RSI Expert M1-M5 V1.02

[rsmereka]

This review is about the RSI Expert M1-M5 EA version 1.02 which I got from Trading System Forex. Note that the EA's from this board are free but you must be a paid Elite member to obtain the free EA's at this site.

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

I started trading this EA on a demo account on April 18, 2010. The RSI Expert M1-M5 trades the four primary pairs: EURUSD, USDJPY, GBPUSD and USDCHF on M5 charts. The demo account is with Alpari UK at 500:1 leverage .

This EA has many settings. I have attached the set files I am using which I also obtained from Trading System Forex and tweaked myself.

This trading system uses a Martingale trading strategy so it's very important to keep the lot size down. The recommended lot size is one mini (0.10) per 10K. The attached set files have MM switched off and used a fixed lot size.

Here is a forward test (I don't know whether it's live or demo) from the manager of the tradingsystemforex.com site running since Dec 16, 2009.

Rick

[rsmereka]

I just removed this EA from my demo account.

I am not comfortable with the fact that it uses a Martingale strategy and upon reviewing the sample trading account mentioned in post #1, I realize that even though the account has done well, almost half of the profit earned is in floating DD and there are trades open dating back to the month that the EA was first put on the account (December 2009).

Rick