Progressive EA is an all-new robot that was released at the start of November 2020. The main statement tells us that this robot makes money for us, trading Forex currency pairs.
Progressive EA: Characteristics
Let’s talk about what the developers designed up:
- The robot can provide incredibly high profits monthly. The devs said about 50%-200% of the monthly profit.
- There are advanced algorithms that allow the system to trade under any market conditions.
- The robot closes all trades at the end of the day automatically.
- The EA works well with any broker with low spreads. The vendor suggests we use RoboForex.
- It trades two symbols: GBP/USD and GBP/JPY.
- The minimum balance can be $10. Is it for a Standard account?
- The recommended balance is $100 or 1000 Cents.
- The leverage level should be set from 1:200 to up to 1:500.
- A VPS server service is a good option to keep the EA trading all days with a high execution speed.
- The robot is featured with a 24/7 welcome and quick to answer support.
- The main block of features ends with this scam statement. They try to manipulate us, but people know all these marketing tricks.
Currency Pairs, Strategy & Timeframe
- The robot trades GBP/USD and GBP/JPY trading currencies.
- The developers decide to disclose completely little information. We know only that the EA can trade two symbols. Alas, there’s no info outside the user manual about time frames and, most important, about strategy. Many traders care about the EA’s strategy because it allows them to learn something from the robot performance and increase convenience in their trading approaches.
Progressive EA Trading Performance
We couldn’t find backtest reports in the presentation. It’s a huge con for us because only backtesting can show how well the system is. Past data allows checking the robot performance under different market conditions. Backtesting is the last part of the EA design before it goes on the demo account.
We’ve got a “real” USD account on RoboForex. Progressive EA trades automatically without using technical indicators with 1:500 leverage on the MetaTrader 4 platform. The account doesn’t have a verified track record, so there can be removed parts of trading activity.
The account was created on November 09, 2020, and funded for only $26.92. Since then, an absolute gain was +154.42%. The average monthly gain was +154.42%. The maximum drawdown was insane (59.45%).
The robot consistently sits in huge and long-term drawdowns.
The EA closed 153 deals with little pips (201.7). An average win in pips (8.88) is twice lower than an average loss (-15.73 pips). The win-rate varies. For a BUY direction, it’s 76%. For a SELL direction, it’s only 56%. An average trade length is over one hour. The Profit Factor is so low (1.13).
The robot tries to trade not only two main symbols but also EUR/JPY and EUR/USD. The most-traded GBP/JPY has brought -$10.48 (-67.6 pips) of losses that were covered by GBP/USD results.
Progressive EA focuses on trading only during a European session.
Friday is the less active day of the trading week.
The robot trades with insane, completely unacceptable risks to the account balance. There is a 27% chance of losing half of the account balance. We’d like to see this risk rate on the $1M account.
The robot uses a Grid of two deals to increase profitability. The EA practices to double Lot Size from 0.01 to 0.02 without any significant reason.
High risks provided high rewards, but it can turn into huge losses that quickly.
How much does it cost?
Progressive EA costs insane money as for EA with a 1.13 Profit Factor. There are three packages: two subscriptions and one one-time payment. For 25 EUR, we can get access to trading for one week. For 80 EUR, there’ll be monthly access. The one-time payment costs 499 EUR. We can pay only via PayPal. It’s not the best option, because we can’t rely on any refund. By the way, the developers didn’t provide it.
Reviews from customers
Forex Peace Army has a page of Progressive EA. As we can see, it’s the same ups and downs trading style.
This person experienced huge drawdowns, as we mentioned. Having traded on a demo account, the trader lost around 40% of the account balance.
Should You Use Progressive EA?
| Pros | Cons |
| No pros | No team revealed |
| No strategy explanations provided | |
| Risky strategies are on the board | |
| No settings explanations provided | |
| No backtests provided | |
| The real account runs with the insane risks | |
| The Profit Factor is low | |
| GBP/JPY is not profitable | |
| No people’s feedback provided | |
| Trader’s testimonials on FPA said the robot had problems | |
| Insane pricing | |
| No refund policy provided |
Conclusion
Progressive EA is a robot that trades Grid and Martingale strategies and doesn’t use technical indicators at all. Highly likely, there can be Cost Averaging on the board as well. It’s a risky rocket without bricks. Trading on the real account with insane risks, the developers show that they don’t care about trading and money-management discipline because everything they want is to show the big number of the absolute gain. The EA sells (is available for rent) for insane money. As a cherry on the top of the cake, we’ve got no money-back guarantee at all.
XTB
