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Marvelous EA Review – An In-Depth Analysis

Marvelous EA is an automated forex trading expert advisor (EA) that utilizes the Rate of Change (ROC) indicator in its trading strategy. It aims to provide traders with a simple and user-friendly trading solution. In this comprehensive review, we will analyze its key features, trading strategy, backtests, user feedback, and more to determine if Marvelous EA is a reliable and profitable forex trading robot.

Marvelous EA

Download Free Marvelous EA

Overview and Key Features

Marvelous EA was created by a team of expert forex traders and developers. Some of its main features include:

The goal of Marvelous EA is to capitalize on short-term price movements and trends. It utilizes the ROC indicator to identify oversold and overbought market conditions.

Once a profitable trade setup is detected, the EA will automatically place entry, stop loss and take profit orders. If a trade moves into losses, the martingale system will double the lot size on the next trade to attempt to recover the losses.

Trading Strategy and Logic

As mentioned earlier, Marvelous EA bases its trades on signals from the Rate of Change (ROC) indicator. The ROC measures the percentage change in price over a defined period of time.

The EA is programmed to detect oversold and overbought conditions using the ROC values on multiple timeframes. Specifically, it looks for the following setups:

Oversold Condition

  • ROC value drops below a defined negative level (e.g. -10%)
  • Indicates potential reversal back up
  • EA enters a buy trade

Overbought Condition

  • ROC rises above a defined positive level (e.g. 10%)
  • Signals impending reversal downwards
  • EA enters a sell trade

By capitalizing on extreme ROC readings pointing to imminent trend reversals, Marvelous EA aims to capture profitable trades in the dominant direction.

Martingale

To recover losing trades, Marvelous EA incorporates a martingale-based system. After a loss, it will double the lot size on the very next trade. So if the first trade was 0.01 lots, after a loss the 2nd trade will be 0.02 lots and so forth.

The logic is that by increasing exposure, a subsequent winner will not only cover the previous loss but also generate a profit. However, this is an extremely high risk strategy that can quickly compound losses if not used properly.

Backtest Results

The developers have published Marvelous EA backtests indicating profitable results across multiple timeframes and pairs.

Here is a summary:

EURUSD M5

  • Period: 2019-2020
  • Total Trades: 2190
  • Net Profit: +29%
  • Drawdown: 13%

EURUSD M15

  • Period: 2020-2021
  • Total Trades: 796
  • Net Profit: +110%
  • Drawdown: 23%

Based on these backtests, Marvelous EA appears to have strong profit potential in the hundreds of percentage returns. However, the higher rewards also come with substantial drawdown risk touching 20%+ equity.

As expected with a martingale system, the volatility and risk increases together with the profitability. So proper account protections like stop losses need to be implemented.

Marvelous EA Live Performance

Backtest results can be misleading if the market conditions change. So it’s important to check real-time trading records.

On ForexCracked, Marvelous EA myfxbook results over a 4 month period show:

  • Start Date: June 2022
  • End Date: October 2022
  • Broker: FortFS
  • Profit: +11%
  • Drawdown: 46%

These live stats indicate Marvelous EA can generate double-digit profits. However, the nearly 50% loss shows the dangers of over-optimizing backtests that may not translate well to live markets.

So while Marvelous EA shows potential, traders should use prudent position sizing and risk management.

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User Reviews

Checking user feedback provides qualitative insights into any EA’s profitability, issues, and reliability in real-world trading.

In Forex forums and review sites, Marvelous EA reviews are mixed among both positive and negative commentary.

On the positive side, some users mention consistent profits:

“I have used Marvelous EA for 3 months now and happy with steady growth.”

“This EA made me good money in last few weeks.”

However, several traders also warn about risks:

“Works well initially but blew my account after 2 weeks when a losing streak hit.”

“Too aggressive with martingale recovery for my liking.”

So while results vary among users, the overriding theme centers around Marvelous EA’s potential yet high-risk nature.

Marvelous EA Final Verdict

In summary, Marvelous EA provides an automated trading solution for spotting trend reversals using the ROC indicator and martingale-based trade management.

Pros

  • Profitable backtests and some evidence of live profits
  • Easy to set up and use
  • Actively maintained and updated

Cons

  • High risk from aggressive martingale system
  • Mixed user reviews on long-term reliability
  • Potential for overfitting on backtests

For traders comfortable with higher risk, Marvelous EA may be worth experimenting with on a demo account first. Use proper precautions around position sizing and risk management.

However, overall there are likely safer and more reliable EA options for most traders compared to Marvelous EA’s volatile nature.

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 | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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