News Action Trader EA Review Is It Legit Or Scam

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News Action Trader EA Review: Is It Legit Or Scam?

News Action Trader EA Review: this is the name of a Forex expert advisor (EA) that claims to give traders the option of auto-trading. Is this a legit Forex robot or a scam? There are many vendors advertising fake robots, read this review to see details about this robot.

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What Are Forex Signals or Indicators?

Most Forex indicators are created for the purpose of giving traders trading signals that are accurate as well as consistent. With a legit indicator system, traders can afford to spend less time monitoring the market.

Traders are provided with what can be termed expert advice from these robots, this is why they are called Expert Advisors (EAs). EAs are sold by indicator vendors.

It is totally in character for Forex EA vendor or signal providers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit vendors at the bottom of this article.

How News Action Trader EA Works

The vendors of News Action Trader EA claim that the robot can give traders using it a profit of about 150% a year. It uses a strategy that is known as “News Trading”, it is even obvious from the name. This strategy has proven to be too dangerous for many EAs that have used it in the past because it is difficult to predict news and trends.

Mikhail Zaprudin is the name of the vendor of this EA and he mentions that he was once an engineer. He is based in Russia as we found on a third-party website. It is still a new robot in the market and it is difficult to give much apart from what is published on the page.

There are 6 currency pairs currently allowed on this robot. News Action Trader EA uses a low risk trading strategy that can predict the impact that some news events can have on the markets. This allows it take advantage of any opening and make profits. It also employs an advance design that comes with “breakthrough technology” and speed.

News Action Trader EA Pricing Structure

One Life-time Payment – $397
Two times payment – $247/month

The payments come with single lifetime license, lifetime updates, lifetime support, built in trading settings, and a 30-day money back guarantee.

Clients Feedback

It not a new robot and it is discouraging that there is not much on third-party websites. We always mention this section because it is important that traders know what clients who have used a product are saying about it.

Trading results are also provided with Pepperstone Forex broker. However, the results show trades open for only about 1 or 2 seconds.

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Support

It looks like the vendor of this EA is connected to LeapFX is some way and to contact the customer care, email: [email protected]

Conclusion

The pricing is not competitive enough and there is not much being said by clients on third-party websites. We find that the information provided on strategy by the News Action Trader EA page is encouraging. Results are also good and give it a positive ranking.

Forex-EA-Trader.com Review Visit site

About Forex-EA-Trader.com

The Forex-EA-Trader is a forex and cryptocurrency expert advisor. The Forex-EA-Trader automated forex trading software for the MetaTrader platform places trades for you. The Forex-EA-Trader.com forex robot works with fx currency pairs, bitcoin, ethereum, litetcoin,and other cryptocurrencies.

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Consumer Reviews

Service use: Live

Length of use: 6-12 Months

I opened an account with AvaTrade who are FCA regulated in the UK and were recommended by Forex EA. Setup went great and Forex EA support even remoted onto my VPS (via my desktop) to check settings of the robot, which was excellent service.

I opened an account with Forex EA supports recommended minimum amount – £200, which seemed low, however that was their recommendation.

Two things struck me with this robot – 1. It does not use a stop loss, although it would be possible for the robot to manually monitor the trades itself and close when a level is hit; and 2. It keeps trades open over a weekend, so being vulnerable to weekend news.

My experience is the same as everyone else – the robot closes winning trades after around 11 pips, but keep losers open and appear to keep them open indefinitely. It also closes a winning trade but then almost immediately opens another trade in the same direction. so you pay the spread multiple times.

I started the robot on a live account on 8th July 2020 and by 5th August 2020 it was running low on margin with losing trades open and getting bigger and bigger. The robot was unable to open any more trades, I contacted Forex EA support who advise I needed to place another £100 into the account. against my better judgement I did.

There were some small wins but by 9th Jan 2020 all the margin was used again because it kept the losing trades open. On contacting Forex EA for their opinion, they first asked me to call AvaTrade. After asking them why I needed to contact the broker, when it was the robot making the buy/sell decisions, they asked for a full account history and they said they would get back to me, which they never did. I manually closed the losing positions on 15th Jan.

The robot trades the 15M EURCHF chart however I had one losing trade open from 17th July 2020 until 14th January 2020.

Odin Forex Robot Review: Is The Automated Trader Legit Or Scam?

