Expert Advisor Review

Waka Waka EA Review MT4/MT5

Not Recommended MT4/MT5 Grid, 3 Pairs From $1,497/yr Verified 27 Sep 2026

The Bottom Line

The Robotic Trader's verdict: Waka Waka EA is Not Recommended. The developer is legitimate, but her own real accounts show drawdowns of 72.42% (main account, by equity) and 90.58% (a second Waka account), and the figures used to sell it do not show that risk.

Waka Waka does not pass our review, and the reason is in the developer's own records rather than in any allegation. Valeriia Mishchenko publishes her accounts openly on MQL5 and Myfxbook, has sold Waka Waka on the MQL5 Market since August 2021, and states plainly that it is a grid system. This is not a scam. It is a real product whose real risk is larger than the way it is presented.

The main account has traded since June 2018 and has booked $16,739.43 of profit across 5,498 trades, with a profit factor of 1.70. It has also been through a 72.42% drawdown by equity (MQL5 signal, measured from 6 May 2021). Archived copies of the account's earlier Myfxbook listing place its deepest point in April–May 2024 — and show $3,000 deposited in the same fortnight, lifting the balance from $7,370.48 to $10,370.48 while its trading profit stood unchanged.

It is in a deep drawdown again now. On 26–27 September 2026 the account held nine AUDNZD sell trades whose sizes grew from 0.05 lots to 2.62 lots, and its equity sat $7,303.79 below its balance — 45.97% of the balance as an unrealised loss. MQL5 has stopped accepting new subscribers to the signal, stating: "Current drawdown is dangerous for subscribers." A second real account the developer publishes as Waka Close shows a 90.58% maximum drawdown.

None of that appears in the headline figures. The developer's page leads with "+12,848%" and "96/99" months in profit. Monthly results like these reflect closed trades, so an open grid barely registers until it closes: April 2024 closed at −0.03% on MQL5's monthly table while archived Myfxbook data shows equity at 53.17% of balance on 2 April. A 74.02% win rate sits on an average loss 1.68 times the size of the average win.

What counts in its favour: the record is long, real and public; the developer publishes a 66.54% maximum drawdown on her own product page; and the software includes risk controls, including an optional setting that closes trades at a chosen drawdown. We do not reject grid systems as a class — how grid EAs work means every one carries this kind of tail risk, and the test is what the developer's own accounts show when it arrives. Here it has arrived, repeatedly. Anyone who runs Waka Waka anyway should size capital and lot settings on the assumption that a drawdown of this depth can happen again. What would change our verdict is set out in the disclosures below.

Methodology
ⓘ

Evaluation Methodology

This review was conducted under our Track 1 framework, which applies where an Expert Advisor has a genuine, independently tracked live record. Waka Waka's MQL5 Market listing links directly to the developer's MQL5 signal, so the product and the record match.

The same account is also published on Myfxbook, which the developer's own site features. Balance, profit and trade count match to the cent, so we treat the two as one record shown twice, not as corroboration. We then went beyond the featured account: we opened every Waka account on the developer's Myfxbook profile, read archived copies of the account's earlier Myfxbook listing on the Wayback Machine, read the buyer reviews on the MQL5 product listing, and read the developer's product page for pricing and marketing claims. We also checked ForexPeaceArmy, where the vendor had no rating and no reviews when we looked on 26 September 2026.

Our published criteria that decide this review are that a wipeout or near-wipeout is disqualifying, and that a high win rate with a poor payoff ratio is a warning rather than a strength.

Note: live data in this review is a dated snapshot read from public, independently hosted MQL5 and Myfxbook pages on 26–27 September 2026 — not a live feed, and not self-reported developer figures. We did not buy or run the Expert Advisor.

The Developer's Real Accounts

The developer publishes three real-money Waka accounts on Myfxbook, all at the same broker and leverage. The first is the one the product links to and the marketing features. The second is published but not featured. All figures were recorded by us on 26–27 September 2026.

