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REVIEW: Hi guys! Well...Finally we have new winner! I Think everyone heard about it. Fapturbo was released 25th November and made a huge buzz over the internet. No wonder as seems it is a really first money trading robot, the product we all so expected for a long time among all the crap that is popping up on the market every single day...

I reveal my secret - I was invited to the Fapturbo betatester group and results are great so far! I still can`t believe it is possible. I will share more results and updates soon! Take care!

No long talks here. See my video report and review my fapturbo live trading statement. Click Here. Let numbers speak for themselves.

UPDATE I have found one great FAPTURBO review by one of its affiliates Click here to watch it Please note that guy is not independent reviewer as he is forcing you to use his affiliate link! But still I believe it is worth of watching.

Update December Charles from Fapwinner.com has issues special FAPTURBO Settings report with his own settings&strategy and added fapturbo to Fapwinner portfolio and discussions and started fapturbo mentoring class.

Update January During last month we've been pretty flooded with your emails about new Fapturbo robot that showed such fabolous results in real trading in november. Is it still working?? So I asked Mark to shot a video update with his recent results:

BTW, Fapturbo guys opened a new private forum few weeks ago and run monthly mentoring sessions soon on fapturbo. So don't miss it!

Update February 2009 January results were incredible! I got just one losing day in the whole month! The current version is 36 and the developers are working on the new updates. You can follow them on Twitter here. to get the latest news on their progress

Update Congratulations to fapturbo developers! This robot won the world Forex Robot contest. I quote: "The first to cross the finish line of this, the 3rd world contest of automatic trading, was FAPTurbo . This forex robot was the undisputed winner of the 3rd contest since its beginning. An extraordinary 62.2% equity increase was reached with this robot becoming the new highest ever equity growth in our live competition. . The second place got 10PipsPro Robot (negative equity growth -13.4%) and the third was Forex Tracer Robot (-34.0%).

Update April 2009 Fapturbo continues its wonderful performance on my account. However guys I am sure you need some 3rd party results. Take a look on Donna's account here http://donnaforex.mt4stats.com/ - she managed to triple the deposit in few months! And here is the 4xrobots Robot Race where fapturbo is the top winner again:

Update May 2009 Cool! guys, new fapturbo version 47 was released today! I've already made a few quick tests and it looks awesome!

Update Fapturbo.com robot has become so popular and profitable that every scammer dreams of cloning it. There was a huge number of scam clones created recently. Read my fapturbo scam clones report. Beware of the clones!

REVIEW: To be honest we all know that original ForexAutopilot (FAP) email support sucked. These guys became too popular and really got overloaded with support requests. I heard they get over 500 emails each day (!). On the other hand I can understand them too. For example even I get emails from some newbies who have problems opening a file that you should not open at all!  Sometimes I get requests for help from some of FAP clients who say "I can't open EX4 File, help me dude!!". Folks, why on earth don't you read the instructions!?! You should not open it at all, just place in the "Metatrader/Experts" folder!!!

Some time ago good fellow trader, Charles A.Floyd II, noticed the FAP system and decided to change the world. He was so dissapointed reading that people critique this great product and call it a scam just because they don't bother to read the instuctions and can't set it up properly.

Charles decided to open the FAPUG (fap user group, some kind of community on yahoo), develop his own settings and trading plan (FAPTS) and help all FAP clients for free.

Needless to say, his group rapidly gained huge popularity and grew to well over 900 members in just a few months! Finally Charles' efforts were noticed by FAP creator Marcus Leary and his team and they made Charles the master FAP trader and decided to unite efforts.

So FAPWINNER was born. It is a killer combination of award winning Charles' support service (rapid email support, live chat, FORUM, remote help, phone support, personal appointments and weekly mentoring class - I heard Charles hired over 12 people to help him with that) and great working ForexAutopilot. Moreover Gold and Supreme members get access to the Charles' Hedging EA. I had a chance to grab a link for the backtesting of this EA. Take a look.
Yes, this service has high costs (from 199 USD) but I suppose it is worth the money.  You decide anyway.

Update Today my pal Mark recorded his video review of Fapwinner on YouTube.. hehe looks like this dude really liked that stuff:
Check out FapWinner video review by Mark

Update August 2008 Wow! FapWinner is going WILD! Charles decided to create first FapWinner world seminar in October 2008 in MATTESON, IL! you can check out details and apply here

Update November 2008 Charles A. Floyd is opening a new service for a limited group of traders. It is called Golden Grid Managed Account Service. It is not a FAPWINNER product but somehow it is connected so I decided to write about it here. Later I will prepare a full review. I have signed up myself for the Golden Grid service last week and it already made 32 profitable trades so far. The idea of the Golden Grid is rather simple: this EA is building a grid of pending orders in both direction that will close with a small take profit value. I will keep you updated with results. Wesite looks very nice and I liked the fact it is a legal registered service from Floyd Group LLC with a phone support and a valid US adress.

