Tuesday, May 19, 2009

Forex Expert Advisors : Dragonpips Unbiased Review

My search for forex automated trading systems continue and with it the finding of several new commercial expert advisors. Last week, while looking at my website's statistics, I found out some people came here by searching for ¨dragonpips ea". I decided to look a little bit more into it since I had never heard or read about this commercial trading system. After spending a few seconds on google, I found the expert's webpage and decided to write a small review with my opinions about this expert advisor. As always, I try to be as unbaised and accurate as possible only taking into account the evidence showed by the authors and my experience.

First of all, the webpage is pretty unproffesional (not a bad thing perse) with several blunt typos. The expert advisor authors claim that the ea is very profitable, something which can be infered by the phrase "$1,000 Exploding Into $78,352,326". Now, turning one thousand dollars into a million is pretty hard, do this people honestly think that they can get through with those claims ? Well, they sure do !

The EA creators show absolutely no evidence of profitability with only backtesting to prove their claims. They also offer a money back guarantee if your back testing does not match theirs. What ? If your backtesting does not match theirs ? This is absolutely ridiculuos. You do not buy a trading system so that you can reproduce backtests, you buy it so that you can profit from the market. Again, what are this people thinking ? Trying to tell us a trading system with no real testing evidence and telling us we can turn one thousand into 78 million dollars.

Excuse me, but this expert advisor, the dragonpips EA, is NOT worth buying or testing until they can provide forward testing and live testing statements (with investor access) that can backup their claims. Please, do not fall for their (bad) marketing schemes. Many expert advisors can make that and even more in backtesting. You can do that if you cleverly exploit certain faults of the strategy tester provided by metatrader 4. Sometimes I really wonder how much money could have been saved if the metatrader team had invested a few more thousand dollars on developing an efficient strategy tester.

If you would like to learn more about free and commercial expert advisor systems that have forward or live testing statements 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 !

2 comments:

David said...

Dragonpips is best expert adivsor for me. It do small profit per trade but it go to market somtimes 10x per night. I tested it 3 month on real account and have beuatiful results and i combinate it wihth cashback. If I trade 1 lot by Dragon and it go to trade 10x per nihgt and have account by for example by alpari. 10 x 1 x 4,2 = 42dolars I have per night for good or bad trade. It is bautifull. Cashback is here: http://www.cashbackforex.com/?aid=1254

ForexBob said...

I do manual trading and have found many usefull tips on www.kreslik.com and the paltalk two percent chatroom.

think that EA's can be great, but as such as with fapturbo 30.000+ users start using it, i doubt the effectiveness of it.

if robots where that good, all discretionary traders at banks would loose their job.

further i also get rebates from:

http://www.cashbackforex.co.uk

which is great! monthly paid to my paypal account

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