Forex Thor EA - Expert Advisor Review

Forex Thor 2One of the first steps in preparing a Forex EA review for MellyForex is to run some strategy tests on the EA which can then be analysed to provide the content for the review. The hope is then that the EA will perform in the same manner going forwards as the backtests suggest.

In the case of Forex Thor, however, which has been sitting proudly at the top of the MellyForex leaderboard for several weeks, I have to be honest at the outset and say that I don't think that those backtests are going to be of much use at all.

To explain my reasoning behind this, I feel firstly that I need to discuss something which isn't specifically related to Forex Thor and which some readers will already be fully aware of. I can only apologise in advance, therefore, if you feel that what I am about to say covers some old ground.
The problem comes about because of the exceptionally short trade duration of all of Forex Thor's trades. A quick peek at the stats page shows that the average trade duration of Forex Thor's trades in its forward test is less than 1 minute, with the longest lasting trade being all over in less time than it takes to boil an egg!

So what difference does that make exactly?

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TradeVader Forward Test

Robot Name:
TradeVader - version 2.7

Type of Robot:
Indicator driven

15 minute

Currency Symbol(s):

Forward Test Broker:
FX Central Clearing Ltd.

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Volatility Factor EA - Expert Advisor in Forward Test

The Volatility Factor EA is in forward test at MellyForexThe Volatility Factor EA is the latest Expert Advisor to enter its forward test at MellyForex, and it comes from the developers of the popular and successful Wall Street Forex Robot which is also in forward test and has been reviewed elsewhere on the site.

The EA itself works on two currency pairs - EURUSD and GBPUSD - and runs on the 15-minute chart timeframes. It can only be described as a grid trader, which means that, at times, it's going to have multiple concurrent open positions which are in drawdown.

I'm not going to offer any opinion upon this particular trading style, as it's an approach which undeniably popular amongst many traders. I should also say that, in fairness to the developers, they have dedicated no fewer than six pages of their manual to explaining the EA's exit strategy and how it copes with drawdowns so that users know at the outset what to expect.

Forewarned is forearmed!

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New analysis features at MellyForex

MellyForex is pleased to announce new EA analysis featuresIt's not very often that I get a chance to blow my own trumpet, but I am rather pleased with the latest feature to go live at MellyForex so, hey, I guess it's OK to bring out the bunting and have a bit of a toot.

Since MellyForex started, regular readers will know that I've been publishing the results of all the EAs in forward test to MyFxBook. MyFxBook is a great website in my opinion; it's stylish and some of their analysis tools are very useful, however, I have had problems with some accounts not verifying and I recently noticed that a couple of EAs hadn't updated at all for 4 or 5 months.

With that in mind, I decided a while ago to build a new section on MellyForex where the EAs could publish their results and their performance could be analysed.

I'm pleased to announce that work on the new analysis section is now complete, and all results publishing is now being done in-house. Readers can access the statistics for any EA in forward test by visiting the leaderboard here and then clicking on the name of the EA whose performance they wish to view.

Each review/article at MellyForex has also been updated so that the old links to MyFxBook pages now point to the relevant page on MellyForex, and the old MyFxBook pages have been deleted.

I'm always open to suggestions for improvement of the analysis layout and features, so don't be shy with your suggestions.

In the meantime, please enjoy!

Fast Forex Millions - Forward Test Halted

Albert EinsteinI'm convinced that, if Albert Einstein were alive today, he'd quickly be able to crunch a few numbers and work out the inversely proportional relationship that seems to exist between hype and garbage.

Hey, if old Albert could have had all of those theories about negativity and cope with that funky E=mc2 stuff, it should have only taken him a couple of seconds to figure that the more an EA is hyped, the sooner it is likely to end up in the dustbin.

Anyway, my good nature prevents me from suggesting that the Fast Forex Millions EA is an over-hyped piece of trash, but I have decided to stop its forward test at MellyForex nonetheless.

