We are reviewing one of the many Forex expert advisors created by Michalis Phylactou,called the Trend Extreme Dashboard EA. Mr. Phylactou lives in Cyprus and has published 19 other expert advisors and indicators in the MQL5 market place namely Loss Recovery Trader Premium, Bollinger Bands Trader, Master Moving Average, External News Filter Tool, Currency Power, Loss Recovery Trader MT5 among other products. Additionally, Phylactou is offering a signals product known as Robot Nation.
Most of these products have a positive rating on the MQL5 platform, including the one we are reviewing here, Trend Extreme Dashboard EA.
The first copy of the Trend Extreme Dashboard EA was launched in September 2015 and updated in December 2015. It is not clear why Phylactou has not updated this product since then, but my guess is that they are busy producing other trading tools, and it’s easy for developers pursuing numbers to forget about products which they created 2 years ago for example.
The developer recommends that Trend Extreme Dashboard EA should be used together with Loss Recovery Trader Premium if we want to achieve good results. This comes at an extra cost.
Most of the products from this developer cost between $40 to $160. This is contrary to what I have seen in the MQL5 market place where expert advisors and other trading tools can be sold for as much as $10,000.
A copy of the Trend Extreme Dashboard EA goes for $105 and the developer is also offering a demo. My recommendation is that you should utilize this free demo to get a feel of how the software works before committing any money.
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Otherwise, if you don’t have the time to do the testing, you can pick these expert advisors/trading tools because I have already gone through the pain of testing.
An experienced trader like me will test a software properly before recommending it because I don’t want to risk my hard-earned reputation.
That said, let’s proceed and analyze the Trend Extreme Dashboard EA.
The developer tells us that the Trend Extreme Dashboard EA is a unique multi-currency expert advisor based on the Trend Wave Extreme, an indicator that analyzes various indicators for trend, wave and extremes of a particular trading symbol.
We are told that the Trend Extreme Dashboard EA monitors up to 25 currency pairs for their trend, volatility and extremes. A trade is only placed when a satisfactory score has been achieved based on these 3 parameters.
The Trend Extreme Dashboard EA can be optimized by setting various limits so that entries can only be made within the confines of these limits.
They tell us that we can get the best results if we use the Trend Extreme Dashboard EA with the Loss Recovery Trader, a software that uses hedging as a way to help us recover our losses or break even in the worst case scenario.
The developer has provided an image illustration of what this software is looking for before it can enter trades. They demonstrate how this EA opens trades in an uptrend and how it enters trades in a downtrend.
When we are in an uptrend, it looks for sharp pullbacks and buys low so that when the price rises, the EA can catch the positive side of the trend.
The same case happens with the downtrend as well. it looks to buy highs in a drown trend because these points signal that the pullback is exhausted and the trend is about to resume. You catch my lessons on how these pullbacks are traded here.
We like this demonstration because it gives me a complete overview of how the software works.
Most developers just give vague statements about their EA’s and trading strategies hoping that they will save time and still persuade us to spend money on their products. A good example of what I am talking about can be found on reviews for Euro Scalper pro, Manhattan FX EA, Forex Robot Plus among others which I have wrote about before.
On the MQL5 market place, this robot has 8 reviews and 64 comments. Most of the feedback here is extremely positive with the exception of one reviewer who seemed dissatisfied with the expert advisor.
He claims that the Trend Extreme Dashboard EA works well in an obvious trend but not in other markets even if it is combined with Loss Recovery Trader.
The Loss Recovery Trader software costs $155. The developer recommends that we pair the two in order to get the best results. So this means we will be spending $105+$155 which totals to $260.
While feedback on this robot is encouraging, you still need to think about what you will be sacrificing if you purchase a license. First of all, we recommend testing it on a demo for at least 6 months.
We know most of you don’t have this patience, which is why we are recommending these already tested Forex robots.
Secondly, you’re going to spend $260 to get this robot in addition to the Loss Recovery Trader software which costs USD155.
Does it makes sense to invest $260 on an expert advisor when you can get a decent one for much less?
We don’t think so.
Before I forget, I want to mention that there is no myfxbook performance for the Trend Extreme Dashboard EA and buyers have to solely rely on the reviews and comments which they are seeing on the MQL5 profile of the developer.
We don’t trust expert advisors that don’t have demonstrated performance for at least 3 months. While I would want to purchase this robot because it’s cheap, this discovery holds me back. We are not likely to recommend it unless I see past performance to confirm what users are saying.
We also think it’s unusual for a product like this to have 8 reviews only when it was launched nearly 3 years ago. Something does not look right. Take a look at these highly recommended trading tools.
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