EA Black Dragon Review

Nov 11, 2021 05:35 PM ET
EA Black Dragon Review

EA Black Dragon is a trading system that runs on both the MT4 and MT5 platforms. It is being sold on MQL5, and the developer says that you need a $1000 or 1000 cents deposit to start trading with it. 

Ramil Minniakhmetov is the creator of this product. He is from Russia and has developed several other systems. Some include Asia Trend EA, Element Gold, Hamster Scalping, etc. Sadly, we are not presented with any information that could help us gauge his expertise in trading. For all we know, he could be just another developer with zero trading experience who is only after your money. 

EA Black Dragon

Type

Fully-automated EA

Price

$30

Strategy

Hedging

Compatible platforms

MT4, MT5

Currency pairs

GBPUSD, XAUUSD, USDCAD, AUDCAD, EURUSD, and GBPCHF

Timeframe

M15

Recommended min. deposit

N/A

Recommended deposit

$1000 or 1000 cents

Leverage

N/A

Trading strategy explanation

EA Black Dragon is said to run on the Black Dragon indicator. Therefore, it opens a trade based on the color displayed by the indicator. It is also disclosed that the system works on accounts that support hedging. You may agree with us that this strategy explanation is not adequate. It is too general as it doesn’t state which data or criteria the robot relies on to determine which trading opportunities are lucrative and which ones are not. 

Backtest data analysis

The vendor provides the backtest results for this EA. We have posted the screenshot below along with our analysis. 

Backtest data for EA Black Dragon.

The robot traded with the GBPUSD using the M15 timeframe. As the testing began in 2010, the account was deposited at $1000. By 2020, we had a net profit of $308951.52 and a massive drawdown of 54.59%. So, even though the system made significant profits, the strategy used carried some significant elements of risk. No wonder the account recorded a high loss rate. This is illustrated by the higher average loss trade amount (-$309.87) compared to the average profit trade ($235.36). The win rates are 73.80% for short and 73.77% for long trading positions based on 3342 trades performed. 

Live trading data analysis

Unfortunately, the developer does not supply trading results, which are verified. The backtest data above shows that the EA uses a risky trading approach. Therefore, Ramil might be afraid that using the system in a site like Myfxbook might generate devastating results. As a consequence, he could lose prospective customers, who he desperately needs to make money. Anyway, let’s have a look at the results at hand.

Trading results

Myfxbook Account

N/A

Started

November 05, 2021

Deposit

$1608

Balance

$5559.62

Gain

245.75%

Daily

N/A

Monthly

245.75%

Drawdown

1.4%

Profitability

$3951.62

 

Trading statistics.

The vendor wants us to believe that his robot has made a profit of $3951.62 in a week, increasing the account’s value by about 246%. Consequently, the balance has grown from $1608 to $5559.62. The maximum drawdown is 1.4%. 

Trading performance.

We are also told that the EA has conducted 44 trades so far and won 88.63% of them. And with a profit factor of 224.13, the claim is that the orders brought in a lot of money for the account. The win rate for long trades is 75%. Unfortunately, most of the short positions have not been successful — 25%.

Customer reviews

EA Black Dragon has 9 reviews on mql5, but only one is negative. The happy customers are saying that the EA is good. Unfortunately, we don’t have any verified data that we can refer to confirm if what they are saying is true. Moving on, the disgruntled trader confesses that only 2 trades have been successful, but they have generated low profits. He also discloses that he has suffered big losses, and 11 active operations have been in the red for days.

Negative customer feedback.

Review summary

Pros

  • Cheaply priced

  • Backtest results have been provided

Cons

  • The available live results are unverified

  • Unclear strategy explanation

  • Vendor transparency is not enough

  • High drawdown in the backtest report

We wouldn’t advise you to invest in EA Black Dragon. The simulation data shows that the strategy in play is risky as it can generate high drawdowns. This may explain why the developer is unwilling to risk his money on a real account on Myfxbook.com. It is also possible that Ramil is not a skilled trader, and therefore, he cannot develop a good strategy. That being the case, your money may not be safe in his hands. 

Rating: 3/10


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