Friday, February 5, 2010

Forex Expert Advisors : FX Broker Buster, an Unbiased Second Review

A few days ago I received a message on my website's chat by a website visitor asking me to review the forex broker buster expert advisor because my vistor said he or she had "great results" on his/her demo accounts. Even though the fx broker buster system had already been reviewed by me I think that it deserves a second review in the light that the EA has completely changed from what it used to be when I wrote my first review. I will go again through the system's website and I will reexamine the author's claims against the evidence provided as well as the actual likehood of the system being long term profitable.

First of all, the fx broker buster trading system has changed completely. The claims on the website and the evidence shown are totally different and now it seems obvious that the EA is actually trading a totally different logic. The evidence shown on the website seems to be exceedingly good for any trading system with a year of forward testing and a backtest ing report. However I must tell you that things are not like they seem. If something is too good to be true, it probably is my friends.

The FX broker buster trading system evidence shown is NOT guaranteed to be a real live account or even a real forward testing account. For all we know, this statement could have been modified, tampered and republished. The publisher the guys at FX broker buster use is simply not reliable in the sense that they do not verify the validity of the html posted against the trading account. This is something which is only done by myfxbook. This means that this people could have simply modified or even made up a whole statement to publish on their website, that is the truh. If you think EA creators will not do this you are very wrong, they will go to ANY extent to sell their software. I have seen them remove losing trades, makeup trades and many other gimmicks to make their statements look profitable when they are not. Without investor access or a third party verified system like myfxbook it is NOT possible to believe the statements are actually real.

The profitability in backtesting also shows that the system is NOT back/live testing consistent since profits shown in the "live" account are much smaller than those predicted by backtesting. These means that the simulations given are not accurate and hence past performance cannot be deducted from backtesting. Profitable trades are much less in "live" trading.

The expert now also uses an unfavorable risk to reward ratio of nearly 4:1 with the EA needing at least 4 profitable trades to recover from every loss. The fixed TP and SL also point to the fact that this is what I call a "short term profitable system". There is a high likehood that you will start within a period of profitability but you will eventually go into heavy draw down due to a series of loses which will happen because of the expert's inability to adapt to changing market conditions (due to the fixed SL and TP). The classical cycle of people getting excited, getting some very profitable results and then losing all of them will happen yet again. I have seen this happen with several experts, even with experts with even MORE "live testing" than FX broker buster. For example, the shark EA claims to have live testing from 2007, yet no one has been able to independently reproduce their results, me included (for several months trading the same exact broker). The truth is, if there is no investor access or no myfxbook verified track record, we just don't believe it.

Finally, the EA also seems to be a rip off of another EA available called Funyoo’s Donchian MA Scalper, another testatement to the unbelievable lack of ethics currently going on in the forex automated trading business. The fact that the authors of the FX broker buster also decided to absolutely STOP all their refund policy from a previoulsy "unconditional" refund policy also points out to the fact that they were probably getting a lot of refunds presumably due to the live performance of their trading system.

For all the above things which I have said and the lack of verified evidence to backup the author's claims included the very strong possibility that this EA is a rip off of a a currently available forum-developed EA added to the fact that the EA uses a fixed TP, SL and has no capacity to adapt to changing market conditions I have to say that this EA is NOT worth buying or testing. Its logic also points out to the fact that this EA is merely short term profitable and will generate its users loses in the long term. If you would like to further explore this EA it is much better to get Funyoo’s Donchian MA than to support this unethical commercial venture. If the people at FX Broker Buster provide evidence that their EA is NOT a copy of Funyoo’s Donchian MA and provide a myfxbook verified widget showing us that their account is indeed live and has a verified track record I will rewrite this review.

If you would like to learn more about what I have done in automated trading for the past few years and how you too can start to profit from automated trading systems with realistic profit and draw down 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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