Lucky Pound EA is a forex robot that works on the MT4 trading platform. This EA uses the ‘autotrade’ feature available on www.myfxbook.com. This feature enables traders to deposit funds with forex brokers, and then copy the trades of multiple systems.
Unfortunately, there are not much information on this robot as it has no sales page or website. It trades 3 currency pairs; AUDUSD, EURUSD and the GBPUSD. The timeframe and strategies utilized is not disclosed. The performance of this EA is tracked on myfxbook.com and traded on www.alpari.com brokerage platform. The lucky pound EA is traded via a “Percent Allocation Management Module” (PAMM) account. This is a type of account in which investors allocate their funds to expert traders/managers who trade forex on their behalf with the aim of making profits.
This EA is not available for sale, download or installation. It can be copied through the Alpari.com PAMM system. The fees are 15% of the net profits which is retained by the account manager.
The important question is this: can the Lucky Pound EA be trusted?
Lucky Pound EA: To Trust or Not To Trust
There are some problems found with this EA. Some of them are:
There is no information on the vendor of this robot at all. There is no website, no office address, no phone numbers, no email and no support available for this EA. Most traders will find it very difficult to invest in this kind of system knowing that the account managers have nothing to lose, while the trader have everything to lose.
The trading results from myfxbook.com show that the EA is profitable. But, there were times that the EA suffered huge drawdown of almost 40%. This kind of drawdown on a personal account will be bearable but on a managed account funded by traders’ money (running into millions of dollars) can be devastating.
There are no user testimonials found for this EA. Rather, there are many websites reviewing and rating the EA with average scores.
Many traders are not interested in this kind of system. Copying the trades of someone you don’t know at all. Most traders prefer to copy the trades of renowned forex experts and learn from their style of trading. Other traders will prefer to buy a robot that they can control and customize how it places trades.
Conclusion: Lucky Pound EA Cannot be Trusted
The Lucky Pound EA has unknown vendors, unknown strategy, no client support and no identified user testimonials. The trades placed by the EA can only be copied as it is only available through the PAMM account. The trading results look impressive over a long period but also have suffered huge drawdowns, making it an unsuitable system of undercapitalized traders. Many traders will not be comfortable dealing with this kind of system and vendors. Therefore, we do not recommend this EA. Do not trust the Lucky Pound EA.