Update Great news, guys! I have a new section "Inteviews" where I will interview forex systems creators. Today I have a first interview with Charles A. Floyd from FAPWINNER! This interview is a "MUST LISTEN" for all.

Update December Charles from Fapwinner.com has issues special FAPTURBO Settings report with his own settings&strategy and added fapturbo to Fapwinner portfolio and discussions and started fapturbo mentoring class.

Update April 2009 Charles published interesting video about fapwinner on youtube. Charles A. Floyd from FAPWINNER on Youtube! I heard fapwinner is going to start a series of free webinars for its members. Don't forget to read Charle's Notes on forum.

Update June 2009 Fapwinner is organizing World Seminar 2009 in UK. Megadroid and fapturbo team, donnaforex, 4xproject and other stars plan to come. You can get more info and apply here.

Hi guys! I guess you heard all the buzz about the new Forex Droid robot that was released 31 March.
As you know as always I am in the insider group of first betatesters and had a chance to test it before the rest of the world. Here is my first test results and they look really good. The robot is trading EURUSD pair which is not a spread-dependent and uses Artificial Intelligence and some complicated RCTPA technology to adjust the stop loss according to the market volatility.

Fx Droid Testing Results - Note: I use 0.1 lot and no money management. That's why profit can look low. The timeframe is M1 or H1 - it does not matter. Robot chooses proper timeframe itself.

The main question is: Is it better than fapturbo?

My answer is you can't compare them. If you are a serious forex trader and plan to make money you should understand that your forex trading portfolio should consist of several good systems. Remember, the diversification is the key to success! When one system has a loss the other one has a profit so your chances to win simply increase! That's why I review different systems to introduce good robots to you and of course to you!

I will update in a few weeks with more results on this robot!

REVIEW: Last week I bought the ForexAutopilot package. It is a new system from Marcus Leary, forex trader. The system is a nice set of expert advisors that trade forex on your account. Yes, I know there are too many crap expert advisors that never work or work only for short periods of time (for example only in a trending market). I expected the same from this one and did not expect too much from it. To my suprise when I started to backtest Forexautopilot on history, I was amazed with the results. Advisor made over 250% in 2007 trading 1 lot! and the most important - it never lost the deposit even if I backtested it in 2001-2006! That''s a stable one. Looks like Marcus did a good job optimizing it.

Update I Decided to run it on my real account... will keep you informed and report about results next month...

Update After a few weeks of tests and live-account trading I am really excited about it. Also check out my friend''s live account results on the youtube video:
Check out the FAP video review by Mark. Discover how he tripled the account

Update June 2008 In June, the Fap Team released the new version of their great ForexAutopilot EA! Well done guys! The new version has all the features enabled, it can now open several trades at the same time, work with other EAs and manual trades, using trailing stops!
\r\n A great guy and professional trader, Charles A. Floyd II, a few months ago, opened the friendly FAPUG group with perfect support for all FAP members. It now has over 400 members. You can join it here and get help and piece of advice on FAP and FAPTS system.

Update August 2008 In July Charles Floyd, II founded the new FAPWINNER.com Website with premium support service for all FAP users. It has lots of support options: from rapid emails, support to live chat, phone helpline and personal appointments. The most important thing: FAPWINNER has a private FAP forum available for its members. Also FAPWinner includes Charles'' Hedging EA Click to visit FAPWINNER.com

Update September 2008 Many readers asked me and Mark to share our latest results with FAP. Does it still work? How does it perform in new market situation with the downtrend of EURUSD? So I pushed Mark to review the "FAP Results Update video". Here it is:

Update November 2008 How is FAPS doing? Doing good. My deposit is growing. I will not shot new video about FAPS every month otherwise you will think I promote it. So I would better show you results of other fellow traders. Here is my readers Spencer. He sent me his FAPS report for november: he had 29 winning trades, 2 losing trades and doubled his 1000 usd account in 8 days. Not bad, huh? Here is the screenshot

REVIEW: One of our readers Brian Watt asked me to review new Forex AutoTrader (FAT) service.

Forex Auto Trader is a new system by Craig Reynolds, professional forex trader. The system showed great results as on backtest and on the live trading. Craig published his live trading statement here

The FAT backtest results look promising as well:

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You know nowadays it's hard to find the vendors who really trust and trade the system they created not just make money on selling their product. So Craig is a nice exception here and that is very important that he trades using his own system on his real money.
The only bad thing I can say about FAT is that it works only on one currency pair, EURUSD and you know this pair's behavior is crazy during the recent month. So be careful, guys!

