MG Pro EA is a Forex robot from the SinryAdvice team that promises steady profits and an astonishingly high win rate of 74%. The vendor presents the robot as a fully automated system with in-built smart indicators that identify profitable trades by performing thorough market analysis. On the official website, the vendor has outlined the main features and explained in detail how the robot works.
SinryAdvice, the company behind this Forex robot is based in Malaysia and is an SSM-certified organization. A total of 18 people make up the team and it includes expert traders and developers who work together to create efficient Forex trading schemes.
The development team is located in India, while the customer service and marketing teams are based in Turkey and London, respectively. It has been mentioned by the vendor that transparency and trustworthiness are one of the key elements that the company focuses on.
Features
The developer claims that this is the most profitable system developed by the SinryAdvice team. It has a verified live trading account on Myfxbook that shows a high win rate. MG Pro EA automatically opens and closes trades and has default settings that can be easily used by a novice trader.
With more than 12 technical and fundamental indicators, it is able to carry out an efficient analysis of the market conditions, support and resistance, and price action. The Forex robot trades five different pairs, namely USD/CAD, NZD/CAD, EUR/USD, CAD/CHF, and AUD/CAD. There is not much mentioned about the trading strategy, which a few Forex traders might find disappointing.
How to Start Trading With MG Pro EA
MG Pro EA is available for just $280 and this is quite cheap compared to other products on the market. The vendor recommends downloading the software and trying it out on a demo account first for 14 days. If it does generate any profit, then you can send an email to the service team for a full refund.
After downloading the software, you need to add the file to your MT4 app. Next, you need to send your MT4 account number to the SinryAdvice team in order to receive a license key. The recommended initial balance is $500, but it is recommended that you don’t change the default settings and use a small size like 0.01 in the beginning.
You should use this Forex EA to place trades on the 5-minute timeframe. Trades are not to be closed manually, since the EA is programmed with the best settings to open and close trades.
Backtests
The vendor hasn’t shared the backtesting data for this Forex EA on the official website, in spite of providing us with the live trading results. Through backtesting data, we get to know whether a system can survive different market phases and how consistently it can bring profits. Since it is not available for MG Pro EA, we cannot say whether the robot has an effective strategy for the long term.
Verified Trading Results of MG Pro EA
We have been provided with live trading results for MG Pro EA, which uses the LiteForex broker and has a leverage of 1:200. Since 25th September 2020, 573 trades have been placed through this account, out of which 383 have been won. This means it has a profitability of 67%, which is a bit less than what is advertised on the website.
Currently, the daily and monthly gains stand at 0.37% and 11.87%, respectively, while the drawdown is quite low at 17.89%. It has won 68% of long trades and 65% of short trades with the average win and average loss being 24.80 pips/$2.00 and -18.89 pips/-$1.84, respectively. Looking at the trading history, we can see that MG Pro EA is a robot that earns small wins with each trade and rarely closes one in a loss.
Customer Reviews
There are no customer reviews to be found for this Forex EA on third-party review websites. This does not come as a surprise because it is a new system that has only been trading live for a few months now. Not many Forex traders are using this system as of now, and since the market is so competitive, it naturally takes some time before a company like this earns a reputation for itself.
Is MG Pro EA a Viable Option?
Advantages
- Live trading results are verified by Myfxbook
- Its trading strategy combines 12 indicators
- Not very expensive
Disadvantages
- New product with no user reviews
- Lacks in-depth information about the trading strategy
- Backtesting data is not available
Conclusion
In the end, we would like to say that MG Pro EA is no doubt a legitimate system capable of generating real profits. But, since it is a new Forex EA with only a few months of live trading data, it might be a bit risky to invest in it right now.
