In this review, we are looking at a popular Forex trading software by the name EA Black Star. This is the first time we are coming across a cheap software in the MQL5 website, and it is actually strange to see that a developer would dare sell his software for $35 only when others are selling at $1,000 and above.
Anyway, we will not judge it based on pricing alone because there are a lots of other things that we need to discuss about the EA Black Star robot.
First off, there are two versions of the EA Black Star. The developer decided to name them Original and Premium respectively.
The difference in price between the two trading system is only $10. Therefore, in this review, we will be taking a closer look into the two trading systems to see whether or not they are worth your time.
The developer of this trading system is called Ramil Minniakhmetov. They have built a couple of other trading systems before. These include Forex EAs and indicators which they have sold in the Forex marketplace ever since they entered this business.
Ramil Minniakhmetov is the owner of OrangeForex, and can be reached through Skype using his username Mechanic Forex.
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Alternatively, users can inbox them directly on the MQL5 website.
According to the developer, the main strategy being used here is based on ‘consolidation zones’. Consolidation zones form when the market is not experiencing a huge demand or supply.
Therefore, according to this developer, EA Black Star will only look out for these opportunities to open trades as soon as those consolidation zones have been broken.
It will also look to hedge positions in the event that take profit is not reached quickly. This is basically the main strategy that guides the two versions of the EA Black Star robot. However, the premium version of this software comes with 3 modes.
Besides this strategy, the Forex robots also come with a feature called ”Recovery mode” which basically lets the user place a trade before enacting the main strategy.
And of course the third strategy is called the grid strategy. The software will basically open a position and then follow that position with a series of similar positions as in grid style of trading.
However, we are a little bit uncomfortable with grid trading. Any software that has an element of grid trading will definitely come with a huge risk of blowing up your account. Beware of this.
To summarize the description that we have been given in the strategy part of the robot, we can say that the first version of this software basically finds, enters and exists trades on behalf of the user. On the other hand, the premium version is mainly involved in helping traders find those positions. Once the robot finds a good opportunity, the user can let it take over that trade from there onward.
Truth is, this is a very unique method of automated trading. In our opinion, this version of the robot is best for those who are looking for a trading system that will allow them to trade based on a hands-on approach method. You grow alongside the expert advisor because it engages you in every step of the way.
As we have said, the price of this robot is very affordable. The basic version costs $35 while the premium version is retailing for $45 per license.
The pairs that this robot trades include EURUSD, GBPUSD, USDCAD and USDJPY. The time frame is M15.
Now, when you get to read the description of the EA Black Star robot, you get the impression that it is very cheap. This could create a suspicion because most robots on this platform are not that cheap.
The MQL5 platform is historically known to host overpriced Forex robot.So this is actually a shock because even when we do our research, we realize that there are no up sells along the way. This is definitely suspicious. Nevertheless, their trading results will prove whether or not EA Black Star is profitable.
Another thing we have noticed with robots that are sold on this platform is that real results are always a lackluster. Most developers never want to show us live trading results. They only want to rely on back-tested results instead.
Therefore, in the case of EA Black Star, we expect back tests and only back tests to act as ”prove of concept’. This is a bad thing because here, we prefer trading statements shared through Myfxbook or even FXblue. So far, that has not happened, and we are actually wondering why.
The reason why we are against back tested results is because they are not reliable in this day and era. On top of that, the data sample that EA Black Star has provided us with is very small to rely on.
If you look at the back tested results for the premium version of the EA Black Star, you will only find results dating back to 1st Jan all the way to March 2017.
This begs the question of: why have they not back tested this software since then? A 3 month data sample is very small to rely on.
However, it appears that traders are buying the EA Black Star like hot cake. Everyday, someone buys this robot even when the owner, Ramil, is not updating results.
What we are looking at here is lack of trading results, to be honest. At the very least, we’d prefer them to provide their back tested results for the last few months. But this is not happening.
The EA Black Star is definitely a popular trading robot going by the numerous reviews it has garnered for itself. However, it was a little difficult for us to go through them all because most of that content was written in Russian language.
With that being said, it is important to realize that many of the users who wrote these reviews rated the EA Black Star with a 5 star rating.
However, one of the users pointed out that the reason why there are many 5 star reviews on this robot is because when it was released the first day, it was made free for all.
This is a trick that many expert advisor vendors use to make the MQL5 algorithm promote a specific robot to the top of the page where many users can see it.
The EA Black Star is definitely cheap and tempting. You might be tempted to try it because the price is affordable. But what you might not know is that cheap is always expensive.
Ask anyone around who tried trading with a cheap robot and they will tell you that the product was poor in quality and that it wasted their accounts anyway.
This may be the case with the EA Black Star robots. It may look cheap, but the repercussions can be too heavy to bear.
Anyway, while this robot is easy to obtain because of the price tag, we are a little bit worried about the comments that we are getting on this page in Russian language. While all of them are in Russian language, the few English comments tend to rate this robot with a 1 star instead. Please stick to our usual trading systems.
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