Waka Waka EA Review: A Tricky System

Waka Waka EA is available on the MQL 5 marketplace, where it is sold for an asking price of $499 for both MT 4 and 5. The algorithm is not sensitive to spreads and slippage but works best on ECN brokers. We will see if the system is actually worthy of investment in our article.

Waka Waka EA: characteristics

The robot can work on your platform if you follow the following steps carefully:

Purchase the system on MQL 5
Login at the MQL 5 marketplace on the MT 4 or MT 5 platform
Download the expert and enable live trading
Attach it onto the charts

Features

The EA has the following features:

It is not affected by spreads and slippage
It employs an advanced grid system to stay in the positive
It has multiple settings that can be configured according to traders liking
It can employ a virtual stop loss function to hide the exit points from the broker

Currency pairs, strategy, and time frame

The robot uses an advanced grid strategy on AUDNZD, AUDCAD, and NZDCAD at the 15-minute chart. It does not use historical data for making trades but exploits market inefficiencies for trading. Through the trading history on MQL 5 live results, we can see that it also uses martingale strategies in addition to the grid. This can add significant risk to your account if the stop losses are hit continuously.

Waka Waka EA trading performance

Backtesting results are available for AUDCAD. There are only images and no detailed statement. The robot had a maximum drawdown of 20.73% and turned an initial deposit of $1000 into $3475878.85. It had a winning rate of 77% with a profit factor of 2.06. The average amount of profitable trades was $1699.37, while the average amount of losing deals was -$2759.12. There were a total of 5157 trades executed during this period.

Live trading results are available on MQL 5, which shows performance from March 2021 till the current date. The performance before was omitted by the MQL 5 moderators as there was a change in strategy. Since then, the robot has had an average monthly gain of 6.3%, with a drawdown of 17.9%. There were 2287 trades in total, with an average holding time of 24 hours. The expert advisor trades with a winning rate of 73.9% with a profit factor of 1.75. The average win was $9.49, while the average loss was -$15.43.

How much does it cost?

The rot is available for an asking price of $499. There is no money-back guarantee. The license is for one live account only.

Reviews from customers

Customer reviews are only available at the MQL 5 marketplace, where most of the reviews are positive. It might be possible that the developers have purchased or written them on their own.

Should you use Waka Waka EA?

Waka Waka EA uses a dangerous martingale strategy that the developer does not disclose. This type of trading approach can turn your account into dust as the market goes against you. Traders should not implement such types of systems in their accounts.

Pros	Cons
It provides live trading records for verification	The developers do not disclose the use of martingale
	It does not provide a detailed statement for backtesting
	The price is high

Conclusion

Waka Waka EA is not a good investment choice as the employed strategies are risky. The robot may likely hit a margin call in the future. The drawdown value is also high compared to the monthly output, which gives a poor risk-reward ratio.