Forex Maximizer

[rsmereka]

This review is about the Forex Maximizer and Forex Maximizer Advanced EA which I got from here (actually, I used a MegaDroid affiliate link that promises a free copy of MegaDroid Pro which I have not seen hide nor hair of yet).

The cheesy way that the Forex Maximizer tries to upsell you is disgusting. First it's the Forex Maximizer Advanced EA for another $75 and then another semi-manual system for sixty something and if you say no, they discount it to forty something.

I eneded up forking over for the main EA (Forex Maximizer) and the Forex Maximizer Advanced EA.

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

I started trading this EA on a demo account on May 11 2010. The Forex Maximizer EA trades on the GBPUSD H1 chart and the Forex Maximizer Advanced trades on the GBPJPY H1 chart.

I don't know anything about the strategy except that it is not a scalper. That part was made clear in the website. It does load the ZigZag indicator according to the experts log.

Both of these EA's have no money management . Fixed lots only.

I am using all the default settings on both EA's (fixed lot of 0.10 [one mini]) until I can figure out what the impact of the lot size on trading is.

The demo account is with Alpari UK at 500:1 leverage .

Here is the MyFxBook link to the demo account which runs only these two EA's:
http://www.myfxbook.com/members/rsme...alpariuk/30910

[Ken Long]

Did you make sure to erase your cookies first, so you dont acidentaly give your affiliate dollars to the wrong person?

Luckily its all on Clickbank. I dont trust this guy any more than the rest. What you've just said confirms it.

When I went to his site at noon, they did everything they could to stop me from leaving. They droped the price to $89, and then droped it again to $77, and then automaticaly redirected me to the payment form. Complete sleaze.

The account statements he posted on his site were as incomplete and unprovable as any. His video of real time trading could as easily have been an active backtest of a select time slot.

If your interested in how bad this game is getting read this one, copied from the FPA board, and watch out:

QUOTEJeff here, from Simple4XSystem with a warning about an EA that is currently on the market and being promoted by the usual suspects.

It's called FX Ultrabot, and the only good thing about this EA is it's name.

I was first introduced to this EA at the end of January. There were two things about this bot that really caught my eye:

First, the webpage was completely lacking all the usual crap that is supposed to get everyone excited and drooling over the prospect of sending the sellers their credit card numbers. No pictures of mansions, yachts, sports cars, 6" tall gold dollar signs. You know what I'm talking about. The same stuff all the other guys include on their sales pages.

The writing was very matter of fact and very easy to follow. They built a bot. It worked better then they ever imagined it would. They made a lot of money with it, and now they were going to share it with whomever wanted to make money trading forex.

So the webapge was very appealing to me.

But what really got me going were the backtests.

They included 10 YEARS worth of backtests on several different pairs, and this bot absolutely kicked butt every year that it ran. And for every pair.

Bob (my EA guy) got ahold of a copy and ran the backtests through several different brokers. While the numbers and prices were just a tad different with each broker (accounting for slightly different prices each broker posted at certain times of the day) the overall results were the same.

This EA managed to double your account every 3-4 months, every year that it ran.

I can honestly say I have never, EVER gotten truly excited over an EA before, until I started investigating Ultrabot. Bob and I were burning up the wires between us, constantly tweaking and testing the bot under a variety of circumstances, and it held up through every one of our tests.

On a Friday afternoon, after a week of playing with this thing in backtests, I told Bob that I was ready to buy my own copy and start running it on my live account. I could not find a single thing wrong with this bot, and since it was a "swing trader" there would be no way for any broker to monkey around with spreads and such to limit our use (and our profits).

But Saturday morning I woke up coughing (as usual) and in a bad mood. And I had to admit that there was just something about Ultrabot that wasn't computing for me.

It was a perfect bot. Maybe too perfect. And that was what kept eating away at me..

I thought about it all day Saturday and well into Sunday. Then an idea popped into my head.

I sent Bob a question: Is it possible to build an EA so that it only trades on the days and times you tell it to, so that you can manually go back in the charts and find the good trades, and tell it to only take those trades?

He thought it was possible, so he did some magic on the program and got to take a look inside the guts of the EA.

And what do you know!

Inside a DLL file was a program that told the EA to buy/sell each particular pair on a certain date at a certain time (this going backwards in time). It then told the EA to close out the trade on a certain date at a certain time.

And it did this for 10 years worth of data and covered several different pairs.

Someone actually took the time to manually walk through ten years worth of charts and write in the open and close times for the trades, and then built it into their EA so that everyone's backtests would come out more or less the same.

They even coded in several losing trades each year, to give it the appearance of even more credibility.

