to monitor the traders’ accounts 24/7, taking care of the various trading aspects like take profits, stop-losses, and entries. After a certain level of profit is reached, the robot uses trailing stop losses to lock in the gains. This effectively lowers the amount of risk you need to take.
As per vendor recommendation, you should use larger balances for this robot, preferably $5000 or even more. The company provides remote installation facilities, so you don’t need to worry about going through the complex setup process. In order to use this system, you need to pay $199 per month and we think this is an exorbitant price to ask since it is much higher than the market average. Purchasing the software for a year costs $1800, which is again quite expensive.
Backtests
The seller has not shared any backtesting results on the official website, which is quite disappointing. Most traders would not consider investing in a system that has not been backtested for a few good years. These tests are carried out using historical data, and they reveal important details about a system, including its profitability and robustness during difficult market conditions.
Verified Trading Results of ELITE Automated Algorithm EA
This live trading account on Myfxbook has only been active since April 19th, 2021. But in this short time, it has placed 906 trades, managing to win 585 out of them. While the profitability of 65% is quite decent, we are a little concerned due to the drawdown being high. Currently, it is 40.11%, which means there is a significant risk of losing money while trading with this robot.
The daily and monthly profits for this account are 1.78% and 69.55%, but we cannot place too much importance on this, because of the short trading history. Looking at the trading history, we can see some losing days, so the vendor’s claim is proven to be false.
Customer Reviews
On the Trustpilot website, we found several user reviews on this Forex robot. This particular customer claims that their account has been manipulated and that the vendor is using a non-regulated brokerage account. There are several such reviews claiming that the vendor is selling an EA that loses its trades quite frequently.
Is ELITE Automated Algorithm a Viable Option?
Advantages
- Verified live trading results
Disadvantages
- Overpriced robot
- No money-back guarantee
- High drawdown
Conclusion
We would advise you against purchasing this Forex EA because it is most likely a scam. It has a ridiculous monthly fee that you should not consider paying for an EA with such a high drawdown. Furthermore, the vendor does not provide a money-back guarantee, which tells us they are not prepared to stand behind their claims.