REVIEW: Today upon numerous requests from my readers I would like to review the EA Shark 4.0 Ultimate by ForexEasySystems. First of all, the system has rather strong protection feaures and I had a hard time with the activation and using the strategy tester. However finally I was able to perform a backtest on history of this EA.  Results really amazed me. Take a look here.

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System is based on signals of several standard indicators such as: MACD, Stochastic, SAR, Momentum and it uses fixed stop loss. Some people say that I am too critical in the estimations of forex systems and most of my reviews here are bad.  Yes, I am critical because it is my work to give the unbiased honest review. However I have nothing to say bad about this unique EA Shark and its creators. Well done, guys! hats off...

Update August 2008 Today great dude Mark Larsen recorded his video review on EA Shark. Watch it here on VIDEO PAGE. The vendors told us they develop new website.

Update Oct 2008 Alex, the developer of Shark told me about future update:
We already worked out a new build for the EA SHARK. The new will use fundamental data as well to make sure the system do well even during periods where we have very difficult trading conditions.
Forward testing is almost finished. As soon the new build is available you will receive it automatically. (1, max 2 weeks) There will be also 2 new EA available.

Update November 2008 Alex released a new SIGMA EA. Click here to visit Sigma webpage Well.. Results Look Promising. You can watch it here. Backtest Results

Update March 2009New version EA Shark 5.0 ULTIMATE was released which has higher accuracy!

REVIEW: This system by Peter Larsen is rather new. I found the site a week ago and decided to give it a try. The site looks "traditional" and does not have much to talk about. So let's get straight to the system test. Forex Beater has one EA that uses 3 external indicators to place trades. I have backtested the system for 2007-2008 and found its result rather promising. The beginning of the year was not profitable but the end of the year brought some nice profits. Take a look on the backtest of Peter's system:

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Btw, if you decided to buy it try to close the page first - you will get a nice robotic chat that will offer you additional 10 bucks discount ;)

Update September Beater creators updated their EA and told the members that they are going to optimize the settings every month from now on. I guess you should not miss the update otherwise your version will be outdated!

Update December 2008 Peter Larsen released new expert advisor called Forex Hitter. Results look promising so far!
Peter said "A recent major upgrade of Forex Beater (now marketed under the new name "Forex Hitter" has contributed to the software's rapidly growing popularity through enhancing its scripts and making them flexibly adjustable to the current volatile situation on financial markets. While similar products show mostly negative trading results under the present conditions of a global economic crisis, Forex Hitter continues to secure profits for its users."

TradeLikeCharles is a new project from the creators of Fapwinner club. It is not a single trading system - it is a whole package of 24 trading systems, cherry picked by Charles himself during his 26 years of trading experience. He teaches them in a way of live webinars every week for 1 year. All webinars are live - you see what Charles is doing on the screen, you trade with him and earn while you learn the system. I really like his approach and I have to say Charles is a great mentor. I decided to place his video here so you can have full impression of the trading group:

You need to upgrade your Flash Player!

This web site makes use of the Macromedia Flash Player version 8 or newer.

VIDEO PLAYER and Streaming Video Hosting.

The bottom line is - if you are looking for good forex education and want to be a successful trader and have full understanding of what tools you use and why you do that - you may consider joining the group and learn a lot from Charles. However if you prefer no-brainer approach allowing black box robot trade for you - don't join it.

Update: June 2009. I am very excited after the last Charles' webinar. He was teaching the 1Minute Euro scalp and earned 51 pips in less than 2 hours!

REVIEW: Few weeks ago I found the site of Forex-Killer.com telling me that experienced forex trader Andreas Kirchberger developed "super profitable system generating forex signals for you". I decided to give it a shot. After purchase I got the downloading link and received the Zip archive containing program with several instructions ebooks. First impression was rather bad - the program looked too simple and the bonus "Forex Learning book" was not detailed enough for me because i am a rocky trader so I was very sceptical about it.

Anyway I decided to give it a try on my InterbankFx demo account the same day. First trade was loosing - 30 pips, got the stop loss. But I did not give up and continued my test. I was really suprised next day after checking my trades - signals are really working for me! 3 of my trades for EuroUsd and USD/JPY were in profit with total more than 280 pips! I think using proper money management your can get good results with forex-killer signals.

Update Not long ago they released new version ForexKiller 2.14. I really liked this update, software got a lot of enhancements in interface and more accurate algorithm based on neuro systems. Now I can load the data easily from Metatrader without need for manual input. the effectivity is still high for me. Last week +178 pips on euro/usd and this week i gained +216 pips in 12 trades. not bad.. I will keep you informed on my progress..

