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.
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.
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
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 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.
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.
A real USCCent account using the EXNESS broker on the MT4 platform verified by the Myfxbook site is shown here.
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.
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.
- Fully automated software
- Verified trading result
- 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.