Primeval and Primus Alpha EAs - Expert Advisor Updates

Primeval EAWhen I first put the Primeval EA into forward test, I had already decided that it wasn't an Expert Advisor that I was going to spend time reviewing.

To explain, the EA had already been around for a while and had been well sold. The chances of my review actually generating sufficient fresh sales to cover the time it would take me to prepare a review, therefore, were pretty slim. I had also read stories of the developer being aggressive and abusive to anyone who bad mouthed his product on a public forum and, to be honest, I didn't need the hassle.

Despite not intending to conduct a review, I was nonetheless aware that the Primeval EA was supposed to work profitably. Against that backdrop, I thought it would be a good idea to put a copy of the EA into forward test and to use it as some sort of a benchmark to compare the performance of the latest EAs against this older, more established workhorse. It was to satisfy my own curiosity that I put Primeval into forward test more than anything else.

Anyway, I've had the Primeval EA running now for around four months. During that time it has drifted in and out of profitability but, over the last couple of weeks, it has stormed to the top of my Live Leaderboard in terms of safety, where it has replaced some of the earlier leaders which have struggled throughout July and, in particular, August.

This has meant that I've started to get a few emails enquiring about Primeval because a search of the MellyForex website hasn't provided any real information.

Continue Reading →

FxPromax - Expert Advisor Review

FxPromaxBelieve it or not, I've spent far longer trying to evaluate the FxPromax EA than this review is ever likely to suggest.

The reason that I've spent so long on the review is that, despite the fact FxPromax appears to be a long term profitable Expert Advisor, all of my analysis points towards it being a somewhat unappealing EA. That doesn't mean that it's a bad robot in any way, on the contrary, but I do believe that it will only suit a relatively small minority of Expert Advisor users.

The only thing I can do is to try and explain more about my reasoning later within this review.

First things first though, and the developer's website consists of several pages, and includes information on recommended brokers and VPS services, although there isn't much information on FxPromax itself by way of an explanation about the type of EA it is or how it works. Let's see if I can fill in some of the blank spaces.

Continue Reading →

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?

Continue Reading →

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.

Continue Reading →

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.

Continue Reading →

Forex Combo System - Expert Advisor in Forward Test

Forex ComboI've recently placed the Forex Combo EA into forward test while I carry out some strategy tests and analyse the results for a review.

Forex Combo seems to have been performing profitably for a while now and one of our MellyForex forum members asked if it was possible for me to review it. I took up the suggestion and emailed the developer who promptly replied to my request and kindly provided a review copy.

The EA trades on two currency symbols and gets its name because it uses a combination of three different strategies within the EA. The three strategies are described within the Forex Combo user guide as being "Scalping", "Breakout" and "Reversal" which all sound very encouraging.

I'm not entirely sure what my tests are going to reveal but, seeing as the EA seems to have been performing well in both a forward test running on the developer's website and it has also started well in my own forward test, I'm certainly hoping that this EA will live up to its early promise!!!

Continue Reading →

MellyForex July Update

MellyForex July Update I had hoped to be able to report around this time that I'd put another robot or two into forward test but, unfortunately, that isn't the case. The truth is that I haven't seen anything new over the last few weeks which has captured my interest sufficiently to put into test and write a review.

C'est la vie!

All is not lost, however, as it has given me the opportunity to provide a general update on progress and to cover several minor points which wouldn't otherwise be worthy of an article of their own.

Recent movement on my Robot Leaderboard has been less dramatic and it's becoming increasingly obvious which are the good quality robots and which are the ones that will never make the grade.

PipRider has regularly occupied one of the top spots since first going into test and, despite struggling a little with market conditions over the last few weeks, it is clearly developing a reputation for being one of the safest robots around.

Wall Street Forex Robot has been going from strength to strength and it is now safely holding on to first place on the leaderboard. One of the reasons for this is the fact that it is able to trade four different currency symbols, so those extra trades mean that it is always going to win more pips than, say, PipRider which only trades one symbol. Coupled with this, the effect of using an EA with multiple symbols can have a smoothing effect on the balance curve and serve to lower drawdowns.

Continue Reading →

Forex WindFall, Morpheus OddBot and Wall Street Forex - Expert Advisor Comparison

Since conducting my reviews of the Morpheus OddBot and Forex WindFall Expert Advisors and putting them into forward test, I've had a number of emails in which it has been suggested that these EAs are little more than clones of the more established Wall Street Forex Robot which I also reviewed a while back. The fact that all three robots trade the same two currency pairs (GBPUSD and EURUSD) is something which has added weight to this theory, despite the fact that Wall Street Forex Robot does trade other symbols as well.

If anybody reading this articles happens to follow me on Twitter, they will know that, as well as providing up to the minute news and snippets of useful information from Forex dealers' desks, the trades of the top performing robots in my Live Leaderboard are all tweeted as they are opened and closed.

A couple of weeks or so back, I was looking at my tweets flowing thorough when I noticed that the three aforementioned robots had all opened trades in the EURUSD pair within a couple of minutes of each other.....

Twitter trades

I guess it's only fair to make clear that, despite opening at the same time, the three trades on my Twitter screen all closed at different times and, therefore, ran to totally different outcomes, and I'm confident that the three robots certainly aren't clones of each other.

Seeing the tweets appear simultaneously, however, gave me the idea to produce an article which examined the robots in greater depth to try to determine if the three robots could work in harmony with each other on the same MetaTrader account.

Continue Reading →