The system claims to be able to have an average return of 5-15% per month with a maximum temporary draw down of about 25% of the balance on default settings. And that the 25% maximum drawdown is the “worst case scenario”.  Usually a temporary 10% drawdown will be encountered most of the time.

On average, the EA can open up to 2 orders per day depending on the settings which will be further highlighted in this review later. Each opened trade might last a few days depending on the trend condition before closing. Backtest could not be done on our side as results produced were inaccurate and we will be focusing on forward test result more.

This EA other than being an automated strategy also is an semi-automated EA with options for user to choose especially setting the trend for the EA to trade which allows the user to have his say in where he thinks the trend is heading. In the automated mode, the trend is automatically identified by the EA.

Reviewed on : 5th October 2010
EA Type: GridTrading System
Trade : GBP/USD, USD/Jpy (on any timeframe)
Price: $ 147
Payment Processed by Clickbank and comes with a 60 day Money back Guarantee Full Refund

Backtest

The people at Forex Crescendo used Dukascopy data to generate their backtest result as the EA is trading on multi-currencies and MT4 is unable to perform such a backtest. They also said that the data from the MT4 platform are poor and will not be able to have a reliable backtest for Crescendo. So for us here at FX EA Review will be focusing more on the forward test to tell us the story.  So we analyze what Forex Crescendo had provided for us:

Summary of Backtest and Forward Result provided from Crescendo Team

Trade Analysis (based on Backtest Result):

Order Type: Market Order
Take Profit : Depending on user initial account balance and lot size set
Stop Loss: No stop loss but comes with a maximum total drawdown parameter that user can set
Trading time:  Depending on the frequency parameter user has set for EA to check for trade conditions; trade can last from few hours to days
Maximal Drawdown per year:  below 20%
Profitable Trades: 72%
ROI : Max Drawdown = 4 : 1

Money Management

Forex Crescendo EA allows system user to trade with a fixed lot (0.01 lot for every $1000 deposited) or specifying the % to risk based on user available equity value.  Another feature is the max_total_DD parameter for user to adjust the maximum drawdown loss on actual balance before closing of all the orders for all pairs.According to the creators, the strategy is recommended to trade at its default settings with a few tweaks to maximize its potential.

Ease of Use

It includes a easy-to-understand setup manual. It explains EA installation, parameters and recommended settings.
You will be able to watch videos on their members’ portal.

Parameter to Set:

username – your email which bought this software

password – clickbank receipt code

initial_balance – user initial deposit

order_step – The minimum amount of pips between last open order and the current one. Used by Crescendo to open a new order

target_profit – Target profit in terms of dollars. This target will be based on the initial_balance value and the lot size keyed in (eg. $1000 account with 0.01 lots will have a setting of  target_profit of $4, $10000 with 0.1 is $40 and so on)

frequency – This is to allow Crescendo to check if the conditions to open new trades have been met at a certain number of intervals specified by the user.

manual_trend – this parameter allows user to set to true if they want to force the EA to open trades in specific direction to be determined by user. If set to false, EA will open trades using its own internal judgement

trend_direction – Allows user to only determine their own trend direction based on their own analysis but trading with Crescendo strategy

lot_size – lot size used to opening of trades. Suggested lot size is 0.01 for every $1000 in account (fixed lots)

risk_percent – if user want  lot size to adjust accordingly to available equity value, user can change the setting to non zero value

max_total_DD – % that is the maximum loss of the actual balance that user can tolerate before EA start to close all orders for all pairs

slippage – maximum deviation user  will allow for price that EA is using to open order and the price the broker is giving to open the order

Forward Test

Our forward test will be using the default settings of Crescendo with initial deposit of $10000.

GBP/USD

GBP/JPY

Weakesses (if Any)

The only thing right now is the time period of drawdown that the user may encounter using a grid trading strategy and without a stop loss. The fact that if the user has indicated the max_total_DD, there shouldn’t be any problem unless the user is uncomfortable with the default drawdown set on default which is 30%.

Conclusion

This EA seems promising with a far better result from the creators live result compared to its backtest result and the claim of being able to have steady ROI each month with low drawdowns encountered.

The introduction of proper money management in a fully automated EA system especially in a grid trading system is a important move and we are glad that it gives users more control of their money they are trading on EA.

If our 3 months forward test somehow do matches with what Forex Crescendo has claimed it to be,  then this might be the EA that will stay for a very long time.

8/10

Regards,

Charlie

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Fapturbo Flash expert adviser determines direction of the trade by using  technical indicators. Then , it places two order with the same stop loss leve but different take profits level in the same direction (either both long orders or both short orders).  After the nearest TP is hit, the other trade’s stop loss level is  moved to break even price  to lock  into a no loss postion.

If market decides to move further in the trade intended direction, the order stop loss will be trailed to the market price. While if the market trend becomes exhausted, price will move back and hit the stop loss level which is at the breakeven price (resulting in a no loss trade).

