EOS Forex EA is a forex robot which has been developed to use the scalping strategy in trading forex. There are two versions of this product. The single license version costs $399, while the double-license version costs $599. This makes the EOS Forex EA one of the more pricey robots out there. Let us see if the EOS Forex EA is one that justifies this heavy price tag by dishing out trustworthy performances.
EOS Forex EA: To Trust or Not to Trust?
Can the EOS Forex EA robot be trusted? We have taken a look at a number of factors. The EA has shown profitability, but this is not enough for us to give it a high score on our “Trust” meter. Therefore, EOS Forex EA is deemed to be a robot not to trust. Here is why we think this is what the verdict should be, in the interest of the safety of the trading public.
- The software was profitable early on, but this has since evaporated.
- There is a violation of the acceptable risk-reward ratio of 1:3. In some cases, we are seeing risk-reward ratios of 10:1, with 10 pips risked for every pip sought as profit. This is the ultimate definition of extreme risk.
- Attempts at cover-up of the latest trade history seem to be at play.
These points are examined one after the other.
EOS Forex EA’s trade history is one reason why profitability should never be taken on face value, but must also be accompanied by a diligent scrutiny of various trade performance metrics. We were able to pull out an instance of Myfxbook which confirms that profits have not only declined, but that 2019 performance has actually been on the losing end of the spectrum.
The Myfxbook interface shows that the EOS Forex EA software is up by 214% in terms of profits, but this is not the whole picture. This profit figure was calculated from 4 years of performance data. For a robot to have made only 214% in 4 years is telling enough. But there’s more. The EA has not been able to make any profit in 2019.
Blatant Disregard for Risk Management
The monthly performance chart shows that the EOS Forex EA is losing money. But that is not all. An analysis of the historical trade data for EOS Forex EA shows that the robot did not obey sound risk-reward principles. So much was risked as stop loss, and profits being targeted were in some cases as low as 10% of the stop loss set for trades. Unbelievable!
The result is that a single loss would be enough to completely wipe out the profits made in as many as 10 trades. Is it surprising that the EA has started to lose money?
Attempts at Cover-up?
Elements of the trade history on Myfxbook are no longer available for public viewing, as they have been set to “private” mode. If the EA was performing very well, would the performance be hidden? Definitely not, which is why we think that the switch from the public to private mode is an attempt at preventing untrained eyes from analysing the true picture with the robot’s performance.
Conclusion: To Trust or Not to Trust?
EOS Forex EA may have shown some profitability early on, but this has since faded and the robot is now losing money. It is remarkably startling that the vendors of the robot continue to flaunt their EA on the sales page as a profitable robot when it has had three consecutive losing months in 2019. As at the time of writing, its position for the month is still in the red.
The EOS Forex EA is hereby declared as a forex robot not to trust. It simply is not worth spending close to $400 on.