Brainyforex decided to take a closer look at Forex Real Profit EA because this forex robot has traded profitably over many years. All verified through a third party real money account as seen on the left.
This EA has made 5,979 trades as of today (26 April 2017) gaining 11,814 pips with a 67% accuracy rate. Expectancy of 2 pips, which means that every time it places a trade it means over the long term it provides 2 pips of profit - 'per trade win or lose'.
Sure, this robot only makes 3.4% on a monthly basis but what has to be remembered is that it is a system that will not stress you out psychologically with large monthly draw-downs. Worst monthly draw-downs are around 5% which may happen about 2 times each year looking back over the prior years. There are multiple strategies within this EA which have contributed to it be consistently profitable over the years. Not many EA's will survive a vast array of different market conditions extending over a period of years.
Brainyforex reached out to the creators of this system and asked them some background details as follows;
1. Who is behind FRPEA? What are your
backgrounds? Do you run FRPEA as only full-time venture or
involved with other businesses / jobs / retired?
We are a small team of 3, one top programmer with some trading experience and 2 experienced traders on stock exchange and forex market with some programming knowledge.
FRPEA is not a full-time venture,
but more like a hobby; we do have IT and finance
2. How did the idea to create FRPEA come about?
The idea to create trading patterns is old, before the 2000s. It started for the exchange market; I did some extended research at the time and moved to the forex market on 2008.
3. How has FRPEA evolved over the years since it first began in 2009? Have there been any major changes to the trading strategy and when were they made?
FRPEA evolved from one scalping strategy, which still works, to 6 different strategies, 2 for scalping on Asian session, 2 for scalping on trend all day and 2 breakout strategies, all day also.
Everything was added step by step, on
long term, based on intensive research and tests.
4. Are there currently any ideas in the pipeline to make FRPEA trading strategy even better?
We never stopped improving. There are many ideas, but very few pass the tests to become trading tools.
5. Regarding FRPEA six different trading strategies, can you please provide more of an insight into these? Do they all use common indicators like bollinger bands / moving averages or are they custom built indicators? How many indicators are used for each strategy?
FRPEA uses a lot of common MT4 indicators such as trend and oscillators, some custom made indicators, along with news filters and market sentiment filters.
The robot has 4000 code lines without the dll
file, built and improved over the last 7 years.
6. Can you please share some more information on how the dynamic take profit and stop loss operates?
The Stop Loss defines the maximum value in pips when the robot will close a losing position. Our robot uses a dynamic Stop Loss algorithm and most of the trades are closed at a lower loss than the maximum Stop Loss permitted. Same story for the Take Profit. The maximum stop loss is 150 pips, but it differs depending on the currency or strategy used, from 50 to 150. The breakout strategy has a SL, but it's hidden; it works only at the close of the candle.
The average results from our official real account and 5972 trades:
Average Win: +11.10 pips
Average Loss: -16.85 pips
The average results from our tickdata backtests for the last 13 years and 21827 trades:
Average Win: +13.80 pips
Average Loss: -16.67 pips
7. What type of market conditions best suit FRPEA for maximum profits?
All trading robots are based on statistical probability; FRPEA is programmed to take advantage from the average behavior of the forex market.
Any exception to the rule (or to the average
behavior) can end up in loss, but loss is part of the trading
and cannot be avoided. The most important thing is to win more
than we lose on long term.
8. Have you tested FRPEA to see if it could trade Gold (XAU/USD)? Observations?
Yes, we did made some tests few years ago on Gold, with good results until 2012, but very poor results after and we dropped this currency pair for its inconsistency. Probably a good chance to test it on the new strategies added after.
9. If you were to provide some help for budding trading system developers, what would guiding advice would you give them?
My advice for traders: just plan your trades and trade your plan; everybody can win on forex if it's a good plan, tested on long term and used with a smart risk.
10. Thanks for your time in participating in this interview and also making your EA available to the general public at a very reasonable price. Best wishes to you and your team. Regards Brainyforex
Public reviews for this EA are here.