Today I’m providing a review for a new safe and fully automated medium-term trading robot, Veno EA. According to the developers, the expert system is built to grow accounts smoothly, as long as the traders are utilizing the right brokers and taking advantage of the lowest possible ping. They are concerned that traders with high latency will not be able to enjoy the full benefits of the strategy. I’ll provide more information on this in the review.
The creator of the software is Alexey Kondratyev. He is located in Russia, but outside of the MQL5 community there is nothing to speak of in terms of reputation or experience. To get in touch with support, traders can comment on the MQL5 page, or send a direct message in this platform.
Veno EA Review
The strategy behind the Veno EA is quite common. The system determines trades based on “strong clusters and news-based movements.” Essentially, the software is monitoring volume, volatility, supply, demand and then following in line with these movements. The strategy currently does not take advantage of hedging, martingale, grid strategies or arbitration.
The robot includes breakeven levels, the ability for partial closure of profitable trades and a filter to help manage slippage and spread. Just recently, the creators of added the ability to trade multiple currencies and time frames.
As I mentioned above, the creators of the system are adamant that traders utilize an ECN broker with a low spread and a virtual private server to ensure fast market execution. Personally, I use InterServer for my VPS needs, because they provide a fast Windows based solution for around $10/month.
- Type: Forex Robot
- Price: $445
- Strategy: Volatility Following
- Timeframe: M30, H1, H4
- Pairs: EURUSD, GBPUSD
Like many of the systems I’ve reviewed lately, the Veno EA software is not cheap at $445. It does seem as though, some of the more popular systems on MQL5, are demanding a pretty significant price tag.
This is the section of the review the generally gets the most attention, for good reason. It’s important to know how well the software performs before we sign up and start to test it with our own accounts.
In this case, the Veno EA creator focuses heavily on the use of back tests as a means of presenting the strength of his software. In 2017, I really don’t rely on back testing at all, as I tend to want to look forward more than back. This leads me to websites like Myfxbook, and FXStat. Sadly, Alexey does not provide us with any results available on statement sharing services.
In the comments section there are many different screenshots and back tests, but nothing that meets my level of expectation results wise.
There are currently 69 reviews, and the majority of them are positive leading to an overall 4 out of 5 star rating on MQL5. This is all within a period of the last 6 months.
As of today, there seem to be 2 new one star reviews from clients that claim that the EA is no longer profitable in today’s market conditions.
I’m not sure if this means that the Veno EA is turning the corner a bad way, but this is something we certainly have to keep an eye on moving forward.
I like the explanation of the strategy, and how Alexey answers many questions in the comments section of the Veno EA software. Yet, at $445 I’m not sure if I can dive right in and be confident that the software is currently in a good place. With that being said, there is a free demo available, so testing the software out before signing up would be a good first step.
Please let me know what you think about this robot by leaving a comment or question below this review now.