Background
Like so many of you, I am subscribed to many Telegram channels dedicated to Forex.
*Please note that I am not talking about the channels with the signals. I recommend avoiding such channels at all costs. 99.99% of the time those are SCAM.
I have been following Invest Sniper for over a year now, ever since I came across the statements they post of myFXbook. They offer dozens of different EAs, each of their names starting with IS (Invest Sniper).
When there are so many products to choose from, it is pretty difficult to make the final choice. That is why I’ve been putting off getting the tool for so long. However, recently I read a very nice review about IS Lime EA on one of the Forex forums, so I decided to get this particular software.
First things first, I studied the statement of this robot as posted on myFXbook and I had mixed feelings regarding it. On one hand, the rates are impressive: the growth is 3 mil, low drawdown of 5%, extra high profit factor, the small initial deposit of just $100. But still, there are couple of things that alerted me: the statement has not been renewed since, 100 lot size is huge for XAUUSD, and also the fact that there was only one losing trade, but it made almost -$1000 at once.
Nevertheless, I decided to give a chance to this robot, since I was interested in the promise of its designer, claiming that it was possible to start with just $10.
IS Lime EA Characteristics
Software Type: EA (Expert Advisor)
Platform: MetaTrader4
Timeframes: M1
Pairs and assets: XAU/USD and Major Pairs
Minimum deposit: $10
Special features: no
Price: $450
My experience and results with IS Lime EA
The correspondence I had with the seller was pretty nice, it was businesslike, with no offers for additional purchases, although as I mentioned before in this article, Invest Sniper has a lot of tools to offer. I quickly received the installation package, as well as set files, so, I have nothing to complain about in this matter.
So, since the strategy of this robot is unknown, and I had questions regarding its statement, I decided to start with testing robot out on a demo account first.
I believe it is important to mention that the results from the strategy tester are not representative, because the trades there are pretty rare.
In reality, the trades are opened quite often, every half-hour on average. For some reason, when I started my tests I completely forgot about the set files provided by the developer, and simply put the robot on XAU/USD M1 TF as is. That evening when I checked the account, I saw that the robot closed 9 trades with profit, making about $2 total. This result is quite good, considering that I had 0.01 lot size.
The results gave me some hope, and since now I became pretty interested, I studied the Inputs of the robot for the first time. When I saw StopLoss set at 1000 points, I finally understood what type of EA this is. Robots like these open a lot of trades during the day, close them with couple pips of profit, but if the price is moving in the opposite direction long enough, it hits the SL level at 1000 points and this one losing trade makes up for dozens of winning ones.
Surprisingly, this is exactly what happened to my account once I loaded the robot on XAU/USD chart with the set file I received. The very first trade hit the StopLoss level and was closed with almost $40 loss – which is huge for 0.01 lot size! Since this was my demo account, I continued my test, and eventually I received lots of small winning trades just like before. I did not install the IS Lime EA to my real account.
Surely, the situation with the set file and the big loss is random – but it is important for you to understand that with tools like that it is guaranteed to happen to you as well, sooner or later. If you decide to trade with IS Lime EA, please make sure that you withdraw the profits quickly and do not keep a lot of funds on your account.
I have a special offer for my subscribers: you can download a free unlocked version of IS Lime EA!
Contact me: trentbaxter@forexrealreviews.com
Im sorry you spent so much, bro
I spend only the money that I earned with the help of other tools, so, no problem for me
Thank you for the article and for the unlocked version! You’re the best as always!
Thank you!
Hi, I wonder whether forex is your main source of income. I just wish you could make reviews more often
I’m currently reviewing some other tools, I will inform you!
Thanks brother for the review, I do appreciate your time about it, I have some pretty good free EAs that I spent time and effort to test them on live demo forward (Gold Only) which behaved exactly on live account and don’t mind to share them with you but not public so if interested you have my email and let me know, cheers.
Hi, kindly share the gold EAs please. I am really struggling and will appreciate some help. Thanks.