Update 2008 The more i trade forex killer the more i like this system. last month was really profitable for me, +270 pips really impressive.

Update March 2008 Good news from Andreas. They released new version 3.32 with pretty features such as trend analyser and money manager. FK is becoming powerful trading tool. I have found really nice blog by Lloyd, forex trader, here http://autofx.blogspot.com/ - he is providing FK winner strategies and trading himself with impressive results (Up-to-date: +760 pips)

Update May 2008 My great friend Mark Larsen have published his video Review of Forex Killer "Is forex killer scam or real deal?" - check it out on my new Video Review page!

Update July 2008 I have found one more great Forex Killer Winner stategy here New Improved Forex Killer Strategy (long term trading)

Update August 2008 Some readers ask me if I still use Forex Killer. Yes, sure, I do. I included Forex Killer in my "top choice" of forex software that I use every day. For example Forex Killer surprisingly predicted the fall of EURO near 1000 pips from 1.6 to 1.5 last week. Global Signal that week was a "No trade". Nice piece of software, just use it wisely in combination with other systems! Don't trust blindly and you will be a winner.

Update November 2008 I heard Andreas and Alex are working on some great software that will automate forex killer and let it place trades for you automatically!! that would be great addon for forex killer soon.

Update February 2009 Great news for all ForexKiller Fans! Forex Killer MT4 Automater AutoFxK v.0.5c is finally released and it is FREE!! (comes as a bonus!) With this nice piece of software called AutoFxK developed by A. Alexander John you can now automate your Forex Killer trading in Metatrader4 platform! 100% autopilot approach! No more boring manual price data loading! AutoFxK was designed to act as a mediator between Forex Killer and your MetaTrader trading platform. It will load the price feeds inside ForexKiller and place /close trades for you automatically!

Brad Cullen released a new Robot called Forex Conqueror recently. Forex Conqueror Expert Advisor trades the EURUSD pair on the M15 timeframe. The Backtest for 2003-2009 looks promising.

After the order you will get a OTO offer for The Forex Conqueror Plus which trades on USDJPY M15. This second robot is a piece of crap - don't even think of buying it! Backtest shows total loss for this robot. I tried both Alpari and FXDD to make backtest.

Here is the Forex Conqueror backtest:

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The main robot looks promising. I will report later with more trading results!

REVIEW: Winning Solutions is rather old website. I have reviewed it 2 years ago and the review was bit negative as old trading system from Winning Solutions did not show any good results in long term.

Update DecemberHowever the creator of Winning Solution Ashar Hanif contacted me with the idea to make new review because he released new version of winning solution systems. He provided me with access and with the new system so I could make backtest of WSSBreak2.0 system and results really impressed me. Take a look yourself:
Click here to see backtest
System is generating constant profits. Looking good. I will test more and report later!

REVIEW: First of all I was really impressed by the quality of the ForexTracer website design. "The guy who made such professional graphics could have a really great product" was my first thought... The top "backtest" image on the website looked really promising and I decided to make a test purchase to try this new expert advisor myself.

"Too Good To Be True?" asks the creator of the new "Forex Tracer" system. Yes, too good.. Indeed the system is total crap, as many other systems available online. After purchase you get a small file with poor 1-page "instructions" + EA copy. I decided to perform a backtest to see if the screenshot on the website is fake or not. I can confirm the screenshot is not fake. The system really worked fine ... in 2007.. oh, I guess we are too late to get our millions with Forex Tracer because in 2008 the system does not perform well.  And if you backtest to 2004-2006 you will also see that system was a total looser. So as a matter of fact the creator just optimized his parameters for the strong bullish trend in 2007 so it performed really well...on history. Take a look on the backtest of the Forex Tracer system:

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Too good to be true... too good...

REVIEW: After two weeks of trading the 5 EMAS system I managed to get 205 pips on the GBP/USD pair (12 trades: 8 wins, 2 losers and 2 break even). This system is easy in use if you have some prior experience in forex trading, especially the free included expert advisor makes live easier because it will notify you when a new forex trade is signaled. Newbies may have some troubles at first in understanding the 5EMAS system.

Apart from giving you a broad and very comprehensive introduction to the topic of forex marketing, you also get in depth training on the system itself, the money management system that goes with it and the Electronic Assistants (EA) that have all the indicators pre loaded for use with the MT4 trade platform.

Also my partner made 80 pips the very first day using the 5 EMAs trading system. It can be applied to most of the major currencies allowing you to make even more.

Whether you do scalping, day-trading or short term trading. It uses a set of common technical indicators including, Trend Lines (Support & Resistance), Moving Averages, MACD, Stochastics, Williams' Percentage Range and the RSI.

