FOREX REVIEWS

Many of you may have tried to find a good free expert advisor along your quest for the perfect set. There are a lot of forums and websites that contain free expert advisors which you can download, use and test at your own discretion. I have been back and forward testing a lot of this eas for the past two months, amongst the ones that I have tested, one has impressed me the most. This expert advisor is myfxovereasy, which I got here . This expert advisor has a unique quality which impressed me from the first moment I tested it. It withstood almost five years of backtesting on 90% modelling quality. At the end, it showed profit and I could recognize the pattern a good expert advisor leaves on it's charts. The expert advisor does experience some large draw downs, almost 30% being the maximum but I liked the fact that it has a fixed stoploss which prevents a margin call, making this ea avoid this fundamental flaw. I mean, this ea does not come without risk, it works on a 15 minute ...

The world wide web is now overflowing with different expert advisors. I do a biweekly survey in which I look for new expert advisors on google and ebay, often finding a dozen new expert advisors for each time I do my research. Many of them do the same thing. They are usually targeted towards forex newbies who clearly don't have a substantial understanding of the way the market works and the way money is made inside forex . The expert advisors always promess to be a "set and forget" way of entering the forex market with massive profit. When I first learned about expert advisors, I used to think they were a pretty straight thing. I mean, it makes sense. Mr. A is a successful forex trader and he puts his strategy in expert advisor M. I use M, hence, I'm using Mr.A's strategy, making me a successful trader by logic. Well... Not quite. There are a pair of things that differentiate me using M from Mr.A. First Mr.A has probably been in the forex market for a while, he ha...

NOTE : The review written here is for an expert advisor different from the one I talk about in my free expert advisor portfolio. As a coincidence both experts have the same name. Three months ago, I purchased what seemed to be an interesting ea called "MoneyMaker" (aren't they all!) which traded the EUR/JPY pair in what seemed to be a trending style. The ea claimed amazing profits , in the order of several times (about 500%) your initial investment. It came with a money back, no questions asked guarantee, so I figured out there would be no harm in giving it a try. Even from the beginning I started to dislike this expert advisor. It has no stoploss . You heard me. No stoploss at all. The maker claims that the ea "quickly" gets out of loosing trades . Which in real life, turned out to be a bit "not quick enough" for my taste . I forward and backtested this ea. In backtesting, the ea showed periods of massive winning, taking profit on one of aproximat...

I have been using the Fx-bandit expert advisor demo for about three weeks. The experience has been good (partially) and it has also let me realize the really bad things (in my opinion) about this expert advisor. For the good side, fx-bandit has delivered, up until now, the profit margin it is supposed to give every month. Although one month is a very small period of time to actually test any ea, fx-bandit does some amazing trades and actually held profitable ones through the non-farm payrolls earlier this month (which is something most expert advisors do not do). For the completely bad aspects, fx-bandit's stops are activated after a certain amount of time defined by a variable in the ea's configuration. So, if you place a trade today, the stoploss would not be effective until the time (in days!) given by this variable. This is a recipe for DISASTER ! It is not a question of if there will ever be a set of market conditions in which you will have a margin call before the stoplo...

When I began my quest to find an expert advisor that did well in a broad variety of market conditions I was very confused by the overwhelming amount of expert advisors available. After reading and searching for reviews all across the world wide web I found what appeared to be a good and well recommended expert advisor. Hence, I bought the Doubleplay expert advisor. The Doubleplay expert advisor is what appears to be a very solid and conservative expert advisor. It fits my trading style, having a 50 pip adjustable stop loss and also a risk management module which makes sure that I never risk more than 5% of my account on each trade. I have been very satisfied with this ea. It has traded as promised and has delivered some profit throughout the three months I have been using it for. I have obtained about 40% profit , which hits a quiet high profit/loss ratio. Support has also been absolutely wonderful, every doubt or support question I have had has been answered promptly by Hal, who is...

As I mentioned in a previous post, expert advisors, (entities that deal with trades automatically) may never be tested in a satisfactory way for future performance. The reason why, as I said, was because there is no way an expert advisor may be tested to account for all future market conditions. This is mainly because the market is too dynamic, being a reflection of global economical aspects which as we know, change dramatically as time goes by. - - As an example, I have prepared a monthly EUR/USD graph, showing the relationship between these currencies for the past years. As you can see there are a lot of market conditions. For example, the market conditions between 1998 and the year 2000 are mainly bearish, while the conditions between 2000 and 2002 are those of a trending market. - Now, here comes the pretty part. If you had forward tested an expert advisor for a year between 2000 and 2001 and that expert advisor did very well in ranging markets then your results would have appear...

As many of you may already know, an expert advisor is an automated trading tool which makes all relevant trading decisions in the forex or any other trading market based on some technically driven trading rules. In the forex market, expert advisors are usually programmed using the Metaquotes language in the Metatrader program. Metatrader can be obtained free of charge and used to test drive expert advisors in a demo account. Testing expert advisors in a demo account is denominated "forward testing". The results are dependent on the amount of time the demo account is ran and as such, this approach is long. Taking years to obtain relevant results from the market. Since expert advisors are a relatively new technology, the existence of this long forward tests is not common. People usually rely either on backtesting of expert advisors (which can be very unreliable depending on the software used and the testing data and condition), which involves testing the expert advisor with lim...