In August 2024, a client shared with me that he had discovered an exemplary EA that has consistently yielded impressive profits since 2015, accumulating over 1 million dollars. The sales representative from the EA company demonstrated the live account but refrained from publishing it on any third-party sites, citing security concerns.
I advised him to request the investor password and other relevant details for a thorough examination of the account. The EA company limited access to just a few hours, asserting their intention to safeguard their intellectual property.
Indeed, the account appeared impeccable, yet I proceeded to upload its trading history onto Myfxbook for additional scrutiny.
Overall, the account’s performance from 2015 to 2024 is notably excellent, with profits exceeding 1 Million dollars, and the current account balance also surpassing this amount. However, it is important to note that this account operates with a non-regulated broker, and the performance between 2020 and 2022 demonstrated only moderate growth.
The customized analysis conducted from January 2020 to the present revealed that the profit over three years amounted to merely 17%.
In 2022, only 3 months’ trading history was available.
In 2020, only 1 month’s trading history was available.
Since 2024, the account has only traded one currency pair, GBPJPY.
The Summary of this account shows that GBPJPY was one of the most losing currency pairs. All other pairs are highly profitable.
Why would the vendor choose to trade only the least successful pair instead of those that are highly profitable? The analysis suggests the vendor may have removed many losing trades. Despite GBPJPY suffering losses over $80K, it is considered a better option compared to other pairs, which explains why he currently focuses solely on GBPJPY.
While it’s possible the vendor spent the entirety of 2020 and part of 2022 re-optimizing the EA, this seems highly improbable. Ultimately, this EA does not appear suitable for live trading. It’s best left untouched.
Conclusion
– Gaining a comprehensive and detailed understanding of an account through the investor password is extremely challenging.
– Always exercise caution with accounts operated under a non-regulated broker.
About the Author
YueWang, Founder of Linocapital, Founder of TheDailyFX.com.
Contributor of FXStreet since 2018.
Member of the Society of Technical Analysts(UK) since 2020.
Creator of Seagull EA, Beetle EA, and Snail EA.
Creator of Tendency Forex System, published in 2021 in Market Technician, the Journal of UK Society of Technical Analysts (Issue 90, Page 36-48).
Creator of Razor Forex System, published in the Journal of Stock&Forex Trading (ISSN 2168-9458), which was forwarded by the Quarterly Newsletter of International Federation of Technical Analysts (IFTA).