FOREX REVIEWS

For those of you who have not read previous posts about God's Gift, it is a free expert advisor coded by Matt Edmonds which I have been testing from January 2008. I stopped publishing results on this website since the ea is a very infrequent trader and it took it several months to accumulate a good amount of trades. Now I will show you my results for this free, profitable, expert advisor. - - As you can see on the graph, the ea has performed very well for the past 9 months as it has been predicted by it's backtesting. The expert has very good market entries. With about only one entry per week, this ea enters the market only on high probability trades. I have to say, I thought this ea would blow up the account by June but it has indeed surprised me by banking profits as expected. Up until now, the ea has a profit of about 50% with a maximum draw down not exceeding 10%. The ea uses a fixed stop loss and it seems to have a low risk trading style. This is the type of ea you would l...

As always, I have been searching for profitable no cost alternatives to commercial expert advisors. Recently, I came across the Viseu Open 001 expert advisor. I found it on an Asian forum and have grown a serious interest on it's trading methodology. The expert advisor makes trading decisions based on several moving averages and the rsi indicator. The system makes high probability, low profit trades, which I think is a good efficient way in which expert advisors can attain profitability. The best news, is probably the backtesting I performed on the expert advisor using one minute data (90% modeling quality). I tested the expert advisor for almost nine years, from 1999 to 2008; using a 10 pip take profit and a 35 pip stoploss, the expert managed to grow an account from 10,000 to more than 10 million dollars (2% risk on each trade). The expert got a relative draw down of about 25% with an absolute draw down of 8.31%. Viseu was barely profitable from 1999 to 2001 but after that year ...

As I had feared, the expert advisor portfolio we had been testing for the past two months didn't leave up to our expectations . The experts accumulated an abnormally high 42% draw down this week . The main reason why this happened was an incredibly horrible losing rally shown by the Ichimoku5 expert. Against all the things I would consider logical, this expert advisor sold the usd/jpy all the way up on an uptrend. It got several, almost 10, consecutive stop loss hits. My final words about this expert advisor portfolio is that it did just about as how 99% of us would have expected . Even though we may have had our hopes up sometime in the past, the expert revealed one of the many absolute truths in the forex market. Past records are no indicative of future results . But I bet that any person with an ea who has, sometime in the past, forward tested profitably for 2, 4 or more months will have no problem in selling it to the willingly believing. So beware ! If you want to look at th...

This week has not been a very good one for our free forex expert advisor portfolio. T he expets suffered a lot of draw down owing to unstable market conditions attributable to the FOMC meetings and the NFP release . The portfolio gave back it's profits up to almost a 10% profit margin . The expert that suffered the most throughout the news sessions was Moneymaker v2, which tanked towards the bottom with each negative trade. For some reason I have not been able to activate the stoploss on this ea. Even though I have set the variables to reasonable quantities. The other experts somehow hedged Moneymaker's bad performance on the NFP , which was the greatest looser because it involved a sudden change in market direction, had the trade been the other way, the ea would have collected a juicy profit. Nevertheless, this expert advisor portfolio is far away from finished as it still retains a 5% monthly profit margin and hopefully it will recover in the following weeks which will be fr...

This week has been a very bumpy one for the free expert advisor portfolio 2 . As I have also had some time, I have paid close attention to almost all of it's trades, understanding what it has for it and what it has against it. This week saw a major surge in profit with a gain up to 15,000 which stands at the 50% profit line. Then it dropped (as I would have expected) to more discrete levels at 13,000 which is a modest profit of 30%. Up until now, the portfolio has showed us it can deliver a 15% average monthly profit , it has also survived almost two months of forward testing , which I say, cannot be said for about 90% of all the expert advisors out there (and probably not about the individual experts in the portfolio by themselves). I have also seen that the portfolio has both strengths and weaknesses. The portfolio is strongest in trending markets, being very oscillating around moderately ranging markets . Ichimoku5 seems to take trades permanently while Moneymaker v2 is more pe...

This week has been very interesting for the Free expert advisor portfolio. The portfolio has managed to keep profits above the 20% mark which seemed to be very hard only a few weeks ago. I just came in from a small vacation near my hometown and was extremely pleased with the results I found for this very neat combination of experts. As always, the most active experts have proven to be Ichimoku5 and Moneymaker, with the ADXCrosstrader also making profits this week (probably due to all the activity on the EUR/USD pair). I have to say, this portfolio has gone way beyond what I thought it could achieve . Sustaining profit throughout almost 2 complete months of forex trading, including holiday trading which is by far the toughest. The portfolio has also managed not to increase it's maximum or relative draw downs keeping them near a 25% level which I think is relatively acceptable for a 10% monthly profit margin. As always the trading statement can be seen here .

