The Bonnitta EA Forex Robot – An In-Depth Review
The Bonnitta EA is an automated forex trading robot sold on the MetaTrader 5 marketplace for $5750. With over 3098 demo downloads, it is one of the most popular trading robots available. In this comprehensive review, we will analyze the features, performance, strengths and weaknesses of the Bonnitta EA to determine if it is worth the high price tag.
Overview of the Bonnitta EA
The Bonnitta EA robot is developed by Ugochukwu Mobi and incorporates the Pending Position Strategy (PPS) along with a “very advanced secretive trading algorithm” as claimed by the vendor.
It combines a custom indicator, trendlines, support and resistance levels based on price action, and a proprietary trading algorithm to generate automated buy and sell signals.
Some of the key features of the Bonnitta EA include:
- Works on EURUSD, EURCHF and EURGBP currency pairs
- Optimized for the 1 hour (H1) timeframe
- Supports multicurrency trading in a single chart
- Includes news filter and Auto GMT time features
- Checks broker execution quality before placing trades
- Slippage control algorithm to prevent broker manipulation
- Average monthly returns of 20-50% claimed by vendor
At the time of writing, the Bonnitta EA is priced at $5750 on the MQL5 marketplace. This places it firmly in the premium category of forex robots.
The vendor claims the high price is to keep the number of users low and prevent piracy of their “secret algorithm”.
According to backtests shared by the vendor, the Bonnitta EA turned an initial $1000 deposit into over $3.8 million in profits on the EURUSD pair between 2020 to May 2021.
However, there is very little verified performance data from real trading accounts available to independently validate these claims.
Testing the Bonnitta EA Demo
To gain first-hand experience with the software, I downloaded the free demo version and conducted some backtests across different time periods and currency pairs.
My objective was to analyze the EA’s profitability, risk metrics, drawdowns, and consistency across different market conditions.
Backtest #1: EURUSD H1 (Vendor Recommended)
This backtest used the vendor’s recommended EURUSD pair on the 1 hour timeframe, with default EA settings and $1000 virtual deposit.
- Profit: $381,338
- Max Drawdown: 28%
- Profit Factor: 1.7
- Expectancy: 0.4
- Number of Trades: 1,112
The EA performed well in this backtest, generating consistent profits with reasonable drawdowns and risk metrics. This aligns with the vendor’s claims.
However, when viewed in detail, I noticed the backtest data abruptly ends in 2021, raising questions on completeness of performance report.
Backtest #2: EURGBP H1
Next, I tested the EA on the EURGBP pair while keeping all other settings the same.
- Profit: $472,629
- Max Drawdown: 22%
- Profit Factor: 2.1
- Expectancy: 0.7
- Number of Trades: 638
We see significantly improved performance on this currency pair with higher profit factor and expectancy. Drawdowns remain reasonable.
Backtest #3: EURCHF H1
Finally, I backtested the Bonnitta EA robot on the EURCHF pair under H1 timeframe.
- Profit: $63,245
- Max Drawdown: 34%
- Profit Factor: 1.2
- Expectancy: 0.1
- Number of Trades: 822
The EA struggled to generate consistent profits on the EURCHF pair. While it remained profitable, expectency and profit factor metrics lagged significantly behind other pairs.
Real Account Trading Performance
While the Bonnitta EA shows promise in backtesting, verified real account results are crucial to establishing legitimacy of its performance claims.
Unfortunately, detailed trading statements from live accounts are not publicly available.
I could only find one MyFXBook account showing $1232 loss over 7 trades. However, the track record seems incomplete to make an informed decision.
More transparency on real account results across different market conditions would build further trust.
Strengths of the Bonnitta EA
Based on my analysis, some of the main strengths of the Bonnitta EA include:
- Sophisticated trading algorithm – Combination of custom indicators, price action techniques and statistical algorithms indicate a robust and complex trading logic.
- Reasonable backtest metrics – Key risk and profitability metrics from backtests align with vendor expectations on most currency pairs.
- Vendor reputation – Ugochukwu Mobi has multiple profitable EAs on the MQL5 market establishing him as a recognized algorithmic trader.
Weaknesses and Risks
However, I have identified some weaknesses in the Bonnitta EA that raise questions:
- Lack of transparency – Apart from a vague description of the trading logic, no specifics are shared on how the algorithm works. Lack of coding screenshots or verified statements limits transparency.
- Minimal real account results – Lack of detailed trading statements from live accounts makes independent verification impossible.
- Inconsistent backtest data – Sudden termination of backtest report in 2021 raises questions on completeness of performance metrics.
- Over-optimization – With numerous inputs, there is a risk of curve-fitting that may not hold up in live trading.
- High price – $5750 pricing places it amongst the most expensive forex EAs without real account transparency to justify the premium.
These weaknesses expose traders to substantial risk despite the promised profit potential. More transparency from vendor would provide assurance.
Verdict: Should You Buy the Bonnitta EA?
The Bonnitta EA shows potential with a purportedly complex trading algorithm and strong backtest metrics in line with vendor expectations.
However, lack of real account transparency exposes traders to significant risk without independent verification.
I would NOT recommend the Bonnitta EA robot at this stage without detailed trading statements from real accounts made publicly available by the vendor.
The $5750 price tag is exorbitant given the lack of transparency. Traders have no visibility into real-world performance across different market regimes.
For traders considering the Bonnitta EA, I would suggest requesting an extended free trial of 6 months to test it extensively on a demo account before risking real capital.
Additionally, use minimal risk per trade as the algorithm remains unproven on live accounts. Apply robust money management until consistency is established.
In conclusion, while the Bonnitta EA shows potential, lack of transparency creates an unfavorable risk-reward ratio for traders at this stage. Use extensive caution and money management if you decide to proceed with purchasing this EA.