Prosperity is an automated trading system (EA) developed by Eloizio Coelho Alves. It stands out for its simplicity yet powerful approach, utilizing two moving averages to open and close orders. This article provides an in-depth analysis of Prosperity EA, its performance, and user reviews.
How Prosperity EA Works
The trading system uses two moving averages as the foundation for opening orders. When these moving averages cross, new orders are opened. The system closes open orders in two scenarios:
When a new crossover occurs in the opposite direction.
When the price touches the slower moving average or reaches the automatic Take Profit margin.
If the price moves in the opposite direction, new orders will be opened at the new crossings of the moving averages to calculate the average price.
User Reviews and Ratings
The system has received mixed reviews from users. It has a rating of 1 based on the following feedback:
philippe5 (philippe germain): Stupid EA. It opens a bunch of hedge positions (more than 30 in one hour) and forgets them…
tymek86: Thank you for providing this EA for free. I have been testing it for a few days on a $1,000 demo account with a 0.1 lot position. I noticed that EURAUD performs much better than EURUSD which causes high DD and is less profitable. I tried to run EURAUD on two charts with a different Magic number but encountered an error. Do you know the solution to the problem? Thank you.
Reliability and Performance
Given the mixed reviews and low user rating, the reliability of Prosperity EA remains questionable. While some users appreciate the free availability and have had positive experiences with specific currency pairs, others report significant issues related to hedge positions and system errors.
Tips for Potential Users
If you are considering using Prosperity EA, here are some useful tips:
Start with a demo account to test the system thoroughly before deploying it on a live account.
Pay attention to the currency pairs you use. Some pairs like EURAUD may perform better than others.
Monitor the system closely to manage any potential issues with hedge positions or errors.
Stay updated with user feedback and system updates on forums like easytradingforum.com.
Conclusion
Prosperity EA offers a straightforward yet powerful approach to automated trading. However, its reliability is under scrutiny due to mixed user reviews and reported issues. Potential users are advised to proceed with caution and extensively test the system on a demo account.
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