Swing VIP EA is another automated robot developed by the SinryAdvice team. This system utilizes a price action approach that they feel is the perfect compliment to any trader’s robot collection. They claim that this is the “first Forex ea” based on price action, which is far from the truth, but for some reason we can’t put our finger on, they are making this statement. Today we will be looking at their trading results, strategy, and much more to let the community know if this is a viable investment option or not.
The robot is owned by SinryAdvice, a new developer that launched their services March 13th, 2020. We recently reviewed their flagship robot, the MG Pro EA, and the feedback for this system isn’t looking good so far. Their Myfxbook account for their MG Pro EA was also taken offline after a quick 40% drawdown. The image of this account is still available in our review. That being said, we aren’t going to judge their swing trading product based on the outcome of one of their other offerings. Each product should be judged based on the merits of that product, but reputation does matter, and history can be an indicator of future successes or failures.
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Swing VIP EA Review
The Swing VIP EA is advertised as “the most trusted and downloaded tool in 2020,” generating trades with a 76% win rate. I’m unsure what statistics they are using to come up with these numbers. If they are talking about the most downloaded tool on their website that’s possible, but if they are talking about the Forex robot market, that’s far from the truth. This is a new vendor, and they do not have the reach to come close to the best Forex robot producers in this market when it comes to total downloads.
The sales page is all black with white text, providing information on their features, strategy, trading results and client reviews. They claim that they’ve delivered 560 orders, that their product is priced lower than 62% of their competitors and that they have a 76% win rate. I can only fact-check one of these numbers, which is the win rate.
We can see in this image, taken directly from the SinryAdvice Myfxbook account, that the win rate is actually 65%. A win rate of 65% is certainly still viable based on the money management principles, but it is a far cry from their 76% promise which is stated multiple times on their website. Even if you break down the trade results by pair, and eliminate the worst pair, the highest win rate available is 67%.
Much is made on the sales page of the Swing VIP EA price action trading strategy. It utilizes “market data such as price action, trend, CCI, PPO and other basic indicators and analyse them all together to place a trade.” The bot will use these tactics on 5 pairs on the 5 minute time frame, opening and closing trades automatically.
The foundation of the strategy is price action and trend trading. They don’t really go into any real detail about it, but do tell us that they aim to keep the drawdown low, even with default settings.
They go on to discuss the basics of the strategy, but never really bring it all together with trade examples.
Swing VIP EA Analysis
- Type: Forex Robot
- Price: $98
- Strategy: Price action & trend trading
- Timeframe: M5
- Pairs: AUCAD, CADCHF, EURUSD, NZDCAD, USCAD
The Swing VIP EA is affordable and currently on sale for $98, down from their original price of $250. The software comes with default settings that can be used, a single license and a 14 day money back guarantee. Traders can only apply for a refund if the software isn’t profitable in the 14 days, and traders have to prove this to the vendor to qualify.
The SinryAdvice team provide a single Myfxbook account. Their Swing VIP EA account is currently showing a gain of 43.72%, with a 44.04% drawdown since it started on September 14th, 2020. During this time, it’s placed 323 trades with an average win rate of 65%. The average trade length is a single day, and the risk reward ratio is about 1.3:1, which is effective.
A close look at these results shows that the account is very risky, and in just over a month is already holding a very big drawdown of -44%. In fact, if the account closed the open trades that it’s currently holding, it’s overall equity would be sitting at -19.57%. Given that this recent losing streak is in line with the presidential election, I’m sure it is playing some sort of role, but if that’s the case, they should have suspended trading to avoid it. They also make the statement that they are “proud to highlight that during US election week and market volatility swing vip closed all weeks in profit.” I’m not really sure why they are making this statement, given that they are clearly struggling with the volatility.
The chart above shows the Swing VIP EA is struggling mightily right now, and if the market continues to go in the wrong direction they could be looking at a drawdown above 60%.
At this point, the trading results show this as a risky software that can accumulate large drawdowns. Given that the account is only just over a month old isn’t a good sign either.
Our experience with the SinryAdvice vendor hasn’t been positive just yet. Both their MG Pro EA and Swing VIP EA appear to have some glaring issues with their trading results. This doesn’t mean that they can’t sort it out, and resolve their problems, but at this point it means that they won’t be getting a recommendation from us here at Forex Robot Nation.
If you have anything else you want to add to our review, please leave your comments and ratings below.
Swing VIP EA $98
Swing VIP EA is another robot by the SinryAdvice team. This EA uses a basic price action trading approach, but there are some issues with their trading results at this time.
Price action strategy
Myfxbook results provided
Short sample size results
Limited strategy insight