Friday Pro EA Review – A Comprehensive Look at This Automated Trading Robot

Table of Contents

Friday Pro EA is an automated trading robot designed specifically for trading on Fridays in the forex market. The developer claims it utilizes proprietary algorithms optimized for the unique conditions of Friday trading sessions. In this comprehensive review, we will analyze the key features of Friday Pro EA, assess its purported performance based on backtests and user reviews, and determine whether it may be a worthwhile investment for forex traders.

Overview of Friday Pro EA

Friday Pro EA was created by developer Ming Ying Lee and is compatible with the popular MetaTrader 4 and MetaTrader 5 trading platforms. According to the sales page, it is optimized for trading the USDJPY and GBPJPY currency pairs on the 1-minute timeframe.

Some of the main features highlighted by the developer include:

Closes all open trades before Friday market close
Leverages proprietary algorithms designed specifically for Fridays
Suitable for both scalping and long-term trading
Backtested from 2014-2022 with strong results
Trades the USDJPY and GBPJPY currency pairs

The developer emphasizes that Friday Pro EA does not rely on risky strategies like martingale or grid trading. Instead, it aims to provide a reliable and consistent approach to trading the Friday sessions.

Backtesting Performance

Extensive backtesting is one way traders can gain confidence in an EA before using it with real capital. According to the Friday Pro EA sales page, backtests of the EA on the EURUSD pair from 2014-2022 produced over 5,000% in compounded returns with a 65% win rate. The largest historical drawdown was around 20%.

These backtest results suggest Friday Pro EA has the potential to generate very strong returns over the long run. However, it is important to note simulated backtest results do not guarantee future live performance. Backtests rely on perfect conditions that do not exist in live trading.

The developer has not made the detailed backtest reports publicly available for independent verification. So traders need to exercise caution relying solely on advertised backtest results when assessing this EA.

Live Performance Results

Live trading results provide the best indication of an EA’s viability. However, the Friday Pro EA developer has not provided any verified account statements to demonstrate real trading performance.

A few reviewers and beta testers have published results from running the EA on demo accounts. But without proof of profits on a live account, it is difficult to confirm if Friday Pro can consistently generate returns in live market conditions.

The lack of transparency around verifiable live results makes it impossible to objectively evaluate the EA’s profitability outside of simulated backtests. This is a significant concern for traders considering purchasing Friday Pro EA.

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Cost

Friday Pro EA is listed at an initial price of $259, with only a limited number of licenses offered at this discounted rate. The developer states the regular price will eventually increase to $799.

Compared to many forex EAs, the initial $259 cost seems reasonably priced. However, the lack of public transparency around real trading performance makes it difficult to determine if the EA is worth the investment.

A free trial or money back guarantee would allow traders to properly test Friday Pro EA themselves. But the developer does not appear to offer either of these assurances currently.

Ease of Use

The Friday Pro EA sales page indicates the EA includes a dashboard for configuring settings and monitoring trades. This suggests the EA provides some flexibility to customize trading behavior based on user preferences.

However, multiple reviewers commenting on forex forums have complained about the lack of detailed documentation and guidance provided with the EA. This seems to point to a steep learning curve for users, especially beginners.

Expert advisors that require significant programming knowledge or technical skills to operate tend to frustrate new traders. Clear installation/setup instructions and user guides help ensure a smooth user experience. But the lack of educational resources appears to be a common complaint with this EA.

Customer Support

The level of customer service and support provided by an EA developer is crucial for traders who rely on the software. However, Friday Pro EA’s developer does not seem to offer much transparency into their reputation for supporting users.

There are no testimonials on the sales page showing positive experiences receiving assistance from the developer. And most user reviews on independent forex sites and forums do not mention interacting with customer support at all.

This lack of visible customer service track record makes it difficult to assess the developer’s commitment to supporting Friday Pro EA users. For traders relying on an EA, poor customer service can severely hinder their success and experience.

Verdict

In summary, Friday Pro EA shows some potential based on advertised backtest results and the concept of optimizing algorithms specifically for Friday trading. However, the lack of transparency around live trading performance and customer support raises some red flags.

The developer makes bold claims about the EA’s profitability but does not provide adequate proof through verified trading statements. And the lack of educational resources indicates a subpar user experience.

While this EA may appeal to traders specifically seeking a Friday-focused trading solution, caution is warranted given the lack of objective performance data. Traders are best served demo testing the EA extensively and scrutinizing user reviews before considering the EA for live trading with real capital.

An EA that shows consistent profits across multiple live accounts, coupled with strong customer service would build trust far more than simulated backtests. Until Friday Pro EA can demonstrate its viability through transparent real-time results, traders may want to seek out more reputable alternatives.