The Forex MG Pro Expert Advisor is an automated forex trading robot from the SinryAdvice company based in Malaysia. They have a few other forex software’s that I have previously reviewed, including the SFI Indicator and Swing VIP EA.
As with the majority of forex robots, the Forex MG Pro EA runs in the MT4 trading platform, which you can download free of charge from most forex brokers if you don’t already have it.
You will need the MT4 desktop platform up and running around the clock to run a forex robot. If this is not possible, you could always consider using a Forex VPS to remotely run the MT4 platform 24/7, without you needing your home machine switched on. You can then simply access the VPS when it suits you to see how things are going or you can keep tabs on your account via the MT4 app.
Now that is out of the way, lets take a closer look at how the Forex MG Pro EA works.
Forex MG Pro EA Trading Strategy
The Forex MG Pro Expert Advisor is fully automated, using a combination of technical indicators to try and identify potential market entry points. Once the Forex MG Pro EA finds what it deems to be a valid entry signal, it can place trades on behalf of the user. The forex robot will then continue to manage and close trades, unless the user intervenes.
The Forex MG Pro EA has 12 built-in technical indicators that form its trading algorithm for conducting in-depth market analysis. It will look at the current price action and trends, along with the support and resistance levels. This gives it an almost complete market outlook, although for me it is missing a fundamental analysis which could be introduced by adding a news filter or sentiment analysis tool.
The Forex MG Pro robot is designed specifically to run with default settings (adjust risk accordingly) on the following currency pairs: EUR/USD, AUD/USD, AUD/NZD, NZD/CAD, GBP/USD. You are of course free to experiment with other trading instruments and settings if you wish.
Keep in mind that this particular forex robot can open several trades at once. It will often hold on to losing positions until they reach a profit – although that might never happen in a worst-case scenario. I personally do not like strategies that use this type of money management as they are too risky for me, however some traders actively seek out such systems.
If you are not careful and over leverage your account, this type of strategy can lead to a stop-out and margin call before you know it. As I always say, I would certainly use any forex robot on a demo trading account to begin with until I become familiar with how it works and confident to run it on a live trading account, if at all.
Whilst the automated nature of the Forex MG Pro EA does mean that it can eradicate mistakes that a human may make, driven by emotions such as fear, anger and greed, there are some limitations. A forex robot cannot see some things that a human eye might.
If there is extreme volatility for example or the server/computer crashes, a robot might not be able to take these factors into consideration. It is therefore imperative to have a clear understanding of how automated trading works and make sure that you feel comfortable with the risks involved.
Forex MG Pro EA Features
Let’s take a look at some of the key Forex MG Pro EA features:
- Developed for the MT4 platform
- Flagship EA of SinryAdvice
- 5 currency pairs – EUR/USD, AUD/USD, AUD/NZD, NZD/CAD, GBP/USD
- Live Results in myfxbook.com
- Verified trading statistics
- Can run with default settings (adjust risk as required)
- Open and close trades automatically
- Analysis of market with more than 12 indicators
- 2 Account license keys – 1 demo and 1 real
- Can be used on any MT4 broker
Forex MG Pro EA Back Testing
Disappointedly, there are no Forex MG Pro EA back tests on the SinryAdvice website. I would have liked to have at least seen back tests for the recommended currency pairs. Without them, we cannot really see how the Forex MG Pro EA performed over the long term. Granted, we do have the verified Myfxbook accounts, but they are only over a limited data set.
That being said, you are free to back test and optimise any forex robot in the MT4 strategy tester to your hearts content. The MT4 strategy tester is limited to 90% modelling quality by default, which can lead to very inaccurate results. I would use Birts Tick Data Suite to back test with tick data, variable spreads, commissions included and slippage. This can get back test results with 99% modelling quality which are still not perfect, but the closest you can get in MT4.
Forex MG Pro EA Verified Results
I am pleased to say that the Forex MG Pro EA developers SinryAdvice, have shares some verified Myfxbook accounts on the official website. You can get a decent idea of how the Forex MG Pro EA has performed historically and view some of the most important trading statistics such as drawdown, profit factor, win rate, average win/loss, etc.
Always keep in mind that past performance is by no means any indication of future results. Nobody can predict 100% what the markets will do, if you know somebody who can, please get in touch!
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex MG Pro EA Summary
Putting this Forex MG Pro EA review together, whilst I do see some potential for this forex robot, I believe it does require certain market conditions. The fact that it can hold multiple losing trades open at the same time, does mean that there can be significant drawdowns. I would therefore adjust lots accordingly and tread carefully. Certainly, starting on a demo account to begin with.
On a more positive note, I do like the combination of technical and price action analysis. The developer has other forex software and have been around for years. They do also share verified Myfxbook accounts which adds some validity. As always, remember that no trading system whether it be manual or automated, can guarantee results. If someone does, I would personally take that as a warning sign.
Forex MG Pro EA$288
- Automated forex trading system
- Developed for the mt4 platform
- Price action analysis
- Trend trading strategy
- Combination of technical analysis
- Multiple currency pairs
- Built-in money management
- Free lifetime updates
- Full support
- Instruction guide