Friday, March 26, 2010

Forex Expert Advisors : Forex Magic Bullet an Unbiased Review

After the last two days of expert advisor reviews today is the turn for another new trading system called forex magic bullet. This trading system claims to be a solution bringing low risk and sustained, consistent profits to forex trades. On today's post I will focus on the review of this expert advisor. I will review all the contents on the website and most importantly I will evaluate the validity of the claims made by the author against the evidence provided on the website. Also through this evidence I will evaluate the trading system's tactics and I will give you my opinion about its potential for long term profitability. As with all other reviews I will also give you my opinion about whether or not this EA is worth buying and testing.

I have to confess that I particularly hate websites which start in such a misleading way as the forex magic bullet's website. The first sentence we see on the site tells us that the EA can make X amount of money in X time with NO mentioning of the initial capital required to do this. It is always extremely misleading to talk about profits without mentioning the required investments since people may think that very little capital requirements are needed to achieve the profit targets mentioned. There is no point to putting these claims up as they are simply not saying anything about the trading system's profitability. It is also very worth mentioning that the claims made on this sentence are NOT backed up by real live trading meaning that the claim is unfounded and has actually absolutely no reason to be there.

The website of the forex magic bullet expert advisor is simply filled with hype and little evidence of profitability. There is no ten year backtest and no live tests to backup the claims made by the author. The "proof" of profitability shown is simply not reliable. We have many pictures of trades which could be either hand picked from a globally unprofitable system (which is bound to have some profitable periods) or simply made on the metatrader 4 platform by using objects. It is clear that this evidence which has NO basis in live trading CANNOT be trusted. The statement snapshots shown are also merely sections of backtesting results which are obviously hand picked.

It is quite insulting that this expert advisor sellers, knowing by now that 10 year backtests are so easily obtainable and that a live test can be run on a cent account from just 100 USD is currently not showing us ANY reliable evidence of profitability. There is simply NOTHING on the forex magib bullet's website to backup the authors claims of sustained profitability and consisntet profits with low risk. It is obvious that the creator of this EA is willingfully not showing ten year backtests or live testing results of the forex magic bullet trading system. If the trading system is so profitable ? Why is there so little evidence ? It is simple, either you are honest or you are not.

In the light of the very scarce and unreliable evidence of profitability and mainly due to the lack of 10 year backtests and investor-acess verified live testing results, this expert advisor is NOT worth buying or testing. If this evidence of profitability is added in the future I will be glad to redo this review, meanwhile this is only another one of the extremely hyped trading systems with NO reliable evidence to backup its claims.

If you would like to learn more about automated trading systems and how systems can be built with reliable sound trading tactics and long term profitability in mind 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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