Another one of my expert advisor subscribers suggested that I review the fxpromaker expert advisor. Truth be told, I had already been pointed towards that expert advisor but I had abstained myself from writing a review about it because I wanted to wait for more live test information to be published on their website. Now I feel that I have enough information about this expert advisor as to write a solid opinion about it and it's trading.
The fxpromaker website is quiet clean cut, no marketing videos, pictures of cars, champagne or mansions. This is a good start. You are greeted with a simple menu that let's you choose between the performance, the expert advisor list and another few things. When you access the performance link you get access to a lot of live testing done on these expert advisors. Up until now, I was very happy with what I was looking at. You saw a website that aims at real forex traders and you see a lot of live results that tell you how each one of these experts has done in real life. Now, after I looked into the strategy of each one of the experts I started to have goose bumps.
Well, the main problem with the fxpromaker expert advisors is that the experts are martingales, that is, they double lot sizes after each loss. So the problem is that you end up risking a lot of money, just to make a little. For example, if you start to trade with 0.01 lots to make 5 USD, after just 5 loses you are risking more than 2000 USD to make that same 5 USD. That is, truth be told, quiet silly. If you ask any trader out there, non of them would risk 2000 USD to be 5 USD on the positive side again. I have a very strict policy not to trade martingales because they ALL eventually blow accounts up. Sure, there can be a period of even 5 years in which they work but trust me, no one, has ever made a fortune trading a martingale strategy in forex (or in a casino for that matter).
So what about all that live testing ? The truth is that most martingale strategies work, just until they don't and that don't usually means your account being brought to ruins by the expert advisor (a fellow reviewer, duyduy, tested this ea, it wiped the account within the first two months). Another thing is that we do not have live account investor access to the live testing so they might as well be fake results.
I would say that this ea fails to provide a strategy I can trust and for that reason I would not trade it like I do with other experts, in fact, I would consider it not worth even buying. I have seen several martingales that have performed well, in live accounts, for periods of even 1 year, only to see them crash and burn eventually. This ea is also remarkably similar to the freely available blessing ea, another reason why I would not purchase this ea. For all those out there trying martingale strategies, please stop, they did not work in the wild west, they did not work in vegas casinos and they do not work in the forex market.
If you would like to learn more about other free and commercial expert advisors I have traded, 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 fxpromaker website is quiet clean cut, no marketing videos, pictures of cars, champagne or mansions. This is a good start. You are greeted with a simple menu that let's you choose between the performance, the expert advisor list and another few things. When you access the performance link you get access to a lot of live testing done on these expert advisors. Up until now, I was very happy with what I was looking at. You saw a website that aims at real forex traders and you see a lot of live results that tell you how each one of these experts has done in real life. Now, after I looked into the strategy of each one of the experts I started to have goose bumps.
Well, the main problem with the fxpromaker expert advisors is that the experts are martingales, that is, they double lot sizes after each loss. So the problem is that you end up risking a lot of money, just to make a little. For example, if you start to trade with 0.01 lots to make 5 USD, after just 5 loses you are risking more than 2000 USD to make that same 5 USD. That is, truth be told, quiet silly. If you ask any trader out there, non of them would risk 2000 USD to be 5 USD on the positive side again. I have a very strict policy not to trade martingales because they ALL eventually blow accounts up. Sure, there can be a period of even 5 years in which they work but trust me, no one, has ever made a fortune trading a martingale strategy in forex (or in a casino for that matter).
So what about all that live testing ? The truth is that most martingale strategies work, just until they don't and that don't usually means your account being brought to ruins by the expert advisor (a fellow reviewer, duyduy, tested this ea, it wiped the account within the first two months). Another thing is that we do not have live account investor access to the live testing so they might as well be fake results.
I would say that this ea fails to provide a strategy I can trust and for that reason I would not trade it like I do with other experts, in fact, I would consider it not worth even buying. I have seen several martingales that have performed well, in live accounts, for periods of even 1 year, only to see them crash and burn eventually. This ea is also remarkably similar to the freely available blessing ea, another reason why I would not purchase this ea. For all those out there trying martingale strategies, please stop, they did not work in the wild west, they did not work in vegas casinos and they do not work in the forex market.
If you would like to learn more about other free and commercial expert advisors I have traded, 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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