The New York Trader EA is an automated and mechanical system for trading the Nasdaq Opening Bell or the New York open.
The owner of this software is called “William Tan” and nobody has ever heard of this developer before.
Their trading and development experience is not known despite the sales page claiming that he successfully turned his strategy into a mechanical system for trading the New York open.
The cost of a license is $97 but if you want two or three licenses, you will part with $147 and $197 respectively.
A trial for the New York Trader EA costs $47 and runs for 37 days.
Of course the New York Trader Expert Advisor works on the MT4 platform and the developer promises free updates and unlimited support.
It’s not know where they’re selling the New York Trader EA from but I highly suspect the developer is from the United States.
Is the New York Trader EA legit?
I don’t know if this EA can be legit to the point of including it in our list of recommended EAs and trading/investing resources.
I’m looking at the numbers obtained from backtesting the New York Trader EA and they’re not making sense.
Also, the developer is claiming that he will raise the price tag as soon as he finishes building his myfxbook track record.
If you read the sales jargon on the website, you will read that this guy has been “trading for a number of years”… and admiring the Nasdaq Opening Bell.
If that is the case, they should already have a myfxbook track record.
I don’t understand what they are building now that they didn’t build when they automated their strategy into a working algorithm.
The strategy involves exploiting volatility that is witnessed with certain pairs during New York Open.
Traders can collect a basket of Forex pairs or trade with the already optimized pairs.
We’re told that the New York Trader EA comes with 3 powerful exit strategies and portfolio account stop loss to keep drawdown low.
The developer has also added the following:
- Trade control feature for limiting number of trades that can be executed
- Maximum trade feature for populating trading symbols and allowing the EA to decide the best strategy
- Ability to manage all trades on one chart instead of opening multiple charts
- Lot sizing and compounding factor
And the backtests show that the New York Trader EA has achieved a win rate of between 96.81% and 100%.
Pairs that were tested include EUR/USD, GBP/USD and AUD/CHF.
There are a couple of other backtests showing the New York Trader expert advisor achieving “impressive results”.
And of course they’ve captured a screenshot of their supposed myfxbook account but no link has been provided.
This is definitely a marketing strategy.
The reason the developer cannot provide his myfxbook account is because it either does not exist or it will show us losses.
Should you buy a copy of the New York Trader EA?
I wouldn’t buy this EA no matter what. This is because there’s no track record and we also don’t know much about the developer.
The sales page is long and not very meaningful.
It would have been better to provide a few sentences of the strategy and then links to the developer’s myfxbook account.
That’s all we needed to evaluate the software and get persuaded.
Backtests are not viable in the current EA marketplace. So this is something I don’t recommend.