-= 80 tradingdays review! =-
Sceptical as most people i started using the trading Bot, mid november 2023. Now after 80 tradingdays => +21%
My background being a software engineer, and an amature trader/ invester, made me decide to start testing the bot, based on the available data on myfxbook. And logging all data to make a well founded decision if the bot is actually profitatble and worth the risk.
So, of we go! Website => Subscription => download => installation => login => start! Easy as can be. Rating 10/10. Fast smooth and save. I like paypal since it cant get more secured then that.
Now we got the “software” up and running. I did a decent background/ due diligence check on the broker, checked out fine, funded my account with an initial 500 euro and the first trade/ position opened after 30 min.
What the bot does, is it keeps opening small trades, according to he underlying technical analyses and strategy, and closes it a a fixed % profit, resulting in a daily average closed profit of 0,26%. Which are around 25 closed positions.
Ofcourse some positions wont be closed since the market moves in all directions, and therefor daily drawdown is inevitable. Closing profits in green isnt hard for anyone. So the biggest challenge for the bot is how to deal with the drawdown. The algorithmic trades advertises and promotes the bot based on historic data, going 7years back, with biggest drawdown -38%, but always managing to get back up.
My experience with big drawdown came in the second month, dec 2023, hitting intraday (during the day) -32%. It recovered within 2 weeks. And the average daily drawdown is sitting between 0,5 - 4% over de 80 days im using it.
During this first few weeks, i had multiple contact moments with the people from algorimtic traders. Contact through facebook, responding to certain posts, through telegram, about technical questions and installation issues.
Every contact moment was characterized my how adequate, responsive, fast and professional it was/is. Even in the moments i didnt agreed with the respons.
Communication rating 10/10!
During the first weeks i came in to contact with 2 other users, and acquired the login data for the “real life-test-account, funded with 5k. A perfect way to compare, and see the bot behavior in different settings.
I assumed the bot would do almost exactly the same for every user. In basic yes, in reality no. SImply because every user starts at a different moment, under different market conditions, and therefor opens different positions. Since there are almost 95% of the times positions opened, and the bot takes those in account when opening new positions, there will always be difference between users. I do believe over longer periodes, ie months, the difference will be almost 0.
I havent seen the advertised 7-11% yet, over the course of 4 months on 4 different user accounts. I did see a “steady” 3-5% over the last 3 months. I would say 7-11% is posible, hanging the market conditions. (after 80 tradings days im at 21% overall)
I collected all my trading data, put them in a big excel file, made some charts, and
i kept logging the daily average drawdown and closed profit, Since this is where the consistency coms from. My charts are showing the weighted average of profit: 0,26% and daily drawdown: 0,5 - 4%.
Overall:.
The fact I added funds to 45k, should speak for itself. I do believe the bot actually makes profit based on working strategy and drawdown tactics. I also believe there is still no guarantee it won't hit the build in stoploss at -40%.
I do believe its a genuine business, selling a bot and making profits on broker-affiliations.
The transparency is there. But could be improved by promoting it. Like sharing the “5k real live test account”. And a detailed explanation for myfxbook data. The owner/ creator is always correct, adequate and on point in his replies.
So 5 stars!
Quality
Value
Services
Implementation
Consulting
Customer service
Excellent (5.00)
Cost-performance ratio
Excellent (5.00)
Customer review & rating for:
Alchemist
03/24/2024Bram Van Den E.
Thanks for your feedback. It's great to hear the EA is performing well and meeting your expectations so far. We look forward to your future insights as you continue to use our system.
Best regards,
Your FXAlchemist Team