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Expert Advisors Reviews

Innovative EA Review - Is it scam or good forex system?

AlgoTradeSoft is a developer of automated trading systems. One of their popular robots is the Innovative EA. Not much is known about the system, but we will do our best to debunk some of its mysteries.
 
 

Strategy


 
The Innovative EA attempts to “snipe support and resistance levels”, according to comments made by the developers. The strategy initially risks “20%”, which means it opens trades with a 1:5 risk to reward ratio. Conventional trading wisdom approves this kind of approach. The robot later applies an “adaptive trade management algorithm”. While we do not know what this means exactly, it probably implies the market conditions are being reevaluated and positions may be closed before the initial target is reached.


 

A big portion of the trading statistics of the Innovative EA’s statistics at MyFxBook (which we will get to late in this review) are kept hidden, which immediately leads to suspicion. This may actually be a dangerous system in disguise.


 

One of the key metrics which is visible and tells a lot is the average length of each trade. It is only 10 seconds. This proves why the system is not available on a copy-trading network, such as ZuluTrade – there will be a huge risk of the follower not being able to copy the trade in time. This also leads to another possibility – the company may have negotiated much more favorable spreads with its broker, in exchange for trading with great volumes. This would explain how they are able to make such amazing returns, by trading so short term. Speaking of the returns let’s get straight to them.
 
 

Historical Performance


 
The Innovative EA is being tracked on a verified MyFxBook account, for almost two years, but most of the statistics are kept private. The account is opened with FXCM, and it has had a lot of deposits and withdrawals. This makes the returns hard to calculate. Currently the absolute gains are about 1500%, while the time-weighted ones are in the 6000% range. Here is the growth chart:
 


 

The curve is relatively flat, but keep in mind this is not a logarithmic chart, so it does not do the system justice. The drawdown is surprisingly low, as illustrated by this chart:
 


 

While greater returns usually come with greater risk, this system appears to disagree. The peak drawdown is slightly above 10%. This reaffirms the feeling of a “too good to be true system”.
 
 

The Innovative EA struggles in the average pips per trade parameter, which is currently only 0.9 pips. This is due to its extremely short-term scalping nature (10 seconds average time per trade). Even Asian scalpers, like the Ninja Trainer EA, score higher than this. Generally, we would advise against dealing with systems, which provide less than 3 pips/trade, and proceed with caution, if they are in the 3-5 pips per trade range.
 
 

Pricing


 
If you wish to obtain access to the Innovative EA, you would have to contact AlgoTradeSoft directly. They appear to be offering a scheme similar to PAMM investing, which explains the frequent deposits and withdrawals. As we mentioned above, copying this system will not be possible, due to its strategy.
 
 

Bottom line
 
 

The Innovative EA is a scalping system provided by AlgoTradeSoft. While its returns are amazing, the developers have hidden a lot of the trading statistics. This leads us to be slightly skeptical about the entire strategy, alongside the fact it appears “too good to be true”. We suspect the company may have negotiated outstanding trading conditions with its broker, in exchange for trading massive volumes. The system struggles in the average pips/trade department. Currently, you can invest in it only after contacting AlgoTradeSoft. That being said the company may have attracted a lot more (albeit smaller) clients if it was more transparent and offered a PAMM investment scheme.


 

TAGS: innovative ea  innovative ea robot  innovative ea review  innovative ea scam  innovative ea algotradesoft  algotradesoft 
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