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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