This week has not been very exiting for out expert advisor portfolio. Every expert advisor traded throughout the week, with all of them loosing and winning at somehow the same phase. The expert advisor portfolio remains in profit, above the 10% profit threshold . With ichimoku5 and moneymaker trading the higher bulk of trades. I also noticed that the portfolio didn't go below the initial deposit of 10,000 which means that we may now be above our initial condition and heading towards steady profits. This however, is sadly only speculation. Although this portfolio has managed to keep up, we still have several months of forwards testing before we can say "It works" . As always the trading statement is available here .

Earlier this week when I published the review for my other free expert advisor portfolio I still had hopes that this portfolio would remain in profit. Unfortunately the expert advisors succumbed to rough market conditions caused, perhaps, by the non farm payroll release this Friday. I analyzed the results obtained so far quiet throughly. I noticed that all the expert advisors were quiet active, except myfxovereasy - which despite my every try - didn't start any trades whatsoever. The other experts, Phoenix, Artificial Intelligenge, Binario and Framework, managed to get a 40% combined maximal draw down with actual losses that amount to about 20% of the account's balance. I didn't like the way these experts traded together . They seemed to counteract each others moves excessively to the point that the equity curve looks like a sinusoidal wave. I have then stopped forward testing this expert portfolio as no one would ever want to trade a portfolio with a 40% draw down . Als...

Last week I was very disappointed with the performance of both of my free expert advisor portfolios with both of them reporting loses. I apologize for not making two separate posts - one for each portfolio - as I was busy with new year's eve, etc. The first month has ended for the second expert advisor portfolio . The debuting experts being Ichimoku5, Moneymaker, ADXCrossTrader and UniversalMACross. The rest of the settings are available in earlier posts about this portfolio. The credit goes primarily to Ichimoku5 and Moneymaker both contributing almost every trade . The UniversalMACross has done one trade, which took profit and the ADXCrossTrader has done almost 10 trades with most of them going out at breakeven and one of them taking a loss. I was happily surprised when I saw that this portfolio has recovered all of it's draw down and is now hovering above a 10% profit. With a maximal draw down of 25% it is still not as bad as the first portfolio which has managed to get to...

Okay, it has now been a month for my first free expert advisor portfolio and three weeks for the second expert advisor portfolio. In case you do not remember or haven't read my previous posts, the first portfolio is mainly centered around the GBP/USD pair while the second portfolio is distributed over a variety of currencies. The first portfolio contains some interesting short and long term experts such as phoenix and binario as well as the second one which has, for example, an ADXcross expert and an MAcross expert. (Please see previous posts for more information) What can I say now ? This week has been completely devastating for both expert portfolios. Both of them have had massive draw downs, in the order of 40-50%. Hence, I will forward test them for another week, If I do not see substantial recovery I will eliminate them from my vps as they are well over my acceptable risk:reward ratio. This shows that the results shown on earnforex.com for the expert advisors are NOT accurate...

It has been a bumpy week for the second expert advisor portfolio I am testing. The experts have suffered some losses and some wins, leaving their track record close to the initial starting capital. As you can see on the statement here , the expert advisor portfolio has made it close to 10200, which is a modest 2% profit . This also in conjunction with a maximum draw down close to 12% which is a decent amount for a portfolio of this sort. The most active expert advisor has been Ichimoku5 , with fxovereasy being the most inactive and the UniversalMAcross and ADXCross advisors hedging Ichimoku5 for a good percentage of the time. I have also noticed that whenever the market is very rangy the expert advisors hedge each other a lot while they don't in trending markets (in which they both run profitable positions). It should be interesting to see how both portfolios evolve with time. Up until now, both of them are profitable.

Our free expert advisor portfolio had had a massive draw down throughout the past week. The account had plummeted almost 41% , leaving us with little hope of recovery. However, this week was amazing for the expert advisor portfolio number one . The portfolio recovered all of its losses and began picking up profits again. The portfolio hit the 12,000 mark which is a 20% profit margin. This shows you how relative the performance of an ea can be and how deep your draw downs can get. What I like about the portfolio is that you are protected from large open draw downs by each expert advisor's preset stoploss. This at least protects us in some way from margin calls and such. The trades have been done mainly by the Binario and Artificial Intelligence expert advisors, with artificial intelligence contributing a large percent of the winning trades and Binario hedging it occasionally which has proven to reduce exposure. As always you can check the account statement here. I hope I we can ge...

