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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Review on: 14th April 2010

Broker Platform : Metatrader 4

Traded on: 4 hr Usd/Cad Pair

Back-test Generated With : Alpari UK

Price : $97

Refundable: 60 Day Money-back Guarantee

Stealpips backtest showed that it uses martingale money management which double it’s risk when a loss trade happens. That means if you risk 10% per trade, if loss occur,  a bigger position is entered in the next trade so that it can recover losses from immediately. However the disadvantage to this strategy happens when a subsequent loss is incurred, now you lose 20% of your equity (10% X 2 ). If subsequent trade also suffered a loss, it will be 40%  loss of account equity (20% X 2 ). You can calculate from then onwards, your account may be wide out.

When tested on Alpari Uk, we discovered that this EA has more than 80% maximal drawdown in 3 out of 4 years backtested. What it meant is, there is a very high chance that investor will lose more than 80 % of his money if he used Stealpips robot to trade over these period. These statistics are obtained from 2006 – 2010. Although backtest performance is not indicative of future performance, if a fx robot does not made it in the history, it will be highly indicative that it will not perform well in live testing.

Backtest generated with original settings, from 2006-2010

Year 2006-07

Year 2007-08

Year 2008-09

Year 2009-10

You can download our backtests below:

StealPipsStrategyTester

Foward Test

Support

We contacted support and verify our results with them. They denied and replied that our backtests weren’t true. We generated a few more times and even check with our friends for verification. Our backtest showed 0 mismatch error and 90% modeling quality. The problem shouldn’t lie with us but their ea strategy. Support personnel responded with the exact messages when contacted 3 times on the same problem. It showed that they are  poorly trained or they are using template answers in handling customers service.

Conclusion

1. Forward tests at salespage were stopped on 26th March 2010. (only showing 100% winning trades) – no losing trade was observed

2. Backtest results does not reflect that of salespage

3. Trading vendor upsell customer another EA claimed to work better than those seen on the sales page.

4. 80% Maximum drawdown found in 2007-2008, 2008-2009 , 2009-2010

1/10

On the above conclusion, we believe that Steal Pips is a possible scam. Even if it is not, trading live with this robot is not adviseable because the chances of you losing 80% of your investment money is very high.

Regards,

Warren Seah

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Back-test and Forward Test Generated With : Alpari UK

Price : S500

Refundable: 45 Day Money-back Guarantee

A package consists a portfolio of 6 advanced strategies and categorize as follows:

-4 strategies for scalping across 8 currency pairs

-1 strategy for grid trading for EUR/CHF pair

-1 strategy for hedging and pyramiding for GBP/USD

So it is quite well diversified for most market conditions.

1. Money Management

Incorporated in the EA consists of their own money management system and also risk management options.

It allows the user to input their choice of risk for each trade.

As this EA consists of many pairs to trade with the various strategies, one might end up putting his/her account under too much risk.

Therefore, it is advisable to do your homework in assessing the proper strategies suitable for your portfolio first by demo trading.

Keep in mind that it may be tempting to trade all pairs in demo trading but we suggest to you to start with manageable risk that you can tolerate before increasing to higher risk.

What we recommend to start off with is not to risk more than 2% of your total equity for each trade to get used to the EA trading style.

2. Draw-down

Currently, we are doing forward testing of Primeval using just scalping method.

More information on the drawdown based on backtest result will be reported here.

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 thing to highlight is that user have the option of using the Grid strategy and the Hedging strategy which both can be activated by the user if he/she choose to use these strategies.

4. Honest Result

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

Click here for backtest result.

Here is our forward test result:

Click below to view our forward test result

Although Primeval consists of 8 different currency pairs with scalping, grid and hedging to choose from, we decided to test on scalping first with 2 currency pairs for a start to better observe the EA scalping trading pattern.

They are:

1. EUR/CHF (scalping)  at 6% per trade

2. EUR/GBP (scalping) at 3% per trade

We have contacted Primeval about their recommended settings on which are their best performing pairs, they replied with EUR/CHF and EUR/GBP with risk levels at 20% and 15% respectively and they considered it as conservative. We found that their risk level settings to be too uncomfortable to start off with and we chose a risk level setting to better suit our risk appetite for the moment for testing.

As nowadays, scalping strategies have problem with spread issues and we wanted to assess how Primeval measure up to the period when scalping strategies will be their most active.

