Steady Winner EA Logo
Price: $88

Steady Winner EA

Added on February 20, 2013 05:50 AM
(4 / 5)
Trading style: trend follower
Currency pairs: EURUSD
Time frame: H1
Money-back guarantee: 60-day
NFA compliance: Yes

The SteadyWinner EA is developed by Ming and Henry, who trade it themselves for their own account and are confident in its ability to generate consistent returns. Ming and Henry are genuine and passionate traders and speak all the right words when it comes to creating professional Expert Advisors.

The EA itself is described as a trend follower and mean reversion system in one, since it is able to trade trends, but uses overbought and overbought conditions within those trends to enter positions. The SteadyWinner EA website contains lots of helpful information including back tests, strategy information and the latest demo for the SteadyWinner EA version 6. Version 6 is not yet available for purchase but all versions are available for a free demo which can be traded on small accounts.

Strategy

The SteadyWinner EA trades EURUSD only, on a 1 hourly time frame, with a coded stop loss of 110 pips, take profit of 55 and trailing stop of 22. Most of the time, however, the stops are never hit and the market closes positions through its own trading logic.

It can be said that the SteadyWinner EA is both a trend follower and a mean version system. Ming and Henry know that markets trend 20% and range 80% of the time so they have created the EA with this in mind. It thus enters trends on dips and sells rallies, utilizing overbought and oversold conditions so that positions are entered at good levels. This strategy alone, results in some good trades for the EA, however, to improve the system even further, Ming and Harry have introduced a number of trend filters based on moving average setups.

Contrary to many trend following systems, the EA is not based on moving average crossovers. Instead the moving average setups, (and there are four in total) provide filter levels that determine the direction of prevailing trades. For example, SteadyWinner EA often uses the 700 period exponential moving average (EMA) to determine whether to buy or sell. Thus when the market is above the 700EMA, the bot will only ever open long positions and when it is below the 700EMA it will only enter shorts. This filter limits the number of losing trades, reduces drawdowns and makes sure the system only trades in the direction of the trend.

Ming and Harry know that the system tends to make money during the trend but loses when the trend ‘bends at the end’. Because of this, SteadyWinner EA has a clever way of reducing trade size just when the market trend is turning: As the trend changes and the market drops through one of the filters, resulting in a losing trade, SteadyWinner EA automatically reduces the size of the next trade using the ‘test lot scale’ feature. Furhermore, the EA only ever enters a risk value of 2%. The end result is a robust money management system that is anti-martingale in style.

Risk

Ming and Harry have set up the SteadyWinner EA giving key importance to the most crucial thing in trading – loss prevention/ reduction. An old adage in trading is that as long as you are in the game, you will always have a chance of making it big and by utilizing strong money management techniques Ming and Harry have made it extremely difficult to go broke by trading this EA. Not only does the EA open positions in an anti-martingale style after each loss, the system never trades more than 2% of free margin. This is good since all research into forex trading indicates that 1-2% is the absolute limit when trading, especially intraday.

Past Performance

Once again, Ming and Harry prove their salt when it comes to the back testing of the SteadyWinner EA. The duo know the pitfalls of optimization and the dangers that come with curve fitting so have applied stringent rules that the tests must stand up to.

Firstly, the duo tested the system over a long data range (11 years) and say that the bot must pass with a 90% accuracy rate. Then they test the bot again over a shorter range (5 years) with an accuracy pass rate of 99%. Thirdly, and most importantly, Ming and Harry have made sure that the EA performs evenly in all years. This is crucial and guarantees that the system should work well in future years, since it has been proven to perform similarly over many different and volatile trading periods.

A quick back test of the EA revealed a smooth equity curve with a total net profit of $56,178 over 11 years. Profit factor was a very respectable 4.02 and maximum drawdown only 4.28%.

  • SteadyWinner Version 5.0 Full Version   99% backtest   01 Apr 2007 - 31 Dec 2007  (risk=2%) - Link
  • SteadyWinner Version 5.0 Full Version   99% backtest   01 Jan 2008 - 31 Dec 2008  (risk=2%) - Link
  • SteadyWinner Version 5.0 Full Version   99% backtest   01 Jan 2009 - 31 Dec 2009  (risk=2%) - Link
  • SteadyWinner Version 5.0 Full Version   99% backtest   01 Jan 2010 - 31 Dec 2010  (risk=2%) - Link
  • SteadyWinner Version 5.0 Full Version   99% backtest   01 Jan 2011 - 04 Jun 2011  (risk=2%) - Link
  • SteadyWinner Version 5.0 Full Version   99% backtest   01 Apr 2007 - 04 Jun 2011  (risk=6%) - Link

Future Performance

Ming and Harry provide free demos to try out all the different versions of the SteadyWinner EA and therefore leave it up to the user to test the strengths of the EA’s themselves. The duo trade their own accounts with the EA and know first-hand that successful bots do not stay successful forever.

Nevertheless, there are future tests available that demonstrate the recent performance of the SteadyWinner version 5.

Over one test, spanning 18 months, the SteadyWinner EA has produced a gain of 0.42% with a profit factor of 1.01 and maximum drawdown of 12.79%. Percentage of profitable trades was good at 71%.

Analysis of the future tests reveal that SteadyWinner got off to a flying start but has since waned a little in recent weeks. It is also important to note that the results are necessarily dependent on the settings used, particularly the risk and ‘test lot scale’ feature. Perhaps the new version will get off to a similarly excellent start.

Conclusion

The makers of the SteadyWinner EA are up front and honest with this EA and give as much information as they possibly can to explain it and make it easy to use for their traders. They provide a lengthy manual explaining the strategy, allow demos that can be traded on live accounts and even let traders see the original source code in case they want to improve on it. This is a breath of fresh air in an industry that has its fair share of scammers and con artists. The new version 6 is out on demo now so give it a go and see for yourself. It may just surprise you.


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