Reviewed on : 17th September 2010
EA Type: Intraday Trading
Trade : Eur/Usd,  (1hr chart  )
Price: N/A ( Beta version only)

Backtest generated with Alpari Uk (click picture to view full back test results)

Initial Deposit: US $10,000
UseMM: 1.5% risk per trade
All default settings

Eur/Usd (1hr chart)

Jan 2008- September 2010

Jan- September  2010
ROI: 8.8%
Max Drawdown: 14.2%

Year 2009
ROI: 1.8%
Max Drawdown: 19.9%

Year 2008
ROI: 41.8%
Max Drawdown: 9.59%

Trade Analysis

Order Type: Market Order
Take Profit : 40/ 80 pip ( one trade with 40 pip TP, another trade with 80 pip TP)
Stop Loss: Dynamic stop loss (1.5% risk away)
Trading time:  intraday, no fixed time

Maximal Drawdown per year:  below 20%
Profitable Trades: 60%
ROI : Max Drawdown = 3 : 1  (ratio average of 2 years)

Money Management

Fapturbo Flash EA allows user to trade with a fixed lot or define risk per trade and system will calculate the lot sizing for every new trade.

Ease of Use

It includes a easy-to-understand setup manual. It explains EA installation, parameters.  You will be able to watch video on their members’ portal.

Parameter to Set:

UseMM – specify risk per trade in percentage

Fixed lot – Or trade with fixed lot

Take Profit
(In Pips) This input setting allows you to specify desired TakeProfit value for your trades.

Stop Loss
(In Pips) This input setting allows you to specify desired stop loss value for your trades.

Receipt Code
For validation purpose, to prevent software piracy.

Our forward test will use same settings and conditions that of our backtest settings.

Initial Deposit: US $10,000

Forward Test

It is your duty to first verify our backtest analysis with our forward test before trading live with your own money

Weakesses (if Any)

Although, this system on average has a 3: 1 ROI : Max drawdown, it does not mean that it will bring in profit year after year. Our back test result shows that on year 2009 and 2010, roi is between 0-10% per year. That means that system is just breaking even.

This system performed very well in the year 2008 which achieved a 41% ROI in that single year. Assuming that the developer is going to price this ea at $299, it will have substantial more reliable ROI : Max Drawdown and live results so that it can sell at this price tag.

Conclusion

• Provide user with money management
• ROI : Max Drawdown  has a good ratio with 3 : 1
• Easy to install and settings are fully explained
• Honest results, salespage results resembled our generated results.
• Good trading year  in 2008, moderate results in 2009 and 2010

Our backtest results showed the same as Fapturbo Flash backtest results on his website.  If our 3 months of forward tests show positive results like what the owners have described, another 1- 2 scores will be added to the system.

6/10

Regards,

Warren Seah

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It is observed from our backtest settings that not a single stop loss was hit by trades executed with Forex BulletProof EA from the period 2007-2010 . Trading with Usd/Jpy seems to show a very stable return on a per year basis but it trades very conservatively. Eur/Usd backtest results shows a higher return on a per year basis and trades with higher degree of risk. Fapturbo Steve advises that user trades with this two currency charts simultaneously.

Reviewed on : 8th September 2010
EA Type: GridTrading System
Trade : Eur/Usd, Usd/Jpy (1min chart  )
Price: $ 147( purchased through their affiliate link)
Payment Processed by Clickbank and comes with a 60 day Money back Guarantee Full Refund

Some facts about the trading system from the creators

The robot’s trading hours and days are carefully selected based on the time zone differences between the closing and opening times of stock exchanges in different parts of the world. That’s why the robot is always overall in profit no matter what the current situation on the market is.

Once the trading hours come, a trading cycle commences and progresses by doubling the lot every 10 pips of the downward price movement and closes as soon as >35% of the trades in it hit Take Profit or as soon as its overall balance reaches zero after midnight GMT (should the cycle remain open past midnight GMT). The cycle will not be progressing endlessly because of the marginal leverage limits, bringing the maximal number of trades to be opened in a row to six on a 1:500 marginal leverage account (the biggest available with online Forex brokers) before the market reverses to some extent (which it does after these hours, since a correction is imminent even in the event of a drastic market fall). Once a trade along the cycle’s way at any of its levels closes, the next level trade in the cycle is to be opened after 20 pips down instead of 10.

Moreover, the robot is capable of re-adjusting to the changing market conditions. Should the market suddenly become too volatile (and therefore, too risky to trade), the volatility filter will intervene and take the robot to an early exit. The bot also adjusts automatically to the conditions of a specific brokerage, being compatible with both the instant execution brokers and the market execution ones.

If a news release suddenly hits the market and a broker drastically increases its spread in response, Forex BulletProof recognizes it and automatically cuts the starting lot size for its trading cycles. Once the spread is back to normal, trading with the standard starting lot size resumes. This aspect prevents the robot from being unable to close the cycle of time because of the suddenly increased spread.

Note: The backtest period are carefully selected especially for Eur/Usd. This is because you will observe that forex bulletproof  hit margin call on certain dates during backtesting. The reason is because the volatility indicator in Forex BulletProof will not have work correctly due to the backtesting conditions. To be more specific, the bid-ask spread is constant throughout the backtest.

