SFE Price Action EA: Scam or not, find out in this review!
There are very few EAs that use price action strategy to trade Forex. SFE Price Action EA is just one of the few EAs that use this strategy. However, what caught our attention is the pricing of this Expert Advisor.
This warrants a review on the software because it’s unusual for a robot to go for $2,000.
Note: If you are here because you are looking for a Forex trading product that will help you make money, check out this page. Then give me your feedback please.
What SFE Price Action software does
The robot is based on price action strategy of trading. It analyzes key levels of support and resistance before entering and exiting the markets.
A part of price action trading also involves hoping that price will move in a certain direction based on the patterns that the previous candlesticks have formed.
It takes advantage of short term market impulses and false breakouts. And when the move becomes more apparent, it re-enters a position again.
The maker of SFE Price Action EA has come out strongly to defend this robot by saying that no hedging is often involved in the way this EA operates.
This Expert Advisor also employs trailing stops to lock in profits as soon as price moves in you favor and has not hit your Take Profit level.
Although using trailing stops is a good thing, sometimes it comes with a setback. For instance, trailing stops can never be used on an erratic market or a market that doesn’t move with a certain consistency.
Also, when brokers or the big financial institutions are stop hunting, your trailing stop is likely to be hit, thus knocking away a part of the initially accumulated profits.
This may lead to a scenario where we are cutting winning trades short before they mature.
SFE Price Action EA trades on 4 different timeframes. It trades 15 different currency pairs too. This system appears to be a scalper because trades are rarely carried over to the next day.
The developer of SFE Price Action EA says that trades are usually closed in under 7 hours.
What is more, this EA will occasionally have multiple positions all running at the same time on the same currency pairs.
When two trades are running at the same time, they can be closed at various price points. The second implication is that the developer could use this strategy to manipulate statistics on the SFE Price Action performance by falsely displaying more winning trades since winning positions are often closed in various price points while allowing trades to run.
What about the historical performance of this software?
The developer has published historical performance for the SFE Price Action EA starting August 2015.
The robot was used on IC Markets broker platform. For a long time, this vendor had not verified their myfxbook results.
However, this is not the case today since this broker contacted us and explained that the lack of verification was due to a problem with the investor password in the mt4 account.
According to the company’s website, the robot has been performing astonishingly throughout the year 2016.
However, it had a losing streak between the months of July and October the same trading period.
Still according to the data on the website, the average pip gain per trade was 8.1. Again, these are just claims until proof is given. In this case, a customer has to actually purchase the system and use it to find out for themselves.
The Smart Forex Expert is also praised for having a low draw down percentage of 15%. That’s amazing only if it’s true.
We wonder why there are no user reviews on this robot anyway. We thought it would appear on forums like Forex peace army due to its ”outstanding performance”. But this has never happened up to now, and it’s very disturbing to learn this fact.
Pricing of Smart Forex Expert Advisor
This ea is being sold for nearly $2,000 on the MQL marketplace. This is quite pricey for most traders.
It would take a wealthy trader to buy this EA. Otherwise, that price point is out of reach for most people.
However, there is an option to still use it via the MQL signal functionality. This will cost investors $80 a month.
Wrapping it up
SFE Price Action EA uses a strategy that has been shown to work. We agree with this. However, the fact that no user has ever come forth to claim that they made money with this robot should serve as a red flag.
Also, myfxbook results pertaining to Smart Forex expert doesn’t show us information on deposits and withdrawals. This should be treated with caution.
The high price tag is not justified. It would have been good if the vendor was offering some sort of trial to help us make a decision on whether or not to get it.