Forex Combo System - Expert Advisor in Forward Test

Forex ComboI've recently placed the Forex Combo EA into forward test while I carry out some strategy tests and analyse the results for a review.

Forex Combo seems to have been performing profitably for a while now and one of our MellyForex forum members asked if it was possible for me to review it. I took up the suggestion and emailed the developer who promptly replied to my request and kindly provided a review copy.

The EA trades on two currency symbols and gets its name because it uses a combination of three different strategies within the EA. The three strategies are described within the Forex Combo user guide as being "Scalping", "Breakout" and "Reversal" which all sound very encouraging.

I'm not entirely sure what my tests are going to reveal but, seeing as the EA seems to have been performing well in both a forward test running on the developer's website and it has also started well in my own forward test, I'm certainly hoping that this EA will live up to its early promise!!!

Continue Reading →

MellyForex July Update

MellyForex July Update I had hoped to be able to report around this time that I'd put another robot or two into forward test but, unfortunately, that isn't the case. The truth is that I haven't seen anything new over the last few weeks which has captured my interest sufficiently to put into test and write a review.

C'est la vie!

All is not lost, however, as it has given me the opportunity to provide a general update on progress and to cover several minor points which wouldn't otherwise be worthy of an article of their own.

Recent movement on my Robot Leaderboard has been less dramatic and it's becoming increasingly obvious which are the good quality robots and which are the ones that will never make the grade.

PipRider has regularly occupied one of the top spots since first going into test and, despite struggling a little with market conditions over the last few weeks, it is clearly developing a reputation for being one of the safest robots around.

Wall Street Forex Robot has been going from strength to strength and it is now safely holding on to first place on the leaderboard. One of the reasons for this is the fact that it is able to trade four different currency symbols, so those extra trades mean that it is always going to win more pips than, say, PipRider which only trades one symbol. Coupled with this, the effect of using an EA with multiple symbols can have a smoothing effect on the balance curve and serve to lower drawdowns.

Continue Reading →

Forex WindFall, Morpheus OddBot and Wall Street Forex - Expert Advisor Comparison

Since conducting my reviews of the Morpheus OddBot and Forex WindFall Expert Advisors and putting them into forward test, I've had a number of emails in which it has been suggested that these EAs are little more than clones of the more established Wall Street Forex Robot which I also reviewed a while back. The fact that all three robots trade the same two currency pairs (GBPUSD and EURUSD) is something which has added weight to this theory, despite the fact that Wall Street Forex Robot does trade other symbols as well.

If anybody reading this articles happens to follow me on Twitter, they will know that, as well as providing up to the minute news and snippets of useful information from Forex dealers' desks, the trades of the top performing robots in my Live Leaderboard are all tweeted as they are opened and closed.

A couple of weeks or so back, I was looking at my tweets flowing thorough when I noticed that the three aforementioned robots had all opened trades in the EURUSD pair within a couple of minutes of each other.....

Twitter trades

I guess it's only fair to make clear that, despite opening at the same time, the three trades on my Twitter screen all closed at different times and, therefore, ran to totally different outcomes, and I'm confident that the three robots certainly aren't clones of each other.

Seeing the tweets appear simultaneously, however, gave me the idea to produce an article which examined the robots in greater depth to try to determine if the three robots could work in harmony with each other on the same MetaTrader account.

Continue Reading →

Forex WindFall - Expert Advisor Review

Isaac NewtonWhen a windfall apple fell on Sir Isaac Newton's head all those years ago, I'm quite sure that, even with his great mathematical skills, his vision didn't extend to an age where robots ran on computers to trade financial markets. Now, over four centuries later, one of the latest Expert Advisors to gravitate into the apple box of MT4 currency traders is called Forex WindFall.

In truth, the Forex WindFall EA has got absolutely nothing whatsoever to do with either Sir Isaac or falling apples, although I make no apologies whatsoever for the cheesiness of my introduction, given the seriously limited amount of material I could find on the web relating to anything of the same name.

Now we've established that my sense of humour has taken a severe turn for the worse, it's probably best that I get to the point and move on to discuss the Forex WindFall EA in some detail.

The WindFall website isn't glossy by any stretch of the imagination. Instead, it is quite factual and contains backtests of the EA together with a link to a verified MyFxBook account so that people can monitor WindFall's live progress. The website also includes a members area where WindFall users can download their copy of the EA, nominate and change the three MetaTrader account numbers upon which they are allowed to use the EA, and also view a copy of the user guide.

The WindFall user manual is also well set out, containing a total of 16 pages of which around half relate to installing MT4 and the remainder are dedicated to setting up the WindFall Expert Advisor itself.

Continue Reading →

Morpheus OddBot EA - Expert Advisor Review

OddBot EAHaving conjured up images of Greek gods and gun-toting Science Fiction characters within my last Forex article, when I declared that I had put the strangely-named Morpheus OddBot EA into forward test, I guess it's now time to meet the man himself!

He's certainly a funny looking chap, isn't he?

Appearances can be deceptive, however, and since putting Mr OddBot into forward test, he's certainly been performing well and has been consistently towards the top of my Live Leaderboard, and is starting to appear like a robot which is both profitable and also very safe to run.

In my latest Forex Expert Advisor review I aim to find out precisely just how good the Morpheus OddBot EA really is!

As it happens, I plan to say some nice things about Morpheus OddBot further on within this review, so it's probably best if I put my witch's outfit on at this stage and get the unpleasant matters out of the way so that we can move forwards.

