Bender V2 EA Result and Performace

[krmughal]

I have used so many EAs but among all of them, Bender is performing very well to date.
I am sharing my results, do not use it in hurry, always test it before using.
I have backtested in December 2020 on all pairs but found GU the best pair for this EA

 

[spiked_silver]

Thanks for sharing your results. Can you share the EA please or a link to download?

 

[krmughal]

Thanks for sharing your results. Can you share the EA please or a link to download?

you will find it easily here... search on the forum

 

[cchong]

Thanks for sharing the EA. Would you also share your recommended settings as follow:
1. Minimum Deposit:
2. Time Frame:
3. Leverage:
4. Pair: GBPUSD?
5. Settings:
a.) Lot size
b.) others.....
6. Any potential risks that you see with this EA and your recommendations on how to deal with those risks. Thanks.

 

[krmughal]

Thanks for sharing the EA. Would you also share your recommended settings as follow:
1. Minimum Deposit:
2. Time Frame:
3. Leverage:
4. Pair: GBPUSD?
5. Settings:
a.) Lot size
b.) others.....
6. Any potential risks that you see with this EA and your recommendations on how to deal with those risks. Thanks.

1- $500
2- 15M
3- 1:500
4- GBPUSD
5- Lot Size 0.01
6- Multiplier 1.1

I am using it on fixed lot size i.e 0.01 with any multiplier, so far so good

 

[krmughal]

here is the current status of my account, I have started with $100 and with fixed lot of 0.01

 

[cchong]

1- $500
2- 15M
3- 1:500
4- GBPUSD
5- Lot Size 0.01
6- Multiplier 1.1

I am using it on fixed lot size i.e 0.01 with any multiplier, so far so good

Ok tks very much. Appreciated for your kindness and keep up the good work. God bless and take care

 

[krmughal]

Thanks for sharing the EA. Would you also share your recommended settings as follow:
1. Minimum Deposit:
2. Time Frame:
3. Leverage:
4. Pair: GBPUSD?
5. Settings:
a.) Lot size
b.) others.....
6. Any potential risks that you see with this EA and your recommendations on how to deal with those risks. Thanks.

In beginning, you should start with H1 time frame then reduce it as per your requirement.

 

[cchong]

I have opened a demo account with $100 (leverage1:1000) using your recommended settings which turned out to be opening around 10 trades or so which has almost taken out all my margins and put my account in great risks of force closing all trades and blowing up account pretty soon. I therefore have stopped using that $100 account for testing this EA and I think your recommended balance of $500 is quite necessary as $100 balance account simply won't survive for long. In my opinion maybe $1000 is even safer to use this EA. Just my opnion though.

 

[spiked_silver]

here is the current status of my account, I have started with $100 and with fixed lot of 0.01

Can you share your system on Myfxbook system on the site so that I can follow?

 

[cchong]

Can you share your system on Myfxbook system on the site so that I can follow?

Sorry I have closed the account earlier so no more records can be found now.

 

[krmughal]

I have opened a demo account with $100 (leverage1:1000) using your recommended settings which turned out to be opening around 10 trades or so which has almost taken out all my margins and put my account in great risks of force closing all trades and blowing up account pretty soon. I therefore have stopped using that $100 account for testing this EA and I think your recommended balance of $500 is quite necessary as $100 balance account simply won't survive for long. In my opinion maybe $1000 is even safer to use this EA. Just my opnion though.

You should have to change the multiplier factor to 1 or 0
in $100 account choose Lot size 0.01 and Multiplier 1.00 or 0.00, otherwise your account will be blown

I have started with $100, but it is recommended by the developer to use an initial balance of $500 for 0.01 Lot size

First use H1 time frame

 

[krmughal]

this account I have stated with $100, lot size 0.01, multiplier 1.00
after reaching balance of $250 then I have changed lot size 0.02, multiplier 1.10
I will change the setting later after reaching balance of $500, which I am hopeful that it will achieve

*Always use low spread broker

 

[cchong]

You should have to change the multiplier factor to 1 or 0
in $100 account choose Lot size 0.01 and Multiplier 1.00 or 0.00, otherwise your account will be blown

I have started with $100, but it is recommended by the developer to use an initial balance of $500 for 0.01 Lot size

First use H1 time frame

I see. ok thanks a lot!

