BlueMonkeyEA.com Review

I have been using this EA for about 3 months now.

kinda amazing how well it opens trades and chooses lotsizes. I was first scared of the lot sizes it opened but turned out to be very well targeted. :)

thanks alot BM team :)

Wow what an EA. I have been using it for two weeks and it has just blown me away. I don't understand the negative reviews because all I have is praise for this EA. Alex well done. I have been literally monitoring all their trades and my take is that this is going to be a long term EA. It has gone through all the different market conditions, all the while making profit trades after profit trades. One of the best if not the best EA in the market. I simply love it. Thank you Alex and keep on improving it.

Update: Purchased $299.00 Blue Monkey license. I finally did receive the product later in the day when www.bluemonkeyea.com was prompted by Avangate to respond to my purchase delivery request. Initially it appeared to be a scam because bluemonkey didn't respond promptly. It is not a scam, and the EA is showing to be profitable.

2014-12-11 1 Star Purchased $299.00 Blue Monkey license but never received product sold through Avangate from www.pipable.com and another seller is listed as BigBangEA. Sent multiple emails to Avangate for a refund and made toll free call but only get automatic answering service and after selecting numbers, it says goodbye. Total Loss of my $299.00.

This expert advisor is a good value for the money. The copy that is running on FPA is set higher than one can run the EA in real life so be careful with the settings. I had a problem in switching from version 1.08 to version 1.10. It put too much of the account at risk. The EA is really good at once it finds a trend, to keep on trading the trend up or down. I have not seen it trade GBP/USD yet and that is a new addition to EUR/USD and EUR/GBP.

This bot will eventually blow your account :-). The vendors trading account is running at 100% capital risk.

2014-09-08 No Rating
This is one of the three EA's I'm using on my live account. So far so good. It's been in the black from day one.
I will monitor it for a little longer before I give it any star rating but so far it's been pretty good.

This is actually good EA but It only survives for not more than 5 months, even one of my account not survives in 3 days. If the market are friendly then it is your luck, on strong trend of more than 200 pips will definitely blow up your account no matter how big you balances are. It has a little similarity of an EA system names spartan bolt, but spartan bolt EA survives in any market movement, I've been using it more than 3.5 years.

I have start with Blue Monkey a second Time last Thursday ( in September I have try it the first Time with the Result - 30 % ) and today on Monday I have -30 % !!! The first Time the EA was running 5 days for the Result -30 % and now the EA needed only 3 days for the Result -30 % !!! I think I cant recommend this EA !!!

Apparently the published account doesn't have the 30% DD stoploss in place. Classic action from a vendor who do not want to have a bad curve... so we have to be careful, a first account was lost (margin call) and this second account already go away of the 30% DD without any trade closed...
so is this EA really stable? does the vendor lie or not?

Ok, so I've experimented a quite a bit with the EA. Points of observation to all those who are looking to buy this / use this / know about it:

1. EA is using some kind of hybrid strategy.
* It's not pure grid (it does not allocate fixed lots at fixed drawdowns), but it does have positional targets after it opens a position.
* It's not pure martingale (it does not multiply lot sizes by fixed multiples if previous trades go the wrong way), but it does do some kind of multiplication in consecutive lots to recover poor trades.
* It's not a news trader, but appears to have some kind of filtering mechanisms (e.g. it will not open new deals just before a weekend).
* It uses some hedging too, as I've noticed it open opposite direction trades. In my testing period, both directions were ultimately profitable.
* I haven't spent enough time with the EA to be able to determine if it uses indicators like MACD, RSI or MA to enter on trend / expected reversal.

2. So far, it's profitable. Granted, a couple of weeks is not much to go by, but the EA appears to work, as evidenced by the original account.

3. Support is good, but not exceptional. Bluemonkey aka Alex is helpful, but probably not the designer / programmer of this EA, so his advice tends to stay along the lines of 'use default settings as much as possible'. He generally replies to emails once or twice a day.

4. The EA is fairly risky, but the kind of profit this EA generates does not come without risk.

5. The stop loss parameter actually works. I traded exaggerated lots on a real account to test it.

6. I haven't tried to decode my IP logs to tell if it's a trade copier from some account somewhere. But this EA certainly implements more strategies simultaneously than most other EAs out there. If it's a true EA, kudos!

Notes on how the the EA works:

* The EA is a little... buggy. When it runs OK, it tends to stay OK. But when it doesn't start off so well, it tends to open trades then freeze, leaving the trades orphaned (you'll know when the floating P/L on the chart does not match the actual). For best results, you might want to close all MetaTrader instances, open a new one, open the EURUSD and EURGBP charts, and attach the EA to each in turn with a couple of minutes wait in between to allow the EA to start on one before the other. Get the inputs right on the first try, modifying the properties after you've run it makes it hang after a while (I think).
* The EA treats each currency pair completely independently - stoploss, initial lots, everything.
* Allocate leverage to the initial trades (and set the tone for further trades) carefully. The inputs of the EA let you do that (the initial lot size parameter). Let's call it a 'base leverage'. Bluemonkey appears to be using a real 'base leverage' of about 0.2:1. If you raise that, your drawdowns will be higher.

P.S. Thanks for the nice work, team Bluemonkey! I'm enjoying this.

The reply from BlueMonkey is fast, they mainly stay at myfxbook.
And I have used EA over a week, the performance is satisfying.
People who interested in BlueMonkey could check their trading log at myfxbook, it is the same as my own real account trading.