I love the exit strategy that allows you to gain maximum profit from your trade. Depending upon the exit strategy selected, the 5 EMA's system generates monthly returns of between 30% and 55%.

REVIEW: Okay guys, here is my review for the Brotherhood. First things first: the website. It looks amazing again, really overloaded with high quality graphics. You can even notice lighting and flying bug in the site header animation, that's really crazy for the trading site but looks nice. The project was created by the same guys that came up with Forex Tracer and The Forex Funnel last year. If you have read my reviews you already know them.

The main problem with these guys is that they can't do forex trading itself. They are perfect web designers, marketers, even coachers and teachers, but not the traders.

Check out their Forex Tracer and The Forex Funnel. They don't work. Period. Now what? They show up with the new system that guess what... does not work again..

Actually, the Expert Advisor that is shown as a premium bonus is a piece of crap. Check the backtest of this EA in the sceenshot below.

But wait, there is more to digg here. In the member area the main trader, "20+ Year Veteran" Mr. Jason Alan Jankovsky from Chicago sends daily Market forecasts in the newsletter.

I was really amazed to see that this expert has stopped out on 20 consecutive picks! Sounds discouraging, huh?

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Well, enough critics. I just want to be honest with you. The project is not a scam. Period. And I would say better, it is worth its money. Why? Because this Jason Alan Jankovsky may not be the best forex trader ever but he is a really good teacher and his stuff has value. You will be able to download interesting bonus book "Top Ten Mistakes FOREX Traders Make" and watch the "The Limitations Of Technical Analysis" video as well as tje video about insider secrets. Every day Jankovsky meets people at the webinar and shares his market forecast with members.

The bottom line is the trading system of the Forex Brotherhood really sucks but the course itself has a great value for the beginners who want to find out more about Forex and what stands behind it.

UPDATE SEPTEMBER Watch out the shocking video review of Forex Brotherhood by Mark! WOW! The truth is revealed! Click here to watch it

REVIEW: Many readers asked me to review this website; so finally I decided to write my short review about Range Trader by Peter Parsons. I found Peter a nice and helpful guy. His system was especially recommended for the EUR/USD trading on small lots with a good number (94%) of winner trades. Some time ago he released RangeTrader-Phase-Two. You won't get 600% here but if you are looking for safe trading with low profits (from 3-15% per month) and low risk - this system could become good solution for you. (Anyway I prefer more risky systems with higher profits.)

Update September 2008 I got in touch with Peter Parsons, the creator of RangeTrader. He said he is testing the new Roboteer: "I will make roboteer available, just not yet. I want to give it another week or two, to see what wrinkles need ironing out before I put it forward for review."

Update December 2008 Finally Peter Parsons finished new version of his Roboteer. I could not make a long term backtest and asked Peter why? here is his reply

Forexderivative by Zack Kolundzic is a positive surprise to me. I am really tired of crappy robots and tons of fapturbo clone scams that pop up on the market every day. I hope this forexderivative is a fresh breath and the good change..

Forexderivative is a new high tech Expert Advisor with a complicated algorithm. This robot trades EURUSD, GBPUSD, USDCAD and AUDUSD on M1 timeframe.

The Forexderivative backtest results look encouraging:

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There is a serious mathematic base inside the robot which choose the proper system from its portfolio according to the market conditions. That's good part!

The problem is - there are no enough real live trading results so far and we cant totally trust M1 backtest. Lets see how the real money test will go. I am testing it on my live account and will report later!!

Update June 2009 forex derivative 2.0 has several glitches that cause losses. Make sure you have downloaded fresh version!

Here is what we received from our user "Ansatsu":
i think i found that forex derivative is scam, look here.
code: int CheckForTestingModeResult(int ai_0) { bool li_ret_8; int l_year_4 = TimeYear(iTime(NULL, PERIOD_M1, 0)); if (ai_0 == 0) { if (l_year_4 == 2000 || l_year_4 == 2001 || l_year_4 == 2002 || l_year_4 == 2004 || l_year_4 == 2005 || l_year_4 == 2006 || l_year_4 == 2008) li_ret_8 = TRUE; else li_ret_8 = FALSE; } else { if (ai_0 == 1) { if (l_year_4 == 2003 || l_year_4 == 2007 || l_year_4 == 2009) li_ret_8 = TRUE; else li_ret_8 = FALSE; } else li_ret_8 = FALSE; } return (li_ret_8); }
that part of the code is calling to the .dll for yearly parameters. the backtests are curve fitted. totally bogus. it makes the EA seem like its a system, which produces great returns. instead, its just optimised for each year so the backtests are bogus! they are merely optimised results for each year! SCAM artists! this has to be a new length to go to to deceive purchasers! this has to be told!

