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In this review, we will talk about a mysterious trading system known as the Minesweeper EA. Although the developer of this system has recommendations for using this system, they have not revealed details on the strategy that Minesweeper EA uses to trade the Forex market.
We will therefore do our best to discuss it in a more objective and clear manner.
First of all, this developer did not provide any information about themselves. The website does not provide a phone number or a physical address to help with the identification purposes.
However, they have provided 3 email contacts. Purchase, general questions and support all have their designated email contacts. This sends the message that the developer of Minesweeper EA is quite organized.
According to the developer, the minimum balance for trading using this software should be USD10000 for standard accounts or 100$ for cent accounts.
It works with any leverage, let’s say from 1:50 to 1:1000. The time frames are M1, M5 and M15 or higher. The developer claims that if you work with a broker who allows trading in both directions, you can make more profit with this system as it is able to open same trades in opposite direction.
Of course this expert advisor can be customized according to the users’ needs. The developer requires that traders should contact them for the various settings that may be required to customize Minesweeper EA.
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Speaking of the Forex broker that Minesweeper EA works best with, the developer recommends Alpari. At least we are agreeing with this statement because as you can see, this broker has been featured in this list of recommended Forex brokers for both beginners and experts.
For us to be able to figure out what the Minesweeper robot does, we will need to look at its historical performance first.
The description of this robot is not clear as the developer does not give us enough information to help us decipher the kind of strategy that Minesweeper EA uses.
Although they have a myfxbook widget on the homepage, clicking that widget takes us to a deleted Myfxbook account.
However, from the screenshot of this account on the homepage, we can see that this robot ultimately crashed, and that explains why this developer decided to pull down the account.
We also managed to get hold of the specific page where their FXBlue account is being hosted at. Surprisingly, this account is still active. But it requires users to enter a special PIN code to access the statistics.
This is not a usual thing. Any developer that deliberately hides statistics from being viewed on either myfxbook or fxblue accounts is being dishonest and fishy.
Also, while the developer says that this robot lets winning trades run longer while cutting losing ones sooner to keep losses to the minimal, some records that we stumbled upon on the internet proved otherwise.
This is generally a risky approach because it can lead to heavy losses. We were not able to see the exact trading style for the Minesweeper EA. But if those records are anything to go by, then we can confidently say that this is a grid-based trading system.
But there seems to be an element of money management though. Even though losing positions are held on for so long, they are ultimately closed when the market fails to turn around.
These records are able to give us some clue as to how the Minesweeper robot has performed all this while. These records do indicate that this robot has been tested on the EURUSD pair for close to 2 months now. That account is being hosted by Alpari Forex broker.
During our analysis, we noticed that a lot of deposits and withdrawals had been performed on this particular account. This makes it difficult for the account to give an actual impression of overall gains for that particular period of time.
On top of this, trader privilege was not verified on this myfxbook account. This means that Minesweeper EA is a robot whose developer is not very honest. And that is why this account ultimately crashed. That account no longer exists. The records that we are talking about still exist though.
Also, the growth chart above proves that indeed this robot holds losing trades for long. The draw down chart equally proves the same thing.
According to the draw down chart above, the highest percentage ever recorded by the Minesweeper was 36%.
This is not good news to investors. Perhaps it’s the reason why the Minesweeper ultimately crashed the testing account.
The average pip per trade was just 4.4. Although it exceeds our threshold of 3, it would have been nice to see a higher value. Still this is not a bad thing. The problem is that we already know that this robot crashed the myfxbook account where it was being tested at. Therefore, no matter the good elements that are associated with it, we don’t encourage traders to use it.
The Minesweeper EA is being sold on a per-account basis. That means one license for one account. If you need to use it on more than one account, you’d need to obtain licenses for multiple accounts respectively.
The price for this robot is $400 or its equivalent. But there are discounts associated with buying more than one license.
This price is still very high. In fact, we do not see why a trader would go for such a highly priced trading systems when good robots are available for a much smaller price tag.
Besides, we are talking of a Forex robot that has already crashed, thus proving its inability to remain sustainable in the long run. At this point in time, it should not be worth even a penny.
We have seen a few client testimonials on the homepage. These are quite suspicious though because these people claim that the Minesweeper rocks. How can this robot trade well when evidence has proved that it is incapable of making profits in the long run? Probably these users obtained it before it crashed. If you ask them about their current experience with the Minesweeper, the answer would be totally different.
The developer of the Minesweeper EA has failed to prove that this expert advisor can deliver. The strategy of this robot was not revealed either. If they were honest with their approach, probably they would have attracted more clients.
We were particularly not pleased with the requirement that one ought to have a pin code in order to unlock the trading results of this software on their FXBlue account. Are these trading results a private affair? No, it’s your right to view them and make your own judgement based on what you have seen. Restricting these results from public view sends a bad message from this developer.
Secondly, it’s very frightening to even think that Minesweeper EA is still in the marketplace even when it burned its account. Ideally, when a robot proves its inability to make money consistently, it should be pulled out of the marketplace. The developer should go back to the drawing board or do away with it completely.
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I have used minesweeper and have had no issues with it. My opinion would be that it is fine to use. I hope this is helpful to others.
I have used minesweeper and have had no issues with it. My opinion would be that it is fine to use. I hope this is helpful to others.