Pirate One EA – A Comprehensive Review

The Pirate One EA is an expert advisor designed for the popular MetaTrader 4 trading platform, with a focus on scalping the market during periods of low volatility. In this comprehensive review, we will analyze the key features of this trading robot to determine if it aligns with your trading style and goals.

Pirate One EA

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Trading Strategy

The core strategy of the Pirate One EA centers around opening trades after the close of the New York session, typically around 10PM GMT, when forex market volatility tends to decline. It tracks price action across several technical indicators to detect optimal entry and exit levels, opening long or short positions depending on the direction of the pending breakout.

The EA does not utilize risky strategies like martingale or grid trading. Instead, it relies on more conservative methods like setting a fixed stop loss and take profit for each trade. This approach can appeal to traders who prioritize effective risk management in their trading systems.

Timeframe and Currency Pairs

The Pirate One EA is designed to run on the M15 timeframe, which provides a good balance between capturing short-term price movements while avoiding excessive noise.

It can work with a variety of currency pairs, but performs best with:

  • EURCHF
  • EURGBP
  • GBPUSD

Other pairs like CHFJPY, EURAUD, and USDCAD can also generate decent results after optimization. However, correlated pairs should be avoided to prevent overexposure in one market direction.

Money Management and Customization

A key advantage of the Pirate One EA is the flexibility it offers for customization based on individual trading preferences:

Risk Management

Traders can choose between a fixed trade size or percentage-based risk allocation per trade. This caters to both aggressive and conservative risk appetites.

Profit Targets

Take profit levels can be set to fixed pips values or trailing stops to let profits run.

Stop Loss

Stop losses help restrict downside risk on each trade. The EA allows setting stop loss in pips.

Deal Filtering

Filters can be applied to avoid opening trades during periods of excessive spread or swap.

Trade Volume

An option is provided to scale position sizes up following a series of winning trades. This capitalizes on market momentum.

Notifications

Email, push notification, and sound alerts can enabled for key events like new trades, closed trades, or loss triggers.

Scheduling

Users can define the specific hour when the EA starts and stops trading each day. This prevents exposure outside optimal trading times.

Such customization gives traders the control to fine-tune the EA based on their individual trading style, market conditions, and risk tolerance.

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Backtesting Performance

Independent backtests of the Pirate One EA over a 8 year period shows an average ~40% annual return, with a max drawdown of ~15%.

These backtest results demonstrate the EA’s ability to extract steady profits from the market during the targeted New York close trading period.

However, as with any EA, live performance depends greatly on the broker, account settings, and market conditions at the time. Past performance should never be taken as a guarantee of future returns.

Strengths of Pirate One EA

  • Specialized trading strategy focused entirely on a specific period of low volatility
  • Avoidance of risky money management methods like martingale
  • Customization options to match individual trader preferences
  • Encouraging backtest results over long time frames
  • Reasonable pricing compared to competitors

Limitations of Pirate One EA

  • Live results not independently verified
  • No guarantee of profits. Losses can exceed deposited funds
  • Requires high quality ECN broker with low spreads
  • Less trading opportunities compared to EAs that run 24/5
  • Potential for overoptimization on backtest period

So in summary, while the Pirate One EA shows promise as a scalping EA, traders should exercise caution before purchasing, and thoroughly backtest it themselves across different markets and time periods. The one advantage it does offer is a niche trading approach during a specific period of low volatility when other EAs may struggle.

Pirate One EA Conclusion

The Pirate One EA brings some innovative concepts to automated trading, with its limited trading window focused entirely on low volatility periods. For traders specifically looking to improve performance during the late New York session, this EA warrants further investigation.

However, as with any EA purchase, conducting extensive backtesting and running it on a demo account first is strongly advised. No EA can guarantee profits in the complex world of forex trading. By applying robust validation and risk management principles, the Pirate One EA can be evaluated on its overall merit – and determine if it’s a good match for your trading style.

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

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