This was most certainly not so in the case of the Fast Forex Millions EA which has been hyped like crazy since I first announced its release in an earlier article. I guess the fact that the developer has been behind some other popular EAs has simply served to heighten expectations.
Anyway, the Fast Forex Millions EA has now been released and I'm pleased to report that the vendor has provided MellyForex with a review copy which I've put into forward test so that readers can monitor its performance.
At this stage, I have to be perfectly honest and say that I still don't know too much about the EA other than that it works on five of the major currency pairs where liquidity shouldn't be an issue, and that it's a non-scalper (the manual suggests that trades can typically last up to 17 hours) which doesn't use Martingale.
So what else can I tell you about the EA?
Well firstly, it's my guess that, despite being a black box, the Fast Forex Millions EA is indicator driven. I say that because the EA's installer unpacked a template which included ATR, Fractals and Force Index indicators displaying within a chart window. In addition, the user manual suggests that the EA's stop-loss and trailing profit are dynamically adjusted and relative to the ATR. Step aside Sherlock Holmes, MellyForex is after your job.
Secondly, it looks as though the EA will work with both NFA brokers and other brokers, because there is an external parameter called "DualMode" which either enables or disables hedging. In addition, the EA looks as though it will work with ECN/STP type brokers where the stop-loss can only be set once a trade has been opened.
Finally, the EA contains a money management system which allows users to either trade fixed lot sizes or to risk a percentage of the account balance on each trade.
To begin with, I've put Fast Forex Millions straight into a forward test and it's my aim to analyse and review it in closer detail if and when it performs profitably in that forward test. My forward test is running all five suitable pairs (EURUSD, GBPUSD, AUDUSD, USDCHF and USDCAD) on a $5k FXCC demo account which charges a 1.0 pip round turn commission per trade.
For the time being, I've followed the developer's recommendations and set Fast Forex Millions up using the default risk settings, with the exception that I've lowered the default risk setting of 10.0 such that I'm only risking 3.0% of the account balance per trade in my forward test.
There do not appear to be any settings which limit the maximum spread, but there is a parameter which controls maximum slippage, and I've set this to zero. FXCC are a raw spread ECN broker, so slippage shouldn't even be an issue within my test.
As with all my EAs in forward test, I'm publishing the Fast Forex Millions trades to MellyForex and its performance can be viewed in detail by clicking here.