Blog Archive

Take Heart, The St Leger Stakes are being run on 10th September - MellyForex August Update

St LegerIn case anybody either knows nothing about horse racing (I've got to admit, I don't know much about it myself), or is wondering what on earth a horse race has got to do with a Forex Reviews website, I suppose I'd best explain.

Nearly everyone who has been around the London Stock Market for any period of time will have heard of the age-old saying "Sell in May, go away, don't come back until St Leger's Day". I suspect that religious types may rush to point out that St Leger is the patron saint of some lost cause or another but, in the context of this article, it refers to the four day horse racing festival which takes place at Doncaster racecourse every September culminating in the world's oldest Classic, The St Leger Stakes.

So what does this age-old saying actually mean?

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FxPromax and Steady Winner EAs - Expert Advisors in Forward Test

FxPromaxIt was only a few weeks ago in the MellyForex July Update, that I was bemoaning the lack of EAs that had appeared on the market recently which I felt would be suitable for testing. Since then, I don't seem to have stopped following up users' various recommendations of EAs to test, and I'm now able to report that I've put a couple more Expert Advisors into forward test over the last few days.

The first of those EAs is called FxPromax and, if it weren't for a user's request, I may never have even noticed this Expert Advisor at all. In truth, FxPromax probably isn't the type of EA that would ordinarily interest me, as it's not only a scalping robot with a very high risk/reward ratio, but the developer's website states that it is "Equipped with automated loss-recovery algorithm!"

Oh dear. In MellyForexLand, that only means one thing. Martingale!

The obvious question, therefore, is why have I even bothered to give this EA the time of day?

Well, the answer is simply that my preliminary tests do suggest that, unlike many Martingale-style EAs, FxPromax is profitable in terms of the pips that it wins and, also, that it is profitable over an 11 year backtest. Fortunately, the Martingale element of the EA is also optional, so I decided to investigate FxPromax some more to try to find out just how close this EA sits to that very fine line which can divide success and failure in trading.

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Primus-Alpha EA - Expert Advisor in Forward Test

NexGen4x Primus-AlphaA while ago I asked NexGen4x who market the Primus-Alpha EA if it would be possible to conduct a review of their Expert Advisor for MellyForex. My request was initially declined, but they've recently contacted me again and offered a copy of the EA which they've now asked me to review.

The Primus-Alpha EA works on the 5-minute EURUSD chart and seems to employ two separate strategies within its logic.

The NexGen4x website describes the first of these two strategies as being medium/high risk.

Primus-Alpha's first strategy seems to trade quite infrequently (less than 1 trade per week), and the money management logic of the EA applies comparatively small lot sizes because of the elevated level of risk which is associated with each trade.

The second strategy is described as being low/medium risk. The trade frequency of this strategy seems to vary between 6 and 20 trades each week, and lot sizes are larger because of the lower risk associated with this strategy.

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