ForexEzy
No Result
View All Result
  • Top Forex Advisors
    • Best Forex Robots
    • Best Forex Signals
    • Best Managed Accounts
  • Top Forex Brokers
    • Best Forex Brokers
    • US Forex Brokers
    • UK Forex Brokers
    • MT4 Forex Brokers
    • MT5 Forex Brokers
    • Zero Spread Brokers
    • Best PayPal Brokers
    • TradingView Brokers
    • Social Trading Platforms
  • Top Review Platforms
  • Forex Education
    • Getting Started
    • Forex Basics
    • Forex Trading Strategies
    • Money Management
    • Risk Management
    • Technical Analysis
    • Fundamental Analysis
    • Trading Psychology
    • Social Trading
    • Automated Trading
  • Forex Tools
    • Forex Robots
    • Forex Indicators
    • Forex Signals
    • Forex VPS
  • Forex Forecast
  • Crypto
    • Best Crypto Exchanges
    • Best Crypto Bots
    • Crypto Guides & Forecasts
  • Top Forex Advisors
    • Best Forex Robots
    • Best Forex Signals
    • Best Managed Accounts
  • Top Forex Brokers
    • Best Forex Brokers
    • US Forex Brokers
    • UK Forex Brokers
    • MT4 Forex Brokers
    • MT5 Forex Brokers
    • Zero Spread Brokers
    • Best PayPal Brokers
    • TradingView Brokers
    • Social Trading Platforms
  • Top Review Platforms
  • Forex Education
    • Getting Started
    • Forex Basics
    • Forex Trading Strategies
    • Money Management
    • Risk Management
    • Technical Analysis
    • Fundamental Analysis
    • Trading Psychology
    • Social Trading
    • Automated Trading
  • Forex Tools
    • Forex Robots
    • Forex Indicators
    • Forex Signals
    • Forex VPS
  • Forex Forecast
  • Crypto
    • Best Crypto Exchanges
    • Best Crypto Bots
    • Crypto Guides & Forecasts
No Result
View All Result
ForexEzy
No Result
View All Result
The World’s Leading Social Trading Platform
Try now
Home Forex Tools Forex Robots

NorthEastWay Review

by Richard Brase
September 22, 2021
in Forex Robots
0
NorthEastWay
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

NorthEastWay is an MT5 compatible EA that promises stable profits. As per the developer, this FX EA can generate a stable income every month when used at the conservative risk mode The developer claims this EA can give a 30% to 50% annual profits with acceptable drawdowns when you deposit an amount of $100,000 to $1,000,000.  Priced at $ 6677 this may be the most expensive FOREX EA in the market. 

The Best Forex Robots Report Is Already Here!
best forex robots
Check out 30+ best expert advisors with daily updated live results and statistics
Click Here

Is this FX robot a viable trading tool to use? 

For such an exorbitantly priced product, the lack of sufficient info on the features, strategy, and performance is puzzling. Pavel Udovichenko is the developer of this FX robot. Based in Russia the developer has more than a decade of experience in creating automated systems for trading. He is an algo-trader having created 4 products and 9 signals. 

As per the developer, this product is available only on the MQL5 site. Support is through the private message board of the site. The lack of adequate support methods and inadequate vendor info makes us suspect the reliability of this product.

Features of NorthEastWay EA.

From the info found on the MQL5 site, this FX robot works in the M15 timeframe. The base currency pairs the EA works on are AUDNZD, AUDCAD, and NZDCAD. Other currency pairs the developer claims this EA can work on include the USDCAD, EURCAD, GBPCAD, EURGBP, EURUSD, and GBPUSD pairs. 

There is no mention of the trading approach used which raises a red flag. Considering the experience of the developer and the exorbitant price, one would expect more transparency concerning the strategy and performance. The absence of info on the strategy makes us suspect this is not a reliable EA.

How to start trading with NorthEastWay

Pricing package info for NorthEastWay EA.

The price of this FX EA is $6677. A free demo account is present. We could not find the features included in the package. Furthermore, there is no money-back guarantee. When compared to other competitor systems in the market, this EA is overpriced and not worth the money. The lack of refund confirms the unreliability of this FX robot.

Recommendations for NorthEastWay EA.

Recommendations for the EA include the use of a minimum balance of $5000 and the leverage of 1:200 or more. This MT5 tool is not sensitive to slippage, spread, and other variables related to brokers. 

NorthEastWay backtests

Backtesting report for NorthEastWay EA.

The developer provides a backtesting report on the MQL5 site. As per the strategy tester report, the total net profit generated from an initial deposit of $100 after completion of 4395 trades was 1009786.90. The profit factor value was 3.02 and profitability was 75.56%. A drawdown of 66.46% was present which is too high indicating a risky trading strategy. Further, the quality of the test was 94%, which is insufficient to reveal all the important details of the EA.

Trading results

A real USCCent account using the EXNESS broker on the MT4 platform verified by the Myfxbook site is shown here.

Growth curve of NorthEastWay EA.
Advanced trading info for NorthEastWay EA.

From the above screenshots, we can see the account has generated a total profit of 21.77% and an absolute profit of 6.98%. The difference between the two values makes us suspect a risky approach and poor performance. For the account started in June 2021, the total number of trades executed is 357 with a profitability of 83% and a profit factor value of 4.01. The daily gain is 0.23% and the monthly profit is 7.08%. 