Update June 2009 - We asked the vendor to comment that and received no reply in 7 days :( Sounds bad. The forward test on live account showed total loss during the first week of trading. Forex Derivative is a big dissapointment to me. Click to see live trading results

REVIEW: What can I say about this EA from Bogie-Enterprises. Yes, this EA can seem great at first sight. It finished in 2nd place in the 2007 Automated Trading Championship, its results in 2007-2008 with autolot are incredible. So I decided to take a closer look.

In my tests I used Bogie-NN-v8 EA. Take a look on the backtest of this system:

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As you can see this EA is well optimized for 2007-2008 uptrend but performed poorly in 2005-2006 so I can't consider this EA a universal one. It can perform really well for some period but I would not trust it as the market situation changes.  It can lose your deposit easily.

Update September Bogie-NN EA had unstable performance during the 3 month test by the Forex Robots website and was beaten by the Steinitz HAS MTF Robot.

Update December According to Forex Robots contest during last 2 months Bogie stoped working and performing any positive results at all. I guess it's time for some tweaking for this system.

REVIEW: This ForexAutoPilot EA was developed by Mark Copeland. To prevent any confusion it is just the same title, but not the same owner as the FAPS system. Mark's site looks really cool with a good package: green graphics and nice words about profits...Again nice backyard and luxury Bentley (that became a tradition on forex websites... I wonder why don't I have it ;) So I got really excited about it and decided to buy the system. Instructions were pretty nice too. But what a shame, I was really dissapointed with results. Take a look on the backtest of Mark's system:

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It makes some profits in 2007 and then totall drawdown and deposit loss in 2008. You could better flip the coin...

REVIEW:Many visitors of my website asked me to review this Steinitz HAS MTF Robot by Donald Steinitz. To be honest I was really impressed by the quality setup process of this EA and detailed instructions PDF. The EA uses several indicators and has TONS of parameters. (!!!) I have never seen such a high number of parameters before, good work.

Anyway Steinitz HAS MTF Robot Backtest looks strange to me.

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Maybe I used wrong pairs or wrong settings? I just used the default settings with recommended currency and timeframe. To be honest I gave up. I don't have enough time to optimize the tons of settings for this complicated system when I have a lot of other good profitable systems to use. I would say Don Steinitz's system is too complicated for ordinary users like most of the fellow traders..

Update Steinitz HAS MTF Robot won a 3 month contest by Forex Robots website and took a victory over Bogie-NN EA and other robots.

Update December Recent performance of this robot was too unstable, please be careful and trade small lot sizes. I got few angry reports from my readers recently

REVIEW: Over the last few weeks fellow traders asked me to review the Chameleon 2008 system from Renegade FX. The creator Steve was really kind to find the time to call me personally and discuss his product in detail. Also he provided a demo for me.

Here are few points he told me:

1. Chameleon cant be easily backtested because it uses a combination of different strategies that support each other: when one performes bad other strategy will try to fix the situation
2. No refunds are provided. New updates cost you 25% of the current price.
3. Chameleon does not have any affiliate programs because Steve wants to have low number of clients to provide personal support to them.
4. Chameleon is so damn expensive because Steve had to contact each client personally and help with setup. He can't give away it for cheaper price.
5. Chameleon has a number of forward tests on several demo accounts. One of them was blown away because of IBFX spike error in quotes. Other accounts are doing good.
6. Steve is going to release new version in January 2009 and also release we other EAs
7. Chameleon has a number of presets you can use for your trading
8. Steve is going to open a public forum soon.

Update October: After Steve saw my review he decided to add a comment: "As you know I provide profiles that can be loaded with just a few clicks of the mouse, this actually makes things easy for beginners. I know the EA is more complicated than others but I have taken steps to make it usable for the less experienced."

REVIEW: Few days ago I was really spammed with your requests to review new shocking Forex AutoCash Robot.

As the vendor says, the secret of the system is "Reverse Price Trade Intervals (RPTI)". I have no idea about RPTI but real secret is rather simple: Robot makes only BUY trades and the global trend for EURUSD for last 9 years is bullish so each trade stays in drawdown for some time (from day to few months) until it reachs the take profit sooner or later. Simple but it works. No magic. Good marketing.

System has a fixed stop loss so it is rather safe. You can't lose more than your Stop Loss value. So you can start trading with it too.

In conclusion, I confirm that Forex AutoCash Robot system is NOT a scam and the claim about "No Losing trades on last 9 years" is true. I have got the system and I have made this backtest too and confirm it.

I will update my review in few months with more results on actual trading.

