Sunday, August 23, 2009

Forex Expert Advisors : Forex Humanoid an unbiased review

In an effort to continue my reviews of expert advisor systems today's post will focus on the review of the Forex Humanoid expert advisor. Of course, I write all this reviews with the hope that traders new to automated forex trading will not get ripped off by unethical sellers that offer systems that just do not work and put the hard earned cash of those out there at significant risk. Remember that all my reviews are as unbiased as they possibly can with no cash (or services, or doughnuts, or anything else) given to me for neither good or bad opinions about any particular system.

Now let's start reviewing the forex humanoid expert advisor. I have to say that the forex humanoid expert advisor looks like the regular trading expert advisor out there, with little evidence to prove their claims and really outrageous results.

First of all, let's look at what they are saying on their webpage. They are saying that their system gets no loses, yes, no loses. And not even only that but they are saying that they have managed to turn 10K into 100K during the last year. Now, they also claim that their expert uses a better than 1:1 risk to reward ratio. I mean, if there is a system out there that can make a 1000% profit return with no loses and a 1:1 or better risk to reward ratio then it IS the holy grail by all standards.

But wait... What is wrong then about this expert ? Well, that they are pretty much not proving any of the claims they make. For example, if their expert is so profitable why isn't there any live testing information but just pictures (which I mean, can be perfectly easy made up) which cannot prove the profitability of this expert. If it is so good, why isn't there a live testing statement of at least a year showing us what it can do ? Why does he say that the expert has made all that money when it certainly has NOT ! If it has, then where is the proof ? I mean, I just hate when EA creators just say things for the sake of saying them.

If you are going to say something, prove it, or shut up. Backtesting results do not mean that the EA actually did that, maybe in some imaginary world where streets are made of gold and most EA sellers are honest but definitely not on this one. This system could have of course, been designed with the benefit of hindsight, hey, if you know the past you can make a system that makes 2 million from 10 dollars in one year and I mean, it is just outrageous to claim such profit and draw down targets with no live testing to prove that backtesting and live testing correlate. I mean, this system is a total waste of time and a total death trap for people out there. If the EA creator givves us a year long live or forward test proving that it trades exactly as in backtesting I'll be glad to change my review. Up unitl now, I consider this EA absolutely NOT worth buying or testing, totally worthless.

If you would like to learn more about how you evaluate and trade free experst and actually be profitable in forex automated trading 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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