Yesterday, an asirikuy member pointed me out to an automated trading system I have not reviewed. This expert advisor, called Forex Assasin, promises to turn small amounts of money like 300 or 5000 USD into very high amounts in the order of 100K to 1 million dollars in a very small period of time (4-5 years). Today's post will focus on the review of this trading system, specially the evaluation of the author's claims against the evidence provided on the website and my opinion about the long term profitability of the trading system. After doing all this analysis I will tell you whether or not I consider the forex assasin trading system worth buying and testing.
The claims made by the author of this expert advisor are nothing sort of bold, misleading and outrageous. The first claim is that the system gave 5 million dollars in profit during the last 5 years when no evidence at all is given about this matter. This is the classic marketing scheme EA sellers try to pull on people by portraying simulation results as if they had been real. This is misleading and dishonest. Another interesting fact is that the seller of the EA portrays himself as having become a millionaire from trading the system, why is then no evidence about his past 5 years of trading given if they do exist in reality ? Why doesn't a person who achieved such an enormous success with automated trading share the story and evidence to sell his system ?
The answer is simple, the whole website is simply a lie created around the idea to sell naive new traders a dream of becoming rich quickly. The evidence given is merely a simulation of performance which by itself is meaningless. The backtesting results of the EA show us that the system trades on the 15 minute time frame, meaning from the beginning that backtesting quality will be plagued with errors due to the smaller number of reference points per candle. Adding to that is the fact that the TP and SL change momentarily through the backtest, a good hint that the EA has been hardcoded to change presets in hindsight according to changes in trading periods. A very big problem given the fact that this makes the EA absolutely curve fitted and its results utterly worthless and non indicative of future performance. However, even if this wasn't the case, the simulations are still worthless without any live trading results which allow us to do a back/live testing consistency analysis to really know how well simulations match real live trading.
It is also fairly suspicious that the backtests are only done from 2004 when they could have been easily done from at least 2000 or 2002. Perhaps the easiest way to answer this question is that the exploitation of backtesting errors and use of hindsight might have made profits exceedingly large (trillions of dollars) making the results too unbelievable for a sales pitch, therefore limiting backtests effectively eliminates this problem by limiting the amount of profits shown.
The forex assasin trading system seems to be nothing more than the usually hyped and useless piece of trading software which uses curve-fitted simulations plagued with inaccuracies to fool people into buying the EA. If the author of the EA was actually being serious and telling the truth about his system then he would : a) show us the enormous profits he says he was making on a live account with the investor password so that we can verify its validity b) provide a live trading, live updated trading account with investor password so that we can verify the expert's performance c) explain the momentary differences in SL and TP values in backtesting (which are not gradual like in an adaptive system but change abruptly from one period to another) d) provide back/live testing consistency analysis so that the validity of simulations can be confirmed.
When the author of the forex assasin provides all the above information I'll be more than glad to rewrite this review. In the meantime, this trading system is absolutely NOT worth buying or testing in the light of the evident lies, misleading statements and lack of evidence shown on the website.
If you would like to know more about long term profitable automated trading systems and how it is really possible to make profits in the forex market using expert advisors when sound trading strategies are used please consider buying my ebook on automated trading or joining Asirikuy to receive all ebook purchase benefits, weekly updates, check the live accounts I am running with several expert advisors and get in the road towards long term success in the forex market using automated trading systems. I hope you enjoyed the article !
The claims made by the author of this expert advisor are nothing sort of bold, misleading and outrageous. The first claim is that the system gave 5 million dollars in profit during the last 5 years when no evidence at all is given about this matter. This is the classic marketing scheme EA sellers try to pull on people by portraying simulation results as if they had been real. This is misleading and dishonest. Another interesting fact is that the seller of the EA portrays himself as having become a millionaire from trading the system, why is then no evidence about his past 5 years of trading given if they do exist in reality ? Why doesn't a person who achieved such an enormous success with automated trading share the story and evidence to sell his system ?
The answer is simple, the whole website is simply a lie created around the idea to sell naive new traders a dream of becoming rich quickly. The evidence given is merely a simulation of performance which by itself is meaningless. The backtesting results of the EA show us that the system trades on the 15 minute time frame, meaning from the beginning that backtesting quality will be plagued with errors due to the smaller number of reference points per candle. Adding to that is the fact that the TP and SL change momentarily through the backtest, a good hint that the EA has been hardcoded to change presets in hindsight according to changes in trading periods. A very big problem given the fact that this makes the EA absolutely curve fitted and its results utterly worthless and non indicative of future performance. However, even if this wasn't the case, the simulations are still worthless without any live trading results which allow us to do a back/live testing consistency analysis to really know how well simulations match real live trading.
It is also fairly suspicious that the backtests are only done from 2004 when they could have been easily done from at least 2000 or 2002. Perhaps the easiest way to answer this question is that the exploitation of backtesting errors and use of hindsight might have made profits exceedingly large (trillions of dollars) making the results too unbelievable for a sales pitch, therefore limiting backtests effectively eliminates this problem by limiting the amount of profits shown.
The forex assasin trading system seems to be nothing more than the usually hyped and useless piece of trading software which uses curve-fitted simulations plagued with inaccuracies to fool people into buying the EA. If the author of the EA was actually being serious and telling the truth about his system then he would : a) show us the enormous profits he says he was making on a live account with the investor password so that we can verify its validity b) provide a live trading, live updated trading account with investor password so that we can verify the expert's performance c) explain the momentary differences in SL and TP values in backtesting (which are not gradual like in an adaptive system but change abruptly from one period to another) d) provide back/live testing consistency analysis so that the validity of simulations can be confirmed.
When the author of the forex assasin provides all the above information I'll be more than glad to rewrite this review. In the meantime, this trading system is absolutely NOT worth buying or testing in the light of the evident lies, misleading statements and lack of evidence shown on the website.
If you would like to know more about long term profitable automated trading systems and how it is really possible to make profits in the forex market using expert advisors when sound trading strategies are used please consider buying my ebook on automated trading or joining Asirikuy to receive all ebook purchase benefits, weekly updates, check the live accounts I am running with several expert advisors and get in the road towards long term success in the forex market using automated trading systems. I hope you enjoyed the article !
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