In this post I will be reviewing the Benefit EA. The first thing worth mentioning about this particular forex robot is the live verified results showing monthly returns of 50%+. The name Benefit EA means Benefit Expert Advisor for those who don’t know which is another term for a forex robot. Expert Advisor is how the Meta Trader trading platform refers to automated trading systems. That being said, this forex robot is developed to run on auto-pilot in MetaTrader 4 so you can set it up in just a few minutes and let it run automatically, setup instructions are included and it is completely accessible to anyone regardless of your trading experience.
Benefit EA Trading Strategy
The Benefit EA uses a virtual take profit that is hidden from the broker. Although, provided you are using a regulated and reputable forex broker this isn’t 100% necessary but none the less an interesting feature. The built in trading system is actually very complex –the Benefit EA calculates the take profit according to a series of trades which in layman’s terms means mathematics is a core feature to its trading logic. It also incorporates a trailing stop feature and will continue to adjust the take profit levels according to the dynamic price movement. The average user does not really need to know exactly how it works but just that it does work as is evident from the live verified results published on the Benefit EA website. It can trade on all currency pairs so it is very diverse and shows the strength of the incorporated trading system and money management logic. It can automatically adjust to any type of market conditions – trending, ranging, and high/low volatility. Primarily it trades on pullbacks during trend corrections so it looks to enter the market trends at the best possible price. If the market is not trending the Benefit EA can determine this and wait for the correct opportunity whilst still having a high frequency of accurate trades. It minimises risk on the account with a protection system in place, again emphasising the good money management features of this forex robot.
*Update from developer:
Benefit EA is a flexible grid Expert Advisor that does not use any indicators and
The EA does not use stop loss. All trades are closed by take profit or trailing stop. It is possible to plan the lot increments.
The “Time Filter” function is set according to the internal time of the terminal as per the displayed time of the instrument’s server, not the operating system (can match). This function allows for 100% automation of the trading process, without manual intervention and management (if every technical aspect is working properly and as intended). The “time filter” status is displayed as a text in the upper left corner of the trading window.
There are multiple settings for professionals and a flexible system of settings for different trading styles.
“Selling short”, “scalping”, “trading flat”, etc.
There are buttons for semiautomatic trading. Using the buttons, it is possible to block the operation of one or both trade directions. Text notifications on the trade blocking status are available.
Trading any instrument on any timeframe in automatic or semiautomatic mode.
Situations of connection losses are handled accordingly and do not affect the trading process.
The default EA settings are for GBPUSD H1 5000 1:500.
- Base deposit: 5000-10000 (depending on the instrument)
- Leverage: 1:20-1000
- Timeframe: M1, M5, M15, H1
- Recommended currency pairs: GBPUSD, USDJPY, EURUSD, EURJPY, USDCAD, USDCHF, AUDUSD
Benefit EA Back Testing
The back testing results have a modelling quality of 90% and show a very straight upwards equity line. The win rate is around the 70% mark with the average profit trade almost double that of a losing trade thus giving a good risk to reward ratio of around 1:2.
Benefit EA Live Results
Benefit EA Summary
Overall, The Benefit EA is quite an aggressive and very profitable trading system that the developer claims can make gains of around 200% per month or gains of 50% per month with minimal risk. It runs 24/5 so you will need your computer/laptop running or you can run it on a virtual private server (VPS). Let’s be honest, even a small fraction of those gains is fantastic so the Benefit EA is certainly worth considering. Just be careful with your lot size as you do not want larger than necessary draw downs. Visit the Benefit EA website to see more results and for more information.