In this review, we are looking at Pirate, an expert advisor that is pricey and beyond the reach of many Forex traders. The developer tells us that Pirate EA is optimized for trading under low volatility market conditions. The developer of the Forex robot believes that this strategy allows the robot to trade safely without risking a big draw down. Because the Pirate EA comes at a huge price tag, it’s in your best interest to read this review carefully and possibly come back later on to see what the community in this place are saying regarding the software’s performance.
Regarding the owner of this software, Pirate EA is owned and operated by a developer known as Anatoly Lukanin. This developer has so far published 10 different trading products on the MQL5 platform. The Pirate Forex robot is the most popular trading product which is associated with this developer. However, other trading products under his name include MTF Moving Averages, Scalper ISE and MTF Channel Alert. Somehow, the other systems have much less traction in the Forex market place. This could be tied to poor marketing or the inability to meet traders expectations.
Because this is a MQL5 product, traders can engage with the seller directly on the sales page or message him on his profile. Also, since this Expert advisor is very expensive and it’s beyond the reach of many beginners out there, our best advice is that you should consider utilizing these affordable and recommended Forex robots. Avoid risking too much upfront. The Pirate EA is letting traders put too much upfront and there is no assurance that buyers will be able to recoup the cost of a license even if they purchased a copy of the Pirate EA.
We have been told that Pirate EA opens trades in markets that are less volatile. It tracks price levels and opens positions which are the managed carefully until they are closed in profits or a small loss. Only one position can be opened per bar. On top of this, traders are giving the option of limiting the number of open positions because this is essential for controlling risks. The developer is also assuring us that the system is designed in such a way that it does not use martingale, position averaging or loss overstaying.
The take profit and stop loss functions are fixed while the EA also reserves the right to intelligently increase lot sizing in a currently successful trade. And for the Pirate EA to work well, the developer recommends using a 5 digit broker who offers low spreads. This is a bit of a challenge for most developers who manufacturer EAs. They simply cannot create robots that perform unless these robots can be utilized with low spread brokerages.
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Pirate EA is optimized for tradijng 5 different pairs. These include CHFJPY, EURCHF, USDCAD, EURAUD and USDCHF. The strategy for tackling the Forex market place is low volatility trading. The developer also tells us that the software is optimized for trading the 15 minute time frame.
However, the price of this Forex robot is just too high and beyond our comfort level. There is the option of renting Pirate EA but again prices seem to be exorbitant as well. For example, renting for 6 months will cost $690. In one year, this will cost $790.
Based on this pricing model, it’s quite clear that this developer’s intention is to make traders make full purchase of the license at once instead of opting to rent the EA. This is because if you rent for one year, you will be spending $790. But if you purchase a life time license, this will cost $990. Most people would go for the full license instead.
The good thing with this developer is that they have enabled a free demo of the software in question. Our recommendation is that if you have the time and skill to optimize it, try the robot for at least 4 months in order to find what works. Otherwise, you will end up spending a fortune on something that will never work or yield profits as claimed by the developer.
Most products in the MQL5 platform will present lackluster trading results for their audience. They somehow believe that traders will trust them even if they don’t prove the worth of their trading robots. Rather than showing us their trading statement on myfxbook or fxblue, the developer is showing us some screenshots which do not even have dates. This means that we cannot determine when these back tests were taken. These back tests could be from the 90s or just outdated. It is not clear why the developer did not include dates in these back tests.
This is certainly an area of concern because we cannot see how a software developer can opt to charge $1000 for a copy of their trading products if they have not even provided a long term track record showing the detailed performance of the robot in question.
There are couple of extremely positive reviews on the sales page. These reviews are from people who claim that the Pirate expert advisor is a good robot since it is meeting expectations as described by the vendor. These star ratings and reviews look suspicious because nearly all of them are giving the software a 5 star rating and claiming that the software is a top performer.
We would certainly not trust a flood of reviews from people who rate a software with 5 stars and seem to be recommending it without pointing any single fault. It is not realistic.
The Pirate EA is costly and yet the developer has not provided verified performance to build the confidence of the potential buyer. This means that we can only wait and see what the trading community will say as time goes by. We definitely need to see much more before paying a huge price for the software. In the meantime, stick with these Forex robots.
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