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Trading Manager Pro Review: Scam? Here’s What It Is

Trading Manager Pro Review: Scam? Here’s What It Is

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Today we have a suite of trading tools which are collectively known as Trading Manager Pro EA. In as much as this product is an expert advisor, it comes with a wide variety of individual indicators that work independently to bring a desired outcome. At least this is what the developer has been saying on the sales page of the Trading Manager Pro EA.

If these claims are anything to go by, then we can conclude that Trading Manager Pro expert advisor is an innovative trading system.

Because there are multiple indicators built into one system, users can test their strategies on different time frames. Once the ‘sweet spot’ has been found, they can either choose to trade their signals manually or automatically without human intervention.

But first, before we go this far, let us discuss some critical things which traders must know about this trading system.

Trading Manager Pro EA review

The developer of the Trading Manager Pro EA was kind enough to introduce their team members on their site. The team comprises of at least 6 individuals who they claim to be experienced in leadership and development work.

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Anyone who visits this website can see their photos very clearly. However, we never bothered to verify whether or not these photos were a true representation of the people behind this project. We felt that this was not relevant in this particular review.

Therefore, we will only concentrate on pure facts concerning function and characteristics of this trading system.

Trading Strategy

This expert advisor uses several trading strategies as opposed to just one. A quick overview of the dashboard indicates that this trading system has incorporated MA, RSI, Stochastic, ADX, MACD and a couple of oscillators. Once installed and applied on an MT4 chart, it will look as shown in the image below:

But as you can see, there are two ways in which Trading Manager Pro EA can be used to trade the Forex market. According to this developer, users can either utilize the semi-automatic option or fully automatic trading option if they want to.

If you were to go fully automatic with the Trading Manager Pro EA, you’d need to reconfigure the various settings of the parameter and let it trade any time certain conditions are met.

On the other hand, semi-automatic trading means that once you reconfigure the various settings, a trade will not be executed until you manually enter it. That means you will first receive a notification telling you that a trade setup has been formed.

In the same image above, we can also see that elements of averaging and hedging are also present too. These trading strategies are infamous for blowing out accounts, and must be disabled if a user wants to trade safely.

The developer also claims that Trading Manager Pro EA comes with default settings which can guarantee you a 20% return on investment.

We did not manage to find those settings though. We would have analyzed them to see whether or not they can be profitable.

Secondly, we do feel that a 20 monthly ROI is just too high. Yes, you may attain that goal. But attaining it on a consistent basis is not a realistic thing. The Forex market changes a lot since many factors dictate how the market will behave.

When the market trends for instance, you will use a different strategy that someone who is trading a ranging market.

Although the provision for including these settings have been included in the expert advisor so that you can either trade the trend or a ranging market conveniently, it does not mean that you will always make a 20% monthly return on investment on a consistent basis. That’s a fallacy.

Historical performance of the Trading Manager Pro

Both historical and live performance matters when it comes to evaluating the efficacy of any trading system. In the case of Trading Manager Pro EA, we do have 2 Myfxbook accounts. One of these accounts has not been verified. But the second one is fully verified.

The one thing you should know at this point in time is that the historical performance of this trading system is very difficult to judge.This is because there are multiple variations of strategies that can be used.

For this reason, we will review the two MyFxBook accounts as provided by this developer. These accounts have been set to run on automatic mode.

It is also important to note that the developer is using the default settings of the Trading Manager Pro EA to demonstrate the ability of this robot. The accounts are hosted at RoboForex, and are obviously being tracked by Myfxbook platform.

Now, the first account was stopped on the 14th of August 2017. It had gained +361% while DD was at 42%. This particular account’s track record had not been verified at the time of its termination. But at least we know that with such high draw down, there was no way this trading system could survive the storm. In fact, that is why we warned earlier that promising a 20% monthly return on investment was a fallacy.

Trading Manager Pro EA myfxbook results 1

What about the second myfxbook account? Is it any better?

Well, this account has been active for the last one and a half months now. But first of all, this is a very short period of time to make a conclusive judgement on a particular trading system. Perhaps we could have made a fair judgement if we were provided with data samples for, let’s say the last 6 months of trading with Trading Manager Pro EA.

myfxbook 2 account for tradingmanagerpro ea

Anyway, in the last 1 and a half months of trading, this expert advisor has managed to gain +68%. But what strikes us most is the abnormal draw down which is bigger than expected.

At 80% DD, this is something we would not want to use on a live account because the chances of blowing that account would be close to 100%. It would be like a sure bet that one day, Trading Manager Pro expert advisor would blow up your account.

Secondly, we see that the growth curve for this account is particularly not pleasing. The rise is not steady. Besides, we see that there are certain instances where the growth curve is breaking the trend sharply. This could have happened because the developer changed their settings along the way. The bottom line is, this high draw down is a big concern.

Pricing

This trading system is not a cheap product so to speak. There are various plans to subscribe to. The first plan goes for $599 per year. This is the price of one license.

On the other hand, the most expensive plan goes for $1,299. This is the cost of a lifetime license.

Our take on this is that there are so many good robots that are affordable and profitable in trading the Forex market. So why would you pay $599 every year in the name of subscription fees? This is nonsensical.

Our best advice for you

Although the Trading Manager Pro EA is an interesting trading system at face value, the high draw down is an issue. Also, we’d love to hear this developer explaining why they stopped their first myfxbook account.

As it stands now, it appears that Trading Manager Pro EA is highly dependent on how the user will fine tune it. It is more of a product that targets those who want to spend time fiddling around with the settings than going straight into the game.

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One Reply to “Trading Manager Pro Review: Scam? Here’s What It Is”

  1. They margin called their 2nd account as well. I have a screenshot to prove it. Stay away from this EA it will lose all your money

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