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An In-Depth Review of Violet EA V7 Forex Trading Robot

Violet EA V7 is the latest iteration of the popular Violet series of forex trading robots. In this comprehensive review, we will analyze the features, performance, strengths and weaknesses of this trading system.

Violet EA V7

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Overview of Violet EA V7

Violet EA V7 is an automated trading system designed specifically for the MetaTrader 4 (MT4) platform. It trades the EURUSD currency pair on the M5 and M15 timeframes.

Some key features of this robot:

  • Uses a strategy based on pivot points to identify potential trades
  • Includes several technical indicators for trade entry and exit signals
  • Has options for fixed lot size or automatic lot calculation based on account balance
  • Includes partial closing of trades to lock in profits
  • Has optional martingale for recovery after losses
  • Compatible with Standard, Classic and Cent MT4 accounts

Performance and Backtesting Results

According to the developer, backtesting over multiple years shows that Violet EA V7 is capable of generating consistent profits.

Some backtest results that have been published:

  • Average weekly return of 60% on a $150 account starting balance
  • Maximum historical drawdown of 18%
  • Win rate of 80%
  • Average profit per trade of 30-40 pips

Of course, past performance does not guarantee future results. But the backtests do indicate that this EA has the potential to grow accounts steadily with proper risk management. Real-world trading results may vary depending on market conditions.

Strengths

Here are some of the main strengths of this trading robot:

  • Proven long-term performance: Multiple years of backtesting results showing steady profits gives confidence in the EA’s strategy.
  • Flexibility: The EA can be used with different account types (Standard, Classic, Cent) and trade sizes.
  • Customizable: Users can enable/disable martingale, set SL/TP levels, modify position sizing etc. to match their risk tolerance.
  • Partial closing: The partial take profit feature helps lock in gains while keeping some of the position open.
  • Money management: Options for fixed lots or auto lot calculation based on balance helps prevent overtrading.
  • Efficiency: Does not use high-frequency scalping strategies, so performs well on regular computers.

Weaknesses

The main limitations of the EA include:

  • Limited assets: Only trades EURUSD, so no diversification. Performance on other pairs is unknown.
  • Intraday trading: Designed for M5/M15 timeframes, so not ideal for long-term buy-and-hold investors.
  • Potential overoptimization: Backtest results may be biased due to curve-fitting on historical data.
  • Higher risk: Like all EAs, losses can exceed deposits so proper money management is essential.
  • Requires monitoring: Needs ongoing supervision to ensure stable connectivity and monitor trades.

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Using Violet EA V7 Successfully

Here are some tips to use Violet EA V7 effectively based on trader reviews:

  • Use low spread ECN accounts to maximize profitability.
  • Start with small position sizes and reinvest profits to grow account slowly.
  • Disable martingale or use very tight re-entry levels to minimize risk.
  • Use VPS service for uninterrupted trading and fastest trade execution.
  • Monitor account regularly and intervene if EA behavior seems abnormal.
  • Optimize parameters periodically for maximum performance as market dynamics change.

Violet EA V7 Versus Competitors

Some of the main competitor EAs in this space include:

  • FXGain Fenix EA: Also uses pivot points with RSI filter, has high backtest results.
  • Forex Scalp EA: Designed for scalping with short trades and fast exits.
  • Zaifro EA: More advanced with neural networks, but costs significantly more.

Compared to these alternatives, Violet EA V7 stands out for its simplicity, customizability, long track record, and reasonable cost. However, traders should evaluate multiple EAs to find one that best fits their trading style.

Conclusion and Rating

In summary, Violet EA V7 is a well-established forex trading robot with a long history of positive performance. The many customizable settings allow traders to adjust the EA to fit their risk tolerance and account size. While past results are no guarantee of future profit, the long backtest history does provide some confidence in its potential.

For traders looking for a straightforward, flexible trading robot for EURUSD, EA is certainly worth considering. As with any EA, performing proper backtesting and running it on demo first is advised before risking real capital. Used with prudence, this robot can be a useful tool for consistent automated trading results.

Based on its features, performance, and ease of use, I give Violet EA V7 a rating of 4 out of 5 stars.

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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