As a result, in-built volatility indicator will not close trades like it will do in normal live conditions. Hence, we will observe that some trades aren’t closed in backtest and account eventually hit margin call. Trades entered by the EA will close on the same day as described above by the Forex Bullet Proof creators.

Backtest generated with Alpari Uk

Initial Deposit: US $10,000
AdaptLots: True
All default settings

Backtest analysis of various currency pairs

Eur/Usd

September 2009 - May 2010
ROI: 81%
Max Drawdown: 55%

Jan 2008 - May 2009
ROI: 245%
Max Drawdown: 69%

Order Type: Market Order, Pending Order
Take Profit : 7 pip
Stop Loss: 500 pip
Trading time: 0600-1100hrs (Gmt )

Maximal Drawdown per year: 55-70% per year
Profitable Trades: 60-70%
Average Profitable Trades = Average Losing Trades
ROI : Max Drawdown = 2 : 1  (ratio average of 2 years)

For every 1 dollar drawdown experience, user is expecting a 2 dollar in return.

Slightly more aggressive than trading Usd/Jpy. Can be observed with the high maximal drawdown.

Usd/Jpy

2 year period from September 2008 to September 2010

ROI : 16% (2 year)

Jan 2009 – Jan 2010
ROI: 10%
Max Drawdown: 6%

Jan 2008 – Jan 2009
ROI : 10% per year
Max Drawdown: 15%

Order Type: Market Order, Pending Order
Take Profit : 7 pip
Stop Loss: 500 pip
Trading time: 1700-2000hrs (Gmt )

Maximal Drawdown per year: below 20%
Profitable Trades: 60-70%
Average Profitable Trades = Average Losing Trades
ROI : Max Drawdown = 1 : 1  (ratio average of 2 years)

Money Management

Forex Bullet Proof EA allows system user to trade with a fixed lot or use its’ own adaptivelot settings to scale up contract size when necessary.  According to the creators, the strategy will trade at a conservative lot sizing so that profits can be retained.

Ease of Use

It includes a easy-to-understand setup manual. It explains EA installation, parameters.  You will be able to watch video on their members’ portal.

Parameter to Set:

EURUSDLots – The base lot value for accounts with deposits above $4000 on the EURUSD currency pair.

USDJPYLots – The base lot value on the USDJPY currency pair.

EURUSDLiteLots – The base lot value for accounts with deposits between 450$ and 4000$. If AdaptLots is set to true, the current lot size will be increased by this value for every 450$ earned until the account balance reaches $4000.

AdaptLots – If set to True (default), the robot uses its built-in Money Management system, which will set the trading lot size according to your current deposit size. The Bullet Proof money management will add an additional base lot specified in the EURUSDLots and USDJPYLots field to the current lot size for every additional $4000 on the account balance. For EURUSD, when your account balance is lower than $4000, AdaptLots will use EURUSDLiteLots as the base lot value which will be increased by this value for every $450 until the account balance reaches $4000. If it is set to False, it will automatically revert to the fixed lot size specified in the EURUSDLots or EURUSDLiteLots field depending on account balance (or in the USDJPYLots field if the robot is attached to the USDJPY currency chart).

AutoGmtoffset: Enabled (Default)

Receipt Code

For validation purpose, to prevent software piracy.

Backtest comparison with forward test)

Our forward test will use same settings and conditions that of our backtest settings.

Initial Deposit: US $10,000

Forward Test

EURUSD M1

USDJPY M1

It is your duty to first verify our backtest analysis with our forward test before trading live with your own money

Weakesses (if Any)

Yet to find any.

Conclusion

• Some forms of money management although not easy for beginner but can be understood.
• ROI : Max Drawdown  has a good ratio with 2 : 1
• Easy to trade with system
• Honest results, salespage results resembled our generated results.
• Affordable price

Our backtest results showed the same as Forex BulletProof vendor’s backtest results.  And our observation from backtests showed that achieving a consistent 5% per month return is possible with this system. Trading system provides risk management options for the advanced users.

Using adaptive lot sizing is an interesting way to trade the forex market. We have not seen this strategy before. This trading system contains element of fundamentals and combined with an unique entry methods makes overall this system above most of the systems in the market.

If our 3 months of forward tests show positive results like what the owners have described, another 1- 2 scores will be added to the system.

7/10

Regards,

Warren Seah

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The pro version introduces 3 more currency pairs into the Megadroid trading portfolio. These new pairs are:

• Eur/Chf
• Usd/Chf
• Eur/Gbp

If you are trading with Megadroid pro version with Eur/Usd, the backtest results generated in our opinion is exactly the same as the normal version. Pro version is not an enhanced version of the popular megadroid expert adviser. The strategy it trades with Eur/Usd is brought over to the other three currency pairs and basically strategy is left intact (certain trading parameters will be adjusted to suit each currency pair). The pro version is not for sale. You can download them only if you purchase a third-party product via their affiliate link.

