EA Smoke is a Forex expert advisor for the Metatrader 5 platform. This robot was launched on 2nd July 2021 and can trade in multiple currency pairs. However, we cannot consider it a reliable system before analyzing the performance factors thoroughly.
EA Smoke: characteristics
This is an EA that trades in pairs like USD/CAD, EUR/CHF, EUR/USD, USD/CHF, EUR/AUD, AUD/USD, and GBP/USD. The vendor recommends using the M5 timeframe for placing trades with this robot. EA Smoke uses the server time GMT + 3. It works best with ECN accounts and you should choose a broker that has minimum slippage.
While trading with EA Smoke, you can get started with a minimum deposit of $50 for each trading pair. The minimum spread starts from 0 pips and you can use leverage of 1:500 or higher.
Currency pairs, strategy & timeframe
On the official website, the vendor has mentioned that the EA does not use risky strategies like Averaging, Martingale, Doubling, and Grid. It is an EA that trades the trend, but we have no idea how it goes about it. The vendor has not revealed what indicators this robot uses to determine the strength of the trend.
We think every vendor ought to explain the trading strategies used by their EAs. Experienced Forex traders always look for strategy insight, since it allows them to get an idea about the system’s profitability. Without it, many of them might shy away from this expert advisor.
EA Smoke trading performance
Here we have the backtesting results for the EUR/USD pair. This test was conducted from 2003 to 2021 with 99.90% modeling quality. The EA used a small initial deposit of $50 for this backtest, generating a total net profit of $18158497.78. For this backtest, the EA had a profit factor of 1.81.
EA Smoke placed a total of 4182 trades, winning 3253 out of them. This means it had a win rate of 77.79%. The relative drawdown was 45.36%, which is much too high. It indicates a risky trading approach that can lead to huge losses. There were 47 maximum consecutive wins and 6 maximum consecutive losses for EA Smoke during this backtest.
This live trading account on Myfxbook was launched on June 14, 2021. So it has been trading live for less than 2 months, which makes it difficult for us to assess EA’s profitability. EA Smoke has placed only 102 trades through this account, winning 68% of the trades and generating a small profit of $2.90. As we can see, the performance of the robot has not been too great.
At this moment, the daily and monthly gains for this account are 0.14% and 4.37% respectively, while the drawdown is 7.92%. Currently, the profit factor for this trading account is 1.16.
We looked at the recent trading history and noticed several large losses. In fact, the average loss is -5.02 pips/-$0.54, while the average win is only 3.59 pips/$0.30. Therefore, we cannot consider this a profitable trading system.
How much does it cost?
You can purchase EA Smoke for the price of $149. According to the vendor, there are 3 out of 10 copies left at this price, after which it will be raised to $449. However, the price has remained the same for quite some time, so it just seems like a cheap marketing tactic. The vendor also offers a free demo version of the software for testing purposes. Unfortunately, there is no money-back guarantee for this expert advisor.
Reviews from customers
We were not able to find any authentic user reviews for EA Smoke on websites like Trustpilot, Forexpeacearmy, Quora, and Myfxbook. There are a few user reviews on the MQL5 website, but we cannot consider these authentic since the vendor could easily have manufactured them. Thus, we can say that EA Smoke does not have a decent reputation among Forex traders.
Should you use EA Smoke?
|Verified live trading results available||Very short trading history|
|Sold at an affordable price||Lack of strategy insight|
|No money-back guarantee|
We cannot recommend EA Smoke to traders, mainly because it is an unproven robot. The EA doesn’t have a long track record, so you never know how it is going to respond to different market conditions. That the vendor doesn’t provide a money-back guarantee is yet another reason why you should stay away from this trading system.