ELM EA Review

ELM EA Review 2.1

No permission to download
An overview of the main features of the ELM EA
The ELM EA is a fully automated cross-platform trading bot. It makes one trade at a time and does not use dangerous strategies such as martingale. The lot size of the next order is not tied to the results of previous ones and remains the same as set in the risk settings.
The algorithm uses virtual take profit (TP) and stop loss (SL), as well as the real ones seen by the broker. Thanks to the smart money management system the bot can work with the smallest amounts on the account. The trading strategy used does not require a large margin, so the ELM EA bot will also be effective on trading accounts with low leverage.
The algorithm can only be tested in real time - the history feature does not work. Testing in real time will take more time but the results are very reliable, in contrast to what can be obtained from the Strategy Tester.
Due to the fact that the developers have paid much attention to the results of the direct testing, users do not have to worry about optimizing the algorithm - a lot of work has already been done on this. The bot can work with 26 currency pairs, which is supported by the Pro version. There is also an Optimum version with less features and only 6 currency pairs, but many users do not need more.
Expected profit if you use ELM EA trading robot
With the standard settings and leverage of 1:500, the bot makes about 20-25% profit every month. If you want more, there are aggressive settings, but they make the result less predictable - the profit may remain at the same level or increase several times, or turn into a loss. However, even with aggressive settings the ELM EA shows excellent results.

ELM EA and security of funds
To protect the algorithm from unforeseen situations in the market and manipulation of the broker, there are a number of functions. For example, if slippage is exceeded or execution is too slow, trading can be turned off automatically. In the case of several consecutive losing trades, the algorithm is deactivated. Judging by messages on the forum, customers who use it are not afraid of waking up in the morning and see $0 in their trading account. You always have the ability to limit your losses based on what you're prepared for.

ELM EA currency pairs
In total, the bot can trade twenty-six currency pairs - with the U.S. dollar, Canadian, Australian, New Zealand, euro, pound sterling, yen, Swiss franc. Let me list all pairs:
EUR/USD,GBP/USD,USD/JPY,EUR/JPY,USD/CAD,AUD/USD,NZD/USD,AUD/JPY,AUD/NZD,AUD/CHF,AUD/CAD,CAD/CHF,CAD/JPY,CHF/JPY,EUR/AUD,EUR/CAD,EUR/CHF,EUR/GBP,EUR/JPY,GBP/AUD,GBP/CAD,GBP/CHF,GBP/JPY,NZD/JPY,NZD/CAD,NZD/CHF.
All of them can be used simultaneously, but it is better to give preference to those, on which the spread exceeds 2.5 - in this way, the strategy will show especially high profitability.

What is a VPS and why should I use one?
To use all pairs simultaneously you need to have from 1 GB of RAM on a VPS server. Since not everyone has a good understanding of what a VPS is and how it works, I will give a brief explanation.
VPS stands for Virtual Private Server - that is, a virtual private server. This hosting service, when you use it, you are provided with a virtual server, which emulates the work of a physical one and has its own IP address. It should be distinguished from the virtual hosting - when using the latter, you share the site with other people, as a virtual server is yours entirely. The second important advantage of a VPS is the possibility of much more fine-tuning.
Theoretically, you can use trading bots, including ELM EA, without a VPS - just from your PC. But it is better not to do so, because the PC cannot provide sufficient stability, and the results will be worse - as noted by the developers. The matter is first of all in the high ping - when it comes to scalping, every fraction of a second is important.
Recommended characteristics of VPS: 2 GB of RAM, dual-core processor, location - London. The developers single out chocoping.com for its excellent price/quality ratio, fxvm.net, and fxvpspro.com for their low cost and average quality.


Recommended brokers for ELM EA
The developers do not indicate any restrictions on their website, which means that in theory the bot should work with any broker. They also do not give affiliate links to brokers - this shows that they are not interested in advertising and allows you to take the list of recommendations with some confidence.
The number of brokers recommended by the developers, the work of ELM EA with which has been thoroughly tested and should not cause any problems, include:
  1. Tickmill (Pro or VIP account),
  2. NDDFX (DMA account),
  3. FBS (ECN account)
  4. Lmax,
  5. ThinkTrade,
  6. HankoTrade.
I do not recommend using the bot with the following brokers: Alpari, FTMO, OANDA, IcMarkets. The efficiency of the bot is not guaranteed when trading with these brokers, moreover, misunderstandings with these brokers are possible. In the case of IcMarkets problems arise when working with the MT4 platform, with MT5 all goes well.