Reviewed on : 25th June 2010
EA Type: Scalping Trading System
Trade : Eur/Usd, Usd/Chf, Eur/Chf, Eur/Gbp  (all 1hr  )
Price:  NA( purchased through their affiliate link)

Backtest generated with Alpari Uk:  MegadroidProStrategyTester

Initial Deposit: US $10,000
Aggressive: True
Risk Level: 0.02
Recovery Setting= True

Backtest analysis of various currency pairs

These are important ratio which a Megadroid Pro version user will consider which pairs to trade.  And these ratio are obtained by observing the 5 years (2005-2010), getting the worst possible expectation that the trading system will perform based on backtest results. eg the ratio for maximum drawdown : risk per trade. The maximum drawdown component is taken based from 2005 to 2010 (individual years) and the highest maximum drawdown is used. Like wise for the ratio ROI :  Maximum Drawdown, lowest ROI of the each individual 5 years is used so that it provides the lowest possible expectation system will achieve.

ROI : Risk Per Trade (2005-2010)
Highest ROI to 1% risk per trade is the best ideal selection. This ratio provides the trader an indication to how much ROI per year for any 1 % risk per trade.

Maximum Drawdown  : Risk Per Trade (2005-2010)
Lowest maximum drawdown  to 1 % risk per trade is the best ideal selection. This ratio indicates the maximum drawdown the user is likely to experience with 1% risk per trade. If the user has a maximal drawdown tolerance of 10%,  and the ratio for the pair is 3 : 1 , the user will use 3% risk per trade and the maximal drawdown is still kept at 9% only.

ROI : Maximum Drawdown (2005-2010)
Highest ROI to 1% maximum drawdown is the most ideal selection. This ratio indicates how much ROI to expect for 1% equity drawdown tolerance.

Maximum Drawdown (2005-2010)
Winning Percentage of Trades (2005-2010)

Average Profitable Trade : Average Loss Trade (2009-2010 tested to be most reliable for recent years)

It is like Risk : Reward ratio. How many profitable trades are needed to recover 1 losing trade.

Eur/Gbp is the best currency pair to trade and Eur/Usd is the least ideal pair to trade.

Money Management

Megadroid Pro Version EA allows system user to enter the amount of risk per trade by specifying amount in percentage risk per trade.

Ease of Use

It includes a easy-to-understand setup manual. It explains EA installation, paremeters and FAQ.

Parameter to Set:

Stealth Enabled (Default)

Broker is not informed of the true target and stop loss levels. They are managed internally by EA to reduce or prevent the effects of price manipulation by unscrupulous brokers.

Aggressive: Enabled (Default)

EA trades two strategies simultaneoulsy. (one conservative and one aggressive)

NFA: disabled (Default)

When enabled, the EA adapts its trading style to conform with rules imposed by the NFA body. Should only be enabled if trading with NFA brokers.

AutoGmtoffset: Enabled (Default)

Receipt Code

For validation purpose, to prevent software piracy.

Risk Per Trade (self-explanatory)

Recovery Mode: Enabled (Default)

Lotsize will be doubled after a losing trade until loss has been recovered. This setting is used due to the fact that Swissy EA has a high winning rate per trade.

Honest Result (Backtest comparison with forward test)

Our forward test will use same settings and conditions that of our backtest settings.

Initial Deposit: US $10,000
Risk per trade: 2%
Recovery Settings: On

It is your duty to first verify our backtest analysis with our forward test before trading live with your own money

Weakesses (if Any)

Uses same support with Megadroid. Responses from their support personnels can be quite bad.

Conclusion

8/10

Their support has not been helpful at times and users are expected to be patient when conversing with them. Salespage shows over 2000% ROI which we believe is unacheaveable and undertaking too much risk. Apart from these two points, the rest are good. A promising system if you use it with proper money management, this system is likely to serve you well.

Regards,

Warren Seah

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Reviewed on : 21th June 2010
EA Type: Intraday Trading System
Trade : Gbp/Jpy 1hr
Price:  NA( up-selled after purchased of Forex Maximizer EA )

Backtest generated with Alpari Uk: AdvancedMaximiserStrategyTester

Backtest Settings:

Initial Deposit: US $10,000
Lot size: 0.1  (2 mini lot )
All default settings.

Jan- June 2010

2009 – 2010

Total net profit: $6,037
Maximal drawdown: 8.14%

2008 – 2009

Total net profit: -$4,862
Maximal drawdown: 52.54%

2007 – 2008

Total net profit: $3,229
Maximal drawdown: 11.71%

2006 - 2007

Total net profit: -$1,933
Maximal drawdown: 30%

2005  – 2006

Total net profit: -$5765
Maximal drawdown: 59.63%

Backtest Analysis

Based on the results of the last 5 years, 3 out of 5 are losing years. And maximum drawdown experienced in the last 5 years is 59%.  This will mean that a trader will expect that a loss of half of his trading capital.

This judgement is worked out based on having the worst case scenario which the Forex Maximizer Advanced EA will deliver.

Trade Analysis

Forex Maximizer Advanced EA does not use fixed stop loss or fixed take profit level. Judging from the backtest results, stop loss may be placed from 70 – 415 pip away from the entry price. Stop loss is placed based on market dynamic (current volatitily) which reduces stop loss hit from market noise.

