Another expert advisor that was brought into my attention by one of my customers is the forexgridbot expert advisor. I have to say that the website is as typical as what you could regularly expect for a commercial expert advisor. The picture of the box with the cds (why the hell do EA marketers think that you are more likely to buy something that has a box with a picture on the website ? no idea), the same regular claims about freeing you from your day job, using the same system as the big dogs, etc.
Now, for a small change, we seem to have live account results. Ok, there seems to be some progress on the EA market then, an expert advisor with live trading results ! But wait a second, where are the rest of the regular testing results ? Backtests anyone ? It seems that the authors of the forexgridbot for some reason decided to omit the backtesting results. Well, I have absolutely no problem with that as long as the live testing results are worth anything. Are they ?
The forexgridbot live trading results have several problems. First of all, the results are only one month old. Do you expect us to believe that your system is profitable with just a month of live testing ? Your kidding me, right ? One month is just too little to say anything, you cannot say the system is or is not profitable based on one single month of testing results. Maybe it was a bad month in the middle or maybe the best month ever ? Maybe the system will wipe an account if market conditions change slightly ? Who know. With one month of live testing it is impossible to know.
Second of all, the live testing results offer no investor acces so as far as we know, they could just be made up using photoshop in the same manner as they say on their website that other EA creators forge backtests (do you really need to forge backtests with the benefit of hindsight ? I think no one does) . Again, commercial expert advisor creators should provide live accounts with investor access so that people can really know that the results are coming from an actual account. I will not settle for anything less than that.
As far as the trading logic of this expert advisor seems to go, I have to say that there is too little on the live testing statement to even get a grasp of how this EA trades. The only thing that can be said is that the expert does not have any stop loss and that the trades seem to be closed by an internal mechanism within the ea. Another things is that the forexgridbot seems to grow profits too quickly (100% in 2 weeks) something which tells me that it's market exposure is just too big and that it will blow an account sooner or later (let's see if they remove the live statement then !)
For now, I would have to say that the forexgridbot is not worth buying but the fact that they want to provide live account information is encouraging. I would tell people to wait for at least a year of forward testing and we will see what the market does with this EA. By that time we should also request an investor password to really see if all the information does match or if there have been any alterations done on the statements. Anyway if you would like to learn more about free and commercial expert advisors 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 !
Now, for a small change, we seem to have live account results. Ok, there seems to be some progress on the EA market then, an expert advisor with live trading results ! But wait a second, where are the rest of the regular testing results ? Backtests anyone ? It seems that the authors of the forexgridbot for some reason decided to omit the backtesting results. Well, I have absolutely no problem with that as long as the live testing results are worth anything. Are they ?
The forexgridbot live trading results have several problems. First of all, the results are only one month old. Do you expect us to believe that your system is profitable with just a month of live testing ? Your kidding me, right ? One month is just too little to say anything, you cannot say the system is or is not profitable based on one single month of testing results. Maybe it was a bad month in the middle or maybe the best month ever ? Maybe the system will wipe an account if market conditions change slightly ? Who know. With one month of live testing it is impossible to know.
Second of all, the live testing results offer no investor acces so as far as we know, they could just be made up using photoshop in the same manner as they say on their website that other EA creators forge backtests (do you really need to forge backtests with the benefit of hindsight ? I think no one does) . Again, commercial expert advisor creators should provide live accounts with investor access so that people can really know that the results are coming from an actual account. I will not settle for anything less than that.
As far as the trading logic of this expert advisor seems to go, I have to say that there is too little on the live testing statement to even get a grasp of how this EA trades. The only thing that can be said is that the expert does not have any stop loss and that the trades seem to be closed by an internal mechanism within the ea. Another things is that the forexgridbot seems to grow profits too quickly (100% in 2 weeks) something which tells me that it's market exposure is just too big and that it will blow an account sooner or later (let's see if they remove the live statement then !)
For now, I would have to say that the forexgridbot is not worth buying but the fact that they want to provide live account information is encouraging. I would tell people to wait for at least a year of forward testing and we will see what the market does with this EA. By that time we should also request an investor password to really see if all the information does match or if there have been any alterations done on the statements. Anyway if you would like to learn more about free and commercial expert advisors 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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