ONGOGO EA Review: A Tick Scalping Forex Robot for Prop Firms
The ONGOGO EA is a relatively new automated forex trading robot that is optimized for tick scalping strategies on the US30 index during the New York session. This forex EA was designed specifically to meet the requirements of certain proprietary trading firm (prop firm) challenges that use Eightcap as a broker.
Overview of the ONGOGO EA
According to the developer, the ONGOGO EA functions as a tick scalping expert advisor (EA) that aims to open and close trades within seconds to capture small profits repeatedly throughout the day. Key features include:
- Compatible with trading the US30 index only during the New York session using tick charts
- Aims for high trade frequency with small profits per trade
- Designed to meet requirements of certain prop firm challenges on Eightcap
- Potential to work with other prop firms pending research
- Uses a strict no refund policy
How the ONGOGO EA Works
As a tick scalping EA optimized for the US30 index, the ONGOGO bot enters and exits positions rapidly to capitalize on short-term price fluctuations. It does not use traditional bar or candlestick charts, relying instead on tick charts that show every change in price.
Specific trading logic and indicators used are not disclosed by the developer to protect the algorithm. However, users report that it tends to perform best on high liquidity accounts with tight spreads, fast execution, and Level 2 market depth data.
Live Performance Results
The developer provides Myfxbook verification for live accounts trading the ONGOGO EA. As of December 2022, the first account shows a 6.65% gain after 3 months of trading with a 5.09% max drawdown. More recent accounts demonstrate further improvements:
ONGOGO EA 2nd Account
- 8.93% gain
- 0.88% max drawdown
- Over 270 pips profit
These results are over a relatively short time period, but exhibit promising profitability with drawdowns under 10%. Further longevity is required to evaluate long-term consistency.
Using With Prop Firms
The ONGOGO EA was created specifically to pass evaluation stages and meet trading requirements at certain prop firms using Eightcap brokers. This presents an opportunity for aspiring funded traders.
However, it is critical to carefully research compatible companies beforehand. Prop firms often have strict rules against scalping EAs that could lead to account termination if violated. Checking their website, challenge rules documentation, and contacting their support is strongly advised before purchasing this EA.
Cost
The ONGOGO EA is available for $350 on the developer’s website with a no refund policy. This upfront cost is reasonable compared to alternatives charging thousands. Still, users must conduct proper due diligence given the no refund policy and short 3-6 month trade history currently available.
Pros and Cons
Pros
- Specialized for prop firm accounts on Eightcap
- Live results showing profitability
- Lower upfront cost than many EAs
Cons
- Limited performance history
- No refunds allowed
- Only works on US30 index
- Requires a compatible prop firm account
Verdict
The ONGOGO EA is an affordable tick scalping robot optimized to pass evaluation stages at certain prop firms using Eightcap as a broker. Early results exhibit promising profitability, but users must carefully vet compatibility with any chosen company prior to purchasing. Conducting further due diligence given the short trade history and no refund policy is also strongly recommended.
Finding a Compatible Prop Firm for the ONGOGO EA
As the ONGOGO EA was designed for specific prop firm accounts under Eightcap brokers, traders must research compatibility thoroughly before purchasing.
Here are tips for finding a suitable proprietary trading firm:
Check Company Reviews
Search for in-depth prop firm reviews detailing compatibility, rules, profit splits, required minimums, and more. User experiences can provide helpful insight. Some top reviewed firms include FTMO, MyForexFunds, Earn2Trade, and True North Trader.
Read All Documentation
Carefully comb through prop firm rules, FAQs, challenge requirements, and terms & conditions for any clauses against scalping EAs or similar strategies. Understand all expectations before committing.
Contact Their Support
Reach out to prop firm customer service teams directly to inquire about the ONGOGO EA’s compatibility. Get explicit confirmation in writing before purchasing the software.
Start With Demo Challenges
Most prop firms offer free demo challenges to test compatibility before risking live funds. Open a demo account specifically to dry run the ONGOGO EA for at least 1-2 weeks before considering their funded program.
Taking these steps will help determine if a given prop firm accepts the specialized ONGOGO software. Plenty of scam warnings surround the prop industry, so caution is warranted. But those offering transparent rules and support may prove viable options for traders seeking capital backing.
Check our advanced Forex Scouts Gold V9 Robot
Optimizing Broker Settings for the ONGOGO EA
As a rapid tick scalping EA, the ONGOGO bot performs best with tight spreads, fast execution speeds, and robust market data feeds. These brokerage factors contribute heavily to results.
Here are key considerations when selecting a forex broker account for this software:
Check Minimum Spreads/Commissions
The ONGOGO EA aims to profit from small ticks in price that can easily be eroded by wider spreads from the broker. Compare minimum spreads on the US30 index across brokers when the New York session is active.
Ensure Fast Execution
Lagging order execution can cause slippage resulting in losing tick scalp trades. Broker order matching speeds should be under 100 milliseconds on average. Use broker comparison tools to check.
Access Level 2 Market Depth Data
To scalp at the tick level, viewing current buy/sell order volumes alongside bid/ask prices is extremely beneficial. This Level 2 data aids decision making for the EA.
Run on a VPS Service
For best results, use a commercial virtual private server (VPS) to run MT4 with the ONGOGO EA continuously without interruptions. Turn off computer sleep/hibernate modes as well that could disrupt trades.
Start with Micro/Mini Accounts
When first testing this EA, begin with micro or mini forex accounts to minimize risk. The smallest position sizes available will give more margin for error while tweaking brokerage conditions.
Optimizing the trading infrastructure and account settings lays the groundwork for this specialized software to function as intended. It requires some initial research and testing, but could prove worthwhile for traders pursuing prop firm backing.
The Bottom Line
The newly launched ONGOGO EA offers traders an affordable tick scalping robot optimized to pass evaluation stages at select prop firms using Eightcap as a broker. Early live results show promising profitability, but the short 3-6 month trade history warrants further vetting.
This EA explicitly targets proprietary accounts, so confirming compatibility and understanding rule sets is critical before purchasing. Starting with broker demo accounts to test functionality is highly recommended as well.
If properly matched with an acceptable prop firm after thorough due diligence, the $350 ONGOGO software presents an interesting opportunity for traders seeking funding. But conducting further research remains vital before committing given the strict no refund policy.