Today's post will be dedicated again to the review an evaluation of a commercial automated trading system. This forex system, named forex conquest, claims to be able to turn 900 into 2000USD in two weeks, or make 43,240 USD in five months or almost 150K USD in less than a year. We will now see if this EA lives up to the test and is able to provide convincing evidence of these claims as well as demonstrate its potential for long term profitability. As always, my review will aim to evaluate the claims provided by the author against the evidence on the website. I will then do my own analysis on the trading strategy of the EA an give my opinion about the expert's long term profitability.
To start, the claims of this EA are nothing short of bold. The author of forex conquest claims it can turn 900 to 2000 USD in two weeks, this is a profit above 100% which in two weeks would only make me think one thing, a very high market exposure. However, things are a little bit different. Because this EA NEVER TURNED 900 to 2000 USD or 3000 USD to 150 K USD. This is one of the great deal of EA sellers that treat a simulation like if it was the real thing. Let me ask you. Does flying a cesna on flight simulator means I have flown an airplane ? This is how truthful it is to say that an EA has actually made a profit it never made. Making money in a simulation is to making money in real life as flying a cesna in flight simulatior is to flying a real airplane. Making in simulation and making live are two totally different things. To say the least, the author should provide us with the backtesting statements so that we can at least have a slight idea of what the system is all about.
There is not much in the forex conquest website. A bunch of hype and some screenshots and numbers which are totally meaningless. Where are the statements ? where is the backtesting, the live testing, the forward testing ? Where is everything ? This guy is selling a dream, he is not selling a trading system. Who would buy something that has absolutely no real evidence of profitability. This EA is way behind most experts in that it does not even provide enough material for me to even evaluate the trading strategy. The only statement on the website is pretty puzzling since it shows several trades without a stoploss or any other means of risk protection. Does it have an internal closing mechanism ? does it never close loses ? This are questions that cannot be answered because there is simply an absence of evidence.
As you may have infered from the second paragraph, this expert advisor is NOT worth buying or testing. There is not enough, really hardly any, evidence of profitability provided by the creator of the EA. The author would have to put up live testing statements and backtesting statements from 1999 so that we may have a real idea about the EA. If the author does I'll be glad to rewrite this review to include deeper analysis. Of course, there are long term profitable systems that you can use from today, if you want to learn more about these systems and how they achieve realistic profit/risk targets 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 !
To start, the claims of this EA are nothing short of bold. The author of forex conquest claims it can turn 900 to 2000 USD in two weeks, this is a profit above 100% which in two weeks would only make me think one thing, a very high market exposure. However, things are a little bit different. Because this EA NEVER TURNED 900 to 2000 USD or 3000 USD to 150 K USD. This is one of the great deal of EA sellers that treat a simulation like if it was the real thing. Let me ask you. Does flying a cesna on flight simulator means I have flown an airplane ? This is how truthful it is to say that an EA has actually made a profit it never made. Making money in a simulation is to making money in real life as flying a cesna in flight simulatior is to flying a real airplane. Making in simulation and making live are two totally different things. To say the least, the author should provide us with the backtesting statements so that we can at least have a slight idea of what the system is all about.
There is not much in the forex conquest website. A bunch of hype and some screenshots and numbers which are totally meaningless. Where are the statements ? where is the backtesting, the live testing, the forward testing ? Where is everything ? This guy is selling a dream, he is not selling a trading system. Who would buy something that has absolutely no real evidence of profitability. This EA is way behind most experts in that it does not even provide enough material for me to even evaluate the trading strategy. The only statement on the website is pretty puzzling since it shows several trades without a stoploss or any other means of risk protection. Does it have an internal closing mechanism ? does it never close loses ? This are questions that cannot be answered because there is simply an absence of evidence.
As you may have infered from the second paragraph, this expert advisor is NOT worth buying or testing. There is not enough, really hardly any, evidence of profitability provided by the creator of the EA. The author would have to put up live testing statements and backtesting statements from 1999 so that we may have a real idea about the EA. If the author does I'll be glad to rewrite this review to include deeper analysis. Of course, there are long term profitable systems that you can use from today, if you want to learn more about these systems and how they achieve realistic profit/risk targets 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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