Linked from the product

Waka Waka EA — main account

Recorded: 26–27 September 2026
5,498
Total Trades
74.02%
Win Rate (4,070 of 5,498)
1.70
Profit Factor
$10.02 / −$16.82
Average Win / Average Loss
13.88%
Max Drawdown by Balance
72.42%
Max Drawdown by Equity
Account typeReal, USD — ICE-FX (ICEMarkets-Server), 1:300, MT4
RecordTrading since June 2018; MQL5 monitoring since 6 May 2021 (MQL5 excludes the earlier history from its statistics)
Pairs tradedAUDCAD, NZDCAD, AUDNZD
Funding$500 initial deposit, $3,000 further deposit (April–May 2024), $4,352.41 withdrawn
Balance / equity$15,887.02 / $8,583.23
Open drawdown45.97% — nine AUDNZD sells opened 21 Aug – 7 Sep 2026, 0.05 → 0.05 → 0.10 → 0.20 → 0.40 → 0.64 → 1.02 → 1.63 → 2.62 lots
Max deposit load72.13% (MQL5)
MQL5 statusNew subscriptions suspended: "Current drawdown is dangerous for subscribers."
Other measuresRecovery factor 9.19, Sharpe ratio 0.11, algo trading 99% (MQL5)
View on MQL5 → View on Myfxbook →
Published, never featured

Waka Close

Recorded: 27 September 2026
90.58%
Max Drawdown
1.51
Profit Factor
3,390
Total Trades
$2.13 / −$3.88
Average Win / Average Loss
Account typeReal, USD — ICE-FX, 1:300, MT4
Funding$1,250 deposited, nothing withdrawn
Balance / equity$3,033.39 / equity at 52.72% of balance
Date of the 90.58%Not shown on the account page, so we do not state one
Why it countsPublished by the developer under the Waka name, at the same broker and leverage, in the same group of Myfxbook listings as the main account. She does not state which settings it runs.
View this account →
Three things we will not state. A growth figure: the same account reads +12,848% (Myfxbook "Gain"), +478.27% (Myfxbook "Abs. Gain") and 383.51% (MQL5 "Growth"). They measure different things, and with $3,500 deposited and $4,352.41 withdrawn none of them is the return a buyer would have had, so we lead with none. A cause for the deposit: the archives show when the $3,000 went in, not why; whether it prevented a stop-out is not established. Default settings: the listing documents the grid multipliers and an optional maximum-drawdown close, but publishes no default values. Past performance, including verified live performance, is not a guarantee of future results.

The April–May 2024 Drawdown, From Archived Copies

Before its current Myfxbook listing, the main account was published under an earlier listing that has since been replaced. Archived copies of that listing show the same account — same broker, same leverage, the same $4,352.41 of withdrawals — through its deepest recorded drawdown. Each row links to the archived page.

2 April 2024Balance $7,372.56; equity 53.17% of balance ($3,919.68); max drawdown shown 51.54%; deposits $500
23 April 2024Balance $7,370.48; equity 75.61% ($5,572.49); max drawdown shown 58.02%; trading profit $11,222.89; deposits $500
8 May 2024Balance $10,370.48; equity 57.87% ($6,001.16); max drawdown shown 70.24%; trading profit $11,222.89 (unchanged); deposits $3,500
What it showsBetween 23 April and 8 May 2024 the balance rose by exactly $3,000 while trading profit did not move, so the rise is the deposit (Myfxbook dates the new balance to 26 April). In the same window the maximum-drawdown reading rose from 58.02% to 70.24%. MQL5's 72.42% equity drawdown, $5,337.38, is 72.4% of the account's April 2024 balance.
Two listings, two figuresThe earlier listing showed a 70.24% maximum drawdown on 8 May 2024. The current listing shows 66.54% for the same account, and that is the figure the developer's product page quotes. We have not established why they differ.

Price and Licence Terms

Developer's siteSold only inside a six-EA portfolio: $1,497 a year to rent, or $4,997 once to own; 10 MT4 or MT5 licences per EA
Free trial / refund14-day free trial; 30-day money-back guarantee on the portfolio (both as stated on the developer's site)
MQL5 Market$2,800 on its own — MT4 version and MT5 version; 10 activations; free demo for the Strategy Tester
PlatformMT4 and MT5; M15; one chart trades all three pairs; VPS required by the developer
Risk settingsFour predefined risk presets, or fixed, balance- or equity-based, or deposit-load lot sizing; separate multipliers for the 2nd, 3rd–5th and 6th-onward grid trades; optional maximum-drawdown close
Leverage guidanceThe developer advises no higher than low-risk settings on an account under $6,000 at 1:30 leverage, and up to significant-risk settings on $1,000 at 1:100
Prices recorded27 September 2026, from the developer's site and the MQL5 Market

