ForexRobotTrader.com robot review - BUSTED! -$3,318

[PipCop]

www.ForexRobotTrader.com has provided us with a copy of their commercial product to review. Using their recommended settings, we are running the EA on the following pairs:

EURUSD - USDCAD - USDJPY - GBPUSD - USDCHF - AUDUSD - EURGBP - EURJPY - EURCHF

CHFJPY - Recommended, but I don't have it on IBFX, so I am using GBPJPY.

The following settings were changed to accommodate our trading platform:

Lot size: 0.05 (per directions)
Broker Is IBFX: True (per directions)
Account Is Mini: False
Close Trades at end of month: True (Recommended by Don Steinitz)

Here is the data:

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

frt

XP3

[PipCop]

I have updated this EA per the directions from Don, as he recommends these currency pairs:

Eur/usd
Gbp/usd
Aud/usd
Usd/jpy
Usd/cad
Usd/chf
Eur/chf
Eur/jpy
Eur/gbp
Chf/jpy

[ElectricSavant]

They say if you have nothing good to say about someone or something then do not say it all...

By the way PipCop....don't forget to show the detailed statement...you forgot to switch the files...

ES

Through pride we are ever deceiving ourselves. But deep down below the surface of the average conscience a still, small voice says to us, something is out of tune. Adlai Stevenson

Unless the denial runs deep...This line written by ElectricSavant™

[PipCop]

Thanks for the reminder, I overlooked this one as well. It'll be up at the next update.

[Ken Long]

I am cautiously interested in this robot. It is performing well here and on anouther test site, but there are many contradicting opinions on the review sites. It seems that Don Steinitz is more of a marketer and promoter than a designer and trader.

Is there a reason that the robot placed so many trades on 10/13, and then didnt trade again untill the 20th? This seems unlike the robots program, as there were plenty of opportunities in that period.

[PipCop]

Yes, the testing server was offline for several days due to a hardware failure. I purchased a new server, but it took several days to rebuild everything, so don't take that into account as it was an error on our end, not the EA.

[j1417]

I'm really interested on this robot software. As a newbie, is $200 account as starting capital is enough to cover for drawdowns and how much lot can be used? And how many pairs can be used with that amount?
May I request all the traders who purchased this robot to give their actual reviews on the product for us newbies to help in our purchasing decisions.

[626MX]

I purchased this last week and just got in running yesterday live. It's been on about 12hrs now and I used Don's recommended 5 pairs at .01 lots. I'm using it in a small account live. $500 beginning balance, all 5 pairs are in a trade, all going the wrong direction, 2 are down 300 pips, account is 43% drawndown at the moment. We'll see how it looks after another 12 hours or so, if not margined out yet.

[PipCop]

During testing here I have noticed a lot of negative open trades, but they have all come out okay.

Obviously you will have to be properly capitalized to use just about any EA. Being under-funded can really screw your results up. With a $500 balance, I would have suggested a smaller lot size (but I do not know as well as the author, so I may be wrong) such as 0.005 on a micro account. After a few months, or with more capital, then I would go for a larger lot size.

A word of advice - don't sell when you're down. That means just leave it alone. Don't touch it. Even if you lose $500 it's a small amount.

If I were you, I would consider adding another $250 - $500 to the account to give it more of a safety net in terms of not getting a margin call . Of course, only put in what you can afford to lose, as Forex is a high risk venture!

[626MX]

Ohh yeah I know.