Auto Millions EA Review – An In-Depth Look at This Automated Trading Software
Auto Millions EA is an automated trading software that claims to generate huge profits through algorithmic trading in the foreign exchange (forex) market. This review will take an in-depth look at Auto Millions EA to determine if it is a legitimate trading robot or just another overhyped scam.
Overview of Auto Millions EA
Auto Millions EA is marketed as a set-and-forget trading robot that can make users profits of over $400,000 per month with little effort. The sales page states that the EA made $46 million in profits during 8 years of backtesting.
Some key features of Auto Millions EA highlighted by the vendor include:
- Fully automated trading requiring no manual intervention
- Compatible with all brokers and the MetaTrader 4 platform
- Advanced money management to minimize risk
- Spread protection to avoid trading in high spread environments
- Easy to install and use even for beginners
The robot allegedly achieves its high win rate of 99% by utilizing multiple trading strategies and filters to identify only the highest quality trades. It is said to work on the 1 minute EUR/USD chart without using martingale, hedging or grid strategies.
Auto Millions EA is priced at $99 for a lifetime license.
Testing the Claims of Auto Millions EA
The outsized profit claims made by the Auto Millions EA sales page seem unrealistic at first glance. Independent backtests and live results are needed to verify the performance claims.
An analysis of available third-party backtests reveals more modest results. On MyFXBook, an 8-year backtest on EUR/USD shows a gain of 115% with a max drawdown of 20%. While still a decent result, this is far below the exorbitant gains advertised by the vendor.
The live results also tell a different story. The MyFXBook account shows a gain of 67% after 9 months of trading. The drawdown is very high at 45% despite trading on a demo account with no leverage. The high drawdown and discrepancy between backtest and live results raises some red flags.
On ForexFactory, a backtest spanning 21 years shows a gain of only 25% with a 38% drawdown. The results here are underwhelming and indicate potential curve fitting in the vendor’s backtests.
Overall, the available third-party results for Auto Millions EA do not support the advertised claims. The live trading results are mediocre at best while multiple long-term backtests show modest profits and high drawdowns. There are clear signs of data mining and overoptimization.
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In addition to the misleading performance claims, there are several other warning signs with Auto Millions EA:
- No verified MyFXBook account trading live with real money. The lack of real account results is concerning.
- Short operating period. The software only has 9 months of public track record. More data is needed to evaluate it properly.
- Lack of details about the trading logic. The vendor does not fully explain how the EA works.
- Fake scarcity tactics. Countdown timers are used to create false urgency and pressure customers into buying quickly.
- Affiliate marketing. Much of the positive reviews online are from affiliate marketers earning commissions, not real users.
These warning signs indicate that traders should exercise caution with Auto Millions EA until more proof of viability is provided.
Is Auto Millions EA a Scam?
While there are legitimate concerns about Auto Millions EA, the software does not appear to be an outright scam. It is an actual automated trading system that works as advertised in generating automated trades. However, the extremely inflated performance claims used in marketing this EA cannot be substantiated.
At best, Auto Millions EA is an overoptimized EA with mediocre results being peddled using misleading marketing tactics. At worst, it could completely fail once put into live trading. Either way, traders should avoid being swayed by the unrealistic profit claims and approach this EA with skepticism.
In summary, Auto Millions EA lacks transparency about its trading logic and relies on dubious marketing claims not supported by independent testing. While not an outright scam, the EA is likely overfitted and results do not live up to promises. Until real account statements are provided and more data validates the performance claims, traders are best served staying away from this questionable automated trading software.