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Tuesday, October 28, 2008

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Thursday, August 14, 2008

FAP-WINNER.com review

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)

Forexeasystems: EA Shark

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.

Click to enlarge the image

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...

Forex Funnel Review

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:

Click to enlarge the image

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.

GetToBeRichNow: Forex Beater

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:

Click to enlarge the image
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 ;)

Bogie-NN-v8 EA Review


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:

Click to enlarge the image

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.

Forex Tracer


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...

Friday, July 11, 2008

ForexAutoPilot by Mark Copeland


This ForexAutoPilot EA was developed by Mark Copeland. To prevent any confusion it is just the same title, but not the same owner as FAPS system. Mark's site looks really cool with good package green graphics and nice words about profits...Again nice backyard and luxury Bentley (that became a tradition on forex websites, I wonder why don't I have it ;) So I got really excited about it and decided to buy the system. Instructions were pretty nice too. But what a shame, I was really dissapointed with results. Take a look on the backtest of Mark's system

Click to enlarge the image It makes some profits in 2007 and then totall drawdown and deposit loss in 2008. You could better flip the coin...

Thursday, July 10, 2008

Steinitz HAS MTF Robot

REVIEW: Many visitors of my website asked me to review this Steinitz HAS MTF Robot by Donald Steinitz. To be honest I was really impressed by the quality setup process of this EA and detailed instructions PDF. The EA uses several indicators and has TONS of parameters. (!!!) I never saw such great number of parameters before, good work.

Anyway Steinitz HAS MTF Robot Backtest looks strange to me Click to enlarge the image

Maybe I used wrong pairs or wrong settings? I just used the default settings with recommended currency and timeframe. To be honest I gave up. I dont have enought time to optimize tons of settings of this complicated system when I have a lot of other good profitable systems to use. I would say this Don Steinitz's system is too complicated for ordinary users like most of the fellow traders..

Tuesday, June 10, 2008

Trend Forex System


The TrendForex Systems was made by trader John Chen. First impression here was also really bad, I did not like their site with HUGE red fonts and anoying POPUP that I even could not maganage to close.. and again long text about "super-powerful system" and stuff like that. But when I finally ordered and downloaded it, i was satisfied enough with it. TrendForex System Identifies the trend and can work for forex currencies and futures. After reading more information i found it rather "easy-to-understand". System gives clear entry and exit rules as well and can be applied for all timeframes and all currency pairs, futures, stocks, and indices... (as they claim, but of course i did not tested that because i trade only forex you know). About results here - they did not impress me too much, got the weak trend with small profit the next day I use it. The system is rather time-consuming for me.

Saturday, May 10, 2008

Expert Forex Systems Review


The expert-forex-systems site looks rather good with simple conception and clean text. The traditional popup was easy-to-close:) After reading tons of traditional junk about "incredible system" I decided to give it a shot. The most interesting fact for me was idea to provide real private forum for customers where they can exchange opinions, discuss the system and its parameters and maybe help each other. Lets get back to the system itself. It is divided into 2 systems that complement each other. The bonus is an integral part of the package (helps you place the trades). Hoowever you need to trade via the Metatrader software oherwise it's useless. The first day was bad.. i ended up -50 Pips. 2nd day i struggled as well trying to break even my loss. -10 pips. Recovered a little the 3th day. And at the end of the week i managed to get into plus +10 pips. Hopefully finally I got the profit +110 pips. So the system looks rather risky for me.

Thursday, April 10, 2008


REVIEW: Forex-MHV is rather old system. Indeed they have 2 system, the 171322182723 formula, which performs pretty well for a very simple system, and the DIMONX6 system, the range trading system. They offer 2 strategies for Dimonx: Five days of trading per week and Three days of trading per week. As I noticed forex-mhv was "out of service" for a long time and now they are back with new version again. I am going to test this new version and report about results in nearest future.

