Wednesday, August 19, 2009

Forex Expert Advisors : Euro Blaster an unbiased review

Since people seem to be enjoying my reviews about expert advisors I have decided I will review as much expert advisors as I possibly can so that people can greatly benefit from my experience in forex automated trading. It is of the utmost importance for me to keep people away from losing their money to most of the forex automated trading schemes out there showing them profits they will not get. So, getting on with the contents of this post, today I am going to review the Euro-Blaster expert advisor which I found recently when looking for new expert advisors to review. I am always amazed of how many expert advisors are actually being sold out there !

This expert advisor's website is pretty simple, with just the trading evidence they have to offer and a small attempt at the regular marketing stuff in the middle and at the end of the website. However, as always, we are not interested in how the EA is actually presented but in how the EA actually performs. Of course, the first thing that makes my skin start to crawl is the straight up line of the equity curve with no loses. When you see a forex system with no loses, it just means one thing. Either it has not traded for enough time, or it's actual risk is the whole account size so it does not lose until it loses everything.

Of course. looking at the backtests, the demo and live accounts, we also see this, the EA opens trades in some cases with no stop loss (see some backtesting statements and you'll see this) or it opens trades with extremely high risk to reward ratios. Now, this is just a run away signal, the EA is trading huge risk, small profits risking a lot of capital, which ironically goes against their claims given on the sales page. This expert is just a total death trap.

Something which also talks about this expert's credibility is the fact that live tests where just run for a week or to, in April 2009. The EA could have by now a very large profit and the author could have a lot of evidence about it's profitability. Why isn't there any evidence of this on the website ? Well, it didn't happen because this EA is obviously NOT long term profitable and therefore my opinion is that is is absolutely NOT worth buying or testing, just by the merits of it's logic as 99.999% of the experts out there, it can be discarded.

If you would like to learn more about really trading profitably with automated trading systems and how you can avoid being fooled by expert advisors sellers into buying systems that don't work 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 this article !

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