The On control EA trading system became famous not so much due to its efficiency and profitability, as by to its high cost. Officially, the developers sold automatic trading robot for 2999 euros! This is the highest price for forex robots in the history of their use.
To find reliable information about the creators, it is not enough to go to the official website of the developers. There are no details about who worked on the creation of the robot. But after a long search we managed to find an Instagram account where were published early screenshots and some of the robot development processes. The name of the owner of an account is Hani Ali. The addresses of the main offices are not provided.
An official site of On control EA developers: oncontrole.com
Email address: [email protected]
Contact phone number: +442032893626
How the trading system works
The automatic trading system has designed for use in Metatrader trading terminals version 4 or 5. Therefore, upon purchase, you will receive a downloadable archive that contains the main file with the .ex4 and .mq4 extension. It is necessary to install the robot by copying files to the root folder of the trading system, in MQL4 – Experts.
The developers did not bother to describe in detail the principle of the adviser. Just think about that. The user does not know how the system works buying a robot for 2999 euros! And if she uses the commonplace Martingale method and leads to the loss of the entire deposit in a short time?
Also, the creators of On control EA mentioned that the system works with any type of account, regardless of the currency pair or time period.
Disadvantages of the On control EA system
It was worth only to study a number of responses from those traders who have already tested this trading system, as everything became clear. Forex robot uses Martingale system, as it was supposed earlier.
The Martingale strategy assumes that trades are opened randomly, not on the basis of technical indicators. If the first order closes in “plus”, then the next one opens with a similar small lot. As soon as the order is closed to “minus”, the next transaction is opened with a doubled lot in order to level the loss of the previous order in case of profit.
The lot can increase constantly with losses, and the amount of the free deposit will decrease again and again.
In addition, disadvantages can be considered:
- The overpriced cost of the robot, which is completely inconsistent with the principle of the trading system (in the network you can download a lot of robots using the Martingale method for free);
- The absence of any reliable information about the developers or the working methods of the trading robot.
The users had to independently test the whole technique, according to which the deals of the described robot are opened and closed.
According to the reviews of experienced traders, the developers hide the true methodology of trading the robot. This is due to the fact that On control EA uses a system of permanent doubling of lots that is dangerous for the user’s deposit. As a rule, the first weeks of trading are quite successful (with an optimal deposit margin). But this technique does not work for a long-term.
For more or less successful work should have an initial deposit in the amount of $ 5000. And this is no longer available to most novice traders.
The best results were shown on the following currency pairs: AUDUSD, CADJPY, EURAUD, EURCAD, EURCHF.
Test results of the robot
Test results on the Myfxbook portal are positive. On the On control EA system works 3 profiles. Three more were closed earlier, so it is not possible to study them. Probably, they did not have enough good trading results in financial markets, so they were closed so that they would not spoil the statistics to the developers.
The robot has been tested since 2014. As you can see on the table, there was a significant failure after the start of work. After that there was an increase in profitability. Many users working with the trading system do not believe that the robot is able to be profitable by 780% or more for several years.
Please note that testing takes place on cent accounts. In this, it used the same broker. The developers site also contains a recommendation to use RoboForex in trading using the described trading system. Direct recommendations of a particular broker are not a positive sign, which may indicate a possible partnership or advertising integration.
We recommend to use other trading systems that are free or have a lower cost than On control EA.