Key Evaluation Criteria

  • ✅ Evidence authenticity: passes. The accounts are real, public and long-running, and the replaced Myfxbook listing proved on archived copies to be the same account re-listed — no record was removed.
  • ✅ Strategy disclosure: passes. The MQL5 listing calls Waka Waka "the advanced grid system", the developer's site lists "Uses Grid: Yes", and the lot multipliers behind the growing trade sizes are documented in the settings.
  • ❌ Drawdown on the developer's own accounts: fails. 72.42% by equity on the main account and 90.58% on Waka Close. Our methodology treats a near-wipeout as disqualifying.
  • ❌ Current condition: fails. A nine-trade AUDNZD grid holds the main account at a 45.97% open drawdown, and MQL5 has suspended new subscriptions as "dangerous for subscribers".
  • ❌ Buyer record: fails. The listing's overall rating is 4.25 from 54 reviews, but five of the seven most recent (June 2023 – June 2024) give 1 or 1.5 stars and describe blown accounts or heavy losses. No review has been posted since June 2024.
  • ⚠️ Marketed figures: the developer does publish a maximum drawdown (66.54%), but it is lower than the 72.42% equity drawdown MQL5 records and the 70.24% the earlier Myfxbook listing showed, and the headline "+12,848%" and "96/99" months in profit are measures an open grid and a mid-drawdown deposit do not show.
  • ⚠️ Payoff: a 74.02% win rate with an average loss 1.68 times the average win. The profit factor of 1.70 is positive, so this is a warning rather than a fail — see our guide to choosing an Expert Advisor for why win rate alone misleads.
  • ⚠️ Funding during drawdown: $3,000 was deposited in the fortnight of the account's deepest recorded drawdown. The record is real, but it is not the record of an account left to run on its starting capital.

Suitability & Risks

What's Genuinely Positive

To be fair to the product

The developer is legitimate, and she publishes her record in full, including the accounts that weaken her case.

  • ✅A real-money record running since June 2018, public on two platforms, with 5,498 trades.
  • ✅The grid is declared, not hidden, and the losing accounts are left visible.
  • ✅A maximum drawdown figure is shown on the product page itself.
  • ✅Real risk controls: four presets, a lot cap and an optional drawdown close.
  • ✅A 14-day free trial and a 30-day money-back guarantee through the developer's site.
Key Risks

Why we will not recommend it

Every item here is sourced to the developer's own accounts or listings.

  • ⚠️Real-account drawdowns of 57.17%, 72.42% and 90.58% across three Waka accounts.
  • ⚠️Recovering from a 72.42% drawdown takes a 262.6% gain; from 90.58%, a 961.6% gain — try the arithmetic in our drawdown recovery calculator.
  • ⚠️Grid trade sizes multiply: the open basket's largest trade is more than 52 times its first.
  • ⚠️The headline figures sold to buyers are closed-trade measures that do not show open drawdown.
  • ⚠️Only sold in a $1,497-a-year or $4,997 portfolio on the developer's site, or $2,800 alone on MQL5.
  • ⚠️If you run it, size capital and lot settings on the assumption that a drawdown of this depth can happen again.

Important Disclosures

Verification History
27 September 2026 — first published, Not Recommended. Figures read from the MQL5 signal, the three real Waka accounts on Myfxbook, archived copies of the earlier Myfxbook listing, the MQL5 listing and the developer's site on 26–27 September 2026, as shown on this page. We do not edit published figures to track current values — we add dated entries here instead.
What would change this verdict. So that this does not rest on our judgement alone, these are the conditions under which we would reassess Waka Waka:
  • The current AUDNZD grid closing, followed by 24 months on the main account with a maximum equity drawdown below 30% on MQL5.
  • The developer publishing the default values of the grid multipliers and the drawdown close, and a real account on a default preset reaching 24 months within the same limit.
  • The product page showing equity drawdown, the 2024 deposit and all three real Waka accounts beside the lifetime gain and months-in-profit figures.
The first is required; the other two would strengthen the case. None requires the product to stop being a grid system.
Grid systems and this verdict. Replying to a buyer review on the MQL5 listing on 29 March 2024, the developer wrote that any grid system "will eventually blow up the account" if no risk management is applied, and pointed to Waka Waka's risk settings. We agree with the principle. A grid is not disqualifying on our methodology; what is disqualifying is a record showing near-wipeout drawdowns, and that is what her own accounts show.
On the replaced Myfxbook listing. The developer's main account was published on Myfxbook under an earlier listing until at least August 2025 (archived 16 August 2025) and now appears under a new one. Same broker, same leverage, the same $4,352.41 of withdrawals and a balance that continues without a break: it is the same account re-listed, not a deleted record. The two listings report different maximum drawdowns for it — 70.24% on the earlier one (8 May 2024) and 66.54% on the current one — and we have not established why.
What we verified, and what we did not.

