As a very brief summary; started well (back over a year ago), proceeded to be excellent, went downhill and then was essentially disastrous!
In the current form it is not a viable EA as simply cannot handle a currency having continued strength and in October 2024 has had massive drawdowns and triggered the 40% stop-out seemingly across all clients.
When the rewards were quite high, as they have previously been, it was worth the risk. However, with the monthly returns being between 2 and 3% over the last six months it’s just not viable or worth the risk.
One of my accounts hit the 40% stop-out; but cleared the other one with minimal losses, by manually trading and stopping the rather ridiculous strategy the algorithm seems to use. The continually placing of larger and larger trades in the opposite direction to the trends just adds up to a significant (and totally unnecessary) capital exposure. They talk about risk management but seem to have overlooked this programmatically!
Will add more in the future, but essentially – would absolutely advise against Alchemist in the current form. Johannes Pichler and the team claim to be working on a new version, but this was initially shared on Instagram on July 21st and then there have been no further updates until 24th of October when a series of Telegram posts visualised the alleged improvements but no exact launch date has been provided – currently “aiming to have everything ready by the beginning of the new year”.
