Tuesday, December 22, 2009

Forex Expert Advisors : Forex Knight Rider, an Unbiased Review

Yesterday while searching the internet for new expert advisors I found a new trading system which I had not reviewed. This trading system, called Forex Knight Rider will be the focus of today's post. As with the other experts I have reviewed, today I am going to go through the forex knight rider website evaluating the author's claims against the evidence provided on the site. I will then analyze the evidence closely and give you my opinion about the potential of this expert for long term profitability and if it is or if it is not worth buying and testing. Please remember that my reviews are as unbiased as they can be as I get no reward for any positive or negative feedback on the expert advisor. I just call them like I see them.

If you are looking for the regular hyped website with absurd claims and little evidence, then you have found your match with forex knight rider. The EA starts up with some bold claims of making 28K within three months from 50K, that is, a profit higher than 50% in just three months. What is there to back up the claims made by these people ? Actually the claims are only based on backtesting results. The problem with this is that backtesting results coming from EA sellers cannot be trusted because there are too many ways in which backtesting can be exploited to achieve these unrealistic results. This is specially true when you look at the EA trading strategy which involves closing trades within a 4-6 pip range. Closing trades on such a small movement WILL generate some serious problems due to one minute interpolation errors. Since they do not show us any live tests to show back/live testing consistency then we have no other choice but to consider the back tests unreliable. Why they make claims of real profit based on simulation simply eludes me as this is extremely misleading and borderline illegal.

The things we are shown after this just go off the charts of hype and wrong doing of commercial EA sellers. Useless pictures of trades and best of all, some "testimonials" with "live" accounts to which there is no investor access to confirm or any myfxbook access that could also confirm their authenticity. Another reason to believe that these live tests are fake is pretty obvious. See Tony Alberto from Canada ? Well, he is more well known in the internet as "Close-up office portrait of a young man". What a joke ! Why do they treat us like we were retarded ? We can also search for royalty free images and find their fake pictures of their fake testimonials ! Present FTC regulations forbid the use of fake pictures to represent clients so what they are doing IS illegal according to US regulations.
Forex Knight Rider is nothing more than an extremely hyped EA with unethical marketing practices that has absolutely no hard evidence to backup its claims. Another very good example of how things should NOT be done in business. For all the lack of evidence to show any profitability or likehood of long term profitability I consider the forex knight rider NOT worth buying or testing. If you would like to know more about the way in which I evaluate expert advisors and how you too can design and program long term profitable systems with reliable profit and 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 !

1 comment:

Sandman said...

I bought the thing & tried backtesting it. For an alleged 96%win rate I found several stop-losses within the past few weeks and an unprofitable EA. I then tried refunding it through clickbank & had the vendor close the request with a demand I test it on a live account for 2 weeks before refund. Instead I escalated the request to a clickbank rep & got my refund. What a bunch of hosers!

Daniel Fernandez's Expert Author Email Alerts
Sign up to receive email alerts of Daniel Fernandez’s latest articles from EzineArticles.com!

Email Address: