Forex Real Profit EA has been around for a little while now and has already started to forge a good reputation for itself. It trades on seven different symbols for just one hour each day at around the time that New York is closing, and looks to scalp a few pips at a time.
Normally, I'm not a fan of this type of robot, but this EA certainly seems to work and I wanted to see if it's possible to replicate this performance.
Because of its trading nature, I've set the Forex Real Profit EA up on a $5k demo FX Central Clearing account. This is an ECN/STP account and the demo feed is identical to the FXCC live feed with the added benefit that demo accounts have the option of either treating the commission separately or of adding the commission to the spread which, in turn, has the effect of widening the spread and possibly affecting performance. I've therefore chosen to handle the commission separately in order to keep the spread at its raw level to achieve the most meaningful and accurate results when testing this EA.
Because it's trading on seven symbols, Forex Real Profit has been set up to risk no more than 3.5% of the account balance on any single trade and, because of the general lack of market liquidity around the time of day that it trades, I'm strictly controlling the maximum allowed spread and not allowing any slippage.
For anybody who may be unaware of FX Central Clearing, they're based in Cyprus and are regulated by CySEC. They're also authorised by the FSA, compliant with MiFID and are a member of the Investor Compensation Fund which was established to protect retail clients in the event a member firm is unable to settle its claims.
In addition to the MetaTrader platform, FXCC also offer the Currenex platform, together with a multi-account management application for the use of fund managers and a mobile platform for traders who like to trade with their iPhone while they're playing tennis.
The minimum FXCC deposit for a live account is $500 and they allow hedging which, unfortunately, prevents them from accepting US clients. You can find out more about FXCC and set up a demo account of your own to try before going live by clicking here. The demo accounts are non-expiring provided they're used regularly, but it's important to remember that you will need to register your new account via the hub on the FXCC website rather than trying to open the account through the MetaTrader terminal, as that particular MetaTrader function has been disabled.
What I'm trying to say here is that FXCC are a professional outfit who are a cut above the average retail Forex bucket-shop.
Oh, one other thing, although you'll have probably realised that I'm acting as an introducer for FXCC, I promise that I don't charge anything on top of FXCC's raw spread, so please be sure to use one of my links if you like MellyForex and find my reviews helpful.
Seriously, it's what helps to keep the site free for your enjoyment.
I'm currently carrying out tests and my review of the Real Profit EA will follow soon but, in the meantime, you can monitor its progress on both the Live Leaderboard and at the EA's detailed analysis page by clicking here.
My second EA under test is called FxPowerCube and it claims to operate using three independent strategies.
Being brand new, I haven't managed to run any proper strategy tests on FxPowerCube yet, but I can say that it works on the EURUSD symbol on the 1-hour timeframe.
While I'm carrying out my strategy tests and evaluating the results, I've put the EA onto a $5k FXCC ECN demo account to see how the robot performs.
Judging from the vendor's website, the EA seems to backtest well over a period of the last couple of years, and the recent live performance shows much promise, so I plan to find out just how good it really is.
FxPowerCube is risking 5.0% of the account free margin on each trade. You can monitor its progress and keep track of its trades at MellyForex by clicking here.