Mighty Makers EA Review – Powerful yet Controversial Trading Tool
Mighty Makers EA burst onto the scene in 2023 with bold claims of empowering traders through advanced algorithms and real-time market analysis. However, despite flashy marketing, this trading advisor remains shrouded in controversy. This in-depth review examines if Mighty Makers delivers on its lofty promises or falls short.
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An Overview of Mighty Makers EA
Mighty Makers markets itself as a cutting-edge trading assistant that helps investors “seize control and make well-informed choices” through continuous analysis of market data.
Key features include:
- Advanced algorithms to identify patterns and trends
- Personalized recommendations aligned to trader’s style
- User-friendly interface for tracking investments
- Constant innovation via regular updates
The vendor makes enticing claims about Mighty Makers’ potential:
- “Stay ahead of the curve and capitalize on your investments”
- “Empowers you to unlock the full potential of your investments”
- “Reliable and innovative advisor by your side”
On paper, Mighty Makers EA seemingly checks all the right boxes. But does it deliver meaningful value for traders? Let’s analyze further.
Controversies and Concerns Around Mighty Makers
While Mighty Makers markets itself strongly, several red flags emerge upon closer inspection:
1. Inexperienced and Unknown Vendor
The vendor behind Mighty Makers EA has limited expertise in the industry with only two products listed. This raises doubts if they can create a reliable and effective trading assistant.
An unknown vendor also provides no accountability or post-purchase support.
2. Deficient Backtesting Reports
Mighty Makers provides backtest reports to showcase historical performance. However, the reports only show 1 week of data – far too little to judge long-term viability.
Without verifiable, long-term backtesting, Mighty Makers’ claims seem hollow and unreliable.
3. High Trading Risk and Drawdowns
While risk is inherent in trading, Mighty Makers may carry excessive risk based on provided data.
Drawdowns exceeding 30% on a regular basis can cripple accounts quickly. Traders must carefully evaluate if Mighty Makers aligns with their risk appetite.
The lack of transparency around risks is also concerning.
Mighty Makers EA Pricing
For all its purported capabilities, Mighty Makers EA carries a hefty price tag:
| Version | Price |
|---|---|
| MT4 | $1,299 |
| MT5 | $799 |
These prices seem disproportionate considering the inexperience of the vendor and lack of verifiable performance data.
While the vendor promises increasing prices as more traders purchase Mighty Makers, its real-world value remains uncertain.
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What Do You Get for Your Money?
For the high asking price, Mighty Makers EA buyers gain access to:
- The main EA file
- An installation guide PDF
No training, support, or account management services are included. So traders must fully configure and monitor Mighty Makers independently.
Again, the deliverables seem underwhelming for the quoted prices.
Using Mighty Makers EA
Should traders take a leap of faith with Mighty Makers regardless? Here is what using this controversial EA entails:
Markets and Timeframes
Mighty Makers EA trades:
- XAUUSD (Gold) market primarily
- M30 timeframe for entries
So your approach must align with trading gold on short timeframes.
Minimum Capital and Broker
You need a minimum capital of $100 to use Mighty Makers EA, as per the vendor.
The EA purportedly works with any broker and account type. But an ECN broker with high leverage is best to maximize potential.
Risks and Drawdowns
Per backtests, drawdowns can exceed 30%. So using Mighty Makers requires appetite for high risks.
Losses can also extend further in live trading. So adequate risk management is critical.
Hands-off Trading
Mighty Makers EA conducts fully automated trading once configured. So traders can take a hands-off approach.
However, you still need to actively monitor the EA for problems or unexpected losses.
The Reality of Using Mighty Makers EA
While Mighty Makers markets itself strongly, trader sentiment regarding actual usage remains lackluster.
Mixed to Poor Reviews
Independent reviews of Mighty Makers EA range from mixed to poor:
- 1- and 2-star ratings dominate on trading forums
- Below 70% satisfaction on some rating platforms
Such poor ratings underline how Mighty Makers fails to deliver on its promises for most traders.
Losses and Blown Accounts
Alarmingly, several traders report heavy losses and blown accounts when using Mighty Makers EA for MT4, especially on live accounts.
Once again, this contrasts sharply with promises of empowering traders through advanced algorithms.
Lackluster Developer Support
Multiple traders also complain about poor developer support after purchasing Mighty Makers EA.
- Queries and refund requests often go unanswered
- No assistance provided to configure or optimize the EA
So buyers are mostly left stranded after paying a premium price.
The lack of post-purchase support further erodes any credibility of the vendor.
Mighty Makers EA – Verdict
Mighty Makers EA makes lofty claims about empowering traders through innovative technology. However, a deeper analysis reveals several troubling aspects:
- Inexperienced vendor with no trading pedigree
- No long-term proof of viability via backtests
- Potential for excessive losses that new traders cannot sustain
When you combine these factors with poor real-world performance and support, Mighty Makers seems like an EA to avoid for most traders.
Unless future versions dramatically improve transparency and reliability, traders should be very wary before trusting this controversial software with real capital. Proceed with extreme caution, or better yet, search for more credible alternatives in the marketplace.