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Hi there! I am Mark Larsen, professional forex trader. My amateur forex trader friends were
always asking me to recommend good forex signals to them because you know we are all too lazy
to analyze the forex market trends ourselves: boring technical and fundamental analysis and
things like that.. So finally I got fed up with these requests and decided to make a report
summary on each top forex trading system I found so fellow traders didn't have to search
everywhere for the information. To my surprise, I have found that most of the forex signal
providers are just mere get-rich SCAMS, promising high profits with no proof and fake reports!
So be careful and always read my short forex reviews before ordering such services.
I will try to keep monitoring the services that have already been reviewed so that the
information will always be up-to-date.
You see I am an independent forex trader and this site is not supported by any signal
service or forex system provider, so my reviews are unbiased. You can watch my video
introduction at the left size of this message. You can also join my private group
of fellow traders on secrets.bz for free.
Enter Your E-Mail to get the list of FREE Forex Expert Advisors:
The Bad: The OTO offer robot based on USDJPY is a total crap
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.
The Good: Winning formula in a real ECN environment
The Bad: High minimum deposit in dukascopy
As you know I am always among forex insiders and this time I was chosen to be a betatester for the new Fapturbo trading robot which works on Dukascopy platform. So I had a chance to play with it before the rest of the world.
So far I am very impressed with this fapturbo Evolution version - in a few days I will prepare my video review and share my experience.
Don't miss my next update.
Update - Oh already sold out!! I hope you did not miss it! I will remove my review soon as there is no point to review robot that you can't buy anyway anymore..
Update august - here are some recent trading results - EVO is doing great so far! Click to view I publish dukascopy trading results on Dukalyzer - a free cool service to host your trading results like MT4stats.com for MT4 results!
Update October 2009 I heard the EVO developers work on a major update with Pending orders. I will be among the betatesters again.
The Good: Site looks great and has many features. WSS gathered large community of traders.
The Bad: very expensive. ($199 membership)
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!
Support: replies within 36 hours (tested via 1 E-mail)
Bonus Value: 2/10
Results: 2/5
The Good: Site design is impressive and great!
The Bad: Backtest showed bad trading results
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:
Support: replies within 12 hours (tested via 3 E-mails)
Bonus Value: 7/10
Results: 4/5
The Good: 5emas has nice bonus book
The Bad: The system is rather complicated and I guess not easy for newbies.
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%.
Support: replies within 12 hours (tested via 1 E-mails)
Bonus Value: 9/10
Results: 3/5
The Good: Tons of valuable information in members area
The Bad: Bad results. System is only good for learning forex basics, not for trading itself
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?
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
Support: replies within 36 hours (tested via 2 E-mails)
Bonus Value: 0/10
Results: 3.5/5
The Good: Good EA with honest results
The Bad: Low risk but low profits, recommended for safe trading.
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
Firstly Roboteer uses different optimized settings based on the last 3
Months of history. Therefore back-testing Roboteer using history from
several Years ago is pointless, because you will be using the latest
optimized settings, which are geared to making money forward trading NOW,
not back-testing way back when..... That said, you can back-test the last 3 months of history on the EUR/USD to see how the system has faired. I do not intend to back-test historical data from several years ago, simply because of the requirement to optimize and re-optimise the settings every
week or so.
The Good: The robot is very complicated and the backtest is good
The Bad: No forward test results so far, no live trading proof. Glitches in code + scam report by user
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:
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
Support: replies within 24 hours (tested via 1 E-mails)
Bonus Value: 0/10
Results: 3/5
The Good: Great results for 2007
The Bad: Bad results in backtest for 2005-2006
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:
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.
The Good: Good backtests for last years, stable long term system.
The Bad: Does not trade often. Weak documentation.
Forex Insider Pro trades on EURUSD H1. It opens 3 trades at the same time with dynamic takeprofit and stoploss values.
The backtest for 2006 and 2008 look good:
Forex Insider Pro Backtest
Normally you should expect around 130 trades per yeah. Obviously it is not a scalper, more like long term system. The vendor released several updates, last one was V2.6 which fixed most of major bugs. It adapts automatically to 4- and 5-Digit price quotes and supports ECN brokers. The documentation became better.
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Forex Insider Pro Backtest