Bonnitta EA Review: A Closer Look at This Popular Forex Trading Robot
The world of forex trading is filled with automated trading systems that promise exceptional profits with little effort. One such system that has been gaining popularity recently is Bonnitta EA. In this comprehensive review, we will analyze the features, purported performance statistics, and user experiences of Bonnitta EA to determine if it delivers on its promises.
Overview of Bonnitta EA
Bonnitta EA is an expert advisor (EA) designed to trade automatically on the popular MetaTrader 4 and MetaTrader 5 forex trading platforms. It was created by developer Ugochukwu Mobi and is currently priced at $5,750 on the MQL5 marketplace, positioning it as a premium product.
According to the product description, Bonnitta EA utilizes a combination of proprietary custom indicators, trendlines, support/resistance analysis, and a secret trading algorithm to generate signals and execute trades. It allegedly passes rigorous backtesting over 22+ years of historical data.
Some key features highlighted by the developer include:
- Fully automated trading system
- Pending position strategy
- Advanced custom indicators
- Price action analysis
- Automatic GMT and news filtering
- Anti-piracy protection
- Free demo version
With its steep price tag and bold claims of profitability, Bonnitta EA has attracted significant attention. But does it deliver consistent returns in live trading? We will analyze in detail to find out.
Putting Bonnitta EA Under the Microscope
To properly evaluate any forex EA, it is essential to scrutinize the backtest results, underlying strategy, and real-world performance. We will take a meticulous approach in reviewing each of these elements for Bonnitta EA.
On the product page, Bonnitta EA shows exceptional backtest results over a 22-year period on EURUSD, turning an initial $1,000 balance into over $3.8 million. The reported gain is over 380,000% while maintaining a relatively low 28% drawdown.
However, there are some concerns about these backtest results:
- Lack of Details – There is no detailed breakdown of the trades taken, periods tested, specific parameters used, etc. This makes the results impossible to independently verify.
- Optimized for Past Performance – It is possible to over-optimize backtests to fit past market conditions. This often leads to degradation in live results.
- Insufficient Data – 22 years may seem like a long test period, but quality tick data is seldom available for such durations from brokers. Lack of real tick data can invalidate backtest reliability.
While the backtest results may appear impressive at first glance, the inability to validate the results makes them less credible. Let’s turn our attention to the trading strategy under the hood.
Check my advanced Forex Kingle Scalper Robot
Trading Strategy Analysis
According to the developer, Bonnitta EA uses a combination of custom indicators, price action, and a “secret trading algorithm” to generate trading signals. Unfortunately, limited details are provided on how the strategy actually works.
Some concerns around the trading strategy include:
- Lack of Transparency – Keeping the algorithm secret prevents users from understanding the logic behind trades. This requires blind faith in the system.
- Over-Reliance on Technical Indicators – Lagging indicators like moving averages have limited efficacy in live trading, especially on shorter timeframes like 1-hour used by this EA.
- Curve-Fitting – Heavy optimization on past data can cause an EA to be curve-fitted, degrading its ability to adapt to new market conditions.
Without transparency into the technical workings of Bonnitta EA, it is impossible to gauge the effectiveness of its trading strategy. Historical backtests can be engineered to look stellar regardless of the underlying logic. We need to look at real account results.
Live Account Results
The best way to assess a forex EA is by reviewing the trading history from a live account. Unfortunately, Bonnitta EA does not provide recent verified results on the product page.
The developer claims impressive results up to 2021, but there is no tracking beyond that time period. Independent monitoring services like MyFXBook are not utilized either. The lack of transparency around real-world performance is concerning.
There are a few user accounts providing mixed results, with one showing massive drawdowns exceeding 60%. Such large losses require an extremely high win rate just to recoup the capital.
Without official verified tracking in real market conditions, the reliability of Bonnitta EA’s performance claims remains doubtful.
User Experience of Bonnitta EA
With doubts around the backtests, trading strategy, and lack of verified results, analyzing experiences of users who have tried Bonnitta EA provides further insight.
On the MQL5 marketplace, Bonnitta EA shows primarily positive feedback. However, digging deeper reveals some concerning user reviews:
- “Changed Algo to Look Good” – One user alleges the developer repeatedly tweaks the algorithm to maintain stellar backtest results. This highlights the backtest overfitting concerns discussed earlier.
- “Works on Demo, Fails on Live” – Multiple reviews mention contrasting results between demo and live accounts. This points to potential curve-fitting.
- “Lack of Support” – Some users complain about lack of customer service response from the developer after purchasing. No support is a red flag.
While there are some positive reviews, the concerning ones highlight issues faced in real-world usage. Without support or assurance that the software is not overfit, users are left with disappointment.
Final Verdict on Bonnitta EA
In summary, while Bonnitta EA markets itself as a highly profitable automated trading system, our in-depth analysis uncovers some serious deficiencies:
- Unverifiable backtests prone to overoptimization
- Closed-source trading strategy lacking transparency
- No officially verified real account results since 2021
- Evidence of poor performance and lack of support from some users
The lack of transparency around the algorithm, dependency on technical indicators, and absence of recent verified results makes Bonnitta EA a high-risk software in our assessment. We cannot recommend Bonnitta EA given the multiple red flags uncovered.
For traders looking for forex EAs with reputable track records, verified live results, and transparent algorithms, alternatives like Forex Flex EA and FXStabilizer are better options without exorbitant pricing. As always, do your own due diligence before purchasing any trading software.