The second expert advisor portfolio has had a good and bad week . As I commented on the other expert advisor's week report, the FOMC interest rate decision made a dramatic hit , owing to the discrepancy between market expectations and the rate decision. However the expert advisor portfolio did catch the other news events related to consumer sentiment, which did correspond to general market expectations . Up until now, the most active expert advisor on this portfolio has been the Ichimoku5 which has opened and closed trades daily while the ADXcross expert has done no trades and the universal moving average expert advisor has done one, almost not profitable trade. As you can see here , the portfolio is barely profitable until now , after a large draw down owing to the events I just explained. I hope this portfolio improves as I do think the experts have potential. Well, we will see next week.

After two weeks of trading things have turned a little sour. All expert advisors showed a classic behavior yesterday when the news release (interest rates) contradicted general market expectations. As you know, based on the efficient market hypothesis, prices reflect what the majority of the market believes before a news release. Therefore, prices aligned for the effect a 50 point cut in interest rates (US) would have had, that is, an adverse effect on the US dollar. The expert advisors did the same thing, they all positioned themselves against the dollar expecting what everyone else did. Then, everything turned black. As the news release announced a dovish 25 point cut, the dollar rallied against other pairs, such as the GBP which is the main pair acting in our first expert advisor portfolio. This resulted in massive losses, almost a 20% drawdown. Now everything is better though, the expert advisors have since recovered most of the losses and are almost up to the original 10,000. As a...

I have decided to start another expert advisor portfolio test using the following four expert advisors (which seem like good choices). ADXCROSSAutotrade - This expert advisor is simply an ADX indicator based ea. This means that it is supposed to be able to predict reversals and corrections. (EUR/USD 15min) Ichimoku5 - This expert was developed by the Japanese and is mainly focused on trend following (JPY/USD 1 Day) Moneymaker v2 - This ea is different from the one in my reviews (which I purchased from ebay) this one is based on the GBP/USD pair and has a stoploss (also different logic). It seems that this ea follows trends but it also seems capable of managing a little bit of range. UniversalMAcrossEA - This ea is based on simple moving average crossings, although it has some good money management features. (USD/CHF 1 hour) I just started it today on a 10,000 demo account. Let's hope that it will perfom in a profitable manner. As usual, I will be posting the Statements in a we...

I have been thinking about designing at least three free expert advisor portfolios. The objective is to buttress my idea that several free expert advisors can remain profitable in a wide range of market conditions. Although I know several free expert advisors, my knowledge is rather limited. Therefore I appeal to my readers. If you happen to know any free forex expert advisors which you think are profitable, please do suggest them so that I can include them inside one of my portfolios. The experts must follow these guidelines : - Must be completely free (source code available) - Must have a stop loss - Must be a trending, ranging or breakout expert advisor - Must have a magic number (so that it can trade with other experts) Please suggest any experts that meet this criteria and you feel could provide a very good addition to my free expert advisor portfolios. Just leave a comment !

As I explained in my last post, I have started to test an expert advisor portfolio based on freely available expert advisors . The results have been astounding this far. Yes, of course, only a few days have passed since the beginning of the forward test but I had never seen results this impressive. It is although very likely that most profits will be given back to the market in the next few days but well. I hope it just maintains itself at a profitable level altogether. How well is well ? The expert advisors turned 10,000 into almost 12,000 in just a few days. If you are curious check it yourself (login as fxreviews). Also remember that it is far too early to draw any conclusions ! Results may seem tempting but this may be the result of sporadic market conditions. At least 2 months are needed to even think about the possibility of live trading. The expert advisors seem to be performing very good as they seem to complement each other in different market aspects but this remains to b...

Today I realized that maybe it is not absolutely necessary to spend a lot of money to get some decent expert advisors. Based on my experience with myfxovereasy (which I reviewed earlier last week) I can say that there must be some promising free expert advisors out there. I have always been aware of the free ea collection available at earnforex.com but I just saw the recently updated tests on the ea's earlier this week. With these expert advisors optimized and the "perfect" conditions for their operation given I found no reason not to test them myself in a demo account and see what happens. So I started a test of a complete free expert advisor portfolio. This portfolio has the following experts : Framework : Which uses commodity channel indexes and strikes me as a medium term expert advisor. Artificial Intelligence : Which is a neural networkish expert advisor. Phoenix : Which is a short term sort of scalping expert advisor. Binario : Wich is a long term expert advisor. ...