Recently someone called the Forex Rising expert advisor into my attention. This expert advisor found at forexrising.com seems to be a simple EUR/GBP scalper. The website creator however has offered both backtesting and forward testing resultst showing the expert advisor's perfomance over several past years.
I always grow suspicious about expert advisor creators that do not show backtesting data back until at least 1999 which is the last year from which we can get metaquotes data. However I know that for crosses realiable data cannot be found until 2005, so that may be the reason why backtesting results seem limited (although it does not seem convincing at all).
When you look at the expert's results it again seems like a pretty regular scalper, with a takeprofit of about 2 times the spread and a win to lose ratio of 4 to 1. This is in fact no so bad for this type of experts for which you often find risk to reward ratios of 10:1 or even 100:1. The expert only trades during the Asian session something that seems wise to do in order to avoid highly volatile periods which may increase the spread significantly.
As a matter of fact, the profits made by this expert advisor could be significantly hindered by spread changes on the EUR/GBP because it's risk to reward ratio makes it highly suceptible to cuts over it's profits. My opinion with this as with almost all other EUR/GBP scalpers is that if they are profitable, they will only be for a short time, after they start to be massively traded during the Asian session, spreads will start to widen and they will start to lose profitability.
For all the reasons mentioned above, in my opinion, this expert advisor is not worth buying since it does not fulfill my criteria for a long term stable forex expert advisor which can brind profits for the following years to come.
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