FxproDroid - Pip Cop

**rsmereka** · 2010-04-07, 02:12 PM

This review is about the FxproDroid EA.

I have no affiliation with anyone in conjunction with this review.

I purchased this system from the authors main web site here.

I started trading this system on my live account on April 6, 2010. FxproDroid trades 4 pairs on one chart. The live account is with Alpari UK at 500:1 leverage

.

The EA purchase goes through Plimus which has a 35 day refund policy. This EA is expensive at $497 for a lifetime subscription or $149.90 a month.

The way is EA works is very different from other EA's. Instead of attaching the EA to each chart to be traded. This EA attaches to only one chart and signals are sent from the server to open, modify and close trades. The software technology is referred to as trade copying.

This system trades the GBPUSD, USDJPY, EURJPY and GBPJPY pairs.

The software package is delivered as Windows installer exe. You don't have to copy any files. All the files are placed into the Metatrader folder for you. The software installer detects if you are running Metatrader and will not install until you close the program. This will cause a problem if you are like me and are running multiple MetaTrader instances on the same PC. I had to close all MetaTrader instances in order to install the package.

After your purchase, you will be sent an email to a common GoogleDocs spreadsheet and you will have to enter your subscription details into the supplied form.

The author claims that it can take up to 36 hours after creating the subscription account and installing the software to receive the trading signals. In my case, it took about 13 hours before my first trade opened. Once you have opened a subscription account and installed the software, there is no indication that everything is ok until your first trade opens.

I cannot rate

the support at this time as I did not need any after sales support. Everything just worked. I have read in other places that the support is timely and effective.

Since this is, in essence, a signal service, the trading methodology is closed and I cannot comment on how the system sets up a trade or how it closes one. It does not seem that it is a scalping system (although I have read that it is) as trades can be open for many hours and the TP

seems to be higher than a scalper (for some trades). There may be multiple strategies at work in this system. The system also trades at any time according to my observations so far. The maximum number of trades I have seen open at any one time so far is two.

The server sends the signals but I decide what the risk factor will be. The EA comes with a default of 5%. In my research, I have seen both 5% and 10%. The author's website mentions 10%. For the time being, I am running this system at 10%.

Like the Primeval-EA, this EA/system also has no ability to manage the magic number of the trades. It seems as though the magic is a random number although there may be some order/logic to the number. Fortunately, this EA always (as far as I have seen) puts an ss in the comment field. I can use this as a flag along with the currency pair

to assign a more logical magic number.

Example statements:
1. Author's main live account
2. Author's MT4Stats live account
3. Forex Peace Army (Alpari UK demo)
4. Unknown Alpari UK account
5. jshear live (posted on DonnaForex)

As usual, my performance stats will be in my trading journal.

Rick

**rsmereka** · 2010-04-08, 10:55 AM

I will attempt to summarize the performance of the FxproDroid system in this post. All data will be expressed in pips (because it is independent of lot size). This post will be updated on a regular basis:

Current as of 00:45GMT Sat May 1, 2010

Start date: Wed April 07, 2010
Total Pips: -297.9

Scalping Pips Detail by Pair:

Code:

Pair      Pips  Rank  Won Lost
====      ====  ====  ===  ===

GBPUSD  -205.3    4    34   20
USDJPY   -28.6    2    22   10
EURJPY     3.4    1    29   18
GBPJPY   -67.4    3    25   12

Comments:
So far, this system is terrible. It's makes a little profit and then loses it all (and maybe more). The only one consistently profiting from this system is my broker

. A little under $900 in the red.

Rick

**rsmereka** · 2010-04-13, 12:22 PM

This system has really tanked. Right at the time I purchase it, it takes a nose-drive.

I have been trying to lower the risk level, but the #^&@ EA won't bring up the properties while it's running.

Rick

**rsmereka** · 2010-04-14, 08:44 AM

I just finished updating the performance in post #2.

I finally managed to change the risk by waiting for all the trades to close, removing the chart from MT4 and re-attaching it. That is the only way I can modify the properties.

I have changed the risk to fixed lot 0.10 until/if the system rebounds.

Rick

**rsmereka** · 2010-05-02, 06:40 PM

After receiving this email:

Quote:

Dear client,

Due to several clients request , we have changed our refund policy for one off buyers to 60 days .
No strings, if not happy can get refund with in 60 days of purchase.This applies to all exsisting one off buyers as well

This doesnot apply to monthly subscribing clients

I interpreted this email as I can get a refund with in 60 days.
I just removed FxproDroid from my live account and asked for a refund.

Rick