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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.


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