I recently received a pair of requests from website visitors who wanted my opinion on the "forex maestro" expert advisor system. The truth is that I had seen the website sometime in the past and my opinion about it now is exactly the same as it was then. Who the hell do they think they are selling these products to ? I mean, each time I write one of these reviews and each time I enter one of these websites I get the same feeling. Are they selling us something to invest with ? Or are they selling us a lottery ticket ?
The forex maestro website is yet another example of very fine marketing applied to a forex oriented product. Your welcomed to the webpage with claims that say " You Can Make $2 Million With Currency Trading" . This by itself is a direct hint at the market group these people are aiming at. Every expert advisor that states such claims is obviously aimed at new forex traders who want to make huge returns on investment. The website is carefully engineered towards people who are new to forex and investing altogether. The story itself about the guy feeling "desperate" and then realizing how to "profit" during his sleep sounds just like it was written to make the traders sympathetic towards the author.
But well, I always try to give expert advisors a chance, regardless of their very ethically lacking selling techniques. At first, from the claims made on the website, the system sounds definetely like a "scalper", there would be no other way to attain such a high winning percentage except by having a very large risk to reward ratio. This in my opinion is far from ideal. We also don't even get backtesting information as to evaluate the trading strategy, or the possible consistency, relability, draw down and other aspects of the trading system.
With all that said, I consider that the forex maestro system is absolutely not worth buying. The creator should provide much much more testing information, including live account information with investor access and a good amount of backtesting. I consider it insulting and deeply unethical how this people try to sell a system whose evidence of profitability is absolutely lacking. Finally, if you wish to learn more about other automated and free expert advisors systems I have tested and reviewed please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
The forex maestro website is yet another example of very fine marketing applied to a forex oriented product. Your welcomed to the webpage with claims that say " You Can Make $2 Million With Currency Trading" . This by itself is a direct hint at the market group these people are aiming at. Every expert advisor that states such claims is obviously aimed at new forex traders who want to make huge returns on investment. The website is carefully engineered towards people who are new to forex and investing altogether. The story itself about the guy feeling "desperate" and then realizing how to "profit" during his sleep sounds just like it was written to make the traders sympathetic towards the author.
But well, I always try to give expert advisors a chance, regardless of their very ethically lacking selling techniques. At first, from the claims made on the website, the system sounds definetely like a "scalper", there would be no other way to attain such a high winning percentage except by having a very large risk to reward ratio. This in my opinion is far from ideal. We also don't even get backtesting information as to evaluate the trading strategy, or the possible consistency, relability, draw down and other aspects of the trading system.
With all that said, I consider that the forex maestro system is absolutely not worth buying. The creator should provide much much more testing information, including live account information with investor access and a good amount of backtesting. I consider it insulting and deeply unethical how this people try to sell a system whose evidence of profitability is absolutely lacking. Finally, if you wish to learn more about other automated and free expert advisors systems I have tested and reviewed please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
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2 comments:
I agree that these marketeers make incredulous claims of massive profits that dont materialise when we run the EAs live.
I wonder whether some of these "independent live tests" sites actually faked their results cos they do get commissions from these marketeers when they make a sale. Look at this:
http://www.4xrobots.com/robot_reviews.htm#maestro
Comments please...
Thanks!
Well Zenman,
There could be some honest reviewers out there who indeed receive commissions from expert advisor sellers. I prefer not to take that risk since it would be very easy to become biased consciously or unconsciously due to the fact that you would be "getting paid" to write good reviews. In the words of a very wise man "it's hard to understand something when your salary depends on you not understanding it".
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