HI-TECH TRADER (EA) Review | SCAM Alert! !
HI-TECH TRADER is a grid EA.
The forward test has a high monthly profit rate. Also, the drawdown is small.
Is HI-TECH TRADER worth using, unlike the common fraud grid EAs? I checked it.
Basic information of HI-TECH TRADER
|Number of real accounts||1||2||3|
|Number of demo accounts||1||2||3|
Currency pair：EURUSD only
Recommended deposit amount：100USD-200USD.
Money back guarantee：No information
The price of one license is $ 97, which is cheaper than the others.
However, even if the purchase price of EA is low, it doesn’t make any sense if there is a big loss in the account.
HI-TECH TRADER live performance
At present, the total profit is more than + 600% and less than 20% drawdown. Judging by this number alone, it is a very wonderful result.
However, please note that it is very dangerous to make a decision to purchase an EA based on this number alone.
Trading Features of HI-TECH TRADER
HI-TECH TRADER is a typical grid EA.
If the market price moves in the opposite direction of the position, it opens an additional position and waits for the market price to return.
The martingale is not adopted, so the lot size is constant.
The buy position was opened at 1.7975, but the price went down.
A maximum of about -580pip price is going backwards from the position.
But the position is not closed. A total of 4 buy positions have been opened in the process of falling prices.
The position opened on September 21, 2018 is held until January 30, 2019 the following year. The position has been held for about 4 months.
It is a risky transaction that waits until the market price returns.
On the other hand, profits are gained in the selling position on the downtrend in the process of falling prices.
This EA is characterized by grid trading while holding both BUY and SELL positions.
Dangers of HI-TECH TRADER
The buy position was opened at 1.17400, but the price went down.
9 buy positions are opened while the price drops to 1.13000 at the bottom. The price drop since opening the first position is -440pips.
The table below shows how much drawdowns occurred in the account due to 9 positions.
The amount of drawdown expressed in USD was about 363 USD.
The account balance before holding positions is 15683 RUB, which is approximately 240 USD.
If simply calculate, the account balance should be negative due to the drawdown.
(Balance 240USD – Drawdown 363USD = -123USD)
Why does the account continue to operate without bankruptcy?
That’s because additional deposits are made to the account when the drawdown occurs.
The following is the history of deposits to the forward test account.
An additional deposit of approximately 2000RUB (= 300USD) will be made around 8/15 when a large drawdown has occurred.
This means that the developer has made a sudden additional deposit to prevent the account from going bankrupt.
This additional deposit is a very obscene way to deceive users.
And it’s an act of losing reliability as a vendor.
In the first place, although the recommended deposit amount is listed on the sales site as 100USD ~ 200USD, the forward test has drawdown of 363USD.
What a scam!!
Comparison with other grid EAs
- Grid EA without martingale
- Operate on a single currency pair
- The price is cheap
- A minor currency account such as RUB or CHN is used. The amount converted to USD is very small.
- The characteristics of the sales site are similar.
The identity of this EA developer is uncertain.
Maybe it is an EA produced by the same developer.
Conclusion of HI-TECH TRADER
This EA should not be purchased and used based on the following points:
- It is a high risk grid trade EA. Even if a big drawdown occurs, keep holding the position。
- In the forward test, the bankruptcy is avoided by an additional emergency deposit even though the account is actually bankrupt.。
The developer wants to sell EA with a low purchase price and low recommended deposit.
However, the account would have been destroyed if it was operated as recommended.
It is a bad EA sales method.
Be careful not to be fooled.