Update October Mark Larsen has recorded his video review of Forex Autocash robot. Worth watching!
Check out Forex Autocash robot video review by Mark on YouTube

Update Sorry guys, looks like the offer is over. Sold out. The vendor told me they will be open again to public in the beginning of 2009.

Update October Finally Autocash hit his first stop loss on the October 6th. That is explained by crazy market conditions during that week. John Burroughs released the Forex AutoCash GBP/USD Wednesday Blaster Robot for his members.

REVIEW: The TrendForex Systems was made by trader John Chen. First impression here was also really bad, I did not like their site with HUGE red fonts and anoying POPUP that I even could not maganage to close.. and again long text about "super-powerful system" and stuff like that. But when I finally ordered and downloaded it, i was satisfied enough with it. TrendForex System Identifies the trend and can work for forex currencies and futures. After reading more information i found it rather "easy-to-understand". System gives clear entry and exit rules as well and can be applied for all timeframes and all currency pairs, futures, stocks, and indices... (as they claim, but of course i did not tested that because i trade only forex you know). About results here - they did not impress me too much, got the weak trend with small profit the next day I use it. The system is rather time-consuming for me.

REVIEW: Nowadays it's really hard to find a good working EA among tons of crap that the forex market is filled with. When someone asked me to review this BankingFx and I got to their simple website and saw strange results with strait line to high profits it looked weird to me at first. So I decided to contact the vendor. I was suprised this time that vender Higino not only replied me but also was so kind and honest that provided a copy of his system to me for my investigation. I must admit not many vendors act so straight-forward to me. Most of them ignore or try to take money from me :) Here is what Higino wrote to me

"My system is very safe, works with fixed lots, or money management. Does NOT use Martingale, or there is no danger of losing any money in the account suddenly. The Expert Advisor BankingFx Diamond EUR-GBP is profitable in all market conditions, it has high profit factor, and the losses are very small.
The great advantage of the Expert Advisor BankingFx Diamond EUR-GBP is the PROFIT FACTOR obtained, is extremely high, on average 4.0, so it is possible to use larger lots, getting more profits."

I verified the backtest and was really suprised. This scalper worked fine. But I was really worried because Take Profit is so small (TP=5) and I guess not all brokers allow scalping systems to trade on real account. So before posting positive feedback based only on my backtest I decided to place it to trade on my real account. I was really afraid that the system was optimized to work well on history (so called only-history holy grail) but would fail in real trading.

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The bottom line is that BankingFx is a good choice.

Update: 25 September So far so good. Results after 3 weeks on a real account are very promising. I will continue my test.

Update: October I don't recommend running the system during high volatility days when the currency makes huge moves during the day to avoid losses. Higino released a new update.

Update: November System made few huge losses of its profit during the high volatility days in October. Don't use this system with high spread..

The forex magic machine is a new product from the creators of the following projects: forexdominion.com forexkingpin.com semiautoforex.com theforexfantasy.com theforexlegacy.com theforexmaestro.com theforexmiracle.com theforexterminator.com - most of them does not work at all as you can read from my old reviews.

However this Magic Machine strategy is not bad at all. The strategy is based on plenty of standard indicators such as Stochastic, RSI, MA, SAR, BearsPower, BullsPower, ADX, MACD etc. and works on EURUSD H1

The Forex Magic Machine backtest results look promising only in 2006-2009:

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The main problem here is that it is not an original EA. As one of my readers reported: The strategy itself is a clone of a free EA called VForce:
For 200 bucks, they sell you the 'original version' which is v1.1 of the 'vforce like ea' downloadable here: http://www.tradingsystemforex.com/expert-advisors-backtesting/1086-vforce-like-ea.html
For another 200 bucks, they sell you the 'advanced version' which is v2.0 of the 'vforce like EA' downloadable in the same thread as above.

The vforce ea has a 'modify order 130' issue cause by the ATR trailing stop and, of course, the magic machine has this as well. Backtests are literally the same. No improvements or modifications. Same ea.

So guys, be careful!

Update : After our investigation the Magic Machine was "sold out"...

A lot of members asked me to review Forex Terminator so finally I decided to buy and test it.. Salesletter reminds me fapturbo website, obviously they copied many marketing ideas. However there is big difference here - no live results are published on the pitch page which is clear red sign for me: do they really trade their system?

After purchase they will offer you to buy some EURGBP robot that looks like fapturbo clone and some scalping strategy guide, which could be good and maybe you can consider buying it however I was interested only in main system and skipped that.

The Forex Terminator trading system is based on several indicators such as ZigZag, Channel, SuperSignal etc. They provide a detailed PDF explaining how to trade manually using the signals from the Forex Terminator trading system: clear entry, exit and trading examples are provided.

