Forex BulletProof Review

Forex Bullet Proof is an expert adviser created by Fapturbo Steve,  also one of the creators behind fapturbo. The scalping system released in 2009. This system promises 4-5%  return per month. Our research on Forex BulletProof backtest results show no trades hit stop loss. All trades are either closed with a profit or a small loss.

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

EurStrategyTester2009

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

EurUsdStrategyTester2008

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

UsdStrategyTester2008-10

2 year period from September 2008 to September 2010

ROI : 16% (2 year)

UsdStrategyTester2009

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

UsdStrategyTester2008

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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