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Thursday, August 14, 2008
To be honest we all know that original ForexAutopilot (FAP) email support sucks. These guys became too popular and really got overloaded with support requests. I heard they get over 500 emails each day (!). On the other hand I can understand them too. For example even I get emails from some newbies who have problems opening file that you should not open at all! sometimes I get requests for help from some of FAP cliets who say "I cant open EX4 File, help me dude!!". Folks, why on earth don't you read the instructions!?! You should not open it at all, just place to metatrader /experts folder!!!
Some time ago good fellow trader Charles A.Floyd II noticed FAP system and decided to change the world. He was so dissapointed reading that people critic this great product and call it scam just because they don't bother to read the instuctions and can't set it up properly.
Charles decided to open FAPUG (fap user group, some kind of community on yahoo), developed his own settings and trading plan (FAPTS) and help all FAP clients for free. No need to say his group rapidly gained huge popularity and grew to well over 900 members just in few months! Finally Charles' efforts were noticed by FAP creator Marcus Leary and his team and the made Charles master FAP trader and decided to unite the efforts.
So FAPWINNER was born. It is a killer combination of award winning Charles' support service (rapid email support, live chat, FORUM, remote help, phone support, personal appointments and weekly mentoring class - i heard Charles hired over 12 people to help him with that) and great working ForexAutopilot. Moreover Gold and supreme members get access to the Charles' Hedging EA. I had a chance to grab a link with backtest of this EA
Take a look.
Yes, this service costs heaven (from 199 usd) but i suppose it is worth its money. you decide anyway.
Update Today my pal Mark recorded his video review of Fapwinner on youtube.. hehe looks like this dude really liked that stuff:
Check out FapWinner video review by Mark
Sunday, August 10, 2008
REVIEW: Last week I bought ForexAutopilot package, it is new system from Marcus Leary, forex trader. the system is a nice set of expert advisors that trade forex on your account. yes, i know there are too many crap expert advisors that never work or work only for short period of time (for example only in trendy market). I expected the same from this one and did not expected too much from it. To my suprise when i started to backtest this Forexautopilot on history i was amazed with results. Advisor made over 250% in 2007 trading 1 lot! and the most important - it never lost the deposit even if I backtest in in 2001-2006! that's a stable one. looks like Marcus did a good job optimizing it.
Update I Decided to run it on my real acc. will keep you informed and report about results next month... Update After few weeks of tests and live-account trading i am really excited about it. Also check out my friend's live account results on youtube video!
Update June 2008 In June Fap Team released the new version of their great ForexAutopilot EA! Well done guys! new version has all the features enabled, it can now open several trades at the same time, work with other EAs and manual trades, use the trailing stop!
Great guy and professional trader Charles A. Foyd II few months ago opened friendly FAPUG group with perfect support for all FAP members. It has now over 400 members. You can join it here and get help and peiece of advice on FAP and FAPTS system
Update August 2008 In july Charles Floyd, II founded new FAPWINNER.com Website with premium support service for all FAP users. It has lots of support options: from rapid emails support to live chat, phone helpline and personal appointments. The most important thing: FAPWINNER has private FAP forum available for its members. Also FAPWinner includes Charles' Hedging EA Click to visit FAPWINNER.com
REVIEW: Few weeks ago I found the site of Forex-Killer.com telling me that experienced forex trader Andreas Kirchberger developed "super profitable system generating forex signals for you". I decided to give it a shot. After purchase I got the downloading link and received the Zip archive containing program with several instructions ebooks. First impression was rather bad - the program looked too simple and the bonus "Forex Learning book" was not detailed enough for me because i am a rocky trader so I was very sceptical about it.
Anyway I decided to give it a try on my InterbankFx demo account the same day. First trade was loosing -30 pips, got the stop loss. But I did not give up and continued my test. I was really suprised next day after checking my trades - signals are really working for me! 3 of my trades for EuroUsd and USD/JPY were in profit with total more than 280 pips! I think using proper money management your can get good results with forex-killer signals.
Update Not long ago they released new version ForexKiller 2.14. I really liked this update, software got a lot of enhancements in interface and more accurate algorithm based on neuro systems. Now I can load the data easily from Metatrader without need for manual input. the effectivity is still high for me. Last week +178 pips on euro/usd and this week i gained +216 pips in 12 trades. not bad.. I will keep you informed on my progress..
Update 2008 The more i trade forex killer the more i like this system. last month was really profitable for me, +270 pips really impressive.
