Richeith Forex EA is a new trading robot built to “automatically stuff trading accounts with unlimited profits.” The software is by an unknown developer and is relatively new to the scene.
Today we will be taking a closer look at their trading strategy, background and Myfxbook results to determine if it’s a worthwhile opportunity.
Richeith Forex EA Review
The developers of the Richeith Forex EA address their potential clients as aspiring millionaires and ask them if they are serious about making money with Forex every day. Of course the answer to this is yes. Yet, is this the EA to do it?
Well, let’s analyze some of the features being promoted. They claim to provide a low risk high return strategy but it isn’t discussed in any detail. Obviously we wish there was a little more information on this because we don’t like going in blind. However, they do claim to provide extensive support and training. There are many services in the Forex market that promise to provide training but it’s usually very underwhelming. It’ll be interesting to see if the Richeith developers can keep up with this promise over time. There are a lot of Forex EA traders that need that extra support that very few developers provide.
One unique feature they provide is advanced broker protection that is supposed to conceal all the trades. This is built to help avoid brokers from stop loss hunting.
As of right now, the only trading results available are presented to us by Richeith Forex EA. Hopefully some members of the community here will upload their own results to Myfxbook soon.
From the developer results we can ascertain that the software trades the EURUSD, GBPUSD and AUDUSD. The average trade length is 9 hours, the average win is 28.5 pips and the average loss is 21 pips. This is an effective risk reward ratio.
The only issue that we are gathering from the 3 month sample size of trades here is some very odd quick bad decisions. There are a few trades that last only 1 minute and lose 30-66 pips. There’s even a 16 minute trade that loses 99 pips. Considering the robot picks out trades effectively it’s strange to see such quick decisions resulting in painful losses. This is likely why the drawdown is nearly equal to the gain at around 35% right now.
There are certainly both positives and negatives for the Richeith Forex EA. Today we won’t be providing a recommendation, but there’s the potential for it to come in the future. We would like to see more real user results and hope to see the drawdown come down a little bit from the current 35%.
Thanks for stopping by and feel free to see what’s ranked #1 and #2 on the Best Forex Robot page for 2017.