I presumed that the EA vendor uses ATR as the indicator to determine how far away the stop loss is placed (based on the input settings). Advanced EA trades almost every day from 1-3 trades per day

Average profit trade: $105
Average loss trade: -$109

The statistics above shows an average win/ loss which is about the same. That means we can expect to recover a loss from 1- 2 winning trades.

Risk : Reward

This ratio should be as close to 1 : 1 ratio due to the average profit/loss per trade.

Money Management

User is required to specify the contract size the EA enters a trade. Under the default settings, every trade will enter with a contract size of 0.1 lot (1 mini lot). Due to the nature of no-fixed- stop loss, it does not provide the user with the option of specifying maximum risk per trade.

Largest loss experienced in the last 5 years was $484 (484pip). And that will translate to a 4.8% maximum risk in any trade with contract size of 0.1 lot.

If you are the type of trader which limit to 2% risk in any trade, this system may not be suitable for you. Because trading at 1 mini lot would have a  4.8 % maximun risk. Either you can enter trades with micro lots or not trade at all.

No money management functionality.

Drawdown

Max drawdown : 59% (observed in the last 5 years)

risk : reward (1:1)

Profitable Trades: 40-55%

Very high drawdown and 3 losing years in the last 5 years.

Ease of Use

Manual explains all. EA input settings are designed with the end user in mind. No complex parameters and all parameters are self explanatory.

Input Settings

Breakout Spacing (in pip)
This strategy looks for certain price levels, and when they are reached, it reacts with entering a trade. You are able to control whether the entry will be immediate or after a certain number of pips.

ATR Period
Look back period for the ATR indicator(no of candles)

Use BreakevenSL
Uses the breakeven stop by shifting initial stop loss to entry price after a certain amount of pip is reached in favor of the trader.

BE_After
Specify to execute breakeven stop after a certain amount of pip is reached.

Lot Size
Allow the user to specify the number of contracts for each trade. contract size is fixed.

StartingHour,Ending Hour
Allow the user to specify the time where the system trades. Default is 00:00 to 23:59

Forward Test Results

Settings
Initial Deposit: US $10,000
Lot size: 0.1 (1 mini lot )
All default settings

It is your duty to first verify our backtest analysis with our forward test before trading live.

Support

Not tested

Weakness (if any)

Trade a fixed lot size and no money management.  And this will results that contract size will not scale up after winning trades (loss of potential profits) and not scale down after losing trades (taking on too  much more percentage risk per trade).

Conclusion

Performance in the last five years showed poor results.  Rating may improved if the forward test result out-performs the backtest results. Not having money management feature is a huge disadvantage of using this system. Having 59% maximal drawdown and 3 out of 5 losing years, you are advised to research this system very thoroughly before trading it on a live account.

4/10

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Back-test and Forward Test Generated With : Alpari UK

Price : S99

Refundable: 60 Day Money-back Guarantee

A package consists a portfolio of 7 EAs on 7 different currency pairs:

1) EUR/CHF

2) EUR/USD

3) GBP/CHF

4) GBP/USD

5) USD/CAD

6) USD/CHF

7) EUR/GBP

All of the EAs uses scalping strategy.

1. Money Management

Money management setting parameters included and customizable according to one’s risk appetite. The option of being able to trade multi currency pairs may be tempting so for those who are just starting out or seasoned EA traders, it is always advisable to start with 2-3 pairs on demo trading to observe the potential of the EAs first.

2. Draw-down

We did a backtest result of 5 years with drawdown % ranging from 0.59% to 14% which is well within our review team expectation and very impressive as well.

3. Ease of Use

It is relatively easy to install where most of the installation help are featured in their guide.

Their other parameters featured in their EA is also explained in the guide clearly.

One note is that you have 7 different EAs for 7 different currency pairs so just make sure you attached the right EA to the right chart.

4. Honest Result

Currently, we are forward testing Forex Herd EA in a Alpari-UK demo account with the EA provided to us from Forex Herd developer for the purpose of reviewing and providing honest feedback.

Click below for Backtest results  for all 7 currency pairs

ForexHerdBacktest

Trade analysis on default settings:

Forex Herd is to be used on a 15 min chart for all the 7 EAs.

Default take profit: 6

Default Stop loss: 60

TradeGMTHour20: False

TradeGMTHour21: True

TradeGMTHOUR22: True

TradeGMTHour23: False

Default Risk: 5%

Default Money Management: True

So from the default settings the risk to reward ratio will be 10:1 and having 5% of your account risk for each trade.

From the backtest results, it will take around 10 trades to recover back a single loss.

Here is our forward test result:

Click below to view our forward test result

We will be starting with 3 outstanding pairs from our backtest results for forward testing which are:

1. EUR/CHF

2. EUR/GBP

3. GBP/CHF

which will be tested at their default settings.

By the result from the backtest is impressive with low drawdown, higher frequency of trades and impressive equity curve. But more time is needed to able to determine its potential  from forward test and will be updated.

5. Features

There is an option in its parameter for allowing trading during certain GMT period.

