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EA Review: Pirate

Today have looking at a new Forex expert advisor that’s focused on trading when the market is least volatile, Pirate EA. The developers of the system believe that their strategy enables the robot to win consistently, without the risk of large drawdowns or unnecessary risks. With an exorbitant price tag, it’s important that the software is properly analyzed for you break the bank, so read through the review and check back from time to sign to see what the Forex Robot Nation readers think about it.

The software is owned and operated by a sole proprietor, Anatoly Lukanin, who has 10 products available on the MQL5 marketplace. The Pirate is by far the most popular system he provides, but he’s also behind the Scalper ISE, MTF Channel Alert, and MTF Moving Averages products. These systems have much less traction in the marketplace. In order to get in touch with Anatoly, traders can message him directly via his MQL5 profile, or leave a comment on the product page.

Pirate EA Review

As I mentioned initially, the Pirate EA opens trades when the market is showing very little volatility. The software “tracks the price levels, then opens positions and manages them until they are closed with the profit or a small loss.” Traders are given the opportunity to limit the number of open positions to suit their level of risk, and it is also worth noting that only one position can be opened per bar.

The strategy utilizes no elements of martingale, position averaging or loss overstaying. The built in take profit and stoploss levels are all fixed, and the EA reserves the right to increase the volume of positions during a successful run of trades.

The software works best with 5 digit brokerages, that offer low spreads. This is common with most EA’s I’ve recently been reviewing like Auto News Trader, Forex Android EA and FXGoodway.

Breakdown

  • Type: Forex Robot
  • Price: $990
  • Strategy: Low Volatility Trading
  • Timeframe: M15
  • Pairs: CHFJPY, EURCHF, USDCAD, EURAUD, USDCHF

The price point for the Pirate EA is much too high for my comfort level at $990. Traders can rent the EA, but these prices are exorbitant as well, with 6 months costing $690, in one year costing $790. It is clear that the developer wants traders to purchase the software in full, considering a one-year rental is only saving traders $200.

There is a free demo account available, which I do recommend trading for at least 4 to 6 months before making up your mind.

Trading Results

As is frequently the case with MQL5 marketplace products, the Pirate EA results are lackluster at best. Instead of providing us with verified Myfxbook, or FXBlue accounts, we are shown images of back tests that don’t even include the dates. There is really no way for us to know when these back tests screenshots were taken, and they could essentially be from the early 90s for all we know.

This vendor certainly needs to provide us with much more transparency when it comes to results. I don’t see how Anatoly can be charging nearly $1000 a copy for his software, without even providing us a proven long-term track record.

Client Feedback

There have been 10 reviews in total for the Pirate robot, with an overall rating of 3.5 stars. Yet, the most recent reviews haven’t been overly positive, with the last 4 all coming in at a 3 star or lower.

This could mean that the EA starting to tail off, but in reading many of the comments and discussion about the system, it does seem like Anatoly is frequently doing his best to manage the performance of the robot and upgrade it when needed. The last upgrade came 3 weeks ago on March 1st.

Conclusion

I believe that we are in a waiting pattern with the Pirate EA currently. With recent reviews insinuating that the software may be performing poorly under the current market conditions, and no real verified trade results to speak of, I need to see much more before I shell out nearly $1000.

If there’s anything you would like to add to this review, please leave your questions and remarks below the article now.

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

One comment

  1. So many overpriced EA’s on MQL4 marketplace. I can’t imagine they get a lot of sales.

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