The Fx-bandit Expert Advisor, Review
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 stoploss becomes effective. It is a question of WHEN !
One of my core beliefs is that an expert advisor should be shielded from this kind of flaws. An ea should always have a stoploss which is effective from the time we enter the trade. It is only a question of time then, before the fx-bandit ea gives back all of it's profit to the market. As I have told you, not a matter of IF a matter of WHEN.
This is true of all similar expert advisors without a stoploss. It is never a question of "will there be a time when you will have a margin call" it is a question of when. This also explains why this expert advisor seems so profitable. It generates income through this excessively risky strategy, (in my opinion) then most likely gives it back in a single trade.
I do NOT recommend this ea, in my opinion, the trading style is just too risky to be included in our expert advisor portafolio.
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 stoploss becomes effective. It is a question of WHEN !
One of my core beliefs is that an expert advisor should be shielded from this kind of flaws. An ea should always have a stoploss which is effective from the time we enter the trade. It is only a question of time then, before the fx-bandit ea gives back all of it's profit to the market. As I have told you, not a matter of IF a matter of WHEN.
This is true of all similar expert advisors without a stoploss. It is never a question of "will there be a time when you will have a margin call" it is a question of when. This also explains why this expert advisor seems so profitable. It generates income through this excessively risky strategy, (in my opinion) then most likely gives it back in a single trade.
I do NOT recommend this ea, in my opinion, the trading style is just too risky to be included in our expert advisor portafolio.
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