4 of the GMT periods to be exact which allows trading during 2000GMT, 2100GMT, 2200GMT and 2300GMT period. You can activate or deactivate the time period for trade with the given default options of 2100GMT and 2200GMT already being set to true.

These purpose of the parameters are explained in the manual clearly but the strategy for its usage of this parameters will have to be clarified further with Forex Herd.

6. Weaknesses (If Any)

So far, we have not seen any obvious weaknesses in Forex Herd EA as it currently does its job as a scalping strategy to enter numerous trades for what we have backtested.

7. Support

Good support with replies to our email within 24 hours. Provided us with detailed answers to our questions.

Summary

With  flooding of scalping EAs in the market right now, it is hard to discern the potential of an EA as many others are also claiming to be the best at what their EA can do. Only time will tell which EA can attest its true potential as a winner or just another flop. In this case for Forex Herd EA, it is easily affordable to most traders out there at $99 and having pass our first test from its backtest result being impressive. Although we did saw how Forex Herd perform quite well in their live account in their default settings during these past weeks especially with the problem in Europe, we need to test it ourselves to verify its credibility in forward testing and will therefore revise its rating.

Rating:

7/10

Feel free to use this article on your website or ezine as long as the following information about author/website is included.

Charlie examines existing Forex EA products on the market and starts analysing and testing critically to add to the current portfolio of dynamic and profitable trading systems. By publishing all the research papers and detailed analysis online, he seeks to educate potential investors and traders on the world of trading the forex market with automated systems.

To read more about these research papers and analysis, go to

http://www.FxEAReview.com

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Reviewed on : 17th May 2010
EA Type: Intraday Trading System
Trade : Gbp/Usd 1hr  
Price:  US $97 ( 60 day money-back guarantee)

Backtest generated with Alpari Uk: ForexMaximiserStrategyTester

Backtest Settings:

Initial Deposit: US $10,000
Lot size: 0.2  (2 mini lot )
Start time: 0000 (default)
End time: 23 59 (default)

2010 Jan – May

Total net profit: 3287.78
Maximal drawdown: 4.83%

2009 – 2010

Total net profit: 5321.96
Maximal drawdown: 19.47%

Backtest Analysis

Equity curve from 2009- 2010 looks fantastic. It heads only in one direction – it is up! However, results before 2009 was a different story. We are awaiting reply from the vendor because we were concerned about the poor performance before 2009 and on the other hand, results from 2009 onwards were wonderful.

Trade Analysis

No fixed stop loss or take profit level are observed in the backtest. Using 0.2 lot size, the maximum risk per trade in 2009-2010 is 3.2% risk per trade. The observed risk per trade ranges from 0.7% – 3.2%.  Forex Maximizer EA trades almost every day from 1-3 trades per day.

Trade a fixed lot size with no money management.

Average profit trade:168.12
loss trade: -182.02

The statistics above shows an average win/ loss which is about the same. That means we can expect to recover a loss from 1- 2 winning trades.

Risk : Reward

This ratio should be as close to 1 : 1 ratio due to the average profit/loss per trade.

Money Management

It does not have money management.  System user is required to enter the lot size he wanted to trade with. This parameter provide little or no idea of how much is the risk taken in any given trade.

It is only by generating backtest, which we can determine a range of risk we will be undertaking trading with 1 mini lot.  From our backtest, trading 0.1 lot size will risk 1.5%  maximal risk per trade. While trading 0.2 lot size  will risk 3.2% maximal risk per trade. We are unlikely to increase the lot size due to the high risk and high drawdown we may face.

System user must understand how much risk he is undertaking while trading any automated system.

Drawdown

Trading with 0.2 lot size, Forex Maximizer user may face 20% maximal drawdown in any given year. However, the reward is up to 50% return on investment. It is in our opinion that risking 20% drawdown for 50% ROI something worth pursuing about.

Ease of Use

User manual is very clear and simple. EA parameter is written in the mind of the system user because there are few parameters to confuse the user.

Parameter to Set:

Lot Size
Choose the preferred lot size

Control Trading Time (only for advanced user)
Starting Hour : 00:00
Ending Hour: 23:59

Forward Test Results

Settings
Initial Deposit: US $10,000
Lot size: 0.2  (2 mini lot )
Start time: 0000 (default)
End time: 23 59 (default)

It is your duty to first verify our backtest analysis with our forward test before trading live. 

Support

Testing now, contacting support.

Weakness (if any)

Trade a fixed lot size and no money management. Forex Maximizer EA performance may be  optimised for current conditions only.

Conclusion

Reasonable drawdown with good ROI is what most people are looking for in the forex market. However, performance before 2009 showed poor results. Forex Maximizer EA performance may be  optimised for current conditions only. Will current conditions change, we have no idea how will the EA perform under a set of change conditions.

6/10

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Reviewed on : 13th May 2010
EA Type: Intraday Trading System
Trade : Eur/Chf 30M
Price: FREE

On the vendor’s website, it claimed that Forex JackBot EA generated 2100% return (2009-2010) with a 27% maximal drawdown. An important information was revealed when Jack wrote in the user manual that EA settings were optimised from 2009 onwards. It will be meaningless to perform backtest before 2009. Let’s review!

