Introduction
The EA Long Term MT5, developed by the Forex Robot EASY Team, claims to offer a robust solution for traders seeking long-term profitability in the Forex market. With a rating of 5 from user Sebastian Becker, it has garnered some positive attention. However, as a seasoned trader and MQL5 programmer, I approach this with a healthy dose of skepticism. Let's dissect this robot's features, analyze its performance over the past year, and weigh its pros and cons.
Description of Features
The EA Long Term MT5 is designed to operate automatically 24/7, adapting to market fluctuations without manual intervention. Key features include:
- Data Collection and Signal Generation: Real-time tick data collection and pattern analysis to identify trading opportunities.
- Signal Verification: Parameters for minimum pattern similarity, maximum signal deviation, and spread checks.
- Trade Execution: Capital management system with options for fixed or automatic lot size calculation.
- Risk Management: Predefined stop-loss and take-profit limits, daily profit/loss monitoring, and trailing stop-loss functionality.
- Market Monitoring and Adjustments: Continuous market monitoring to adjust open positions based on real-time data.
- User Interface and Configuration: User-friendly interface for configuring bot parameters and trading strategies.
- Logging and Reporting: Detailed logging of all trading activities.
- Optimization and Testing: Features to accelerate optimization and testing processes.
Analysis of Results
Over the past year, the EA Long Term MT5 has shown mixed results. While it has periods of profitability, it also encounters significant drawdowns. The robot's ability to adapt to changing market conditions is commendable, but it doesn't guarantee consistent profits. The automated grid trading strategy, combined with customized lot multipliers and trade distances, can be both a strength and a weakness, depending on market volatility.
Pros and Cons
Pros:
- Automated 24/7 operation.
- Comprehensive risk management settings.
- User-friendly interface.
- Supports multi-currency pair trading.
- Detailed logging and reporting.
Cons:
- Inconsistent performance with significant drawdowns.
- Complexity in optimizing settings for different market conditions.
- Dependence on low spread accounts for optimal performance.
- Potential over-reliance on automated grid trading strategy.
Conclusion
The EA Long Term MT5 offers a range of features that can be appealing to both novice and experienced traders. However, its performance is not without flaws. The robot's success largely depends on market conditions and the trader's ability to optimize settings. While it has potential, it's not a magic bullet for guaranteed profits. Traders should approach it with caution, thoroughly test it on demo accounts, and be prepared for periods of drawdown.
Source Code of EA Long Term MT5
We do not have access to the original source code of the EA Long Term MT5 sold on MQL5. However, we can create a similar code based on the description provided on the MQL5 website. This code is an example from easytradingforum.com and is not the original robot sold on MQL5. The EASY Trading Team does not sell the EA Long Term MT5 but has created a code based on its description.
Code:
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For those interested in exploring the EA Long Term MT5 further, you can download it from the official website: Download EA Long Term MT5. If you have any questions about the code, feel free to ask.