Blog Item

Welcome to Melly's Forex Reviews and Articles Page

Welcome to MellyForex ReviewsAs this is my first article, I thought it probably best if I spent a few moments explaining what I'm trying to achieve here and what the review section is all about.

First and foremost, I'm trying to find out whether the robots that I choose to review are any good. By that, I obviously want to know if they're profitable, but I also want to know if they're going to be reliable long term and I want to know if they're safe. It's all very well finding a robot which doubles your account balance inside of a week but, if it blows up the account in the second week, it's not a lot of use.

So, as part of each of my reviews, I intend to cut through the vendor marketing gobbledegook and discover the truth.

To do this, the starting point is to run a 10 year backtest. If an EA fails the backtest, then it won't have a hope of surviving for any real time live.

Wherever possible, I'll use either the default settings or settings recommended within the manual. I don't have the time to optimise EAs trying to find the best settings - this is something the vendor should have done before putting his product on the market!

I want to find out how the robot handles things like slippage, 5th digit pricing and ECN/STP brokers. I need to know how it handles money management and controls and limits the risk it takes. I was taught to understand that disciplined money management was the key to trading success, and I don't intend to throw those beliefs away. I'd also like to get an idea if an EA might be broker dependent.

Finally, I'll put the robot onto a $5,000 non-expiring demo account and just allow it to run 24/7 without any interference. I'd never contemplate putting a robot onto a live account without first seeing how it performs on a demo account for a while. I'll also use the wonders of modern technology to publish the forward tests results to MellyForex for all to see.

I can assure my audience that my reviews will be honest and forthright and I'll be sure to mention any negative points that I notice as I try to navigate through the hyped-up marketing speak. I might make money through an affiliate link, but I'd never knowingly mislead a reader by publishing a dishonest review just so that I could cream the commission.

In addition, I'll try to keep the reviews as subjective as possible in the hope that some of you find them useful and, ultimately, benefit financially.

Enjoy!

Discussion (0 comments)

Be the first to leave a comment!

Add a Comment

;-) :-) :-D :-( :-o :-O B-) :oops: :-[] :-P

To prevent automated Bots form spamming, please enter the text you see in the image below in the appropriate input box. Your comment will only be submitted if the strings match. Please ensure that your browser supports and accepts cookies, or your comment cannot be verified correctly.
»