Crown Prince FX EA Review – A Powerful Forex Trading Robot

The Crown Prince FX EA is an automated Forex trading software designed to trade currency pairs on the MetaTrader 4 (MT4) platform. It was launched in 2020 and has quickly gained popularity among Forex traders for its claimed high profitability.

Crown Prince FX EA

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In this detailed review, we will analyze the key features, performance statistics, pros and cons of using this expert advisor (EA) for algorithmic trading.

Key Features

Here are some of the standout features of the Crown Prince FX EA:

  • Fully automated – It can automatically open, manage and close trades based on its built-in trading logic and algorithms without any manual intervention.
  • Intellectual break-even – An advanced risk management technique that seeks to lock in profits once a trade reaches a preset profit target.
  • Virtual stop-loss – A unique risk management feature that uses algorithms to set dynamic or trailing stop losses instead of fixed ones.
  • Timeframe flexibility – Can be used on multiple timeframes like M15, H1 and H4 depending on trading style and preferences.
  • ECN broker compatible – Works seamlessly with ECN/STP brokers that offer direct market access, fast execution and tight spreads.

Performance Statistics

Based on the limited information available from third-party tracking websites, here are some of the key statistics about the EA’s performance:

  • Profitability – Has achieved over 200% in net profits during live trading over the past 2 years. However, current 2023 results show a drawdown of -34%.
  • Drawdown – The maximum drawdown has been around 16% historically but is currently at -34% in 2023. Drawdowns measure peak-to-trough losses.
  • Win Rate – No verified data available. The developer claims an average win rate of 65-85% but there is no evidence.
  • Risk-Reward – Average risk-reward ratio is unspecified. A 1:2 risk-reward ratio is generally seen as desirable.

While the longer term profitability looks decent, the lack of transparency around key metrics makes it harder to evaluate current performance. The high drawdown also indicates potential risks.

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Using the Crown Prince FX EA

Account Type – Works best with the ECN account types offered by brokers like IC Markets, Pepperstone etc due to fast execution speeds.

Timeframes – Can be used on M15, H1 and H4 timeframes based on personal preference. M15 and H1 are most common.

Currency Pairs – EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD, USDCHF and EURJPY are all supported currency pairs.

Deposit – A minimum account balance of $500+ is recommended though it can work with a $100 deposit. Use only risk capital.

VPS – Using a low latency Virtual Private Server (VPS) can improve executions and prevent downtime related losses.

Risk Management – Use proper position sizing, limit total trades per day, and utilize features like break-even and virtual stop loss to control risk.

Pros of Crown Prince FX EA

  • Profitable long term performance exceeding 200% over 2+ years
  • Innovative features like intellectual break-even and virtual stop loss
  • Compatible across multiple timeframes and currency pairs
  • Can automate entire trading process 24/5 after configuration
  • ECN broker compatible for fast executions and tight spreads

Cons of Crown Prince FX EA

  • High drawdowns of 16% historically and 34% in 2023
  • Lack of transparency around key metrics like win rate
  • Requires fast VPS and ECN account for best performance
  • Difficult to evaluate true potential due to limited public tracking

Conclusion

The Crown Prince FX EA shows promise as an automated trading system with some innovative features and decent historical performance. However, the lack of transparency around metrics like win rates and lackluster 2023 results raises some questions. Traders are well advised to demo test it first and use proper risk management given the high drawdowns. As with any Forex EA, conduct proper due diligence rather than relying on marketed claims alone when evaluating it.

Author: Dominic Walsh
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I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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