Steady Winner EA Review
The name in itself is offers a clue as to the objective of the Steady Winner automated trading EA.
As a trader, a steady and consistent approach to our profit is what we are all ultimately looking for and so immediately this robot attracted my interest.
The first thing to note about this Expert Advisor is that it takes quite a different approach.
By this I am referring initially to the overall presentation of the Steady Winner package which sidesteps the gimmicky bells and whistles that many vendors make use of to market their systems.
|Where To Buy:||Steady Winner|
|Time frame||1 hour|
|What You Receive:||Steady Winner EX4 file, installation guide, updates|
|Guarantee:||60 Day Money Back|
The Steady Winner EA
The straightforward approach of the Steady Winner robot makes something of a refreshing change. It seems to mark a recent shift by Forex robot vendors to provide a more ‘honest’ appraisal of the performance that can be achieved from employing their systems on your account.
So down to business. The system is developed by a couple of guys named Ming and Henry who have set out to create a true ‘set and forget’ trading robot. The strategy used has been conceived with the aim of delivering profits on your account while aiming to limit the expose to large risks. The system is not brand new, being around for a little while now. It has been refined over this period and is currently at version 5 which is the release we tested.
The robot looks to identify trends backed by price action momentum. It trades only on the EURUSD pair on the 1 hour chart time frame, and looks to ride a 55 pip profit. The initial hard stop loss is placed at 110 pips, with a ‘trailing’ stop facility in place. This means that the EA will often close out of a position before either the target or full stop is reached.
How to Use Steady Winner
The Steady Winner Expert Advisor is available for download in two formats, both of which provide a standard ex4 file, back test data and one of the best manuals we have seen in a long while.
The first is the fully paid up version 5 EA (which is actually pretty cheap as far as systems go at only $88). You can however chose to download a fully working demo version from the website. Unsurprisingly this will allow you to trial the system on a demo account and surprisingly, can also be used to trade on a small live account.
In the ‘free’ version the lot size is fixed; 0.01 and 0.02 on micro accounts, 0.1 and 0.2 on mini accounts and 1.0 and 2.0 on standard accounts. This obviously restricts what you can do with the system but does at least provide a nice introduction to the system. Other vendors take note.
The full paid up version trades 2% account equity per trade by default although it is possible to adjust this within the settings.
Other settings of note are the ability to ‘cut’ (suspend) trading late on Friday afternoon as well as stopping the system from trading in late December.
Steady Winner can be run on 4 or 5 digit brokers and ECN brokers.
The manual which accompanies the free version contains a wide range of back tests under a number of different scenarios, including varying lot size and risk percentage used on the account.
While the manual contains a huge number of back test reports to view, we still ran some quick tests on Alpari UK over some shorter term timeframes in order to help validate recent performance.
You can click on any of the images below to view the full Strategy Tester reports.
What is notable from the test results is the low level of ‘Maximal Drawdown’ and ‘Relative Drawdown’ on the account over the testing periods. This reinforces the steady approach to the markets that this strategy follows.
The system does seem to genuinely offer the opportunity for ‘steady gains’ which is also has been able to maintain in the current market volatility. Remember this is not a scalper and therefore the back test is should prove a more reasonably reliable indicator of returns.
The Steady Winner Expert Advisor offers a compelling package; the manual in itself offers a comprehensive guide to the world of automated trading. It would prove particularly useful for those who are starting to take their first steps with automated trading.
We remain pretty impressed with this package from a first look. However the proof of any system rests with the results that it can deliver.
You can follow the progress of the Steady Winner EA in our live expert advisor tests.
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