So Bob stripped out all of the time stamped data, and then ran Ultrabot through the backtest process one more time.

And he blew up his demo account every single time, with every single pair. It usually took no more than a year or two to wipe out a $10,000 account, trading 1 minilot.

Ultrabot is still around, as are the folks who perpetrated this fraud on the public, so buyer beware whenever you get an ad for a bot that looks too good to be true. We can't test them all, and even the ones we do test sometimes turn out looking better than they really are.

But there is no substitute for learning how to trade on your own, and making your own buy/sell decisions, instead of letting a robot do it for you.

Needless to say, I cannot and will not recommend you buy FX Ultrabot unless you are an absolute glutton for punishment.

JeffG

END QUOTE

[rsmereka]

Ken,

I set my browser to dump all cookies when I close it.

I was really put off my the marketing techniques (I am being very polite by calling it that) of Forex Maximizer.

I mainly purchased Forex Maximizer for MegaDroid Pro that was promised in the email. I understand that MD Pro has not been released yet so I am not yelling foul...yet.

So for Forex Maximizer has not done well. It has taken two trades, both using the 'Advanced' EA on the pair GBPJPY. The first one was a big loser at over 100 pips, the second on is still in play.

More later.
Rick

[pipdetector]

I run a couple of back tests and Forex Maximizer looks really interesting (if the bad days were not omitted by hardcoding), Forex Maximizer Advanced results do not look so impressive.

Having said that I also would really like to find a good swing EA at last... Let's wait and see.

[rsmereka]

I have not bothered to run any backtests. I figure that I'll find out anyway by forward testing and my VPS account is running very hot and the Strategy tester consumes a lot of memory.

Maximizer just open it's first GBPUSD trade.

Rick

[pipdetector]

I run some more back testing and it seems that Forex Maximizer starts to be profitable only in 2009... In the earlier years it was incurring losses or was just at break even. This may explain why they were so desperate pushing the product...

[rsmereka]

Originally Posted by pipdetector

I run some more back testing and it seems that Forex Maximizer starts to be profitable only in 2009... In the earlier years it was incurring losses or was just at break even. This may explain why they were so desperate pushing the product...

Yep,

Another curve-fitted piece of @^&!#

I really like to see 6-10 years in a backtest. This gives me a basic indication that the EA is resilient and will not take a dump when the market changes.

Rick

[Ken Long]

Originally Posted by rsmereka

Yep,

Another curve-fitted piece of @^&!#

I really like to see 6-10 years in a backtest. This gives me a basic indication that the EA is resilient and will not take a dump when the market changes.

Rick

Refund all the Maximizer products and keep the bonus's. The game works both ways...

This EA reminds me totaly of the USD Bot. Same exact sales techniques. Who knows, the same people using different names are probably behind many of these scams. All they want to do is to make it through the 60 day refund periad and keep your money, drop the web site and support and start a new EA sales scam. I've given up testing new EA's. They're 99% scams. I'd rather wait to see the real results first. Its worth a few extra dollars and a wait to avoid the time amd effort ferreting out this garbage.

And I would also love to find an EA that can intraday swing trade all the big moves like that. Thats not something I can do on my own.

[rsmereka]

Originally Posted by Ken Long

Refund all the Maximizer products and keep the bonus's. The game works both ways...

This EA reminds me totaly of the USD Bot. Same exact sales techniques. Who knows, the same people using different names are probably behind many of these scams. All they want to do is to make it through the 60 day refund periad and keep your money, drop the web site and support and start a new EA sales scam. I've given up testing new EA's. They're 99% scams. I'd rather wait to see the real results first. Its worth a few extra dollars and a wait to avoid the time amd effort ferreting out this garbage.

And I would also love to find an EA that can intraday swing trade all the big moves like that. Thats not something I can do on my own.

I would love to play that game.

I read somewhere (I think on DonnaForex) that MegaDroid will deactivate your MD Pro if you get a refund.

I also have said that I'll sit back and watch the forward testing that others have done but then I see something that I want. I think I'm an EA addict

Caliber FX Pro is doing a fairly good job at swing trading large moves on my demo account. It's accuracy rate is only about 40-42% but it's risk/reward ratio is excellent. The trouble is that with a low accuracy rate , it has a hefty DD. Overall it's a good performer at about 5% per week on demo accounts (various brokers). Take a look at the Forex Peace Army review here which has been running for almost 10 weeks. My demo has only been running since April 18. Right now, Caliber FX Pro is up 3.15K (241 pips) on my demo account which is almost exactly 5% per week.

Rick

[pipdetector]

Well, I am rather suprised with the forward demo testing of Forex Maximizer so far... Quite a good start...