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Expert Advisors Reviews

Minesweeper EA Review - is it scam or good forex system?

 We would like to introduce you to the Minesweeper EA, a bit of a mysterious automated trading system. The team behind this project has not released much information about the way it operates, but we will do our best to reveal its secrets. 




In order to get a glimpse of what the Minesweeper EA does, we have to look at its historical performance. While the developers do not provide any description of the system,  they have also hidden a lot of the statistics on the MyFxBook accounts, which track its performance. There are several of them, each associated with a different currency pair, but they do have some common characteristics.


First and foremost, they all keep loosing positions open for a longer period of time than winners. Here is an illustration:



This is generally perceived as a risky approach, as it can lead to massive losses. While we can not see the exact positions taken by the Minesweeper EA, this style of trading is generally indicative of grid-based systems. There does seem to be a form of risk management, as losers are eventually closed, instead of being held indefinitely, in hopes of a market turn. 


Historical Performance


As we mentioned above, there are lots of accounts, tracking this system’s performance. We will focus on the one, which trades EUR/USD, the most popular currency pair. It has been running for a very short period of time (almost two months, at the time of writing of this review).  The account is registered with Alapri and is being tracked by MyFxBook. 


We have a few issues with this account – lots of deposits and withdrawals have been made. This mitigates the service’s ability to properly track the percentage gains of the system. Furthermore, the trading privileges are not verified. Both of these factors are indicative of a fake/manipulated MyFxBook account


The growth chart, illustrates one of the original points regarding this system – it holds losing trades longer than it closes winners.



The drawdown chart basically reveals the same story:



While all the losses are eventually made back, one can see the step-like manner in which they increase (especially with the later, lower ones). The peak drawdown comes at close to 36%, which many investors will not enjoy.


The Minesweeper EA scores 4.4 average pips per trade on this account. The values for the accounts trading other pairs are fairly similar. This passes our arbitrary guideline of 3 pips/trade as a minimum, under which you should not invest in an EA. It does fail to beat the 5 level, which should give you much more confidence. Systems, like the Lucky Pound EA, for instance, score much better in this department. 





The Minesweeper EA is being sold, using the popular “per account” model. In it, the client makes a one-time payment and receives a licnеse, which is linked to a particular MetaTrader account. If you want to trade multiple accounts, you have to buy multiple licenses, which usually come with a discount. Trading a single account with the Minesweeper EA will cost you € 400. The discounts for purchasing multiple licenses go as follows:


2 accounts - €630;

3 accounts - €945;

4 accounts - €1260;


Bottom line


The Minesweeper EA is an automated system, which is not properly presented by its developers. No matter what the strategy behind it is, a more honest approach would probably attract more clients. We came to the conclusion it is trading in a grid-like style, which holds loosing positions for a long period of time. It eventually closes loosing trades, instead of keeping them open forever. We would like to see a more long term performance chart, maybe some backtests (although they could be curve-fitted) and most importantly information from the developers, before investing in this EA. At this point, trading with the Minesweeper is like playing the classic old-school game, without reading the numbers – you will eventually open a mind, if you click in a random manner.


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