In this post I will be reviewing the Profit Taker Expert Advisor which is a fully automated forex trading system that has been developed to analyse the charts and trade in the MetaTrader 4 (MT4) platform. You can attach it to the charts by following the provided setup instructions and the Profit Taker EA will conduct all of the trading activity on your behalf.
This may sound tempting for anyone who does not yet have the skills, knowledge or even time to trade manually by themselves. However, there are some very important things that you need to be aware of before using any forex expert advisor which I will try to cover in this Profit Taker Expert Advisor Review.
The Profit Taker Expert Advisor Trading Strategy
The developer has not made it clear what the trading algorithm behind the Profit Taker Expert Advisor is. I think it would be better if they could perhaps be more transparent and clarify if it is using any technical analysis, fundamental analysis or price action analysis. This would help us to get a better understanding of how it works and what to expect.
That being said, it is clear that the Profit Taker EA can trade on an impressive selection of up to 20 currency pairs. You do not need to trade all pairs and should only ever use a position size that you feel comfortable with on all trading instruments that you do opt for.
The developer has made the main settings accessible as external inputs. This means that you can adjust them according to your own trading style. If you want to experiment, you could even run some MT4 strategy tester backtests and try to create your own bespoke set files on all of your favourite trading instruments and chart timeframes.
One of the positives I can see from the Profit Taker Expert Advisor is that it uses the same default settings across all of the currency pairs that it trades. You will often see that a forex expert advisor will have completely different settings depending on the currency pair it is running on.
This is because many forex EA’s are over optimised where the developer has just back tested a huge combination of settings to find a combination that works well over a certain data set. When I see a forex robot that uses default settings across the board, it makes me think that there is actually some sound logic behind the trading algorithm that it utilises. The Forex Robotron EA is a prime example of this.
In saying that, I think that is where the positive aspects of the Profit Taker Expert Advisor end. It is nothing personal but there are more questions than answers when looking through the developer’s website. We have no explanation on the trading logic of the robot, no back tests and no verified results.
To use the Profit Taker Expert Advisor, you will need an account with a forex broker. From my many years of experience in the forex industry, IC Markets are one of the best forex brokers when it comes to manual and automated trading. This is because they have tight spreads, low commission fees, reliable execution speeds, multiple funding options and excellent 24/7 customer support.
The Profit Taker Expert Advisor Features
- Fully automated forex trading system
- Developed to trade in the MT4 platform
- Can be used on any MT4 forex broker
- Default settings across all currency pairs
- Can trade on up to 20 currency pairs
The Profit Taker Expert Advisor Back Testing
As I mentioned above, I am disappointed that the developer has not provided us with any Profit Taker EA backtests. I think they should run 99% modelling quality back tests over all of the currency pairs that they recommend through as many years of historical tick data as possible. This way, we would be able to get a rough idea of how the Profit Taker Expert Advisor may have held up through various forex market conditions.
I would always question why a developer does not provide backtests, especially if there are no real verified accounts to follow instead. If you are looking for a forex robot with plenty of back tests, then the Forex Scalping EA might be worth a look.
The Profit Taker Expert Advisor Results
If the lack of backtests wasn’t disappointing enough, we do not have any real verified Profit Taker EA results to analyse either. There is a screenshot of an old Myfxbook account that has not been updated for a long time and the link to it has been removed from the website. The account was also only a demo account.
More often than not, when this happens it is because a forex robot failed. I am only speculating and would be more than happy to update this Profit Taker EA Review if the developer wants to send over a new link.
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
The Profit Taker Expert Advisor Summary
Overall, I would personally give the Profit Taker Expert Advisor a miss. Simply because there are no back tests and no real results for us to see how it has been performing in recent market conditions. I can see some positives in terms of default settings on a good range of 20 currency pair. I just would not feel confident using a forex robot that is not transparent regarding its trading logic and results
The Profit Taker Expert Advisor
$297
Pros
- Fully Automated Forex Strategy
- Multiple Currency Pairs
- Customisable Settings
- Various Packages Available
- Free Updates
- Free Updates
- Detailed Instructions
Cons
- No Verified Results
- No Back Tests
- Strategy Not Clear
- MetaTrader 4 Only
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
