Blog Archive

Forex Shocker and Wall Street Robot - Expert Advisors in Forward Test

Forex Shocker is an EA which many will be familiar with already as it's been around for a couple of years now since 2009. Reviews have tended to be mixed, so I wanted to see for myself how good it actually is.

It's a scalper which just takes a few pips at a time for a couple of hours each day in what I call "The Twilight Zone". That's the time after the US has closed for the day and before Asia has really got going.

At these times, trade can be very thin and liquidity can be a big issue, so one of my concerns is how Forex Shocker would perform with the wider spreads that you tend to see around these times.

So far, my testing has shown mixed results and I'm still undecided as to whether to continue and prepare a full review or not.

Nonetheless, I've put Forex Shocker into a forward test on a $5k Alpari UK demo account trading all 6 of its suitable currency symbols.

You can also monitor Forex Shocker's performance at MellyForex by clicking here.

The other EA which I've chosen to test is brand new and it's called Wall Street Forex Robot. It is also a scalper, but supposedly with a big difference.

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PipRider - Expert Advisor Review

PipRiderWhen I first started to look at the PipRider EA I hadn't realised that I was going to have to jump through hoops in order to test the EA and write this review. :o

The EA is heavily protected against piracy and, as a result, it runs very slowly in the Strategy Tester. Whereas a normal 10 year test may take anything between 1 and 3 hours, a 10 year PipRider strategy test takes anything upwards of a week.

Fortunately, the PipRider support is pretty responsive and, when I explained to them what I was trying to achieve, they were able to assist in speeding the process up considerably.

Of all the Expert Advisor websites I've visited, the PipRider website is one of the more comprehensive and informative sites. It consists of several pages and explains in reasonable detail how PipRider works. There is both forward and strategy test information, together with a page dedicated to a free indicator and another page detailing a partnership broker offer which enables prospective PipRider purchasers to get the robot for free.

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MetaPRO Forex - Expert Advisor Review

MetaPRO Forex Having decided to review the MetaPRO Forex EA I realised instantly that running my normal 10 year backtest might be counter-productive in this case.

The MetaPRO website makes no secret that their EA is optimised for 2010, and I wasn't of a mind to believe anything else.

Incidentally, the MetaPRO website is quite informative and factual and consists of several linked pages rather than the typical one-page salesletter which seems to be the norm in the EA business. The website contains both backtests and forward tests, together with an explanation of what the EA actually does and what it's looking to achieve.

MetaPRO Forex is delivered in its own self-installer which makes for a nice and easy set up and it comes with its own 9 page PDF instruction manual which, in my opinion, isn't particularly clear. That said, I know enough about these things to be able to get it up and running to find out what it's really made of.

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Let the trend be your friend till the bend at the end

Let the Trend be your FriendIn this article I'm going to attempt to explain a little bit about my personal trading style.

The thing about trading is that it isn't an exact science, and there is no such thing as a "right" way or a "wrong" way. Oh, if it were only that easy, we'd all be doing it. :wink:

Everybody seems to be looking for something different from their trades, and there are obviously many different approaches that you can employ.

Some people will look to scalp 3 or 4 pips at a time, while others will be happy to stay in their trades for days or more in the hope they can rack up gains of hundreds of pips. Some people will follow chart patterns, some people will follow indicators, some people will trade ranges and others will probably just flip a coin.

The best way of describing my personal approach is that I trade with the trend. My most useful tools are, believe it or not, a ruler and a pencil. That's right, the sort of thing which you can find in any corner shop for about 50p.

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Forex Cash Protector - Expert Advisor Review

Forex Cash Protector Disappointingly, the Forex Cash Protector website doesn't tell an outlandish story in the way that some EA websites do and is generally more factual than most sites I've come across.

The perverse side of my nature does enjoy reading the success stories of former bin men who have discovered Forex and now own a Hollywood mansion and drive three Ferraris and a Bentley.

The website also has separate pages to show both forward and strategy test results which does make a refreshing change, even if the backtest does only cover a one year period so possibly isn't too indicative of longer term capabilities.

Forex Cash Protector is delivered in a compressed ZIP folder which contains the EA, a DLL and some preset files, so it is necessary for users to navigate to their MetaTrader installation folder and copy the files across manually.

There are also three separate PDF manuals which are sent with Forex Cash Protector - a 5 page manual explaining how to install the EA, a 3 page manual explaining the different EA user inputs and a 2 page manual explaining some irrelevant nonsense about a trading strategy using a moving average.

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Martingale - Son of Satan or a Winner in the Trading Race?

Martingale - Son of Satan?Many people will have heard of Martingale in the context of Forex trading, but I've often wondered how many people are actually aware of how it works and the dangers contained within.

There is an excellent article which explains Martingale on Wikipedia, but for anyone not wishing to study the mathematics in too great a detail, the concept is probably best explained simply by considering a flip of a coin.

There are two possible outcomes, heads or tails. Let's suppose you bet $1 that the coin will land heads up. If it does land heads up you win $1. If it lands tails up, then on the next flip you apply Martingale and bet $2. If it lands the right way, you win $2 but remember you just lost $1, so you really only win $1.

But what if it lands the wrong way? Then you simply bet $4 on the next flip. If it lands the right way you'll win $4 less the $3 you've already lost, leaving the net gain at $1. If it goes wrong, you'll be down $7 overall, so you'll bet $8 on the next flip to claw the loss back and still end up with a $1 profit.

At the end of a losing run, you'll always recoup your losses and win $1. How cool is that?

So what's the catch?

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Forex Hippo - Expert Advisor Review

The Forex Hippo website consists of yet another long sales letter page. 8O

Forex HippoIt tells the story of Matt Robinson who was fed up with his job, fed up with everyone at work, fed up with losing money and fed up with fraudsters. In fact the poor chap seemed so fed up with his lot in life that I'm quite surprised he didn't top himself.

Instead though, Matt decided to quit the rat race and start selling his Forex Hippo robot which he describes as "The Real Deal". Since becoming Hippo-tised our hero has become a full-time forex trader and now "earns as much money as a doctor". Wow!

Forex Hippo allegedly gulps up profits, so I sincerely hope that it doesn't gulp up any of my money by mistake! Let's try to find out.....

Forex Hippo comes with its own self-installer. The PDF instruction manual is easy to understand. The manual is 23 pages in length, but only its last few pages are of any real relevance, as most of the manual explains how to install MT4 and the Hippo EA.

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Forex Crescendo - Melly's First EA Review

For my first review I thought I'd look at a product which has been around for a year or so now called Forex Crescendo.

Forex CrescendoThe Crescendo website seems to consist of a typical long sales letter suggesting its audience should listen carefully because the vendor is about to give away his best kept trading secret that made a fantastic wedge of dough in under 8 months. Personally, I don't get anything whatsoever from that sort of spiel, but I guess other people must do otherwise vendors wouldn't bother to use that approach.

The Crescendo EA itself comes with its own self-installer which installs the necessary files into the MetaTrader installation folder(s) that you choose. The PDF manual is comprehensive and consists of no fewer than 37 pages, although about 1/3 of those pages are just pre-amble explaining how to use the self-installer which I did think was a bit overkill.

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