Today I’m analyzing a new Forex expert advisor, the claims to be the premier system for live account traders, On Control EA. Priced at 2999 Euro, this one of the most expensive trading systems available on the marketplace, so it’s important that we do our due diligence, and ensure that the system is truly a viable investment.
It is unknown who the developers of the expert advisor are, and there is also no information about the location of their head offices. In doing further research, I found an Instagram account, that consists of trading screenshots, and a handful of selfies, that belong to the creator of the system, Hani Ali. To get in touch with support, traders can either email email@example.com, or call +442032893626.
On Control EA Review
Despite the exorbitant price tag, the On Control EA website provides us with very little information about the trading system, and how it works. When dealing with the system going for thousands of dollars, I expect much more detail in terms of strategy, then the normal EA going for just a couple hundred dollars. In this case, we are told that the software works on all trading accounts, with any MT4 brokerage and that the strategy was developed by mathematical experts, that come from a mathematical point of view. This really doesn’t tell us anything.
Outside of these bullet points, there is no other information about the software. This is an obvious concern, as it seems as though, the developers of the software want us to blindly pay thousands of dollars, 4 system with no described strategy.
I did find one comment from a trader in 2016 analyzing this trading system, and he proposes that the EA is utilizing a martingale trading approach. This is highly likely, and is a good explanation as to why the developers are explaining their strategy. It’s possible, that they are hiding their trading methodology, because it is using a dangerous martingale approach.
- Type: Forex Robot
- Price: €2999
- Strategy: Martingale
- Timeframe: Undisclosed
- Pairs: AUDUSD, CADJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURUSD, GBPCAD, GBPUSD, USDCAD, USDCHF, USDJPY
In recent times, I can’t remember reviewing an expert advisor that cost more than the On Control EA, and that’s not a good thing. To be honest, I really just don’t think I would ever recommend the system this expensive, because the purchase itself is such a risk. If the EA didn’t perform, the investment cost is very difficult to stomach.
The vendor also offers a paid month-to-month option, or a yearly parental for €1000. These options are still very expensive.
The one area the vendor doesn’t skimp, is in the trading results section, where there are currently 3 trading accounts running the On Control EA. There are 6 accounts in total, but 3 of them are closed, so there’s no point in analyzing those.
The main account is showing a 547% gain, with a 65% drawdown, a monthly gain of 4.27% from September 2014, until now. I certainly appreciate the length of this test, but it does seem that the majority of the gains came in 2016. In 2018, every single month has been positive, but the average monthly gain has been around 2%. Considering the software is going to cost you over $3000, you are likely going to want much more than just 2% per month.
While the vendor recommends the Darwinex brokerage, all of the trading accounts are on RoboForex. I’m not sure why the developers are recommending one brokerage, while using another, this is not a good sign. Another questionable aspect of the trading results, is that they are all running on Micro (cent) accounts. Obviously, I have no issue with micro accounts, and I run many of them myself for testing purposes, but with an EA being sold for over $3000, I would want to see a real trading account, with at least $3000 trading the software.
The vendor should prove that this software can work on a real standard account, and not just micro accounts, because the people who are going to purchase a software that cost this much money, are going to be trading big standard accounts.
I just don’t see how I can recommend the On Control EA, simply based on the fact that it is priced way too high. I don’t want any of the Forex Robot Nation readers to purchase a Forex robot, that comes with this much enhanced risk, just from the price tag alone. If the vendors can show us real live trading accounts, and provide us with more information on their trading methodology, I will consider changing my mind. Hopefully, they provide us with this information soon.
If you’ve anything you would like to add to the review, leave your comment below the article now.