SCAM! TheForexMaestro.com Maestro robot review

[PipCop]

UPDATE - As several members have pointed out, and managed to dig up valid information, Forex Maestro is a SCAM and is a copy of the FireBird robot that was previously available for free. Another bad guy busted by the members at PipCop!


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From www.TheForexMaestro.com comes the Maestro robot. This was initially sent to one of the members on the site from Cynthia of Cynthia Recommends so I've loaded it up on 4 brokerages to see how it works.

I am using the EUR/GBP 30 minute chart, though it it can also trade on the USD/CHF, EUR/USD, or USD/CAD.

UPDATE: 2009-02-24 : I have added instances to ALL currencies now on 30 minute charts.

UPDATE 2009-02-26 : I have changed the TP , SL , and PipStep to 300, 3000, and 300 for the Fxpro instance because it's a 5th decimal broker . This is documented in the manual.

Brokerages used:
Alpari
FXDD
FxPro
Gain Capital
IBXF

I am using all default settings except the GMT as noted below.

Be sure to verify these GMT server times with your broker and input them into the EA's Broker GMT Time Shift input.

IBFX (0)
Alpari-US (1)
Alpari-UK (1)
FXDD (2)
FXCM (-5)
FxPro (2)
ODL-UK (0)
MBT (-5)
GoMarkets (2)
CrownFX (0)
Forex.com (0)
MIG (1)

I have also attached the user manual here, as well as the robot as it was freely distributed by Cynthia.

X2C

[PipCop]

FireFox users warning:
Statements are sometimes cached by your browser!
Click the blue statement link (above this window) to update it!

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

maestro_alpari

[PipCop]

FireFox users warning:
Statements are sometimes cached by your browser!
Click the blue statement link (above this window) to update it!

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

maestro_ibfx

[PipCop]

FireFox users warning:
Statements are sometimes cached by your browser!
Click the blue statement link (above this window) to update it!

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

maestro_fxdd

[PipCop]

FireFox users warning:
Statements are sometimes cached by your browser!
Click the blue statement link (above this window) to update it!

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

maestro_fxpro

[PipCop]

FireFox users warning:
Statements are sometimes cached by your browser!
Click the blue statement link (above this window) to update it!

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

maestro_gain

[Calculon]

Hi,

there is something strange (suspicious?) about this maestro-robot:
when trading, the comments say "Firebird v63D"...

Cheers, PK

[jsp]

Thanks. I read the positive comments from Cindy as well as a negative review at www.forex-systems-reviews.com, so I've been wondering about this one. The bottom line that it needs more than 90% winners to be successful because it uses a 30-pip take profit and 300-pip stop. It will be interesting to see how it performs over time...

[new2ea]

Hi, pipcop.
Can you test the Maestro on the other 3 currency pairs?
Thanks...

[PipCop]

Yes, I have plans to add them in today.