It 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.
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