Dragon Expert EA Review: Is dragonexpertfx.com a Scam? - Topedgefx.com

Dragon Expert EA Review: Is dragonexpertfx.com a Scam?

Dragon Expert EA is a Forex robot that utilizes the popular triangular correlation pairs strategy. The developer whose website is dragonexpertfx.com claims that the Dragon Expert Forex robot can generate monthly returns of between 70% to 100%, similar to what many internet marketers like Jared Wesley have claimed in their promotion material.

PS: For the best Forex robots, check out our list of profitable FX robots to use.

On top of this, the developer wants the trading community to know that this is a Forex robot with the most advanced real time algorithm code woven into its engineering.

The developer, David King recommends a minimum trading balance of $5,000 although they also want traders to know that the Dragon Expert Forex robot can work on a cent account as well.

dragon expert review

They can be contacted using the email dragonexpert99@gmail.com and dragonexpert99 for those who would like to chat with him on his Skype account.

They’ve not disclosed their location but the sales page reveals that Dragon Expert EA is a project by a group of Forex traders, technical analysts and MQL programmers.

This could mean that this is a diverse team of traders and programmers who are most likely based in the US, UK and Australia (if I am not wrong).

This definitely looks like an interesting Forex robot being that the price of a professional license can go up to $1,997 and the developer is giving traders a chance to try it for free.

This is your safest bet by the way. It can be a good thing if this trial can run for at least 3 months since the date of download.

The reason I like longer trials is because they enable me to get a clear picture of the consistency of the automated trading system.

Having said that, we will get into the meat of the details. We want to discuss the features, the draw backs and ultimately providing a satisfactory conclusion of this Dragon Expert EA review.

Dragon Expert Forex robot review

There is a vast array of features that are associated with this Forex robot. The developer wants traders to know that the default settings of the robot will make them money without changing anything.

This is good for the sake of convenience. The supposedly advanced trading algorithm will find correlated Forex pairs like GBPUSD GBPJPY and USDJPY for trading because it is optimized to trade correlated pairs only.

The developer of the Dragon Expert EA also wants traders to know that the robot is hiding take profit and stop loss from rogue brokers who hunt them.

This is more of a promotional statement than factual one because many traders actually believe their brokers are hunting their stops when that is not the case.

Dragon Expert fx Pricing

The reason you might feel that your stops are being hunted by your broker is when the market is quite volatile and movement is erratic and unpredictable.

Dragon Expert EA is also equipped with a feature that protects your trade information and thus the developer believes brokers won’t be able to trade against their clients.

While it is true that some Forex brokers are shady, it beats logic to trade with a rogue broker in the first place (see how to protect yourself against scam Forex brokers here or you can ask us to help you find the best brokers for trading.

Dragon Expert EA feature breakdown

Timeframe ……………………..all

Forex pairs…………………….. GBPUSD GBPJPY USDJPY and any other correlated Forex pair

Trading strategy………….advanced correlation strategy using real time algorithm to find correlation pairs and entries

Pricing………………Free and paid ($297, $697 and $1997)

A word on the trading strategy of the Dragon Expert EA

The developer provides a statement highlighting the trading strategy behind this Forex robot. However, I feel that the explanation is a bit convoluted and not straight forward.

Dragon Expert use advanced correlation strategy, code it using real time algorithm to find correlation between pairs and find best entries to make profit.

As you can see in the above quote, this developer is basically talking about something that most traders including myself won’t understand. We would have appreciated an in-depth explanation of the trading strategy, how entries and exits are made, how risk is managed and so on. This information has been omitted and replaced by shallow, vague statement.

Trading performance of the Forex robot

The website has provided links to their myfxbook accounts. There are at least 4 myfxbook links here and we are going to analyze the 4 of them.

All of these myfxbook accounts are demo (with the exception of the fourth one) which means the developer is too afraid to test their product with their own money but would rather use virtual money.

All of these trading accounts are hosted by IC Markets. The first myfxbook account shows a gain of +184.47% since it was opened in July 2019.

Monthly return is 48% but draw down is super huge as it stands at 80%. This means that 80% of the initial deposit was wasted during this draw down.

dragon expert ea myfxbook

The second myfxbook account shows a gain of +173.71%. This account was created in July 2019 same as the first one. Monthly return is currently 43% and draw down 25%.

The progress is steady but since the first myfxbook has a huge drawdown already, we are not sure whether this trend will be sustained in the next 6 months.

The third myfxbook account shows a gain of +117.99%, a monthly return of 31% and draw down of 22.65%.

The forth myfxbook is surprisingly a real account with an initial deposit of $5000. This account is mostly trading EURUSD USDJPY EURJPY pairs.

Dragon Expert EURUSD USDJPY EURJPY System by dragonEA Myfxbook

It has existed since December 2016. During this month, it gained 232.29%. In February 2017, the Dragon Expert EA quit trading this account. In the meantime, these trading results plummeted dramatically.

This real myfxbook account was last updated in Jan 28 2018 at 01:13.

I suppose that the developer could have withdrawn his money for fear that he will lose. If that is not the case, then we probably need an explanation as to why this real account is dormant. Everything looks ok expect when you realize that this account is no longer being traded, only demos are actively being traded.

Conclusion

Dragon Expert FX (developer’s name) is advertising monthly returns of up to 70% but they’re not able to show us consistency in achieving those returns. Furthermore, the trading community needs an explanation of why the only live myfxbook account is not being traded anymore.

We appreciate the fact that Dragon Expert FX is providing an opportunity to test their robot for free and we have also found out that this trial is not limited to any duration or number of demo Forex accounts.

This could be a chance for traders who want to use Dragon Expert EA to try before they can commit their funds to a professional license.

There are some discussions about the Dragon Expert FX 70% Monthly on a traders forum called soehoe.id and also on ForexPeaceArmy.

One user said the following: Very good ea if you’re not greedy, and use step around 20 pips. Deposit not less than $3000 for 0.01 lots.

While these sentiments are encouraging, there are some questions that Dragon Expert FX needs to address before traders can purchase a professional license. For now, traders who want to use this EA can start with the free plan.

Thanks for reading this Dragon Expert EA review. If you have something to say, please comment below.

One Response

  1. Harry June 18, 2020

Leave a Reply