On 26–27 September 2026 we read the MQL5 signal, the three real Waka accounts on the developer's Myfxbook profile, archived copies of the earlier listing on the Wayback Machine, the MQL5 Market listing and its buyer reviews, and the developer's product page. We did not buy or run the Expert Advisor, inspect its default settings, or re-verify trade-by-trade execution or broker conditions. Waka Close is treated as a Waka Waka configuration on the evidence of its name and listing; the developer does not state which settings it runs.

Affiliate Disclosure: The Robotic Trader is an affiliate of ValeryTrading, which sells this developer's Expert Advisors. The relationship was approved on 17 August 2026, after our Perceptrader AI review was published. The same programme covers the six-EA portfolio Waka Waka is sold in, so a Recommended verdict here could have earned us commission. We reached Not Recommended, and no link on this page is an affiliate link.
Risk warning. Trading foreign exchange on margin carries a high level of risk and you can lose more than you expect. An Expert Advisor removes the delay between a signal and a trade; it does not remove risk. Past performance, including verified live performance, is not a reliable indicator of future results. The Robotic Trader is an independent publisher, not a regulated financial adviser, and nothing on this page is investment advice.

Frequently Asked Questions

Is Waka Waka EA a scam?
No. The developer, Valeriia Mishchenko, publishes real-money accounts on MQL5 and Myfxbook, leaves the losing ones visible, and states openly that Waka Waka is a grid system. Our verdict is not about honesty. It is about risk: her own accounts show drawdowns of 72.42% (main account, by equity) and 90.58% (Waka Close), and that is the risk a buyer takes on.
Why is Waka Waka EA Not Recommended?
Because the developer's own real accounts show the risk of a grid system turning into losses that come close to wiping an account out. The main account reached a 72.42% drawdown by equity (MQL5), took a $3,000 deposit in the same fortnight as its deepest recorded drawdown in 2024, and on 26–27 September 2026 was holding a 45.97% open drawdown with MQL5 subscriptions suspended. Waka Close shows 90.58%. Our methodology treats a near-wipeout as disqualifying.
What is Waka Waka EA's maximum drawdown?
It depends which figure you are shown. On the main account MQL5 reports 13.88% by balance and 72.42% by equity since 6 May 2021. Myfxbook's current listing shows 66.54%, which is the figure the developer's product page quotes; the same account's earlier listing showed 70.24% on 8 May 2024. The other two real Waka accounts show 57.17% (Waka Smart TP) and 90.58% (Waka Close). The balance figure is low because a grid keeps its losing trades open, so the loss sits in equity rather than in closed trades.
Why did MQL5 suspend subscriptions to the Waka Waka signal?
MQL5 blocks new subscribers when a signal's current drawdown is high. On 26–27 September 2026 the signal page read: "Current drawdown is dangerous for subscribers. Subscription will be allowed once drawdown improves." At that point the account held nine AUDNZD sell trades, sized from 0.05 up to 2.62 lots, and its equity was 45.97% below its balance.
How can Waka Waka show 96 of 99 months in profit with a 72% drawdown?
Because monthly results like these reflect closed trades, and a grid holds its losing trades open until the basket closes. In April 2024 the main account closed the month at −0.03% on MQL5's monthly table, yet archived Myfxbook data shows its equity at 53.17% of its balance on 2 April. A months-in-profit count tells you how many months closed in profit, not how deep the open loss went along the way. Our guide to evaluating EA drawdown risks explains the difference.
Is a grid EA always a bad idea?
No, and we do not reject grid systems as a class. A grid adds trades as price moves against it, so it wins often and occasionally carries a large open loss, and its risk has to be sized for that tail rather than for the typical month. The developer herself wrote on 29 March 2024 that any grid system will eventually blow up an account if no risk management is applied. What decides a grid EA for us is how deep its baskets have gone on real accounts. For Waka Waka, the developer's own accounts answer that at 72.42% and 90.58%.
What does Waka Waka EA cost?
As at 27 September 2026, the developer sells it only inside a six-EA portfolio at $1,497 a year or $4,997 once, with 10 MT4 or MT5 licences per EA, a 14-day free trial and a 30-day money-back guarantee. It is also sold on its own on the MQL5 Market at $2,800 for MT4 or MT5. A VPS is required.
Could Waka Waka EA be recommended later?
Yes. The conditions are published in the disclosures above: the current grid closing, followed by 24 months on the main account with a maximum equity drawdown below 30%; default settings published and proven on a real account; and marketing that shows equity drawdown and the 2024 deposit beside the headline figures. We would reassess on that evidence.
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