Blog Archive

Forex Gale EA - Expert Advisor in Forward Test

Blimey! Where do I start with this one???

In case anybody is thinking that's an unusual way to begin a Forex EA article, you're dead right!

Forex GaleThe truth is, though, that I really don't have a clue at this stage how I'm going to explain my thoughts on the Forex Gale Expert Advisor which I've put into forward test this week. I'm just going to scribble everything down and hope that it makes some kind of sense by the time readers get to the end of this article.

Anyway, I've had my eye on Forex Gale for a few weeks and, a couple of days ago, I asked the developer for a review copy. His initial response was to send me a copy of the full version of the EA and he also suggested at the time that I open an Alpari demo account for the purposes of testing his EA.

When I replied that I was currently testing EAs on FX Central Clearing raw spread ECN accounts, his response was that he had never tested Forex Gale on an FXCC account, so "didn't know how it would work".

Although this remark didn't alarm me as such, it did give me some clues as to what to expect, and I'll explain more about that shortly.

The Forex Gale EA is delivered in the form of six different Expert Advisors. The EA employs three different strategies, each strategy being coded within a separate EA, and different copies of each EA are provided for use with either 2/4 digit brokers or 3/5 digit brokers. I don't understand why the broker digits couldn't have been hard-coded into the EA to make the product more user-friendly. Similarly, I'm not sure why all three strategies couldn't have been combined into one, as I happen to believe that commercial products should be made as 'idiot-proof' as possible.

Those personal niggles aside, Forex Gale users can choose which strategies they wish to run, be that just one strategy on its own or all three strategies combined. In addition, each strategy runs on six different currency symbols, meaning that users will need no fewer than 18 chart windows open in order to run all three strategies on every suitable symbol.

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Forex Trend Hunter EA - Expert Advisor in Forward Test

I've recently put the Forex Trend Hunter EA into forward test on MellyForex, as I intend to carry out a full review of this Expert Advisor the very moment that one of my readers invents a 12 day week.

Forex Trend Hunter Aside from the fact that things are getting increasingly busy in MellyForexLand, there were a couple of things in particular that attracted me to this EA.

Firstly, unlike the vast majority of Expert Advisors, this EA isn't a scalper. Instead, if the strategy tests on the developer's website are anything to go by, it looks to win, on average around 180 pips profit on each winning trade, with a low Risk/Reward ratio of approximately 0.5.

Secondly, aside from working on the EURUSD pair, it also runs on a couple of Yen crosses, namely the GBPJPY and EURJPY symbols. I'd need to check thoroughly to make sure, but I don't believe that I have any profitable EAs working on either of those two crosses at the moment, so my initial hope is that Forex Trend Hunter might redress the balance.

The larger than normal profits do have a trade off, however, and the downside is that Forex Trend Hunter is expected to win less than 45% of all its trades. Hey, you can't win 'em all. :roll:

All joking aside, the lower than normal win rate doesn't concern me in the slightest, but I'm not sure that this type of system will be too popular with everybody. I've never been one to judge a book by its cover, however, and I'm pretty sure that the tests I plan to carry out will soon determine whether or not Forex Trend Hunter is any good and if it's capable of mixing it with 'The Big Boys'.

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Steady Winner EA v5 - Expert Advisor Review

As Expert Advisors go, the Steady Winner EA has got to be one of the most transparent MT4 EAs on the market today.

Steady Winner EANot only is the Steady Winner website informative, containing test results together with lots of useful information about the EA, but Henry and Ming, the EA's developers, are very helpful and open in their approach, and you get the instant impression that they do genuinely care about their users and understand what it will take for them to succeed.

There's even a free copy of the EA available for download which only works on small accounts so that prospective users can try Steady Winner before they buy.

What's most impressive about Steady Winner, however, is the fact that the developers' ethos is not about how much money you stand to win through using their EA but, instead, it focuses on how much you stand to potentially LOSE if and when things don't go quite to plan.

That's the same approach as is used by professional traders and serious investors across the globe. Those guys are able to accept losses in their stride because they always ensure that their losses are never large enough to spook them out of the game, and they have the confidence and ability to move on to better and greater things.

Regular readers of my reviews will know by now that it's an understatement to suggest I'm not the world's greatest fan of the Martingale gambling technique. What's unique about the Steady Winner EA is that it features a money management approach which I believe can only really be described as a type of anti-Martingale. In its strictest form, an anti-Martingale system would actually increase the next lot size after a winning trade, but safety is all important with Steady Winner and there's absolutely no increasing of lot sizes whatsoever within its workings.

So how does that work exactly?

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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.

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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.

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