FxRobot

[Dan]

I am beginning this review on the FxRobot that is having "phenomenal" performance on forexpeacearmy.com. I have no affiliation with anyone in conjunction with this review. I purchased this ea from the author and it includes a 60-day money back guarantee (http://sites.google.com/site/fxrobotthebest/).

He sent me the ea and instructions to install it upon purchase via email. It is easy to set up. It is supposedly mostly automatic. The only adjustments you can make are the money management settings. It allows for fixed lot trading or percent based money management . He recommends 10%, which is default. However, the forexpeacearmy.com account used fixed 1-2 lot trades. It will be interesting to see what this ea can do with the money management feature on. Another interesting thing about this ea is that you only apply it to the GBP/USD 1 minute chart and have all other major pairs in the market watch box and it automatically trades them. It trades all of the majors.

I am attempting to set it up on multiple accounts but so far he has only let me have activation on two accounts at a time. I am going to have to eliminate some brokers first throughout the week ahead based on performance. I will let everyone know which two I narrow it down to later. Since I am in the US I am limited to some less than favorable brokers, but it will be a good test for this robot. If anyone has broker suggestions let me know. It needs low spreads and probably no commission , I think. We will see.

If anyone else purchases this ea, especially if you are not in the US, please post best broker and results for everyone. I hope this ea does at least half as good as the forexpeacearmy.com account.

Dan

[rsmereka]

I am very interested in seeing the trading results from this EA. I hope it does as well for you as it has for FPA.

Please keep us informed.

Rick

[Dan]

Originally Posted by rsmereka

I am very interested in seeing the trading results from this EA. I hope it does as well for you as it has for FPA.

Please keep us informed.

Rick

Thanks Rick,

I am trying to find out which brokers it works best on then I will set it up with myfxbook display on here so everyone can see. I am going to run demo for a while and maybe open a small live account and run it at 10% risk for good comparison.

P.S. Suggestions or questions are always welcome.

Dan

[rsmereka]

As I discussed in this post, a comment on the FPA forum here seems also to suggest that this EA works by broker arbitrage . I hope that is not the case as the broker will shut you down and refuse any account withdrawal.

We will just have to wait and see.

Rick

[Dan]

Originally Posted by rsmereka

As I discussed in this post, a comment on the FPA forum here seems also to suggest that this EA works by broker arbitrage . I hope that is not the case as the broker will shut you down and refuse any account withdrawal.

We will just have to wait and see.

Rick

Rick,

Yes, I did see that post. It is referring to magicfxrobot which does seem to share more similarities than just the name. I asked the author directly about this and he said it was not associated in any way to magicfxrobot. The thing that gets me is the FPA account shows multiple withdraws with no problems and it has been running for 6 months and has not been shut down. We have 60 days to find out I guess.

Dan

[rsmereka]

Originally Posted by Dan

Rick,

Yes, I did see that post. It is referring to magicfxrobot which does seem to share more similarities than just the name. I asked the autor directly about this and he said it was not associated in any way to magicfxrobot. The thing that gets me is the FPA account shows multiple withdraws with no problems and it has been running for 6 months and has not been shut down. We have 60 days to find out I guess.

Dan

Hi Dan,

I looked up the broker being used with FPA and it is FXCH (http://www.forex-swiss.com/) I don't know anything about this broker . Lets just see what FPA digs up.

Rick

[Dan]

Since the author of this ea had stopped selling it I sort of lost motivation for keeping up with the thread (since it was only myself that had it). However, now it is for sell again.The ea is very optimized to the broker that they used at FPA, FXCH. The robot tends to only have minimal gains at other brokers and sometimes loses more than it wins.

However, at FXCH it makes rediculous amounts of money in forward tests on demo (interestingly the backtests are not profitable). The robot has a couple of different strategies. One is very short time frame with a 1-2 pip target. It makes these trades one after another following trends until the trend changes. Then, it waits until the trend is steady again. It is very interesting. The other strategy is more long term with a 30-50 pip target, it seems to attempt to capture large market movements. This one sometimes loses big though. It hangs on to the position for a long time.

I am thinking about opening a small live account at FXCH to see if the live results match up with demo. I know they will not but even 10% of the demo results would be outstanding.

Let me know if anyone decides to buy it. You can check it out in the link on the first post.

Dan

[Dan]

I finally figured out this robot is only profitable in demo mode. I opened a small live account and ran it side by side to my demo account on my VPS. The results were profitable in demo and slowly lost money in live account.

I was able to get a refund through Plimus of my entire purchase price. They were very helpful with the refund process.

The author was helpful throughout the process. If I had any questions he usually responded within an hour. He probably sent me 5 different copies of the robot over the month or so I demoed the robot. He did try to make it work. I think he will eventually, but I have seen enough.

A side note is that FXCH is probably the worst broker in business. I had nothing but problems with them. They run stops so blatantly it is shocking. If your trade has no stop loss it just sits there, even if other broker feeds say you should be in profit (I saw up to 15 pip price difference that was always in their favor). As soon as you add a stop loss, a spike that does not show up on any other accounts (even their own demo) takes out your stop loss. I witnessed spikes up to 20 pips. Needless to say I am closing my live account there.

Dan

[rsmereka]

Originally Posted by Dan

I finally figured out this robot is only profitable in demo mode. I opened a small live account and ran it side by side to my demo account on my VPS. The results were profitable in demo and slowly lost money in live account.

I was able to get a refund through Plimus of my entire purchase price. They were very helpful with the refund process.

The author was helpful throughout the process. If I had any questions he usually responded within an hour. He probably sent me 5 different copies of the robot over the month or so I demoed the robot. He did try to make it work. I think he will eventually, but I have seen enough.

A side note is that FXCH is probably the worst broker in business. I had nothing but problems with them. They run stops so blatantly it is shocking. If your trade has no stop loss it just sits there, even if other broker feeds say you should be in profit (I saw up to 15 pip price difference that was always in their favor). As soon as you add a stop loss, a spike that does not show up on any other accounts (even their own demo) takes out your stop loss. I witnessed spikes up to 20 pips. Needless to say I am closing my live account there.

Dan

Thanks for the Update Dan,

Sorry that the EA did not work out although, like you said, it may work given time.

Rick

[Dan]

Originally Posted by rsmereka

Thanks for the Update Dan,

Sorry that the EA did not work out although, like you said, it may work given time.

Rick

Thanks Rick,

I think he will eventually get it figured out. He is building a website to market the robot more. I was unfortunately in the test group to work out all the bugs. I finally went ahead and got a refund because by the fifth update to the robot it was a totally different trading system than I had originally purchased and was not profitable at multiple brokers.

The author was very nice though. He even told me despite the refund that I could continue to use the robot at another broker to try and make up for my losses instead of him deactivating it since I had lost money with it. He seemed sincere, which I have found to be rare in this business.

Dan