I have to say that it is very hard to keep up with everything that comes out everyday on the forex expert advisor market and I would really like to thank you guys for telling me about new experts that come out so that I may check them out and review them. Of course, I always hope that one of these systems will be able to go through my criteria for long term profitable profitability but I am still waiting for that to happen ! Now, I am going to review an expert advisor called forex monster, suggested to me by a person who left a message on the chat (it is on the bottom left of the webpage if you would liket o leave a message).
Well, forex monster's webpage greets us to what seems to be a part of a backtesting summary with a huge sign on top saying it can make you 500% profit, not mentioned the time it requires to do so. You should also look at how conviniently the part of the backtesting summary that shows the modeling quality is ommited, very convinient ! Also, why is there no access to the actual backtesting detailed statement ? Things are starting to look a little bit suspicious already.
Now this guy shows us 20 days of trading and calls it "proof" that the system can make a certain amount of profit, which is of course, completely absurd since first, we don't know if that is a backtesting statement, a forwards testing or a live testing statement. We don't know the rest and we certainly do not why the testing stopped there if that testing was done 8 months ago. I mean, if I was an EA seller and I wanted to sell my product, assuming I'm telling the truth, I would want to have as much evidence as I can to support my claims. So why doesn't he show any more backtesting or live testing since at least January 2009 ? When this testing statement was issued ?
Looking at the statement there is nothing notoriously obvious about the trading logic that could make this system wipe your account. I could say that it would eventually fail when the market changes as position sizing and stop loss and take profit are rigid. However, this system is most probably geared to take profit of breakouts in high volatility environments, which is why I guess it worked at the beginning of the year when the market was terribly volatile because of all the market crisis. As you see, the system is obviously not a long term profitable system but saying how risky it is something I cannot do without more testing information.
This system is NOT worth buying clearly because the author does NOT show any information to backup his claims. He could get this information pretty easily if he really traded this expert advisor on his live accounts. Why not show us his account statements ? Well, the thing is that this person probably makes his money from selling that system to innocent victims and has never traded it live. If he has, he can show us all his statements with investor access so that we can confirm them and I'll be glad to say he is an honest seller who just happened to "miss" placing the proof on his website. Needless to say, why am I feeling this won't happen ?
If you would like to learn more about how you can evaluate expert advisors and how you too can profit with automated trading with realistic profit expectations and draw downs 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 !
Well, forex monster's webpage greets us to what seems to be a part of a backtesting summary with a huge sign on top saying it can make you 500% profit, not mentioned the time it requires to do so. You should also look at how conviniently the part of the backtesting summary that shows the modeling quality is ommited, very convinient ! Also, why is there no access to the actual backtesting detailed statement ? Things are starting to look a little bit suspicious already.
Now this guy shows us 20 days of trading and calls it "proof" that the system can make a certain amount of profit, which is of course, completely absurd since first, we don't know if that is a backtesting statement, a forwards testing or a live testing statement. We don't know the rest and we certainly do not why the testing stopped there if that testing was done 8 months ago. I mean, if I was an EA seller and I wanted to sell my product, assuming I'm telling the truth, I would want to have as much evidence as I can to support my claims. So why doesn't he show any more backtesting or live testing since at least January 2009 ? When this testing statement was issued ?
Looking at the statement there is nothing notoriously obvious about the trading logic that could make this system wipe your account. I could say that it would eventually fail when the market changes as position sizing and stop loss and take profit are rigid. However, this system is most probably geared to take profit of breakouts in high volatility environments, which is why I guess it worked at the beginning of the year when the market was terribly volatile because of all the market crisis. As you see, the system is obviously not a long term profitable system but saying how risky it is something I cannot do without more testing information.
This system is NOT worth buying clearly because the author does NOT show any information to backup his claims. He could get this information pretty easily if he really traded this expert advisor on his live accounts. Why not show us his account statements ? Well, the thing is that this person probably makes his money from selling that system to innocent victims and has never traded it live. If he has, he can show us all his statements with investor access so that we can confirm them and I'll be glad to say he is an honest seller who just happened to "miss" placing the proof on his website. Needless to say, why am I feeling this won't happen ?
If you would like to learn more about how you can evaluate expert advisors and how you too can profit with automated trading with realistic profit expectations and draw downs 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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