 

[krmughal]

Good performance when market moves in range

 

[cchong]

Good performance when market moves in range

Thanks for sharing your results. Ya it looks great with ranging market. However if there is a strong parabolic move of a long trend in one direction(either uptrend or downtrend, which has not happened yet recently but would surely come soon or later, for your info last year somewhere near 9th of March there was such a strong move during the pandemic season), not sure whether this EA could survive or not. The reason I ask and worry is because of seeing many trades being opened by it. If the margin and equity can't sustain the trades, then this could possibly be the end for the account. Let's hope it would continue to do a good job, let's see what happen next then. Just for your info, the other EA that I'm using called Red Dragon MT5 EA is also facing the same risk. It does pretty well for ranging market too. But not for strong parabolic move trending market. That could be the danger for any EA that works well for ranging market. In short, no EA is perfect for every market condition. I think one would need to learn how to manage our risks properly and try to minimize risks so that our profits could possibly be more secure when bad times come. Simple as that.
If you are interested to try Red Dragon MT5 too, here's the link for you to check it out:
Red Dragon MT5 (My Favourite EA: 48% Profit & 26% Drawdown)
https://www.forexforum.co/threads/red-dragon-mt5-my-favourite-ea-48-profit-26-drawdown.17408/
Wish you all the best. keep up the good work and God bless. bye

 

[ADDI23]

Thank you, man. I am really wanna try this EA. Hope it will work.

 

[cchong]

Updates: results on testing with $100 account balance (ECN account with leverage 1:1000, roboforex broker). Please see screenshot for proof.
Settings:
Deposit: $100
Leverage: 1:500
Time Frame: H1
Currency pair: GBPUSD
Settings:
fixed lot:0.01
Use preset GBPUSD
Lots exponent: 1.0
The rest remained as default

My thoughts: This EA is considered to be risky when used with $100 account balance. Equity dropping to 66% left even when using large leverage 1:1000 after 5 trades opening. If possible, I would encourage anyone to use this EA with a much larger balance for your safety ($1000 would be much better and safer). Okay that's all I can say about this EA. wish you all the best in your testing. Take care and God bless you all. bye

 

[cchong]

When using $1000 balance with this EA, the account is much safer than using $100. Please see screenshot for comparison.

 

[krmughal]

Thanks for sharing your results. Ya it looks great with ranging market. However if there is a strong parabolic move of a long trend in one direction(either uptrend or downtrend, which has not happened yet recently but would surely come soon or later, for your info last year somewhere near 9th of March there was such a strong move during the pandemic season), not sure whether this EA could survive or not. The reason I ask and worry is because of seeing many trades being opened by it. If the margin and equity can't sustain the trades, then this could possibly be the end for the account. Let's hope it would continue to do a good job, let's see what happen next then. Just for your info, the other EA that I'm using called Red Dragon MT5 EA is also facing the same risk. It does pretty well for ranging market too. But not for strong parabolic move trending market. That could be the danger for any EA that works well for ranging market. In short, no EA is perfect for every market condition. I think one would need to learn how to manage our risks properly and try to minimize risks so that our profits could possibly be more secure when bad times come. Simple as that.
If you are interested to try Red Dragon MT5 too, here's the link for you to check it out:
Red Dragon MT5 (My Favourite EA: 48% Profit & 26% Drawdown)
https://www.forexforum.co/threads/red-dragon-mt5-my-favourite-ea-48-profit-26-drawdown.17408/
Wish you all the best. keep up the good work and God bless. bye

Yes you are very much right bro
this unexpected downfall move of GU has washed my account completely. my other account was saved which I have turned off on 24th Feb due to shifting to another broker