ForexMega-LLC EA is an automated trading system designed for the MetaTrader 4 (MT4) platform.
This expert advisor (EA) claims to utilize advanced algorithms and trading strategies to generate consistent profits in the forex market. In this comprehensive review, we will analyze the features, performance, pros and cons of Forex Mega-LLC EA to determine if it is a worthwhile investment for forex traders.
Overview of Forex Mega-LLC EA
Forex Mega-LLC EA is marketed as an easy-to-use automated trading system that can generate steady profits regardless of market conditions. According to the developer, this EA incorporates proprietary algorithms that scan the market to detect trading opportunities and execute trades based on predefined strategies.
Some of the main features highlighted by the developer include:
- Advanced trading algorithms and sensitive optimization strategies
- Built-in market scanner to identify trading opportunities
- No use of dangerous strategies like martingale or hedging
- Effective money management to limit losses
- Compatibility with the
The EA is designed to work on the EURUSD, GBPUSD, USDJPY, and AUDUSD currency pairs on the 1-hour timeframe. The minimum recommended deposit to use this EA is $300.
Performance and Backtesting Results
The developer of Forex Mega-LLC EA claims that it is capable of generating 200+ pips in profit per day with a maximum drawdown of only 1%.
Looking at the backtested results shared by the developer, the EA was able to turn an initial $1000 deposit into over $3.8 million in profits on the EURUSD pair between January 2020 to May 2021.
However, it is important to note that backtested results do not guarantee future performance. Backtests are conducted in hindsight and do not account for real-world market conditions that can affect the performance of an EA.
When reviewing the backtests, it appears that the developer has used optimal settings to achieve these stellar results. Real-world performance could vary significantly depending on broker conditions, spread, slippage and how the EA is configured.
The developer has shared some limited live trading results of Forex Mega-LLC EA. In 10 days of live trading, the EA was able to generate around $4800 in profits on a $985 deposit while maintaining a 1% drawdown.
However, there is not enough data to conclusively determine the profitability of this EA in live market conditions. The live account history is very brief and does not indicate long-term profitability across different market regimes.
More comprehensive live trading results over at least 6 months would be required to properly evaluate the viability of this EA. As such, traders should exercise caution before relying solely on the limited live trading data shared.
Pros of Forex Mega-LLC EA
- User-friendly interface for easy installation and setup
- Includes basic trade management features like stop loss and take profit
- Reasonable price compared to many other EAs
- Compatible with popular MT4 platform
- Developer provides support and updates
Cons of Forex Mega-LLC EA
- Lack of details on trading logic and strategies
- Limited information on money management and risk controls
- Short duration of live trading results
- Overly optimistic backtested results
- Lack of third-party verification of performance