The Odin Forex Robot introduces their forex robot system as the “unrivaled expert trading advisor with brutal trading accuracy.” It goes on to list the astronomical profit figures they claim to have achieved with the robot trader in the last 30 days and ‘so far this year.’ This spikes off the first red flag not just because of their incredibly high numbers but because they have little evidence to back the results.

A quick search online reveals that Odin Forex Robot trading system is distributed and maintained by ForexRobotTrader.com that is in turn owned and operated by Don Steinitz. Apart from Odin forex robot, Don is also the developer of the equally controversial products. Yet they all have the same characteristics and key among them is the promise of huge profits from small initial investments.

  • Vader Forex Robot
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  • HAS Forex Robot
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  • Fractal Breakout Indicator

What is the trading strategy used by Odin forex robot

According to the Odin Forex Robot website, their system embraces the Grid trading system that they claim plots charts in real time to identify trends that it then uses to “enter and close trades with no lag time.” The process is fully automated which then makes the Don Steinitz algorithmic trader deployable for all traders regardless of their skill as they don’t have to “lift a finger.”

From an experienced trader’s point of view, the explanation of this strategy is just meant to lure in traders. It glosses over all the important details that help an experienced trader determine whether robot trader is worth investing in or not. For instance, it doesn’t mention whether the strategy allows for the implementation of stop-loss or any other risk management protocol aimed at protecting the trader’s investments. It also doesn’t mention the number of trades the system can open during a trading session.

Reasons you should be cautious when dealing with Odin forex robot

No backtests

Backtests remain one of the most effective methods of helping prospective traders understand the inner working of the trading robot they hope to acquire. In an ideal situation, you would expect these backtesting results to include such factors as settings; tick data variation, stop loss levels, time frames, and amounts invested as well as the duration of the backtest. But Odin Forex Robot provides none of that.

Independent reviewers that have purchased and tested the system have nonetheless flocked such reputable trading robot review sites as forexpeacearmy.com, expressing their disappointment with the system. The chief concern in the unreliability of Odin’s default settings that don’t live up to the expectation peddled on their website.

Suspicious and unverifiable live trading results

Independent trading review sites like Myfxbook and FxBlue give trading system developers a chance to host the verified trading history of their automated systems on their platforms. Odin Forex robot developers, however, decide to forego either of the platforms and link the results of their live trading accounts toa suspicious and unverifiable trading history profile.

This isn’t the first time ForexBrokerrobot.com is foregoing the independent and reputable trading history providers and hosting their forex robot’s trading history on unverified third-party websites. It is a trend as none of their forex trading robot has its history on an independently verifiable history tracking platform. This shoots up as yet another red flag that makes trader think hard about the trading robot provider’s transparency.

History of running scams

Forexrobottrader.com, the brand behind the popularization and distribution of Odin Forex Broker among other automated trading software, is marred with controversy. They also have a history of running scams with most of the trading robots they allegedly provide being flagged off by a majority of the trading community as highly unreliable and scam.

While the history alone is not enough to qualify Odin as yet another scam project, the fact that it follows in the footsteps of all its predecessors from risky trading strategies and unverifiable trading information does.

Negative user reviews

We agree that there may be a host of reasons why a disappointed trader may leave a negative review on a forex broker’s website. But a load of them, all from verified traders that have interacted with the system, addressing such common issues as poor performance, poor support, and poorly researched deposit settings, cannot be wrong.

Checking up on Forexpeacearmy.com, there are hundreds of negative reviews from verified traders directed at Odin and its Forexrobottrader.com developer as well as the other trading robots that the developer gives out for Free as an added bonus for every purchase.

PAMM forex accounts management has also evolved into one of the ways traders use to test the effectiveness of trading robots, as well as trading signal service providers. Before PAMM investors deposit into accounts they demand access to a trading system’s actual trading history and vet every possible threat to their often huge investments.

But the net reward from maintaining these accounts is worth the close scrutiny. It is, therefore, suspicious that Odin Forex Robot would forego the lure of guaranteed profits made from maintaining PAMM accounts only to sell their system that “beats the market” for $199.

No money back guarantee

Legit Forex trading system developers, confident about their systems, give their clients enough time to test their trading robots. They provide a free trading period, allow for the use of demo accounts or opt for the more popular money back guarantee strategy. Odin Forex robot offers none of these, neither does it promise to give back your invested amounts should their system lose you money or perform dismally.

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