North East Way EA is an automated trading software that trades based on the Price action Pull Back strategy. There are many trading strategies that work with the pullback price action approach but the vendor of North East Way EA only told us about effective fx pairs and a number of parameters to input.
Though this North East Way EA review is untimely, it’s never too late to scrutinize the trading strategy and performance of the EA to determine whether it meets the threshold for inclusion into the list of our recommended Forex trading robots.
The vendor and admin of the North East Way EA is Pavel Udovichenko and he is currently selling only premium expert advisors. Not only does he offer only paid robots, but most of his items are also priced way above the recommended price in the marketplace. To get a copy of the North East Way EA, you surrender $12483 as he claims that only 4 copies are left at this price. After that, the price will be raised.
Note: Although this expert advisor by Pavel Udovichenko sounds like the ideal robot for novice traders, the explanation of their strategy is not coming out very satisfactory. Also, trading results show elements of risky trading strategies involved.
North East Way EA Review
The EA North East Way as you can see on MQL5 allows for 7 activations and over 4186 demos loaded for testing out. The EA was first released on 30 March 202o and is now updated to version 1.232 on the 9th of March, 2021, making it almost a year since the robot was seen published.
Although there is not much promotional content, they want us to believe that North East Way uses a simplistic approach where default settings work straight away. Their sales page reiterates that ”the system uses the main patterns of the Forex market in trading”. Recommended timeframe is M15 and the base currency pairs are AUDNZD, NZDCAD, and AUDCAD.
The developer also assures us that they will help each buyer install and configure the advisor but that does not give them a competitive advantage over the best Forex robots offerings.
The service provides a very shallow overview of the EA’s strategy. They mention that the North East Way EA makes use of the PullBack strategy which is based on the return of the price after a sharp movement in any direction.
Apart from this, you can only have a glimpse of the robot trading approach when you pay attention to some of the input parameters below:
- OneChartSetup — Launching the adviser at once in several currencies from one chart. Currency pairs must be listed with “,”.
- For magic — Prefix for unique magic. Must be between 0 and 99.
- Only One Symbol? — If true, and there are open positions on the account, the adviser does not open new series of orders in another currency.
- For autolot use — Which base should be used by the adviser when calculating the lot: equity or balance.
- Or use fix balance — Or insert a fixed amount of balance in the currency of your deposit.
- AutoMM — if > 0, the EA uses automatic money management when calculating the lot. AutoMM <=1000 — very aggressive. AutoMM >= 5000 — conservative.
- Fix lot if AutoMM=0 — fixed lot for the first deal in a series.
- Recovery Mode — If true, then the adviser closes a series of orders only with profit, but at the same time the logic of work may be violated. If false, then the EA works in accordance with its logic, and a series of orders can be closed at a loss.
- Martin Ratio — martingale coefficient for a series of orders.
- First real deal from this level — The greater the value, the less often the trades, but they are better.
Considering the price of this expert advisor, we feel that this information is shallow in nature. Most vendors who want to be taken seriously strive to provide as many strategy insights as possible.
The vendor has provided a handful of MQL5 signal profiles and backtesting which we found to be impressive. Apart from their MQL5 profile, the vendor did not provide a myfxbook.com for our scrutiny.
The Major North East Way signal result is showing a good reliability factor and has been monitored since 2018. The trading activity also appears good as the EA has traded 78.3% of the days monitored. The EA is showing a total gain of 3198% over 147 weeks of monitoring with a total trade profit of 71.5%. The maximum drawdown is 46.6% which shows a high amount of possible loss using this EA.
All in all, we’re not pleased with the results since the maximum drawdown is at 46.6% which is considered to be on the high side. Since the signals are 99.99% Algo trading based using the expert advisor, one can conclude that the EA is using an element of a high-risk trading approach.
Although this expert advisor by Pavel Udovichenko sounds like the ideal robot for novice traders, the explanation of their strategy is not coming out very satisfactory. Even if they opt to fix these things, the trading result part of it will take them a long time to get right because it’s already clear that their strategy is not safe.
Also, we prefer myfxbook.com or FXBlue hosted accounts. With a myfxbook.com account, you will actually see the difference between the total gain and the absolute gain. With that, you can know whether the robot is making profits from the market or the vendor is piling up deposits to make the EA appear profitable. If this vendor wants to capture expert attention, he should move his product account to myfxbook.com for analysis.
If these issues are tackled, we will update this North East Way EA review accordingly.