Backtest generated with Alpari Uk : ForexJackBotStrategyTester

Backtest Settings:

Trade : Eur/Chf 30M
Initial Deposit: US $10,000
My.Risk: 5 ( 3.6% risk per trade)
Breakout Sensitivity: 12 (default)
Take Profit: 45 pip
Stop loss: 80 pip

Jan 2010- May 2010
Total net profit:  2210.04
Maximal drawdown: 14.79%

2009-2010
Total net profit:  5062.62
Maximal drawdown: 19.59%

Backtest Analysis

Backtest results look good. We will be forward testing this EA. However, return on investment and maximal drawdown seem to deviate from those stated on the sales page. Receiving 2100% return with only 27% maximal drawdown doesn’t look realistic on our generated backtest.Even if it can be achieved, the user may be bearing too much risk to achieve 2100% return at the expense of wiping out his entire account.

Frequency of trade
1-3 trades per day (may not trade everyday)

Maximal Drawdown: 20%

Setting My.Risk= 5, will expect a 20% maximal drawdown. If you decided to increase My.Risk (risk per trade), be prepared to withstand high drawdowns as we discovered a 20 My.Risk will get 60% maximal drawdown! (which can be a substantial loss)

Risk : Reward Ratio

1: 0.5

This means a losing trade will need 2 winning trades to recover the loss.

Money Management

It was provided in the My.Risk parameter. Managing risk per trade can be tricky because it is ambiguous. Using 20 , will mean risking 13% in any single trade. It has be difficult to find out the actual risk unless you view backtests results and calculate yourself. If you are unsure, be aware entering a 20 will not mean you are risking 20% of your account equity.

Lot size will only be adjusted up.
Lot size will not be reduce after a losing trade. It will remain until equity increase by a certain percentage before lot size is increased again.

Ease of Use

It includes a setup manual. It explains EA installation and parameters. Explanation of parameters can be confusing and is not explained clearly. Some info were hard to understand.

Parameter to Set:

My.Risk : controls the trading volume (number of lots). For example, a setting of 20 will open 2 mini lots on a $1,000 account.

Breakout.Sensitivity: will determine if the JackBot will jump the gun quickly (low values) or be very patient (values higher than 20 ) before it enters a breakout opportunity. This setting is open to your experimentation. (default value is 12)

Optimisation is also explained in the manual as author encourages user to test strategy

- with different currency pairs
- with different breakout.sensitivity
- with different timeframes

Honest Result (Backtest comparison with forward test)

It is your duty to first verify our backtest and forward test analysis before trading live.

Weakesses (if Any)

Backtest results deviates from what the vendor has claimed. 2100% returns with only 27% maximal drawdown weren’t achieveable in our backtest. (if you can prove we made a mistake, we would like to change our views on this EA). Nevertheless, performance is not bad either.

EA performance before 2009 wasn’t made known to the public. There maybe a possibility that EA is only optimised for backtesting purposes only (ie from 2009 onwards). It was claimed by Jack that settings were changed due to a change in current trading condition. Thus, we must verify that Forex JackBot will trade like it used to trade from 2009-2010.

Having just 18 months of EA performance is not adequate to provide any conclusive evidence of EA performance in the long term. Forex Jackbot will be placed on forward tests. And trading live using Forex JackBot is not recommended at the moment.

Money management is not easily understand by beginners and backtest has to be carried out to determine the actual risk in any trade.

Conclusion

5/10

More forward test must be carried out before we arrived at any conclusion. Forex Jackbot’s performance looks interesting from 2009 to 2010, but settings were only optimised from 2009 onwards. That means performance of EA before 2009 cannot be determined and hence unknown to the user. The state of ambiguity does not allow us to trade live at the moment.

Regards,

Warren Seah

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Reviewed on : 10th May 2010
EA Type: Scalping System
Trade : Eur/Usd 1hr
Price: N/A (EA is not for Sale)

On the vendor’s website, it claimed that forex auto scalper ea averages over $307 net profit per day with an exceptional 94.3% accuracte rate. Our backtest results showed otherwise.

Backtest generated with Alpari Uk : ForexAutoScalperStrategyTester2006-2010

Backtest Settings:

Initial Deposit: US $10,000
Risk: 3%
UseDST: Enabled (default)
Reduce Lot: Disabled (default)
Reverse: Disabled (default)

2010

2009-2010

2008-09

2007-08

2006-07

Backtest Analysis

The equity curves from 2006-2010 shows that achieving 94% accuracy looks like a myth. Backtest results showed average 65% winning trades from 2006-2010. This statistic seems to deviate from what the vendor claimed at his website. At the same time, it is a must for scalping system to have a 85% or higher profitable trades in order to make money in the long term. Achieving a mild 65% win rate is not going to make money if you intend to trade live with this EA.

Maximum Drawdown: 20%  per year

An trader trading this system will have a tough emotional ride. From the look at the equity curve above, you may observe the erratic turns signifying the emotional high and lows experienced by the trader. Drawdown is too high comparing that with the returns you will make with forex auto scalper.