My biggest complaint relates to the quality of the Morpheus website. I do understand that the OddBot developer is planning to redesign the website in the near future but, at the time of writing this article, it lacks a lot of important information about the EA and it isn't particularly easy to navigate.

Fortunately, there is a support forum on the Morpheus website that OddBot users can use for product information, downloads and support, and this has recently been linked to from the main part of the website. I guess it shows that the Morpheus OddBot developer is moving in the right direction and I'm sure that my relatively minor niggles will all be resolved in the near future.

Hopefully, by the time you read this article, the website issues will have been resolved and my above comments will appear meaningless and irrelevant.

Melly! My second observation is that the OddBot PDF installation manual is probably best described as being succinct and to the point.

It consists of only 4 pages, of which just 2 pages relate to setting the EA up. Personally, I'm not too bothered by this as I know exactly what I'm doing when it comes to setting up a MetaTrader Expert Advisor, but I guess that installation could be a little daunting for some of the Forex-newbie users out there who aren't even entirely sure what MetaTrader MT4 is.

Now that the nasty things have been said, I guess it's probably time to take my black pointy witch's hat off and move on to the positives.

What do you reckon, boys?

Well, I guess that the biggest positive of all is that the Morpheus OddBot does actually seem to work, and I'm certainly hoping to fill in some of the empty boxes and cover some aspects of the EA that haven't been explained elsewhere within my review.

Continue Reading →

Morpheus OddBot and Forex WindFall - Expert Advisors in Forward Test

MorpheusOkay, before anyone asks, I'd just like to say that's not me floating on a cloud in the picture.

The curly haired chap stretched out on the couch in his full glory, however, is supposed to be Morpheus, the Greek God of Dreams.

Somehow I suspect that the subject of one of my forthcoming Expert Advisor reviews, the Morpheus OddBot, has actually got nothing whatsoever to do with Greek gods and is more likely to get its name from one of the main characters in "The Matrix" series of science fiction films. The trouble is, I'm not really a fan of anything to do with SciFi (even "Doctor Who" is beyond me!) and I thought my picture of a Greek god was so much more romantic.

Joking aside, the OddBot developer seems to have been active on a number of different Forex forums for quite a while, and has recently taken steps to market some of his own work which, as I'm led to believe, will only be available to purchase through affiliates such as myself. I'm sure that some people will bemoan the fact that the developer's website is a little basic and lacking of content, but I hope his approach means that he is able to devote his time to producing some good products rather than becoming yet another internet marketer.

Fortunately, you'll be able to regularly check-in at MellyForex to find out whether OddBot is performing or not.

The EA itself is probably best classified as a non-Martingale scalper and it works on two currency pairs, EURUSD and GBPUSD, on the 15-minute timeframe.

I've already run some preliminary strategy tests on OddBot and I have to say that the initial results are quite encouraging. It will take a few more days to complete the tests and prepare my full review of the EA but, in the meantime, I've set OddBot up in forward test on a $5k FX Central Clearing demo account using raw spreads and charging a 1.0 pip round trip commission on the trades.

Continue Reading →

Forex Real Profit EA - Expert Advisor Review

Forex Real Profit EAThe Forex Real Profit EA is a scalping robot which looks to trade at the time of day when the US are closing and before Asia has opened.

I've already got a couple of other EAs in test which could be classified like this as pre-Asian scalpers, and my biggest concern about robots such as this is that liquidity in the market is at its thinnest during these times and there can be issues in executing trades. The inevitable requotes and slippage often means that this type of EA performs well in demo, but fails to live up to expectations when users run the system live.

The attractions of the Real Profit EA, however, are that it not only seems to offer a quite attractive risk/reward ratio by comparison to some of the similar robots available, but that the developer is happy to test his EA using real money live accounts as proof that his product works.

The website contains quite a bit of factual information and isn't the typical single sales letter page which is commonplace with many other EAs. There are both live statements and backtest results on the website, together with a forum which is maintained by the Real Profit EA team to provide support for their users. It is also possible to download a FREE demo version of the EA which enables prospective purchasers to test the EA on a demo account to see how it performs before they buy.

Continue Reading →

FxPowerCube and Real Profit EA - Expert Advisors in Forward Test

I've recently placed a couple of EAs into forward test while I carry out some strategy tests and analyse the results for a review.

Forex Real Profit EA has been around for a little while now and has already started to forge a good reputation for itself. It trades on seven different symbols for just one hour each day at around the time that New York is closing, and looks to scalp a few pips at a time.

Normally, I'm not a fan of this type of robot, but this EA certainly seems to work and I wanted to see if it's possible to replicate this performance.

Because of its trading nature, I've set the Forex Real Profit EA up on a $5k demo FX Central Clearing account. This is an ECN/STP account and the demo feed is identical to the FXCC live feed with the added benefit that demo accounts have the option of either treating the commission separately or of adding the commission to the spread which, in turn, has the effect of widening the spread and possibly affecting performance. I've therefore chosen to handle the commission separately in order to keep the spread at its raw level to achieve the most meaningful and accurate results when testing this EA.

Because it's trading on seven symbols, Forex Real Profit has been set up to risk no more than 3.5% of the account balance on any single trade and, because of the general lack of market liquidity around the time of day that it trades, I'm strictly controlling the maximum allowed spread and not allowing any slippage.

Continue Reading →