A drawdown of 35.90% is present for the account. The high value further confirms our suspicion that the strategy used is of high risk. From the trading history, we can see varying lot sizes are used starting from 0.01 up to 0.17. The big lot size indicates poor money management and poor performance. Comparing the backtesting results with the real account trading, we find that the drawdown is high and although profits are high, the risky strategy makes the EA unreliable.

People feedback

We could not find user reviews for this FX EA on reputed third-party sites like Forexpeacearmy, Trustpilot, etc. There are 18 reviews for the EA on the MQL5 site.  Since the site is promoting the product, the user testimonials may be manipulated. With the reputed sites, we can expect an unbiased view of the features, performance, and other relevant aspects. The lack of user reviews indicates this is not a reliable product.

Summary

Advantages

  • Fully automated software
  • Verified trading result

Disadvantages

  • The strategy used is not disclosed
  • Price is very expensive
  • Trading results show a risky strategy and poor performance

NorthEastWay assures stable and consistent profits for users. Our evaluation of the features, vendor transparency, strategy, and performance indicate it is not a trustworthy system. The exorbitant price and lack of a money-back guarantee confirm the unreliability of the expert advisor.

The Best Forex Robots Report Is Already Here!
best forex robots
Check out 30+ best expert advisors with daily updated live results and statistics
Click Here
ShareTweet
Previous Post

USDJPY Price Prediction: Marginal Swings Ahead of Fed and BoJ Decisions

Next Post

Options Trading in Forex

Related Posts

Social Trader Tools Review

by Tim Baudin

Social Trader Tools is a platform that provides traders with a suite of tools to help them analyze the market,...

Kodi Kai Trades Review

by Tim Baudin

Looking for a comprehensive and unbiased review of Kodi Kai Trades? Look no further. In this review, we'll dive deep...

System Levels Review: Pro-Level Trend Analysis Tools & Training

by Tim Baudin

System Levels is a cutting-edge platform that provides businesses with Pro-Level Trend Analysis Tools and Training. It is designed to...

Wolfx Signals Review

by Tim Baudin

Looking for reliable trading signals to boost your investment portfolio? Look no further than Wolfx Signals – a platform that...

Forex King EA Review

by Tim Baudin

Forex King EA is an advanced automated trading tool designed to help forex traders generate consistent profits in the forex...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Best Forex Automated Systems

  • TechBerry 9/10
  • Happy Galaxy 8.5/10
  • Forex Cyborg 8.5/10
  • Forex Fury 8/10
  • FXgoodway 7.5/10
  • Best Forex Brokers
  • Best Forex Robots
  • Best Forex Signals
  • Best Forex Managed Accounts

Top Trading Markets

We are dedicated to demystify the world of forex trading for you – no matter what level you are on.

Categories
  • Automated Trading
  • Crypto Robot Review
  • Cryptocurrency Trading
  • Day Trading
  • Forex Basics
  • Forex Brokers
  • Forex Education
  • Forex Forecasts
  • Forex Indicators
  • Forex Market Commentary
  • Forex Robots
  • Forex Signals
  • Forex Signals
  • Forex Tools
  • Forex Trading Strategies
  • Forex VPS
  • Fundamental Analysis
  • Managed Accounts
  • Money Management
  • News
  • Review
  • Review Platforms
  • Risk Management
  • Social Trading
  • Technical Analysis
  • Top World Traders
  • Trading Apps
  • Trading Psychology
  • Uncategorized
Tags
Acquisition AI Amazon Apple Artificial Intelligence Bitcoin bond yields CEO China earnings earnings report economy Electric Vehicles Federal Reserve financial performance Financial Results forex ea forex software reviews Growth Guidance Housing Market inflation interest rates Investing investment Investors Market Volatility merger mortgage rates net profit Nvidia Oil prices Q2 Results revenue Revenue Growth Sales sales growth Stock Futures stock market stock performance Stocks strategies technology Tesla Video
  • Terms of Use
  • Privacy Policy
  • Compensation Disclosure
  • Risk Disclosure
  • About Us
  • Contact Us

Copyright © 2023 by ForexEzy.com

No Result
View All Result
  • Top Forex Advisors
    • Best Forex Robots
    • Best Forex Signals
    • Best Managed Accounts
  • Top Forex Brokers
    • Best Forex Brokers
    • US Forex Brokers
    • UK Forex Brokers
    • MT4 Forex Brokers
    • MT5 Forex Brokers
    • Zero Spread Brokers
    • Best PayPal Brokers
    • TradingView Brokers
    • Social Trading Platforms
  • Top Review Platforms
  • Forex Education
    • Getting Started
    • Forex Basics
    • Forex Trading Strategies
    • Money Management
    • Risk Management
    • Technical Analysis
    • Fundamental Analysis
    • Trading Psychology
    • Social Trading
    • Automated Trading
  • Forex Tools
    • Forex Robots
    • Forex Indicators
    • Forex Signals
    • Forex VPS
  • Forex Forecast
  • Crypto
    • Best Crypto Exchanges
    • Best Crypto Bots
    • Crypto Guides & Forecasts

© 2023, Forexezy. {copy} {year}