Blog Archive

Forex Combo EA - Expert Advisor Review

It's an unfortunate fact of life that I don't have the necessary time to fully review every EA that I have in forward test, and I therefore have to be selective about which Expert Advisors I do choose to analyse.

Forex Combo EAThat can be loosely translated to read that I'll probably only review something if it's either profitable or if I like it a lot.

By way of an example, I've had the Forex Combo EA in forward test for over three months now, but it's only recently that it's moved into profitability and I feel it's become worthy of a full review.

The Forex Combo system gets its name because it is a combination of three separate EAs which have been merged into one. In fact, that's not entirely true, because users get one EA which is designed to work on cable (GBPUSD currency symbol) and a second EA which works on fiber (EURUSD symbol). The two EAs are essentially the same, but their parameters use different optimum values for each of the two symbols.
Each of the three strategies acts independently of the other two strategies, and users have the option of running either all or any of the strategies they wish. None of the strategies are particularly prolific traders in their own right although, with all strategies combined, the EA should trade on average once a day on each of its two currency symbols, and I guess that the strategies have been merged into one as a way of providing better value for money from the product.

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Forexbody Money Printer EA - Expert Advisor in Forward Test

I've never made any secret of the fact that I believe commercial Expert Advisors should contain a minimal number of external parameters and be as 'user-friendly' as possible.

Forexbody Money Printer The reasons behind my beliefs are two-fold. Firstly, a limited number of options means that there is less margin for user error. I can't think of anything worse than setting a parameter incorrectly and losing money, when others around you have used a different setting and are making money.

Secondly, my assumption is that EA developers spend considerable time optimising their products to obtain the best settings before releasing them on the market. If, having carried out the optimisation and discovered the best settings, where is the logic in giving users the option of changing those settings? Why not simply hard-code the best settings internally so that they can't be changed?

That said, I guess that variety is the spice of life, and there is no shortage of people in the world who do actually like the ability to change settings as this gives them a greater sense of being in control. Those people are certainly going to love the latest EA to go into forward test at MellyForex. It's called Forexbody Money Printer, and it contains approximately 700 different external parameters that can be adjusted by its users. Yes, you did read that figure correctly, and I use the word 'approximately' because I gave up counting them halfway through! The good news for those readers who, like me, want to keep things simple, is that Money Printer is delivered with an accompanying template so you don't need to worry too much about altering anything.

The good news doesn't stop there, however, and the best bit of news is that Forexbody Money Printer's developer is offering his EA on a FREE trial for two months, and trial users are at liberty to use the EA on both live and demo accounts during that time before deciding whether or not to buy!

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Forex Cleaner EA - Expert Advisor in Forward Test

Forex CleanerOne of the first things I always do when I start to write a new article about any Forex product is to visit the developer's website looking for some suitable graphics material to include within my header. That's normally in the form of a boxshot, but not exclusively the way things work out. If I can't find anything suitable, I'll search the web to find something else which is appropriate and has some sort of link to the product's name.

In the case of the latest EA to go into forward test at MellyForex, I couldn't see any boxshots or anything else suitable on the developer's website. Undeterred, I put some old clothes on, picked up a duster and got busy in front of the camera.

The things I have to do sometimes to please MellyForex readers.

That's right. The latest Forex EA to grace the shores of MellyForexLand is called Forex Cleaner. Strewth, what's a cleaner got to do with Forex? Where do some of these names come from?

All joking aside, The Forex Cleaner developer emailed me and invited me to put a copy of the EA into forward test at MellyForex. As I'd like to increase the number of Expert Advisors that I've got in test, I was more than happy to oblige.

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Forex Avatar EA Version 2 - Expert Advisor in Forward Test

Forex Avatar Expert AdvisorI've put the latest version 2 of the Forex Avatar EA into forward test at MellyForex.

Forex Avatar is described by its developer as a non-Martingale, non-grid scalper which trades through 24 hours. It runs on the 5-minute timeframe charts of both the EURUSD and GBPUSD currency symbols.

Setup is very easy, as users only really need to decide whether to allow the EA to trade on Friday (default is true, meaning it will trade), and set the EA's maximum spread and risk level.

I've put the EA straight into forward test without carrying out any backtests of my own, and I haven't yet analysed the EA in any detail to understand how it works exactly. If it does well in forward test, then that will be the point in time that I will probably decide whether to look at Forex Avatar in closer detail.

From the developer's website, the backtests suggest that it's likely to take around 5 trades each week on the GBPUSD symbol and less than 4 trades each week on the EURUSD symbol. These aren't exactly a prolific number of trades for a scalper, so I'm guessing there must be some pretty comprehensive trade filtering going on inside the EA so that it only selects those trades with the highest win probability. If the developer's backtests are to be relied upon, I'm expecting to see a win rate of just under 90% and a risk/reward ratio of around 3.

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FX Speed Trader and ParaSwing EA - Expert Advisors in Forward Test

Regular readers may have recently noticed a couple of new Expert Advisers in forward test at MellyForex, namely the FX Speed Trader and ParaSwing EAs respectively.

FX Speed Trader is an EA which falls into the category of pre-Asian scalper, as it works during the few hours after New York closes and before Asia opens. Most Europeans tend to be in their wincyette jimjams at that time of day, and markets tend to get range-bound in thin trade as a result.

Unsurprisingly, robots that trade at these times have very low take profit values, and FX Speed Trader is no exception with a default TP of 4 pips and a default SL of 35 pips.

Whenever TPs are this low, broker stops levels and spreads are always going to be an issue and, for that reason, this type of EA is most likely to work best with a raw spread ECN broker.

To get the best out of the EA, I have set FX Speed Trader up on an FXCC raw spread ECN account which charges a 1.0 pip round turn commission per trade. To compensate for the commission charges, I have increased FX Speed Trader's take profit value to 5 pips and reduced its SL to 34 pips. FX Speed Trader works on four different currency symbols, namely EURCHF, EURGBP, GBPUSD and USDCHF, and is delivered in the form of a separate EA for each different symbol. I presume this is because the optimised settings for one symbol are different to the optimised settings for each of the other symbols, but I'm only guessing here as FX Speed Trader's precise Modus Operandi is hidden away inside a black box.

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Normal Service is Partially Restored - MellyForex September Update

Latest NewsHaving witnessed several EAs struggling in drawdown over the last couple of months as I discussed within my August Update, I'm now pleased to report a modest upturn in fortunes during September. Although positions at the top of my Live Robot Leaderboard have rotated slightly from a month ago, the top slots are still occupied by the same half dozen Expert Advisors as have been there for a reasonably long time, and I expect that trend is likely to continue for the foreseeable future.

The difference this month, however, is that the top six EAs have now been joined in their ranks by a couple of additions to the Profitability Club, namely FxPowerCube and Forex Combo.

Although I've had Forex Combo in forward test now for well over two months, this is an EA that I haven't yet got round to analysing in any detail.

Despite my honourable early intentions, there is actually a very simple reason why I haven't yet got round to reviewing Forex Combo. To explain more, the EA started off very well in forward test but, after a couple of weeks (and in line with so many other EAs at the same time), it then went into drawdown which has so far peaked at nearly 23%.

As my current 'To Do List' occupies nearly a whole ream of A4 paper (I really should try harder to save trees ), the drawdown meant that my plans to review Forex Combo got pushed further and further down the list.

Forex Combo's recent move into the profitable part of my leaderboard, however, means that the time is probably right to revisit the idea of a review!

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