Is “Greedy Bob EA” Worth the Money? An In-Depth Review
“Greedy Bob EA” is an automated forex trading robot sold on the MetaTrader marketplace. It claims to use price action patterns and scalping techniques to profitably trade multiple currency pairs. But does it deliver on its promises? This in-depth review analyzes its features, performance statistics, user reviews, and potential risks to determine if “Greedy Bob EA” is worth the investment.
Overview of Greedy Bob EA
Greedy Bob EA is marketed as a set and forget forex robot that can run on 7 currency pairs simultaneously. It uses an undisclosed price action trading strategy combined with scalping techniques.
Some key features highlighted by the developer include:
- Automatic lot size calculation based on account balance
- Dynamic stop loss and take profit levels
- Built-in filters such as trend, oscillator, time, and spread filters
- Minimum required account balance of only $100
The robot sells for $899 on the MetaTrader Marketplace and has received 10 activations so far.
Strategy and Logic
While the developer does not disclose the specific entry and exit rules used by “Greedy Bob EA”, some clues can be gathered from the given statistics.
It seems to use short-term scalping strategies, with an average trade duration likely less than a day. This is evidenced by the focus on trading during EU and US sessions on the 1-hour timeframe.
Without seeing the source code or specific rules, it is impossible to fully evaluate the logic and potential flaws. The lack of transparency is concerning.
Live Performance Statistics
The developer provides a live signal monitoring the real-time performance of “Greedy Bob EA”.
Over the past 3 months, it has achieved:
- +1.97% net profit
- 34% win rate
- 1.46 risk-to-reward ratio
- 11 day max drawdown period
The performance metrics show consistent profitability, albeit with a low winning percentage. This suggests the robot cuts losses quickly but lets winning trades run to extract more profits.
However, the max drawdown period indicates it may trade through some losing streaks before reversing to profitability.
While a nearly 2% gain over 3 months is decent, it is far below the claims of 2-5% weekly gains in the sales page. The real-world results do not match the marketed expectations.
With only 10 activations so far, there are no user reviews on the MetaTrader Marketplace yet.
However, searching through forex forums and review sites yields little mentions of “Greedy Bob EA” besides the developer’s own promotional posts. The lack of genuine third-party reviews raises some red flags.
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A check on the developer’s profile shows a respectable 4 out of 5 star rating. However, DMITRII GRIDASOV has only developed three products with limited activation numbers.
The lack of long-term proven success makes it difficult to establish trust in the developer. More activations, buyer reviews, and long-term live results would help alleviate some of these concerns.
Risks and Downsides
While “Greedy Bob EA” shows some promise, potential buyers should be aware of several downsides:
- Lack of transparency – No concrete details provided on strategy logic or real-time performance beyond a short 3-month period. This makes independent verification impossible.
- No long-term track record – The developer is new with no long-term evidence that his products sustain profitability.
- No genuine user reviews – Suspicious lack of reviews raises questions about real-world performance.
- Overstated performance claims – Marketer returns do not match real-world results.
As with any forex EA, buyers should beware of overhyped claims, lack of evidence, and ask for transparent proof that can be independently verified.
The Verdict: Not Worth the Money or Risk
While “Greedy Bob EA” shows decent performance metrics over a 3-month period, the lack of transparency, overstated expectations, and lack of genuine reviews makes it an uncertain investment at best. There is not enough concrete proof to justify the $899 price tag.
For traders looking for an automated solution, the unknown logic, lack of details on real-time performance, lack of long-term verification, and overstated marketing claims overrides the short-term potential.
The lack of reputation for both the product and developer suggests buyers would be better off looking at more well-known forex robots with longer track records of verified performance.
“Greedy Bob EA” may work as advertised, but there is not enough evidence available to recommend it over other alternatives. For most traders, it does not warrant the high price point or unknown reliability risks.