Return on Investment (2006-2010):  range from -2.2% to  +15% (per annum)

Risk: 3% per trade

Money Management

Forex Auto-Scalper EA allows system user to enter the amount of risk per trade by specifying amount in percentage risk per trade.

Ease of Use

It includes a easy-to-understand setup manual. It explains EA installation, paremeters and FAQ.

Parameter to Set:

GMToffset
For backtest only.

UseDST
For backtesting only. Broker’s daylight saving time may change and turning it on may reflect a more realistic  backtest result.

Risklevel
Risk per trade

ReduceLots
Default is False. When turn on, losing a trade will reduce lots and winning a trade will increase lot size. If this feature is turn on, EA will trade with the same lotsize after a lost trade which means it will only increase lot size but not reducing it.

MaximumLots
Specifies the maximum number of lots that will be traded when using scaled lots. With the default value, the expert advisor will restrict the maximum lot size to whatever the broker specifies.

Reverse
Default is disabled. System will close open positions if it detects a possible change in trend.

Honest Result (Backtest comparison with forward test)

Our team decides not to forward test forex auto scalper due to poor backtest performance.

It is your duty to first verify our backtest analysis with your own forward test before trading live.

Weakesses (if Any)

Backtest results deviates from what the vendor has claimed. 94% accuracy wasn’t achieveable based on our backtest results (if you can prove we made a mistake, we would like to change our views on this EA).

Low winning rate for a scalping system 65% and a high maximun drawdown.

Conclusion

4/10

Low win rate, high drawdown and low ROI.

Regards,

Warren Seah

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Reviewed on : 10th May 2010
EA Type: Scalping System
Trade : Eur/Chf 1hr  
Price: N/A (EA is not for Sale)

Back-test Generated With : Alpari UK

Download Backtest Click Here SwissyStrategytester2005-10

Backtest Settings:
Initial Deposit: US $10,000
Risk per trade: 3%
Recovery Settings: On

Swissy Backtest 2010

Swissy Backtest 2009

Swissy Backtest 2008-09

 Total net profit: 4356.23 

Swissy Backtest 2007-008

Swissy Backtest 2006-07

Swissy Backtest 2005-06

 

 

 

 

Total net profit: 5233.17

Analysis of Backtests Results

 Backtests were generated from 2006 – 2010. Results before 2006 were outstanding and we believed that it may be too ’over-optimistic’ with ROI at least 200% and above.  Thus, we decided to take recent years with more believeable and reasonable statistics.

From 2006-2009, equity curve was beautiful. Low drawdowns and more than average returns per year. ROI ranges from 17.8% to 72.7% per year. Return on investment is promising and Swissy Accu-Scalper EA is placed on our forward test server.

Backtest generated in 2005-06 showed that trading for the entire year ended in 19th August 2006. Which means not a single trade was entered from 19th August to 31th Dec 2006. We do not know why because it was fine in other years. We are contacting support to check on this issue. As we do not have accessed to their EA internal logic coding, we are not able to verify what did it happen during that time. It can be due to no signals generated , or they may have purposely skipped trading during that period of time which as a result manipulating backtest result to show good performance.

It is not conclusive but we will be expecting their response on this soon.

Money Management

Swissy Accu-Scalper EA allows system user to enter the amount of risk per trade by specifying amount in percentage risk per trade.

Drawdown

From 2005- 2009, maximum drawdown observed from our backtests showed a maximum value of 11.95% (per year) with risk setting of 3% risk per trade.

Ease of Use

It includes a easy-to-understand setup manual. It explains EA installation, paremeters and FAQ.

Parameter to Set:

Stealth Enabled (Default)

Broker is not informed of the true target and stop loss levels. They are managed internally by EA to reduce or prevent the effects of price manipulation by unscrupulous brokers.

Aggressive: Enabled (Default)

EA trades two strategies simultaneoulsy. (one conservative and one aggressive)

NFA: disabled (Default)

When enabled, the EA adapts its trading style to conform with rules imposed by the NFA body. Should only be enabled if trading with NFA brokers.

AutoGmtoffset: Enabled (Default)

Receipt Code

For validation purpose, to prevent software piracy.

Risk Per Trade (self-explanatory)

Recovery Mode: Enabled (Default)

Lotsize will be doubled after a losing trade until loss has been recovered. This setting is used due to the fact that Swissy EA has a high winning rate per trade.

Honest Result  (Backtest comparison with forward test)

Forward test link will be added soon. Our forward test will use same settings and conditions that of our backtest settings. 

Initial Deposit: US $10,000
Risk per trade: 3%
Recovery Settings: On

It is your duty to first verify our backtest analysis with our forward test before trading live with your own money 

Weakesses (if Any)

Uses same support with Megadroid. Responses from their support personnels can be quite bad.

Conclusion

6/10

Performance from backtest results are promising and we believe results  have been too over-optimistic. The backtest in 2005-06 provided a clue that they may be some coding errors or creators has manipulated backtest results to show good performance. We will keep our finger cross and await their response. Their support has not been helpful at times and users are expected to be patient when conversing with them.

Regards,

Warren Seah

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