Signalspro007 EA Review: A Comprehensive Look at This Automated Trading Robot
The Signalspro007 EA is an automated trading robot designed for the MetaTrader 4 (MT4) platform. In this comprehensive review, we will examine its features, performance, strengths and weaknesses to determine if it is a worthwhile investment for forex traders.
Overview of the Signalspro007 EA
The Signalspro007 EA was created in 2018 by an anonymous developer team that provides little background information about themselves or their qualifications. The EA is marketed as an “expert advisor robot optimized for up to 5% daily profits” through the use of a current trend-following strategy.
The EA can purportedly trade multiple currency pairs, including EURUSD, GBPUSD, USDJPY and others. It runs fully automated without the need for manual intervention by the trader. The developers claim their robot incorporates risk management features like stop loss and take profit levels to minimize losses.
The Signalspro007 EA is sold for a one-time fee of $499 for use on one live and one demo account. It comes with a lifetime license and 24/7 email support. No monthly subscription plans are offered.
How the Signalspro007 EA Works
According to the limited information provided, the Signalspro007 EA uses a current trend-following strategy that identifies the direction of the prevailing market trend. It then enters trades in the direction of that trend.
The EA incorporates a combination of technical analysis indicators and price action techniques to determine trend direction. Once it identifies a trend, the robot will continue opening additional trades in that direction until the trend changes.
Some of the key features and settings of the Signalspro007 EA include:
- Fully automated trading – no manual intervention needed
- Multiple currency pairs – EURUSD, GBPUSD, USDJPY, others
- Risk management – stop loss and take profit
- Customizable settings – lot size, take profit, stop loss, etc.
- Notifications – provides alerts for trades
- Support – 24/7 email support provided
While the developers provide limited details, it seems the Signalspro007 EA is primarily a momentum or trend-following system. As such, it is likely to perform well during strong trending markets but may struggle during periods of consolidation and ranging price action.
Performance and Verified Results
One of the biggest concerns with the Signalspro007 EA is the lack of verified performance results. The developers provide no third-party verified track record of real trading. Instead, they only show screenshots and videos of purported profits.
Without verified results, traders have no way to evaluate the EA’s true performance. There are no account statements, myFXbook results or other verification to prove the claims of 5% daily profits. This lack of transparency is a major red flag.
The developers also fail to disclose any periods of losses, drawdowns or losing trades. Their marketing materials show only consistent profits without any losing periods. This is highly unrealistic and makes the performance claims dubious at best.
Until Signalspro007 provides verified trading results, traders should remain skeptical of performance claims. Demo testing the EA is highly recommended before considering investing any real capital.
Strengths of the Signalspro007 EA
Fully Automated Trading: The Signalspro007 EA runs fully automated without the need for manual order placement. This allows hands-free trading once configured properly.
Multiple Currency Pairs: The ability to trade multiple currency pairs can diversify risk across different markets. The EA is not limited to trading only one pair.
Customizable Settings: Traders can adjust inputs like lot size, take profit levels, stop loss, and more to match their risk tolerance. This flexibility is a plus.
Support: The developers offer 24/7 email technical support which can be helpful for troubleshooting issues.
Trend Following Strategy: A momentum-based trend following approach can profit during strong trending markets when trades align with the prevailing trend.
Weaknesses of the Signalspro007 EA
No Verified Results: The lack of any verified track record makes the performance claims dubious and unsubstantiated. Traders have no way to evaluate real trading results.
Potential Overoptimization: With no transparency into the EA’s settings and parameters, overoptimization on past data is a risk. This can lead to poor performance outside of backtesting.
Whipsaws: Trend-following systems are prone to whipsaws and false signals during ranging markets. This can lead to losing streaks.
No Money Management: There is no visibility into whether the EA incorporates robust money management rules to survive drawdowns and losing periods.
No Information on Developers: The anonymous developers behind the EA provide no background or qualifications. This lack of transparency is concerning.
Signalspro007 EA Customer Reviews
With no verified performance results available, customer reviews provide one source of feedback on the Signalspro007 EA. However, there are relatively few independent reviews available at this time.
On the Forex Peace Army forum, there are only two user reviews posted as of this writing:
The first is a positive 5-star review in 2020 from a trader named Gary who claims the EA generated a $37,500 profit in one month starting with a $200 account balance. However, no account statements are provided to document these purported gains.
The second is a negative 1-star review also from 2020 where the user complains the EA did not function properly and the license was never activated. The trader requested a refund of the $599 purchase price but claims the request was denied.
On TrustPilot, there are only three reviews of Signalspro007 to date: one 5-star, one 1-star, and one 3-star. Such a limited number of reviews makes it difficult to draw any definitive conclusions on customer satisfaction.
Without verified trading statements, traders should take these reviews with skepticism. More impartial user reviews over an extended period of time would provide a better assessment.
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Is the Signalspro007 EA Worth the Cost?
With an asking price of $499, the Signalspro007 EA is among the more expensive forex robots on the market. With no performance transparency or record of real results, traders must decide if it is worth the risk.
On the plus side, buyers are protected by the 60-day money back guarantee offered by ClickBank. If the EA does not perform as expected, purchasers can request a full refund within the first 60 days. This provides a safety net if the EA fails to live up to its promises.
Still, shelling out $499 for an EA with unverified marketing claims is a leap of faith. The lack of transparency surrounding the EA’s profitability and track record makes it difficult to justify the high cost. Traders are likely better off finding a robot with documented trading results.
Extensive backtesting and demo trading is advised before committing real capital. The money back guarantee does provide some downside protection in evaluating the Signalspro007 EA.
Final Thoughts – Use Caution with This EA
The Signalspro007 EA makes bold claims of generating up to 5% daily returns through its purported trend-following trading algorithm. However, a lack of transparency and verified trading results make these claims dubious. Little is known about the developers behind this EA as well.
Until real trading results are provided and verified by an impartial third party, traders should remain skeptical. The Signalspro007 EA may work as advertised but there is no concrete proof it can generate consistent profits. Traders are taking a risk by purchasing this EA sight unseen.
Extensive demo testing is advised before considering using real capital. The 60-day money back guarantee does provide a safety net if the EA underperforms expectations. But traders should still exercise caution and manage their risk carefully if trading live.
Despite the lack of transparency, the Signalspro007 EA may appeal to traders willing to take a chance on its purported algorithm. As always, thorough backtesting and demo trading is key prior to any live trading with real money. Apply robust risk management and remain skeptical until seeing verified real results.