FXGTC Xtreme EURGBP robot review - BUSTED! - Pip Cop

**PipCop** · 2009-01-18, 01:23 PM

From www.fxgtc.com comes the XTreme series of robots which they have generously provided to PipCop.com at no cost. It is running with the default recommended settings except a starting balance of $10,000.

I am running FXGTC Extreme EURGBP on this statement, M15 chart.

Here is the statement:

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Should I buy/use this EA on a live account? - Government Required disclaimer - Earnings disclaimer

fxgtc_eurgbp

X4D

vimal · 2009-01-19, 04:21 AM

Quote:

Originally Posted by PipCop

From www.fxgtc.com comes the XTreme series of robots which they have generously provided to PipCop.com at no cost. It is running with the default recommended settings except a starting balance of $10,000.

I am not suprised they have generously provided an EA to run in DEMO. This EA performs well in DEMO.
Unfortunately, it doesn't work well in LIVE TRADING. It performs terribly.
Whilst I appreciate the need to try EAs in demo first, my recommendation is to run the EA in live with 0.01 lots. I will personally fund the cost of this because it will save other traders many $$$ in buying this EA. Many traders buy EAs based on DEMO Results. Let me just say crystal clearly, please do not buy this EA based on DEMO Results. This is my opinion based on my live experience.

My strong recommendation is to see it in live trading first via by seeing a live trading statement from the company and also seeing their live performance via a login to their live account....which you can have without then being given the capability of executing any trades.

If this is all provided, and live = demo performance, then great. Go ahead and buy. Otherwise, my points above are very clear

**PipCop** · 2009-01-19, 08:49 AM

I agree that no one should trade live with any of these robots until it has been proven on a live account - and proven for at least 6 months. This is covered in the Review FAQ.

I added a new donation system to the website and you are welcome to donate as much or little as you would like towards funding a live account. If you would like to fund this robot specifically, just let me know in the "comments" during checkout and I gladly will honor your request.

Right now I am planning on putting RoboMiner live, then after that one of the other top performers. If this robot also performs well for 90 days, then it will get a live account as well.

**PipCop** · 2009-01-19, 10:01 PM

Thread title updated for going below the starting balance.

Killer-B · 2009-01-20, 12:23 AM

2 quick comments about these Xtreme bots being offered -

In its defense - today was a TERRIBLE day for the EUR as we know (if you were buying) - you got hammered - and odds are, will not recover -500 pts or so.... so kiss that goodbye (I still think the Euro will fall below $1 IMHO eventually) - so these "grid traders" or hedge

traders can only cover so much ground before suffering a bad hit like today... Though I did see the other 2 EA's caught the ride down - so that was good - Point

being, ANY bot that started "today" in either a counter-trend

mode... or just got unlucky by placing a Buy - prolly got hit pretty hard... and won't recover (feel bad for peeps that just started Forex today LOL) but that's the market eh?

Point

#2 - is that I visited the authors site - and went thru his demo testing statements - and there are some really odd trades listed - if you look at some of his bigger losers (-$500 and -$650) they are all like in 20-50 min time frame from open to close or stop..? - I find this hard to believe - But maybe his broker

's open and close times are different - I dunno - Point

being, I don't believe their statements... doesnt add up - Will try to grab a screen shot and post more later when I have more time -

GL with the testing -

KB

masterpipper · 2009-01-20, 06:09 AM

it looks like the Xtreme EURGBP has gone bust already. It looked promising, but I concur, the choice of brokerage may be significant if it depends on large lot sizes and small exit targets. After all, the folks at fxgtc worked with what they had ( in the UK).
Not an easy job on a currency

cross like this. It may well be that the foreign brokerages have better spreads due to directly trading the cross while US brokers probably synthesize the cross and just combine the spreads. We meanwhile must rely on them when the real opportunities for profit are likely to come from the (REAL) crosses and not any spread

inflated broker

synthesized cross.

This is why it is SOOOOOOOOO important to understand how currencies move and how an EA will work. You may be able to deliver newspapers most efficiently on a bicycle ( the EA ) in the suburbs (the spread

), but out in the rural areas it may not work well. Those folks go to their general store ( ie, you don't trade) and if you deliver to them you get a cranky old coot ( no money or little money and a ton of anxiety) since the vehicle is not the most efficient. if you're in the city delivering ( foreign broker

) you get the most bang for the buck on a variety of vehicles. In a perfect world, we wouldn't have consider broker

idiosyncrasies. until then, we plan for them.
Masterpipper

Stormin_Norman · 2009-01-22, 07:33 AM

Quote:

Originally Posted by vimal

I am not suprised they have generously provided an EA to run in DEMO. This EA performs well in DEMO.
Unfortunately, it doesn't work well in LIVE TRADING. It performs terribly.
Whilst I appreciate the need to try EAs in demo first, my recommendation is to run the EA in live with 0.01 lots. I will personally fund the cost of this because it will save other traders many $$$ in buying this EA. Many traders buy EAs based on DEMO Results. Let me just say crystal clearly, please do not buy this EA based on DEMO Results. This is my opinion based on my live experience.

i back this up. i tested this EA and it is BUSTED on a live account (3 pip spread

).

626MX · 2009-01-22, 08:15 PM

I was very close to purchasing this, thank you Pipcop.

**PipCop** · 2009-01-22, 08:20 PM

Hey, that's what I am here for!

**Batchboy** · 2009-01-23, 02:47 PM

Quote:

Originally Posted by PipCop

Hey, that's what I am here for!

This is yet another one that was so looking good on their website but for which it'll be IFy as to whether my BofA will allow my $499.99 back on the 10th-Feb or not, but I gave it my last best try oin statement to them, wish me luck. At least y-oww promptly refunded me awhile back.
So much lesson now to keep Scientific hat Strapped-on! LOL

jb