1. Elite Currency Trader Info

Elite Currency Trader is a Forex Expert Advisor (Robot) or EA in short. This is a system developed by Stephan Carter and Everett Mckinley and the EA will automatically trades your account based on their strategy.

2. The System

Elite Currency Trader is designed especially for EURUSD 5 Minute chart hence the opportunity may be limited at times. However, I personally feel that specialized EA is a better system compared to those that claims to work on all currency pairs. Those who trade Forex will agree that all currency pairs have different sets of behaviour hence it is quite difficult to produce a system which work profitably for all pairs.  

The default target profit is 25 pips but there seems to be no initial stop loss at all! The system will allow the EA to decide when to cut the trading loss. I had a shock when the S/L displays 0.0000! I don’t know whether I will be able to take it emotionally if I am using this EA to trade with my money.  

3. Results So Far

I started using this Forex Expert Advisor for 2 weeks in May with Interbank FX MT4′s demo account. The EA managed 4 trades and a 75% win ratio by clocking 3 consecutive wins followed by 1 loss. The default target profit is set at 25 pips which translated to 75 pips for the 3 wins. However, the 3rd winning trade was done in a fashion which would give most traders a nightmare. There was a floating loss of -70 pips at one point of time when the EA went long on the pair.

As for the losing trade, the EA closed the position with -49 pips. Stay tuned as I will continue to test Elite Currency Trader for a little while longer to see whether it can turn the demo trading account profitable.