Dragon Expert Advisor Review – An In-Depth Analysis
The Dragon Expert Advisor (EA) is an automated forex trading software that utilizes an advanced triangular correlation strategy to find profitable trades. In this comprehensive review, we will analyze its key features, performance statistics, pros and cons to determine if it is a worthwhile investment for forex traders.
Overview of the Dragon Expert Advisor
The Dragon Expert Advisor was developed by a team of professional forex traders, technical analysts, and programmers to provide an automated trading solution. It scans the markets in real-time to identify correlated currency pairs and enters trades based on its proprietary algorithms.
Some key features of the Dragon Expert EA include:
- Advanced triangular correlation strategy to find high-probability setups
- Real-time trade information guard to prevent brokers from trading against you
- Fully optimized default settings requiring no manual configuration
- Flexible trading sessions and customization options
- Compatible with all Metatrader 4 brokers and account types
Performance Statistics and Results
The vendor provides statistics of the Dragon EA’s past performance on their website and third-party monitoring services like MyFXBook.
Some of the highlighted results include:
- 1069.52% gain over 3 months on a $5000 EUR/USD account
- Over 1000% profit on multiple $5000 accounts over 3-5 months
- Monthly gains ranging from 50% to over 200% on EUR/USD, GBP/USD, and other pairs
The Dragon Expert Advisor has a high reward potential, with many accounts doubling or even 10X’ing within a few months. However, traders should be aware that past performance is not indicative of future results.
Trading Strategy and Risk Management
The core strategy used by the Dragon Expert Advisor is triangular correlation analysis between currency pairs. This means it looks for instruments that tend to move together and identifies lags/leads to find optimal entry and exit points.
The EA places a stop loss and take profit on every trade to limit downside risk. It does not use any risky strategies like martingale or grid trading. However, the default settings are aggressive, which can lead to high drawdowns if not managed properly.
Traders are advised to run the EA in a demo account properly before risking real capital. It is also recommended to use conservative position sizing and optimize settings for your account.
Pros of Using the Dragon Expert Advisor
- High profit potential with results over 1000% per year
- Advanced correlation analysis for accurate signals
- Provides entry, exit and risk management automation
- Easy to set up and use even for beginners
- Helps remove emotional interference from trading
Cons and Risks Involved
- Lack of long-term track record over 1+ year
- Aggressive default settings lead to high drawdowns
- Requires proper configuration and account management
- Monitoring needed to ensure brokers don’t manipulate trades
- Does not guarantee profits in live trading
While the Dragon EA shows promise, traders should proceed with caution, start small to test it out, and use proper risk management. Lack of experience using EAs can lead to losing trades and blown accounts.
Costs and Pricing Options
The Dragon Expert Advisor is sold for a one-time fee without any monthly subscriptions or hidden costs.
The pricing options available are:
- Basic License: $299
- Silver License: $499
- Gold License: $799
The basic license allows you to run Dragon EA on one live trading account per purchase. The higher packages enable installing it on more accounts and include priority customer support.
There could also be additional costs involved with using the EA including:
- VPS service for uninterrupted trading
- Transaction fees and spreads charged by brokers
- Software upgrades in the future
Consider all these expenses before determining expected returns and budgets from this automated trading system.
Customer Reviews and Feedback
With over 5000 copies sold, the Dragon Expert Advisor has many customer reviews on sites like ForexPeaceArmy, MyFXBook, and TrustPilot.
The feedback is mixed, with some traders claiming great results, while others have had disappointing experiences and losses. Positive reviews praise the high profitability and easy setup process.
However, there are also many negative comments about aggressive trading, lack of customer support, and issues with brokers manipulating trades. There are also questions raised about the validity of MyFXBook results posted on the vendor website.
In conclusion, prospective buyers should exercise caution, manage their expectations, start with small capital, and be ready to actively monitor and maintain trades of this automated trading system.
Verdict – Is the Dragon Expert Advisor Recommended?
The Dragon Expert Advisor shows promising backtest and demo account results based on its correlation trading strategy and optimal default settings. However, like most forex EAs, real-world results may vary significantly for each user.
Here are our final recommendations regarding the Dragon Expert EA:
- Proceed with caution as there are no guarantees of long-term profitability
- Start testing out the EA carefully in a demo account first
- Use lower risk settings than default ones provided
- Monitor account actively instead of relying fully on automation
- Have realistic expectations as results can differ from vendor statistics
While the Dragon EA may have profit potential, proper risk management, and safe trading practices are vital. Doing adequate due diligence before purchasing any automated trading system is essential as well.
So in summary – the Dragon Expert Advisor is worth testing out with small capital to start. But use proper precautions, manage risks smartly, and have contingency plans ready before committing large trading capital.