ForexBody Money Printer - Pip Cop

**rsmereka** · 2011-07-26, 08:25 AM

This review is about the ForexBody Money Printer EA which I got from the ForexBody website. Currently, the EA is free for two months (on unlimited number of accounts [demo or live/real money] on three different computers) but it does require registration and you need to get an activation key. I have no affiliation with anyone in conjunction with this review.

I first stumbled onto this EA as a result of reading the Forex Peace Army MetaTrader Expert Advisor Test Catalogue page. This is a page that I recommend everyone keep an eye on. The page lists all the EA's that FPA is testing in descending order of weekly return (highest first). The ForexBody Money Printer EA does not have a lot of history and normally I would stand back until the EA has at least 12 weeks of history but this EA is free for two months so I thought I would give it a try.

This EA has the largest number of input parameters that I have ever seen in an EA. I am running with all default parameters with the exception of HourShift which I set to one (this needs to be set to the broker

server time offset from GMT).

I am running the EA on a EURUSD M1 chart (same as FPA).

When you run this EA using the default settings, it will open trades in both directions at the same time so you will need a non-NFA broker

which allows hedging.

My initial opinion of this EA is that it is very similar to Forex Hacked except I do not think it uses Martingale money management

.

So far, this EA has come out of the gate charging and is up over 7% in one day. I have placed ddmon on the account so I can monitor the floating DD.

The FPA demo account is here.
Link: http://www.myfxbook.com/members/rsmereka/forexbody/140221

Rick

**rsmereka** · 2011-09-26, 07:49 AM

I halted demo trading of this EA.

During the two months I ran this EA, gave a good return but the floating DD was massive.

When I terminated the demo and closed the open trades, you can see the huge dip in the balance. Also notice the equity line which is so far away from the balance line and this distance increases.

Conclusion: Sooner or later the account will blow. The floating DD is a killer. Unsuitable for live trading.

Final account screen shot attached.

Rick