Update Finally i noticed that formula171322182723 sometimes really generates few good signals, but DimonX does not work for me at all. Also the site was moved to filedepot.eu/fx/ new link

Tuesday, March 11, 2008

Freedom Rocks Review


Freedomrocks is old well-known system. Site has good flash presentation about trading idea and business concept (reselling of software by MLM mechanism. You can also subscribe to member's area and pay monthly fees. Ok, i read a lot of good and bad reviews of FreedomRocks and decided to test it myself. I got subscribtion for 1 month here. Inside member's are I found portfolio manager and allocator and a lot of useful links to broker comparisons, detailed manuals and also they hold audio conferences. The idea of system is easy - you open 2 orders at the same time for 2 cross currencies that correlate each other, for example Euro/USD and USd/CHF. If one goes up, other goes down in some correlation, so in some periods you should be in plus. My first trade was really profitable, I made over 560 pips in 1 week and decided to close the trade. But second week was really owfull for me, my trades went to huge minus and finally I got margin call after 2 weeks of staying in huge drawdown. So for me this system did not work, maybe I opened my trades in "wrong place in wrong day". I'd better say you can resell it and make money without risk ;)

Sunday, February 10, 2008

Winning-Solution Review

First of all I would like to say few positive words about this WSS project. The site looks great and has lots of good features, such as private forum, chat discussions, free Forex Tutorial Resources and much more. Admin gathered a great friendly community of traders (over 4000). It is well organized and has a nice support team. The only problem here is the system itself. WSS system showed some good results in the past (you can see their way to million from 1,000 usd starting from 2006 in the results section. But it turned out to be a loser in 2008. Nearly all months are not profitable. I heard they are thinking about changing the system now but i guess it is too late. With such high price ($199 membership) it is not worth its money.

Friday, January 11, 2008

Forex Annihilation Review


These system is one of its kind. I never saw any system before that even failed to pass the standard strategy backtest. When I run the backtest on the recommended EURUSD H1 timeframe from 2003-2008 I only see the loss. All other reviewed systems at least can work under some conditions but this one..

Take a look yourself:
Click to enlarge the image

I decided to ask the vendor if he performed the backtest himself and what is the problem. Waiting for reply.
From vendors' website: "This is truly every trader–†—ěs dream..." hehe

Thursday, January 10, 2008

5EMAS-forex-trading Review

REVIEW: 5emas website is rather simple and clean, not overloaded with bulshit and junk text, just main points and features, I like that stuff. System is complicated to get into. You have to take the necessary steps to understand forex to its core. I suggest you take a free forex course before you try this one out. The Bonus books are a nice read. Im a big fan of the "art of war". Have read it in college and it was nice to check it out again ;) System is based on 5 five moving averages with different periods. Signals to enter or exit can be different. It may be the intersection of 2 or 3 EMAs, or maybe a intersection of the price and EMA. I think everybody knows one great signal: if the price crosses the moving average from the bottom - it time to buy, if from the top - time to sell. It's written about this "signal" in every Forex trading book. But if it is so easy, why not all the traders makes profit? The answer is clear: the MA is just an indicator showing an average price of any currency pair. And no wonder that you cannot say that it's 100% right signal.

And it's practically all the system. No magic. Nothing new. But underwater rock is that it does not always work, cause it doesn't take into account the fundamental factors, the volumes, the ratio of "bulls" and "bears" and technical figures. So, I can advise it only to experienced traders, as an addition to their system with other indicators or like a foundation for their system, but not more. The novices at Forex will not be able to use it and make their trading profitable. The system is too crude. Their advisor is a kind of very long way to margin call, like a standard MetaTrader4 MA advisor. And even the bonus books will not help you.

Update August 2008 I dont use this system for a long time and recently I got rather bad feedback about it from my readers. Brian Watt wrote "..here some examples of 5emas. As you can see from graphs that whenever the alert says sell you should buy & vice versa. in your review you gave it a high rating. they do say that they only give an alert but this is rediculous. In 5 days I am down $7400, luckily only demo money. The only way their system can work is to do opposite of what they say.

Click to view Example1 or Example2