In this post I will be reviewing the Benefit EA. The name Benefit EA means Benefit Expert Advisor for those who don’t know which is another term for a forex robot. Expert Advisor is how the MetaTrader trading platform refers to automated trading systems. That being said, this forex robot is developed to run on auto-pilot in MetaTrader 4 so you can set it up in just a few minutes and let it run automatically, setup instructions are included and it is completely accessible to anyone regardless of your trading experience.
Benefit EA Trading Strategy
The Benefit EA uses a virtual take profit that they state is hidden from the broker. The built in trading system is actually very complex – the Benefit EA calculates the take profit according to a series of trades which in layman’s terms means mathematics is a core feature to its trading logic. It also incorporates a trailing stop feature and can continue to adjust the take profit levels according to the dynamic price movement.
It can trade on all currency pairs so it is diverse. It can trade in any type of market conditions – trending, ranging, and high/low volatility. Primarily it trades on pullbacks during trend corrections so it looks to enter the market trends. If the market is not trending the Benefit EA will try to determine this and wait for the another opportunity.
Benefit EA is a flexible grid Expert Advisor that does not use any indicators and the EA does not use stop loss. All trades are closed by take profit or trailing stop. It is possible to plan the lot increments.
The “Time Filter” function is set according to the internal time of the terminal as per the displayed time of the instrument’s server, not the operating system (can match). This function allows for 100% automation of the trading process, without manual intervention and management (if every technical aspect is working properly and as intended). The “time filter” status is displayed as a text in the upper left corner of the trading window.
There are multiple settings for professionals and a flexible system of settings for different trading styles.
“Selling short”, “scalping”, “trading flat”, etc.
There are buttons for semiautomatic trading. Using the buttons, it is possible to block the operation of one or both trade directions. Text notifications on the trade blocking status are available.
Trading any instrument on any time frame in automatic or semiautomatic mode.
Situations of connection losses are handled accordingly and do not affect the trading process.
The default EA settings are for GBPUSD H1 5000 1:500.
- Base deposit: 5000-10000 (depending on the instrument)
- Leverage: 1:20-1000
- Timeframe: M1, M5, M15, H1
- Recommended currency pairs: GBPUSD, USDJPY, EURUSD, EURJPY, USDCAD, USDCHF, AUDUSD
Benefit EA Back Testing
The back testing results have a modelling quality of just 90%. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Benefit EA Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Benefit EA Summary
Overall, I would personally avoid using this particular forex robot. I find that it is too risky for my personal taste. I have conducted many forex robot reviews and there are alternative options that I would prefer over this EA. It does however come with instructions, full support and a money back guarantee.