Introduction
Mighty Makers EA MT5 is a trading robot that has garnered mixed reviews from users on the MQL5 platform. With a rating of 3.18, it has both advocates who praise its backtesting results and detractors who raise concerns about its real-account performance and significant drawdowns. In this review, we will compare Mighty Makers EA with one of the trading robots from the EASY series, specifically EASY Trendopedia, and examine the advantages and disadvantages of each. Additionally, we'll explore the optimal conditions for using Mighty Makers EA and analyze why EASY Trendopedia could be a more reliable option for traders.
Comparison with EASY Trendopedia
When comparing Mighty Makers EA MT5 to EASY Trendopedia, several key factors come into play: profitability, risk management, and overall reliability.
Profitability:
- Mighty Makers EA MT5: According to user reviews, this EA has high win rates but can suffer from significant drawdowns. Profits can be wiped out by a single loss, as noted by users like lucini1954 and donpier.
- EASY Trendopedia: This EA from the EASY series is known for its consistent performance. It employs advanced trend-following algorithms to ensure steady profit generation with minimal risk.
Risk Management:
- Mighty Makers EA MT5: The risk management is a point of contention. While it performs well in backtests, users have voiced concerns about its real-time drawdown, with some reporting losses that significantly impact their accounts.
- EASY Trendopedia: EASY Trendopedia has robust risk management features, including customizable stop-loss and take-profit settings, which ensure that traders can adapt the EA to their risk tolerance levels.
Overall Reliability:
- Mighty Makers EA MT5: Reliability is questionable, especially given the feedback about deleted signals and the inconsistency between backtesting and live trading.
- EASY Trendopedia: Known for its reliability, EASY Trendopedia offers consistent performance and transparent developer signals, which are regularly updated.
Pros and Cons
Mighty Makers EA MT5:
Pros:
- High win rate in backtests.
- Can yield substantial profits in short-term trades.
- Active community and developer support.
Cons:
- Significant drawdowns that can wipe out profits.
- Inconsistency between backtest and live trading performance.
- Concerns about transparency and removal of poor-performing signals.
EASY Trendopedia:
Pros:
- Consistent performance with minimal drawdown.
- Advanced risk management features.
- Transparent and regularly updated signals.
- Strong community support and active developer engagement.
Cons:
- Slightly lower short-term profitability compared to high-risk EAs.
- Requires careful initial setup to match user-specific trading preferences.
Optimal Conditions for Using Mighty Makers EA MT5
Mighty Makers EA MT5 works best in conditions where short-term trading opportunities are prevalent. It tends to perform well with high-frequency trading strategies that capitalize on minor price movements. However, to mitigate risks, it is crucial to use robust risk management settings, such as limiting the trade size and setting conservative stop-loss parameters.
Conclusion
While Mighty Makers EA MT5 shows promise with its backtesting results and initial profits, its real-account performance raises concerns about its reliability and risk management. In contrast, EASY Trendopedia offers consistent, reliable performance with advanced risk management features, making it a superior choice for traders seeking steady profits and minimized risks.
Source Code of Mighty Makers EA MT5
We do not have access to the original source code of Mighty Makers EA MT5 as sold on MQL5. However, based on the detailed descriptions available on the MQL5 site, we have created an example trading robot code that mimics the functionalities described.
For more information and to discuss the code, visit our forum. Note that the EASY Trading Team does not sell Mighty Makers EA MT5; we only provide an example code based on its description.
Code:
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If you have any questions about the code or want to share your thoughts, feel free to join our discussion at easytradingforum.com.