EA Black Dragon is an FX robot that uses the Black Dragon indicator. It uses the color of the indicator to open trades and when it identifies the right opportunity it will increase the orders or use the SL. As per the developer Ramil Minniakhmetov, this MT4 tool works on two currency pairs, namely the EURUSD and the GBPUSD.
Is this a perfect trend system robot still good to go?
Ramil Minniakhmetov is the developer of this FX EA. He is based in Russia and as per the MQL5 site, he has more than 7 years of experience in developing trading solutions. His other products include Asia Trend, Element Gold, and Hamster Scalping. He has created 10 products and 6 signals.
We could not find the location address or phone contact, which makes us suspect this is an unreliable system. Further, the info provided by the developer on the FX EA is very minimal which also raises doubts about the reliability of the MT4 tool. From the info present, this ATS works on the EURUSD and GBPUSD pairs and the timeframe the developer recommends is M15.
There is no mention of the strategy this FX robot uses other than the developer claiming that it uses the proprietary indicator of the same name. As per the developer, this is a trend-identifying tool that compliments any trading approach. The failure of the developer to divulge the strategy used by the system raises a red flag for this EA.
How to start trading with EA Black Dragon
To purchase this FX EA, you should pay $30. The cost is very affordable when compared to the competitor systems in the market. But the developer does not provide info on the features available with the package. There is no money-back guarantee for the product. The lack of a refund policy makes us suspect the reliability of this system.
As per the developer, a minimum deposit of $1000 for the standard account and 1000 cents for a cent account are recommended. For settings, the developer suggests the use of default settings. There is no info on the working method of this FX robot other than the inputs values provided on the official site for the features like lot size, TP, SL, trail start, etc.
EA Black Dragon backtests
A couple of backtests are present for this FX robot. Here is one of the strategy tester reports.
From the above report, we can see that the backtesting was carried out from 2010 to 2020 on the GBPUSD pair using the M15 timeframe. For an initial deposit of $1000, the account had generated a profit of 4047115.84 for a total of 5105 trades. Profitability of 74.53% and a profit factor of 2.35 were present. The maximum drawdown for the account was 36.78%. From the high drawdown, it is clear that the risk is high.
Trading results
A live signal is present for this FX robot on the MQL5 site. Here is a screenshot of the trading results posted by the developer.
From the above report, we can see the results are for four days trading only. Started on November 5, 2021, the account shows 243.18% growth with a profit of $3910.36 for an initial deposit of $1608.00. The maximum drawdown is 1.2%. Since the number of trades is very low while the growth is very high, this is a high-risk EA.
Further, the short sample size makes the results very random. Due to the small sample size, the results cannot be compared with the backtesting report. However, the results of the backtesting and real trading indicate a high-risk strategy that can harm your investment.
Customer support
To contact the developer, the message board on the MQL5 site and a telegram channel link are present. We find the support is inadequate.
People feedback
We cannot find user reviews for this FX EA on sites like Forexpeacearmy, Trustpilot, etc. While the MQL5 site has 42 reviews for the product with a rating of 4.97/5, we are suspicious of the feedback. Since the site promotes the product, there is a high chance of the feedback being manipulated.
Wrapping up
Advantages
- Fully automated software
- Affordable price
Disadvantages
- The strategy used is not revealed
- Trading results show a high-risk approach
EA Black Dragon fails to satisfy our important review criteria including the strategy, performance, and support. The lack of strategy info, the high risk in the real trading and backtests, and inadequate support are downsides that make this an unreliable FX EA. Further, the developer does not divulge info on the system including its features, working mechanism, and more. In short, this is not a trustworthy EA.
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