To explain, ever since starting the test I've been having nothing but problems with some symbols failing to login and validate on the vendor's authentication server, and now the whole thing has stopped working completely. Given that the vendor's support is pretty weak (Oh alright then, more like bordering on non-existent!), I really can't be bothered to waste any more of my time with this EA.

There is a current open trade which will close either when its TP or SL is hit, and I'll just leave that trade to run. Ordinarily, the EA would have closed the trade long ago, but if it won't login to its authentication server, it certainly won't trade and the trade will have to stay open pending either of the orders being hit.

In any event, its performance hasn't exactly been stellar since starting the test. The EA has drawn down substantially, and I suspect a lot of punters will be giving this particular vendor a very wide berth from now on.

As the late Freddie Mercury used to sing, another one bites the dust!

Black Belt EA - Expert Advisor in Forward Test

Black Belt EAI'm happy to admit that I don't know the first thing about either Judo or Karate, but I get the impression that the Black Belt EA developer might be a martial arts expert.

I've therefore removed my witches hat to write this short article, and I'm going to try to say some nice things about the EA, through fear that I might get a visit from Bruce Lee or Jackie Chan to 'sort me out'. :roll:

Seriously though, this brand new Expert Advisor seems to have already captured a lot of interest, and the developer has kindly provided a copy to put into forward test at MellyForex so that our readers can monitor its performance.

The Black Belt website states that the EA is a non-grid, non-Martingale high frequency trader that works on the EURUSD symbol on the 30-minute chart timeframe. It claims to use price action rather than indicators for its trade entry signals, it's supposedly ECN and NFA compliant and, although it is meant to work best with brokers whose EURUSD spread is under 2 pips, spread is not meant to be that big an issue.

Now that the standard marketing spiel has been dealt with, what else can I tell you about the EA?

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PhiBase PRO EA - Expert Advisor in Forward Test

PhiBase PROThe latest EA to enter a forward test at MellyForex is called PhiBase PRO, and it claims to use advanced chart pattern recognition techniques to determine its trade entries.

In fact, there's quite a bit of marketing blurb on the developer's website which explains some of the thinking of modern-day patternmeisters like Gann and Elliot, and subjects such as Phi and Fibonacci numbers are also discussed.

Elliot waves have actually been around for some time, but I've got to be honest and say that I've never been able to spot them when it matters the most, which is during their formation. I've only ever been able to pick them out on historical charts, and it's invariably a bit too late by that stage to make any money from them.

Despite all the fancy gobbledegook about Ermanometry and logarithmic spirals, PhiBase PRO appears to use much more basic chart patterns as part of its modus operandi. The website refers to trade entries being based upon things that I can understand - like double and triple tops and bottoms, support and resistance breaks and wedges - none of which has anything whatsoever, in my opinion, to do with any of the fancy names I referred to above. That said, I'm not sure that it matters precisely how the EA works, just so long as it does actually work and it's profitable.

Let's try and find out if that's the case with this EA ...

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Fast Forex Millions EA - Expert Advisor in Forward Test

Fast Forex MillionsSome EA vendors take a softly, softly approach when releasing a new Expert Advisor onto the market, and product launches can often be relatively modest and quiet affairs, limited to a solitary email blast to prospective users.

This was most certainly not so in the case of the Fast Forex Millions EA which has been hyped like crazy since I first announced its release in an earlier article. I guess the fact that the developer has been behind some other popular EAs has simply served to heighten expectations.

Anyway, the Fast Forex Millions EA has now been released and I'm pleased to report that the vendor has provided MellyForex with a review copy which I've put into forward test so that readers can monitor its performance.

At this stage, I have to be perfectly honest and say that I still don't know too much about the EA other than that it works on five of the major currency pairs where liquidity shouldn't be an issue, and that it's a non-scalper (the manual suggests that trades can typically last up to 17 hours) which doesn't use Martingale.

So what else can I tell you about the EA?

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