MONEYBOT PRO EA Review – A Comprehensive Look at This Forex Trading Robot

Table of Contents

The foreign exchange (forex) market is the largest and most liquid market in the world, with over $6 trillion traded daily. With the rise of automated trading systems like expert advisors (EAs), even novice traders can participate in forex trading. One such EA that has been gaining popularity recently is the MONEYBOT PRO EA. In this comprehensive review, we will take an in-depth look at this trading robot – how it works, its features, performance statistics, and whether it is worth considering for your forex trading needs.

Download MONEYBOT PRO EA

Overview of MONEYBOT PRO EA

The MONEYBOT PRO EA is an automated trading system developed by the company Forex Pro EA. It is designed to trade the EURUSD currency pair on the popular MetaTrader 4 (MT4) trading platform.

According to the developers, MONEYBOT PRO uses an advanced algorithm that analyzes market conditions and identifies potentially profitable trading opportunities. It is marketed as a “set and forget” system that runs automatically once configured by the user, requiring minimal ongoing input or monitoring.

Some of the key features highlighted by the developers include:

Fully automated trading system for the EURUSD pair
Uses an AI algorithm to identify trading opportunities
Requires little input from the user after initial configuration
Trades multiple strategies including trend following, breakouts, and reversals
Incorporates money management rules to limit losses
Runs on the MetaTrader 4 platform

In terms of costs, MONEYBOT PRO is available under a few pricing options. This includes a one-time payment of $399 for a lifetime license, a monthly subscription of $59, or discounted deals when purchasing multiple licenses.

Next, let’s take a look at some of the performance statistics provided by the developers.

Performance Statistics

The developers of MONEYBOT PRO EA provide various performance metrics and trading results on their website to showcase the historical performance of the system.

Some of the key performance statistics highlighted are:

Total net profit of over $230,000 since 2019
Annual return on investment of 210%
Largest winning trade of $2,450
Largest losing trade of -$1,280
Win rate of 65%
Drawdown of 18%
Low risk score of 1.5/10

These metrics are certainly impressive on paper. However, it is important to note that past performance does not guarantee future results. The market conditions that existed during past performance periods may be different than current or future market conditions.

The developers also provide an equity curve showing the growth of a hypothetical $10,000 account trading MONEYBOT PRO since 2019. The chart shows consistent growth to around $50,000 by 2022.

Again, while these historical results appear promising, past performance is not indicative of future outcomes when live trading.

How MONEYBOT PRO EA Works

According to the developers, MONEYBOT PRO EA is powered by an advanced AI algorithm that analyzes current market conditions and identifies high-probability trading opportunities.

The algorithm is designed to monitor price action, volatility, and other technical indicators across multiple timeframes to determine optimal entry and exit points. Some of the analysis techniques used include:

Trend analysis – identifying the overall market trend on larger timeframes (e.g. 4H, daily)
Momentum analysis – gauging momentum in the shorter term (e.g. 15min, 1H)
Support/resistance analysis – key S/R levels based on historical price action
Volatility analysis – periods of increased/decreased volatility

When certain criteria are met, the algorithm will automatically execute trades according to the strategies programmed into the system.

The EA is capable of trading multiple strategies which gives it flexibility across different market conditions. The main strategies traded include:

Trend following – buying dips and selling rallies in the direction of the major trend
Breakouts – trading breakouts of key support and resistance levels
Reversals – counter-trend trades when overextended moves are expected to retrace

The developers note that MONEYBOT PRO is optimized for the EURUSD pair specifically, which is known for its reliable trends and technical patterns. The system is not designed to work across other currency pairs.

In terms of risk management, the EA will close losing trades automatically at a pre-defined stop loss level. It also incorporates trailing stops and partial profit taking on winning trades. The money management rules are intended to limit losses and protect any gains achieved.

Check my advanced Forex Scouts Gold V9 Robot

Using MONEYBOT PRO EA

MONEYBOT PRO EA runs on the popular MetaTrader 4 forex trading platform. It is not compatible with MT5 at this time.

The installation and setup process is straightforward according to the developers:

Purchase and download MONEYBOT PRO to your computer
Open MT4 and drag the EA file into the Navigator window
Attach the EA to a EURUSD chart on your account
Input your preferred settings and save the EA
Enable “Allow Live Trading” and the system will trade automatically

Some key settings that users can customize include:

Trade size and money management rules
Stop loss pips
Take profit pips
Max spread allowance
Trading hours to avoid news events etc.

The developers recommend using the default settings on a demo account first to get a feel for the system. Only once comfortable should users risk live capital.

Ongoing maintenance is minimal with the system running automatically once setup. Users just need to keep their MT4 platform open with a stable internet connection. Periodically the EA may need to be updated if the developers release any new versions.

The Pros and Cons

Pros

Fully automated system requiring little user input
Trades a reliable currency pair in EURUSD
Uses AI algorithm to identify trading opportunities
Trades multiple strategies for flexibility
Reasonable historical backtest results
Good risk management with SL and profit taking

Cons

Only works on EURUSD, not optimized for other pairs
Requires MetaTrader 4 platform specifically
No guarantee of future performance/profitability
Higher price point compared to some other EAs
Potential over-optimization on backtests

Conclusion

In summary, MONEYBOT PRO EA offers some potential benefits as an automated trading system but also comes with inherent risks like all EAs. The AI algorithm aims to identify high-probability trades but past performance does not equate to future outcomes. As with any EA, conducting proper backtesting and demo testing is advised before risking capital. While the system may require little input after setup, users should monitor its performance closely and adjust settings if needed.

For traders looking specifically to automate a strategy on the EURUSD pair on MT4, MONEYBOT PRO merits further research and testing. However, users should have realistic expectations, apply prudent money management, and be prepared to intervene if the system behaves erratically. An EA can be a useful trading tool but human oversight of automated systems is still essential.