However you know me, I never bother with manual trading anymore in the era of forex robots when you can automate all your ideas so I went ahead and backtested the Forex Terminator robot itself which turned out a big dissapointment to me.

The creators suggest to run it on EURUSD H4 timeframe. take a look on 2003-2009 backtest:
View the Backtest
I noticed they trade other currencies (reports shown on the salespage) such as USDJPY however I could not get any good results on them even when I tried smaller timeframes..

The conclusion is - the manual system could be good for professional traders only but if you prefer autopilot approach the robot is pretty dissapointing - you will hardly get a trade in a month and it will not bring you any good profits even long term

REVIEW: Forex Golden Goose from forexcashtools.com promises you "Worlds Smartest Martingale Forex Engine" with "25% to 40% Monthly ROI" but delivers nothing. System is based on the martingale strategy: double the bet when you lose so that your eventual win covers all bets made. Unfortuatelly in reality this idea does not work in Golden Goose. The system failed to show any good results on the backtest. The number of winners is nearly the same as losers so you could hardly be in profit here. The good point about Golden Goose - they offer a free demo of their expert advisor to test.  Unfortunately the system is a total loser in a long run. That's why they show only very short periods of tests on their website. For example, test from "2007.10.23 - 2007.11.27" - yeah, we all know that one good month is not a example of long term profitability. This is true for GoldenGoose. It can be profitable in a short term but for a long term run the Golden Egg is too heavy to handle...

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REVIEW: Forex-MHV is a rather old system. Indeed they have 2 system, the 171322182723 formula, which performs pretty well for a very simple system, and the DIMONX6 system, the range trading system. They offer 2 strategies for Dimonx: Five days of trading per week and three days of trading per week. As I noticed forex-mhv was "out of service" for a long time and now they are back with a new version again. I am going to test this new version and report the results in the near future.

Update Finally I noticed that formula171322182723 sometimes really generates a few good signals, but DimonX does not work for me at all. Also the site was moved to filedepot.eu/fx/.

REVIEW: FreedomRocks is an old well-known system. Site has good flash presentation about trading ideas and business concepts (reselling of software by MLM mechanism). You can also subscribe to the member's area and pay monthly fees. Ok, I read a lot of good and bad reviews of FreedomRocks and decided to test it myself. I got a subscribtion for 1 month.  Inside member's area I found a portfolio manager and allocator and a lot of useful links to broker comparisons, detailed manuals and they also hold audio conferences. The idea of the system is easy - you open 2 orders at the same time for 2 cross currencies that correlate each other, for example Euro/USD and USd/CHF. If one goes up, the other goes down in some correlation, so in some periods you should be in plus. My first trade was really profitable. I made over 560 pips in 1 week and decided to close the trade. But the second week was really aweful for me.  My trades went to huge minus and finally I got a margin call after 2 weeks of staying in a huge drawdown. So for me this system did not work, maybe I opened my trades in the "wrong place at the wrong time".  I'd better say you can resell it and make money without risk ;)

Update November 2008. FreedomRocks released the HyperDrive system.

REVIEW: I guess DestinyForex is made by Rich Henry, the creator of Conquest System (Protraderforex.com). Both websites look like clones. Some people say it is a scam but I have no evidence to make any claims so make conclusions yourself. For example you can read about Conquest EA here.

I had nothing but troubles with Destiny system. First I hate their "Polling Server" thing. That means that in order to work properly DestinyEA always has to connect to some remote server on the vendor's side to retrieve some information. I understand that is made for protection and "copyright stuff" but hell, why would we suffer from that? Connection to server problems caused numerous errors and failures of the expert advisor. For example it started to open a huge number of trades at the same time on one pair (without takeprofit and stoploss value) that blew away my account in minutes. I was lucky that was just a Demo. Maybe I messed up the system somehow or it works too unpredictably-- I have no clue.

Take a look at my "experience": Click to view the results

Update February 2009 Scam alert and scam fact confirmed. Last actions of Rich Henry showed that all his company is a group of scammers. His subscribers were offered new so called "Destiny 3.32 Expert Advisor" which in reality turned out into stoled decompiled code of popular trading robot Fapturbo, renamed by the scammers. Beware!

We have got in contact with the developer of Euro Blaster however he was not very friendly and refused to send us a copy of his EA for the review. That is often a warning sign - if the robot is really good vendors are always willing to show it to our readers.

However I can't say that this robot is a piece of crap. According to the backtest it really made some good gains in 2008 however if you run it long-term the SL eats all the profits.

The Euro Blaster long term backtest results looks bad:

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The system works on EURUSD M5. They provide 3 presets. However if you compare TakeProfit=25 and StopLoss=350; it is clear that one wrong trade eats all the profits in a long run.