PGM Master EA Review – A Detailed Look at This Automated Trading Software
The PGM Master EA is an automated trading software designed to trade forex using a scalping strategy. This review will take an in-depth look at the features, strengths and weaknesses of this expert advisor (EA) to determine if it is a worthwhile investment for forex traders.
Overview of the PGM Master EA
The PGM Master EA is marketed as a fully automated trading system that utilizes multiple indicators and a complex algorithm to identify high-probability entries and exits in the forex market. It is designed to capture small, frequent profits through scalping across multiple currency pairs and timeframes.
Some key features of the PGM Master EA include:
- Fully automated trading – requires no manual intervention once configured
- Uses a scalping strategy designed for small, steady profits
- Works on the MT4 platform
- Applicable to all currency pairs and timeframes
- Multiple built-in indicators and algorithms
- Risk management features like stop loss and take profit
The PGM Master EA costs $2,949 for a single license and is sold through the website pgmmasterea.com.
How the PGM Master EA Works
The core strategy of the PGM Master EA revolves around scalping, which involves opening and closing trades within very small time frames, usually just a few minutes. The goal is to capture small profits repeatedly throughout the day rather than aiming for bigger wins.
To identify trading opportunities, the PGM Master EA uses a combination of custom indicators like the Special PGM along with more common indicators like Moving Averages. It analyzes these indicators across multiple timeframes from M5 to H4 to find entry and exit points.
One of the defining features of the PGM Master EA is its complex algorithm that looks for retracements in the market before triggering any trades. This helps avoid entering during major market spikes or unpredictable news events. The algorithm only calculates trades when the market is ranging or pulling back, improving trade accuracy.
The EA also includes pre-configured risk management settings like stop loss, take profit and lot size scaling. These can be adjusted based on personal risk preferences. Other features include options to trade long or short, a volatility filter, and news trading filters to avoid high impact events.
Overall, the PGM Master EA aims to systematize scalping across multiple currency pairs using advanced indicators and algorithms. It requires an always-on MT4 connection and VPS to ensure 24/7 automated trading.
Performance and Backtesting Results
The developers of the PGM Master EA provide limited backtesting results on their sales page showing consistent profits across multiple timeframes and pairs.
However, without long-term real account tracking, it’s difficult to verify these backtest results. The lack of transparency around performance is one downside when evaluating this EA.
The backtests do show the potential profitability of the scalping system during favorable market conditions. But since scalping is highly sensitive to spreads, execution speed, and volatility, the real-world results may vary significantly.
While the backtest reports are useful to demonstrate the logic of the system, real account results over at least 6 months would provide much more tangible proof of the EA’s capabilities. Potential buyers should be cautious without verifiable real account trading history.
Strengths of the PGM Master EA
Fully Automated Trading: The algorithmic system runs autonomously once configured, removing emotion and manual intervention from trading. This allows for more consistent execution of the underlying strategy.
Scalping Strategy: Scalping provides traders with greater flexibility and more opportunities to capitalize on short-term market moves. The PGM Master EA is specifically optimized for scalping.
Multiple Timeframe Analysis: By scanning multiple timeframes from M5 to H4, the EA can identify trading opportunities that may be obscured on a single timeframe.
Retracement Algorithm: The algorithm that avoids trading during spikes and focuses on retracements can reduce the risk of being whipsawed into bad trades.
Customizable Risk Parameters: Traders can adjust stop loss, take profit, lot sizes and other risk settings to match their risk tolerance.
Works Across All Pairs and Timeframes: The flexible system design allows the EA to trade all currency pairs rather than just a limited few, granting wider market access.
Weaknesses of this EA
Unverified Backtests: Without real account verification, the accuracy of the backtesting results cannot be confirmed, leaving the actual profitability in question.
Scalping Drawdowns: While scalping aims for small profits, drawdowns between wins can accumulate, requiring effective account management.
Over-optimization: Too many indicators and parameters could lead to curve-fitting, reducing applicability across different market conditions.
No Money Management: The EA lacks compounding or expectancy based position sizing to systematically increase profits. Lot sizes are static.
Expensive for Retail Traders: At nearly $3,000, the cost is prohibitively high for most retail forex traders, especially given the risks involved.
Sensitive to Volatility: As a scalping system, the EA may falter during high volatility or low liquidity environments as spreads widen.
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Tips for Using this EA
For traders interested in trying the PGM Master EA, here are some best practices to follow:
- Start with small position sizes and low risk – the EA is optimized for accounts as small as $100 but start smaller if needed.
- Use a reputable ECN/STP broker with fast execution speeds and low spreads. This is crucial for scalping EAs.
- Run the EA on a VPS service for uninterrupted trading and optimal performance.
- Demo test across different market conditions to see how the EA performs during volatility.
- Start with just one pair like EURUSD rather than all pairs to better gauge performance.
- Review reports frequently – optimize risk settings if drawdown or loss streaks exceed comfort levels.
- Use lower timeframes from M5 to H1 initially – higher timeframes have wider stops which require larger accounts.
- Follow results for at least 3 months before considering increasing position sizes or adding more pairs.
- Have a backup trading plan for when markets are unfavorable to scalping strategies.
Verdict
The PGM Master EA offers traders a sophisticated and fully automated scalping solution for forex trading. The combination of indicators, algorithms and customizable settings allows for a flexible EA capable of trading all market conditions across any currency pair.
However, the lack of transparency around real account results raises questions. And the high cost of the EA may not be justifiable for traders with small accounts given the risks involved with scalping. Conservative position sizing is highly recommended.
For traders already experienced with EAs and willing to demo test rigorously, the PGM Master EA provides an interesting option. But newer traders may want to consider more affordable and less complex alternatives.
As with any EA, expectations should be realistic, risks must be managed, and losses have to be accepted as part of the game. While the PGM Master EA shows potential, traders should perform proper due diligence before purchasing.