In this post I will be reviewing the Prince FX EA. For those of you that are not familiar with the term EA, it basically means Expert Advisor which is simply another term used to describe a forex robot. The Prince FX EA (forex robot) runs in the free to download MetaTrader 4 trading platform. Now, despite historically on myfxbook some very impressive results, many of the accounts are no longer updated. There are however, current real verified accounts running the Prince FX EA which show decent returns but I would like to know why the others are not updated, perhaps due to new version of the Prince FX EA being released. Either way, the latest accounts at the time of me writing this review have only been running a matter of days so I would deem it to soon to draw an accurate conclusion upon the trading performance. For latest results of all forex robots including the Prince FX EA, please refer to my forex robots comparison table.
Prince FX EA Trading Strategy
The Prince FX EA trading strategy is based upon a scalping method by which it aims for a small amount of pips by getting in and out of the market quickly. This is by no means extreme scalping but it does mean that there is a wider stop loss that leads to a lob sided risk to reward ratio although Prince FX EA does have a high win rate which it relies on for it’s gains. Keep in mind that such trading strategies will require an ECN forex broker for low spreads and plenty of liquidity for fast execution. The Prince FX EA trades on multiple currency pairs but to increase your chances of getting favourable results you should stick to the major pairs such as the EURUSD & GBPUSD due to these pairs having the lowest spreads and most liquidity which will help you save on trading costs and get fast execution speeds. There are no martingale or arbitrage techniques used.
Prince FX EA Back Testing
The official Prince FX EA website does not share any back test results from the mt4 strategy tester but we do have multiple real live verified accounts to track. There are some back tests uploaded on the Prince FX EA MyFxBook page which you will find under “strategies”. This gives a good analysis of the kind of statistics expected although of course not as reliable as the real resutls provided which speak for themselves.
Prince FX EA Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Prince FX EA Summary
Overall, despite a decent looking website and excellent customer support (live chat frequently available to answer questions), I can’t help but feel there needs to be a real live verified account that has not been stopped and has been running at least for a few months. No doubt, if you check the Prince FX EA’s results now, the latest account (account 8 for your reference) may have continued to do well. Regardless, despite these doubts, there is a refund guarantee and you could always test the Prince FX EA on a demo account to being with. Just bare in mind that the trading conditions on a demo account could different form those on the brokers live server which would be especially important in a scalping forex robot such as the Prince FX EA. Full instructions, support, updates and money back guarantee included. Also, some useful videos on the Prince FX EA website that will help you to see how it works.