Momentum EA Review
Are you searching for the Momentun EA reviews in order to find out what is Best Scalper robot and how it works. The EA is an automatic price action swing system that utilizes multiple strategies in an effort to be reliable and all market conditions, so is it scam or legit? You are absolutely in the right place because here, within our Momentum EA review, you are going to find out the complete truth about Momentum EA.
Actually, we don’t recommend anyone to use Momentum EA. If you want to know why, then you can find the details within our Momentum EA review as below. If you don’t want to find out more details on it, but instead want to find out the legit Forex trading software, then you can click this link:- Best Forex Robots.
OK, let’s begin with our Momentum EA review in order to find out what is Momentum EA in real.
Momentum EA Contact: The owner is Wim Schrynemakers, to get in touch with support, traders can leave a comment, or direct message Wim through his MQL5 profile page.
How Momentum EA Work
As I mentioned above, the Momentum EA has 2 separate strategies, so let’s take a closer look at these now. The first strategy is looking to take advantage of strong price movements by “opening multiple trades in the direction of that trend.” Then, the EA monitors the profit levels and when it exceeds a certain point, the entire group of trades will be closed. If the trend continues in the same direction, then the EA will take advantage of that momentum and continue opening more trades, but does not use any elements of grid trading.
The second strategy essentially does the exact opposite of the original strategy as it focuses on trend reversals. Again, the software will open multiple trades and then look to close the mall when a certain level of profit is exceeded.
Depending on the trade, the EA can use either a fixed take profit, or a trailing stop. In terms of stop, the vendor wants to keep it very close to the take profit in order to protect capital. This can make for more losses, but at a lower pip level.
- Type: Forex Robot
- Price: $750
- Strategy: Price action swing
- Timeframe: M1, M5, M15, M30, H1
- Pairs: EURUSD, GBPUSD, USDCHF, USDCAD, USDJPY, EURJPY, GBPJPY, AUDUSD, NZDUSD, EURAUD, EURCAD, EURGBP and XAUUSD
It’s rare to see an EA be compatible with so many different timeframes and pairs. In this case, the EA can be used with all of the pairs listed above, except for when utilizing the M1 timeframe, which requires traders use only the EURUSd and GBPUSD.
In terms of price, the Momentum EA is going for a large price tag of $750. Traders can sign up for 3 months at $190, 6 months at $350, or 1 year at $500 but none of these options interest me very much because I don’t like monthly payments. There is a free demo as well, which I would certainly recommend testing thoroughly before signing up.
The vendor provides us with multiple backtests that mostly show the Momentum EA running on the M1 and M5 timeframes. I assume that this means that these two timeframes are the most profitable, as there are no backtests showing M15, M30 or H1. The backtests are generally from 2007-2017, or 2014-2016. As we approach the end of 2016, hopefully the vendor provides more tests to show how the software performed this year.
There aren’t any verified Myfxbook accounts, which is the main drawback of this trading system. Back tests do not provide the quality, or the transparency that I’m looking for as we move into 2017 and beyond. I appreciate the fact that Wim is providing us with some results, but when it comes to spending $750, I need to see active live or demo trading accounts.
Just seeing that a software performed well in backtests, does not mean that it will perform well in the future.
There are currently 45 reviews for the Momentum EA, and the average rating is 4 stars. There are quite a few positive reviews over the last 4 months, and the negative reviews are few and far between.
Like most EA’s it seems like the system goes in ebs and flows, but for the most part it seems to be winning.
I also found a client Myfxbook account which is showing a 19% gain with an 11% drawdown.
Our best advise for you
I do have some interest in the Momentum EA because the reviews are quite positive, and the client Myfxbook account looks pretty stable so far. I would like to monitor this account for a few more months before I sign up though, as $750 isn’t the type of investment I’ll just jump right into.
If you’ve used this EA, or you just have some thoughts you would like to share, now is the time to comment