Forex Morning Trade - Expert Advisor in Forward Test

Forex Morning Trade

Forex Morning Trade is an EA which is based upon a manual trading system of the same name.

The system works on just one currency symbol, the GBPUSD, and there's a very strong clue as to how it works in the name.

For all budding detectives out there, you've probably guessed that it takes one trade at the same time each morning. Unfortunately, the time it trades is a time when most Europeans are still in their PJ's and most Americans are either already in bed or enjoying their evening.

There's a very strong background case, therefore, for converting a strategy like this into a robot.

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Wall Street Forex Robot - Expert Advisor Review

Wall Street Forex RobotThe Wall Street Forex Robot is a scalping robot which looks to bank just a few pips of profit at a time. There is no shortage of robots like this available on the market, but they generally tend to scalp during thin Asian trade when market liquidity can be a major issue which impairs the robot's performance on live accounts.

So what makes the Wall Street Forex Robot any different from all the others?

Well, the Wall Street EA is certainly different in that it has no such trading time restrictions and it will trade at all times of the day, hopefully when there is greater liquidity within the market and there is no problem in getting trades away.

It's also different in that it fetches its settings from the vendor's server each time that it starts. This means that the vendor can issue newly optimised settings which the EA will automatically detect and use, enabling it to stay at the top of its game without the user needing to manually update his own copy of the robot.

That's the theory anyway. I wanted to test the EA thoroughly to see if it could live up to this high level of expectation.

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Forex Shocker and Wall Street Robot - Expert Advisors in Forward Test

Forex Shocker is an EA which many will be familiar with already as it's been around for a couple of years now since 2009. Reviews have tended to be mixed, so I wanted to see for myself how good it actually is.

It's a scalper which just takes a few pips at a time for a couple of hours each day in what I call "The Twilight Zone". That's the time after the US has closed for the day and before Asia has really got going.

At these times, trade can be very thin and liquidity can be a big issue, so one of my concerns is how Forex Shocker would perform with the wider spreads that you tend to see around these times.

So far, my testing has shown mixed results and I'm still undecided as to whether to continue and prepare a full review or not.

Nonetheless, I've put Forex Shocker into a forward test on a $5k Alpari UK demo account trading all 6 of its suitable currency symbols.

You can also monitor Forex Shocker's performance at MellyForex by clicking here.

The other EA which I've chosen to test is brand new and it's called Wall Street Forex Robot. It is also a scalper, but supposedly with a big difference.

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PipRider - Expert Advisor Review

PipRiderWhen I first started to look at the PipRider EA I hadn't realised that I was going to have to jump through hoops in order to test the EA and write this review. :o

The EA is heavily protected against piracy and, as a result, it runs very slowly in the Strategy Tester. Whereas a normal 10 year test may take anything between 1 and 3 hours, a 10 year PipRider strategy test takes anything upwards of a week.

Fortunately, the PipRider support is pretty responsive and, when I explained to them what I was trying to achieve, they were able to assist in speeding the process up considerably.

Of all the Expert Advisor websites I've visited, the PipRider website is one of the more comprehensive and informative sites. It consists of several pages and explains in reasonable detail how PipRider works. There is both forward and strategy test information, together with a page dedicated to a free indicator and another page detailing a partnership broker offer which enables prospective PipRider purchasers to get the robot for free.

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MetaPRO Forex - Expert Advisor Review

MetaPRO Forex Having decided to review the MetaPRO Forex EA I realised instantly that running my normal 10 year backtest might be counter-productive in this case.

The MetaPRO website makes no secret that their EA is optimised for 2010, and I wasn't of a mind to believe anything else.

Incidentally, the MetaPRO website is quite informative and factual and consists of several linked pages rather than the typical one-page salesletter which seems to be the norm in the EA business. The website contains both backtests and forward tests, together with an explanation of what the EA actually does and what it's looking to achieve.

MetaPRO Forex is delivered in its own self-installer which makes for a nice and easy set up and it comes with its own 9 page PDF instruction manual which, in my opinion, isn't particularly clear. That said, I know enough about these things to be able to get it up and running to find out what it's really made of.

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Let the trend be your friend till the bend at the end

Let the Trend be your FriendIn this article I'm going to attempt to explain a little bit about my personal trading style.

The thing about trading is that it isn't an exact science, and there is no such thing as a "right" way or a "wrong" way. Oh, if it were only that easy, we'd all be doing it. :wink:

Everybody seems to be looking for something different from their trades, and there are obviously many different approaches that you can employ.

Some people will look to scalp 3 or 4 pips at a time, while others will be happy to stay in their trades for days or more in the hope they can rack up gains of hundreds of pips. Some people will follow chart patterns, some people will follow indicators, some people will trade ranges and others will probably just flip a coin.

The best way of describing my personal approach is that I trade with the trend. My most useful tools are, believe it or not, a ruler and a pencil. That's right, the sort of thing which you can find in any corner shop for about 50p.

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Forex Cash Protector - Expert Advisor Review

Forex Cash Protector Disappointingly, the Forex Cash Protector website doesn't tell an outlandish story in the way that some EA websites do and is generally more factual than most sites I've come across.

The perverse side of my nature does enjoy reading the success stories of former bin men who have discovered Forex and now own a Hollywood mansion and drive three Ferraris and a Bentley.

The website also has separate pages to show both forward and strategy test results which does make a refreshing change, even if the backtest does only cover a one year period so possibly isn't too indicative of longer term capabilities.

Forex Cash Protector is delivered in a compressed ZIP folder which contains the EA, a DLL and some preset files, so it is necessary for users to navigate to their MetaTrader installation folder and copy the files across manually.

There are also three separate PDF manuals which are sent with Forex Cash Protector - a 5 page manual explaining how to install the EA, a 3 page manual explaining the different EA user inputs and a 2 page manual explaining some irrelevant nonsense about a trading strategy using a moving average.

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Martingale - Son of Satan or a Winner in the Trading Race?

Martingale - Son of Satan?Many people will have heard of Martingale in the context of Forex trading, but I've often wondered how many people are actually aware of how it works and the dangers contained within.

There is an excellent article which explains Martingale on Wikipedia, but for anyone not wishing to study the mathematics in too great a detail, the concept is probably best explained simply by considering a flip of a coin.

There are two possible outcomes, heads or tails. Let's suppose you bet $1 that the coin will land heads up. If it does land heads up you win $1. If it lands tails up, then on the next flip you apply Martingale and bet $2. If it lands the right way, you win $2 but remember you just lost $1, so you really only win $1.

But what if it lands the wrong way? Then you simply bet $4 on the next flip. If it lands the right way you'll win $4 less the $3 you've already lost, leaving the net gain at $1. If it goes wrong, you'll be down $7 overall, so you'll bet $8 on the next flip to claw the loss back and still end up with a $1 profit.

At the end of a losing run, you'll always recoup your losses and win $1. How cool is that?

So what's the catch?

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