The Mastermind EA is an automated trading software developed for use on the MT4 platform. It offers traders a customizable approach to trading by providing three distinct trading strategies: Velocity Trading, Breakout Trading, and Reversal Trading. Each strategy can be enabled or disabled depending on individual trading preferences.
In this review, we will take a comprehensive look at the Mastermind EA and evaluate its strengths and weaknesses. By the end of this review, readers will have a better understanding of the Mastermind EA’s performance, risk management strategies, and the overall suitability of this automated trading software for their trading needs.
Mastermind EA Strategy
The Mastermind EA is a trading robot developed to work with the MetaTrader 4 (MT4) platform. It operates on a 5-minute time frame and is optimized to work with the following currency pairs: EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD, USDCHF. It uses three different types of trading strategies, namely Velocity Trading, Breakout Trading, and Reversal Trading.
Velocity Trading strategy is based on longer candle movements in the same direction. For example, if the market shows a long candle in the buy direction, the EA will place a buy order with a fixed lot size.
Breakout Trading strategy is based on instant order placement of BuyStop and SellStop orders once a breakout occurs. The EA allows only one order placement at a time, with the option of selecting either fixed or risk percentage-based lot sizes.
The Reversal Trading strategy is a volatility-based scalping trading strategy that allows adjusting the volatility level option for every currency pair. Once the volatility level of a currency pair goes up, the EA will trade in the opposite direction of the market movement. The lot size for this strategy is based on the equity balance.
The strength of the Mastermind EA lies in its multiple trading strategies, which allow for a diverse range of market conditions. Additionally, it does not use grid or martingale trading strategies, which are considered high-risk methods. The EA also operates on a short time frame, which can provide more trading opportunities.
The weakness of the Mastermind EA is that it is designed to work with only a limited number of currency pairs, which may limit trading opportunities. Furthermore, its performance may be affected by changes in market conditions, such as sudden spikes in volatility. It is important to note that the Mastermind EA is designed to work with ECN brokers only.
Regarding risk management, the EA uses fixed or risk percentage-based lot sizes, which can help manage risk. However, it is still essential to monitor trading activity closely to ensure that it aligns with your risk management strategy. It is recommended to test the Mastermind EA on a demo account before using it in live trading to get a better understanding of its performance and how it operates.
Mastermind EA Features
- The Mastermind EA uses three trading strategies: Velocity Trading, Breakout Trading, and Reversal Trading.
- It is compatible with the MT4 platform.
- The EA does not use grid or martingale trading strategies, which are considered high-risk methods.
- It is designed to work with ECN brokers only.
- The EA operates on a 5-minute time frame.
- It supports six currency pairs: EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD, USDCHF.
- The EA allows for fixed or risk percentage-based lot sizes.
- The Reversal Trading strategy has an adjustable volatility level option.
- The lot size for the Reversal Trading strategy is based on the equity balance.
- The Breakout Trading strategy involves instant order placement of BuyStop and SellStop orders.
- Only one order placement is allowed at a time for the Breakout Trading strategy.
- The EA provides trading signals via alerts and email notifications.
- It can be backtested using historical data to evaluate performance.
- The EA offers customer support and a user manual for assistance.
- Free updates and upgrades are provided to users of the Mastermind EA.
Mastermind EA Settings
- Fixed Lot: The EA trades with a fixed lot size for each trade.
- Lot Size: The EA allows for lot sizes to be adjusted based on equity balance or risk percentage.
- Enable true or false on strategy: The EA provides the option to enable or disable each of the three trading strategies.
- Use strategy 1 for chart: The EA can be configured to use the Velocity Trading strategy for the selected chart.
- Use strategy 2 for chart: The EA can be configured to use the Breakout Trading strategy for the selected chart.
- Use strategy 3 for chart: The EA can be configured to use the Reversal Trading strategy for the selected chart.
- Adjust spread value: The EA allows for the spread value to be adjusted for each currency pair.
- Adjust Trailing: The EA provides an adjustable trailing stop loss feature to help protect winning trades.
- TP: The EA provides an adjustable take profit level for each trade.
- SL: The EA provides an adjustable stop loss level for each trade.
- Trade start and end hour management: The EA allows for trade start and end hours to be managed to suit specific trading preferences.
Mastermind EA Summary
The Mastermind EA is an automated trading software for the MT4 platform that offers three customizable trading strategies: Velocity, Breakout, and Reversal trading. Its strengths include adjustable settings, risk management strategies, and compatibility with ECN brokers. Its weaknesses include limited currency pair options and the need for monitoring. Demo testing and applying good risk management settings are important when using this forex EA. The Mastermind EA is a considerable tool for traders looking for a flexible approach to trading. However, it’s important to note that there are no guarantees in trading, and this EA should be used with caution.
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