Currently after 1 month on our forward test account, there is a return of 3.3%. Which is not bad taking to account that we have started off with very small risk taken and a technical fault on pur part during 10 Feb 2010 that might caused both stoploss to be activated. We have observed that with every 1 stoploss activated, it will take about 3-4 trades to recover the loss back which is impressive.

More time is needed to able to determine its potential and will be updated.

5. Features

We want to highlight certain features of Primeval EA and so other than the standard features of money and risk management settings, the EA has the strategy option of trading with the grid or/and hedging.

For the risk settings portion, from its manual , it is stated that the risk level was adjusted internally in a different way for every currency pair, this means that 10% risk level is not always 10%, it is more, less or equal with EUR/CHF and EUR/GBP carrying more risk per trade than what is set by the user.

For the grid and hedging strategy option, user can only use it if the broker he/she uses is not a NFA regulated broker due to NFA regulations.

Scalping can still be used due to the parameter NFA_Compliant which allows the EA scalping to work.

Another portion of parameters are the manual trading parameters. These parameters are included in the EA which we are surprised to see as the EA can help you trail your manual trades (if you do manual trading, if not just ignore this) with its trailing parameters other than just performing its intended use as a trading strategy EA.

6. Weaknesses (If Any)

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

7. Support

Very good support with replies to our email within 48 hours. Provided us with detailed answers to our questions.

Summary

Primeval EA may set most beginner traders back with its large asking price of $500 with the norm of most EAs now at $127. But it seems to us right now that we wouldn’t mind paying that kind of money if it lives up to its expectation of producing that kind of result it claims it to be.

Right now, according to our forward test result it is performing rather well compared to many other scalping strategies due to the number of times it enter the market and promising with a return of 3.3% within 1 month with our own settings.

Rating:

8/10

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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Broker Platform : Metatrader 4 (Work on both 4th and 5th decimal digit brokers)

Back-test and Forward Test Generated With : Alpari UK

Price : $396 ($99 per every 3 months)

Refundable: 60 Day Money-back Guarantee

This package consists of a portfolio of EAs and is designed to achieve an ROI of at least 80% every 12 months. It includes every types of EA in the package:

1. Trending EA

2. Channel Breakout and Ranging EAs

3. Scalping EAs

4. Grid Trading EA

Basically, it allows one to profit from any type of market conditions with this portfolio of EAs. You will be receiving 5 EAs when you purchase this product and a bonus product Fractal Wizard 4 EA.

1. Money Management

Every EA comes with 2 parameters that deal with money management. It allows system user to enter the amount of risk per trade.

Managing the total risk per trade with a portfolio of EAs can be tricky. According to the forex bling team, they advised not to risk more than 5% of your account equity in any single trading day.

You are not necessary to trade all 6 EAs at one time. However, the total risk per trade for all EAs should not exceed 5%.

2. Draw-down

We cannot generate back test results, this set of indicators cannot be obtained. Draw down can be obtained from the forex bling website here.

http://forexbreakthrough.com/development/forex-bling-backtesting-results/

All of their back tests are generated for a 2 years period. This is in our opinion a very short period of time to judge for its long term performance.

Trading with their recommended settings, the maximum drawdown is up to 20% which is a relatively low draw down for a ROI of 80% per year.

Disclaimer:

It is important that you do your due diligence and be skeptical about the results posted at their website. Information can be distorted easily. It is always recommended that you test and forward test for a period of time before you arrive at a conclusion.

3. Ease of Use

Installation of forex bling is much more complicated than most commercial EAs out there. Every step is described in the manual. Some of the settings are explained poorly in the manual. Example conservative_riskmethod

Parameter to Set:

MM-Risk

Percentage_equity Used

Aggressive Level (settings available except for trending ea)

Use of Trailing Stop (only for trending ea)

Auto GMT offset

Take profit and stop loss placement are all preset and cannot be changed by user. Many settings are preset which do not allow user to perform any optimized settings.

4. Honest Result

Forex bling team advises to trade their system for at least 3 months or 200 executed trades before trading with real money.

It is important that you perform a forward test and monitor weekly so that your trades match with their live accounts here.

http://forexbreakthrough.com/performance-review/forex-bling-ea-review/

This is the link to FxEAReview’s forex bling forward test

Click Here to View Our Forward Tests

Our forward test trades with the following risks settings:

2% Evolution EA (Channel Breakout)

1.5% Thunderbolt (Scalping EA)

1.5% Thunderstorm (Scalping EA)

NEW Grid Specialist Trading Added Forward Demo Account

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