Free ELM EA license download and purchase
At elm-ea.com you can download the ELM EA for free to try out its features and then purchase a license. There you will also find a forum where customers communicate with each other. All the usual issues that arise during the trade through this bot, the forum has already discussed in detail. Moreover, it's worth contacting there if you have any atypical difficulties. The atmosphere on the forum is friendly, users try to help each other to achieve better results, and the developers are also involved.
The license is not tied to the number of the account, the account owner or the broker. There is only a limit to the number of trading accounts working at the same time, which means that you are free to change the account or transfer your license, which is very convenient. One license allows you to work with three or ten trading accounts simultaneously - it depends on the selected package. If the limit of simultaneous connections is reached, to connect a new account, it is enough to disable the old one. The developers should be praised - they tried to make the conditions as loyal as possible and not restricting users.

How do I buy an ELM EA?
Optimum license costs $999, Professional license - $1999, you can buy them on the official website elm-ea.com. To purchase it, you need to have the appropriate amount of money in your wallet balance, and here there may be a hitch - you need cryptocurrency, and not all Forex traders deal with it at all.
There are different ways to get hold of cryptocurrency. The first one to consider is an exchanger. Buying is done with the help of payment systems such as Qiwi, PayPal, from the phone or in cash. If you need to buy cryptocurrency at once, the exchanger is the easiest and most convenient option.
If you are going to periodically buy cryptocurrency in the future, it is better to do without such intermediaries, because they need to pay commission. Instead, you can use p2p-platforms, where exchange deals are made directly with other users. Or you can have a cryptocurrency wallet - they allow not only to store cryptocurrency, but also to trade it and exchange it for regular (fiat) currency, like dollars or euros. There are many more ways, acquiring cryptocurrency is now very easy.
Conclusion
Of the trading robots available on MT4 and MT5 trading platforms, ELM EA is one of the most powerful and most promising. The algorithm has a balanced strategy, strict rules for opening deals, high-level support and a formed community ready to help newcomers in everything.
The main disadvantage is the price: it can seem high for ordinary traders. But for this money you will get a well-designed and ready-to-use product that will immediately start generating profits. The trading strategy is well thought out, implemented and optimized, so you don't have to do anything, just use the result.
  • Like
Reactions: zspb
Author
Forex Trading Robot
Downloads
0
Views
2,907
First release
Last update
Rating
4.75 star(s) 8 ratings

More resources from Forex Trading Robot

Latest reviews

A couple of months ago, technical support promised me updates for the ELM EA . To be honest, I didn't believe they would. And now they are already installed on my computer. They kept all their promises. The updated ELM EA 2.1 is on the chart. Today + $400 to the deposit. Thanks for your algorithm!
I personally enjoyed trading on the news. The bot has an excellent news filter. When everyone prefers to wait, the bot opens a deal and I'm in the black.
The advantages of ELM EA , I would include a clear filtering of transactions. Just like that, the bot will not open a deal, but only if there are suitable conditions for this. Also, he will not trade in a flat.
The licensed version of the algorithm is a great weapon against the broker, so I recommend to choose a broker from the list provided for work from Jared and follow all recommendations, then you will be as successful as me! Thank you!
Hello! I am a professional trader and over the years I have tried all sorts of bots and different strategies that their authors positioned as successful and complete, after purchase they stopped responding to my messages and the bots were draining my accounts. ELM was the first bot that amazed me the most with its technical support and its instant response to any question, smart logic and three possible modes of operation in one bot, it's fantastic! Jared, a big bow from me! Good luck to all!
I was looking for something similar and when I found and tested the demo, I was amazed. All in all I am satisfied, but I would like to get a complete description of each parameter from the ELM author so it would be clearer what and how to change and which settings to apply at the right moment
Hi all, I use ELM Opti Mt5 version, great bot, which with its flexible settings is able to adjust work with almost any broker and market conditions.
I want to share my opinion on the work of this algorithm after a year. It was not always easy and simple to earn with the first broker I liked, because not all brokers have suitable trading conditions and honest relationships with their clients. But with technical support and lots of recommendations from her, I have found several brokers with whom I work successfully up to now with ELM Pro version. Great bot for which I did not regret to pay so much money!
Top