Update March 2008 Good news from Andreas. They released new version 3.32 with pretty features such as trend analyser and money manager. FK is becoming powerful trading tool. I have found really nice blog by Lloyd, forex trader, here http://autofx.blogspot.com/ - he is providing FK winner strategies and trading himself with impressive results (Up-to-date: +760 pips)
Update May 2008 My great friend Mark Larsen have published his video Review of Forex Killer "Is forex killer scam or real deal?" - check it out on my new Video Review page!
Update July 2008 I have found one more great Forex Killer Winner stategy here New Improved Forex Killer Strategy (long term trading)
REVIEW: Today upon numerous requests from my readers I would like to review the EA Shark 4.0 Ultimate by ForexEasySystems. First of all system has rather strong protection feaures and I had hard time with activation and using the strategy tester. However finally I was able to perform a backtest on history of this EA. Results really amazed me. Take a look here.
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System is based on signals of several standard indicators such as: MACD, Stochastic, SAR, Momentum and it uses fixed stop loss. Some people say that I am too critical in the estimations of forex systems and most of my review here are bad. Yes, I am critical because it is my work to give the unbiased honest review. However I have nothing to say bad about this unique EA Shark and its creators. Well done, guys! hats off...
REVIEW: Last weeks I was getting huge number of requests from my fellow traders to review this system. Finally I decided to take my time and make a review of Forex Funnel, new expert advisor. Website Design is "huge" again and I guess it is the second project from the creators of the Forex Tracer EA.
After some research and investigation I found out that Forex Tunnel is playing some kind of Martingale Game. Martingale is a casino roulette strategy where you double a losing bet each time. First you bet $1, if lost then bet $2, then $4, $8, $16, $32 etc untill you win or run out of money. The plus of such strategy is that you will propably win in most cases. The minus is that you need really HUGE CAPITAL to play such games. Now take a look how Forex Funnel calculates the lot size for the trading.
Click here to see the image
Of course I dont know the algorithm of the EA but these numbers look like martingale for me.
On the one hand I cant call Forex Funnel Scam. Martingale strategy was created long term ago and Forex Funnell creators are not the first and the last people who use it in forex trading. Also the "perfect line" backtest image on their website is not fake too. On the other hand the creators "forgot" to tell you that to start using it you will need at least 100K (!!) of starting capital. I guess most of us don't have or not ready to risk such huge capitall in a simple martingale game. The bottom line is that even with such huge capital the drawdowns are too high (Over 81K drawdown on 100K account!!) and the profit is so poor (only 340% in 8 years) comparing to other EAs. Take a look on my investigation here:
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In the conclusion I will not call it SCAM or bad system, but for general trader it is a waste of money. You will be able to use it only on demo as most of us don't possess 100K minumum capital to start Live real trading.
REVIEW: This system by Peter Larsen is rather new. I found the site a week ago and decided to give it a try. Site looks "traditional" and does not have much to talk about. So lets get strait to system test. Forex Beater has 1 EA that uses 3 external indicators to place trades. I have backtested the system for the 2007-2008 and found its result rather promising. The beginning of the year was not profitable but the end of the year brough some nice profits. Take a look on the backtest of Peter's system:
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Btw, if you decided to buy it try to close the page first - you will get a nice robotic chat that will offer you additional 10 bucks discount ;)
What can I say about this EA from Bogie-Enterprises. Yes, this EA can seem great on first sight. It finished in 2nd place in the 2007 Automated Trading Championship, its results in 2007-2008 with autolot are incredible. So I decided to take a closer look.
In my tests I used Bogie-NN-v8 EA. Take a look on the backtest of this system:
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As you can see this EA is well optimized for 2007-2008 uptrend but performed really bad in 2005-2006. So I cant consider this EA a universal one. It can perform really well for some period but I would not trust it as the market situation changes it can loose your deposit easily.
First of all I was really impressed by the quality of the ForexTracer website design. "The guy who made such professional graphics could have really great product" was my first thought... The top "backtest" image on the website looked really promising and I decided to make a test purchase to try this new expert advisor myself.
"Too Good To Be True?" asks the creator of the new "Forex Tracer" system. Yes, too good.. Indeed the system is a total crap, as many other system available online. After purchase you get a small file with poor 1 page "instructions" + EA copy. I decided to perform a backtest to see if the screenshot on the website is fake or not. I can confirm the screenshot is not fake. The system really worked fine ... in 2007.. oh, I guess we are too late to get our millions with Forex Tracer because in 2008 the system does not perform good. And if you backtest to 2004-2006 you will also see that system was a total looser. So as a matter of fact the creator just optimized his parameters for strong bullish trend in 2007 so it performed really well...on history. Take a look on the backtest of Forex Tracer system
Click to enlarge the image To good to be true... too good...