Today I’m reviewing one of the most popular trading systems on the my FX book website, Lucky Pound EA. This system utilizes the my FX book auto trade feature which require traders to deposit funds with a Forex brokerage, and then copy the trades of multiple different systems. Despite being advertised frequently, this function of their website is not used very often. The service can also be utilized on the signal start platform.
It is unknown who developed the system, and my FX book doesn’t give us the opportunity to view their profile or discuss the trading software itself. This is certainly something they should resolve with the auto trading section of their website. There is no email for support.
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Lucky Pound Review
With no sales page, and just a my FX book account to go on, this will be one of my shorter reviews. With that being said, I still want to take a very close look at what this service is offering, so we know whether or not it’s a viable investment opportunity.
The first thing I notice about the Lucky Pound EA is that it’s gained over 2000%, and that it’s been running since 2014. Very rarely do you see Forex trading systems with such a long history like this one. Generally, developers get tired of running systems, or they just crash out. In this case, the trading system can be tracked for years like a back test.
- Type: Forex Autotrade
- Price: Broker Deposit
- Strategy: Technical
- Timeframe: Undisclosed
- Pairs: AUDUSD, EURUSD, GBPUSD
Like most strategies we see, the Lucky Pound software had its best year in the first year of the strategy, and it’s worst year in the last. We see this very frequently with Forex robots, they come out of the gate extremely profitable, and overtime deteriorate.
In the first year of this software, it gained well over 100%. Yet, in 2017 the software is showing a gain of around 30% through 7 months, and it’s been saved by a very impressive July where it gained 31%. The rest of the months haven’t been profitable.
With all that being said, the EA is still gaining on a monthly basis, which is the most important element for us to analyze. It may not be giving traders the large wins that it did in the early years, but it is still a viable earner.
Over the course of the 3 years, the Lucky Pound EA has traded just over 4000 times. During this period, the software reached a drawdown of 36.46%, which is quite large but they have obviously recovered from that. They hide some details, but they do show us their open trades and account history.
This gives us a good idea of how the software trades, and what we can expect from it moving forward.
That’s really all that I have to say about the Lucky Pound system. At this point, I’ll turn it to you so that you can tell us your experiences with this system or any other auto trading software that can be utilized through my FX book. I have never tested one of these systems where you can sign up and copy trades but I do have a little interest in it. Personally, I will always prefer automated Forex robots that I can control, because that makes me feel more confident in the entire process. Even with a long history, it’s hard for me to totally copy someone’s trades.
Considering the lack of information about this EA, and many others involved in the Myfxbook Autotrade program, I believe there are very few people following systems like these. Regardless, please leave your comments and questions below the article now and please let me know if you ever need any help with your Forex robot trading.
Thank you for the interesting article. Keep up the good work.
Kind regards from Germany