Papeda EA: A Comprehensive Review
Papeda EA is a Forex trading robot that utilizes a scalping strategy across multiple currency pairs on the popular MetaTrader 4 (MT4) platform. This comprehensive review analyzes Papeda EA’s trading strategy, performance, features, and ease of use to determine if it is a worthwhile investment for traders.
Papeda EA employs a reversal trend trading approach on the MT4 platform. It scans the price chart to identify the prevailing trend direction then enters and exits trades rapidly when the price pulls back against the trend.
Specifically, the robot opens positions in line with the trend. If the price corrects against the trend, it will add to the position using averaging and soft martingale techniques to accelerate profit targets. If the trend reverses, it will hedge the position to protect capital.
Once profit targets are hit, Papeda will close all open orders. If open trades move 25%+ into drawdown, it will also close everything out and await new opportunities.
- Analyzes price action and trends
- Reversal scalping strategy
- Adds to positions using averaging methods
- Applies hedging and soft martingale
- Exits at profit targets or 25% drawdown
Independent Myfxbook results verify Papeda EA’s strong performance across extended periods, producing triple digit percentage returns.
For example, verified accounts show +1,204% profit over 2 years and +361% profit over 1.3 years of live trading. The EA has also earned over 40,000 pips in profit on the EURUSD alone.
However, the use of averaging and martingale suggests traders should expect periodic drawdowns. The developer recommends a minimum account balance of $1,000-$5,000 to absorb these temporary declines.
Forex Papeda EA Features
Papeda EA has the following key features:
- Compatible with MetaTrader 4 platform
- Can trade any Forex currency pair
- Optimized for EURUSD on 15 min to 1 hour timeframes
- Requires minimum capital of $1,000-$5,000
- Leverage of 1:100+ recommended
- Designed for low spread/ECN accounts
The robot also utilizes the following risk management practices:
- Averaging to improve position profits
- Soft martingale to accelerate targets
- Hedging to protect open profits
- Stop loss at 25% account drawdown
Ease of Use
Papeda EA installs directly in the MT4 platform like any standard trading robot. The developer provides detailed instructions on configuring the EA based on account specifications like leverage and balance.
Traders simply attach the EA to a chart of any currency pair and monitor the automated strategy. Default settings utilize sensible risk parameters but can be adjusted to match risk tolerance.
Overall, Papeda EA is straightforward to setup and requires minimal ongoing oversight.
Forex Papeda EA Final Thoughts
Papeda EA offers traders looking to automate a scalping strategy an interesting option to consider. The performance statistics and longevity of live results suggest a robust and profitable algorithm.
However, the use of averaging and martingale means accepting an aggressive risk profile with inevitable periodic drawdowns. As such, appropriate account funding and risk management are imperative.
For disciplined traders willing to actively manage positions, Papeda EA could be a valuable addition to a diversified portfolio. But like all EAs, thorough backtesting will determine if this robot aligns with individual risk parameters and trading style.