Forex Maestro

[Ronika]

Dito...

They also advertise that they have "BILP - Built In Loss Prevention", and "low draw downs", both of which are false.

I hadn't used the FAP Turbo scalpers in a few months, so I decided to try them again on a demo account, and the same thing happened - a bunch of wins and then the usual big losses that wipe out all the wins and more. And it's interesting to note, that the hype page accounts don't always have those same losses as others are experiencing.

 

[dito042]

Dito...

They also advertise that they have "BILP - Built In Loss Prevention", and "low draw downs", both of which are false.

I hadn't used the FAP Turbo scalpers in a few months, so I decided to try them again on a demo account, and the same thing happened - a bunch of wins and then the usual big losses that wipe out all the wins and more. And it's interesting to note, that the hype page accounts don't always have those same losses as others are experiencing.

"the hype page accounts don't always have those same losses as others are experiencing"
Perhaps they spand all night starring at the chares and delete the losers before getting bigger, or whatever they do. My mini live account does just what you described happening to you when you tested it. So I am in the quest for a good (at lest better EAs) to use. Frankly, the time we live in demands the real deal - The moment to crash the demon of lack once for all (though honest yet powerful FX trading tools) is overdue.

I need help!

 

[sa1hawk]

Diferent brokers = more or less profit

Factory settings are usually conservative, except for the lot size, which needs to be reduced for very small accounts. Optimization gives you a scanario of what might happen if you just use the default settings. Be sure you set the amount you are trading also. Default settings are not the same ones used to "double" the account in a month.

See Pip Cop - Forex Robot Reviews. Settings as well as brokers are two of the variables that can make or break your account. The Fapturbo Forum is full of info on both. Also you might want to check out www.fapwinner.com.

The filters are on the Fapturbo to prevent poor performance. Sometimes Fapturbo will not trade due to wide spreads. This can be bypassed . . .the spread can be "widened" or increased. This puts you closer to a losing trade as you enter. A better solution is a broker with tighter spreads . . .let me know if you find one friendly to robots that is honest.

sa1hawk

 

[Ronika]

So I am in the quest for a good (at lest better EAs) to use. Frankly, the time we live in demands the real deal - The moment to crash the demon of lack once for all (though honest yet powerful FX trading tools) is overdue.

I need help!

I was one of the people on the FAP Turbo forum who spear headed using the Long Term EUR/USD strategy as a shorter term 'scooper', ie: grab 30-50 pips instead of 140, via more short term trades. It does work quite well like that and you can read about it in the Long Term forum.

However, after purchasing Maestro (already got a refund), and discovering it is a rip off of Firebird I've been having better results with different Firebird versions.

I suggest you thoroughly check out these 2 threads for more detailed info on very good Firebird strategies and testing...

Need The Forex Maestro Feedback - ForexForums.org

Semi automatic EA (Driven Version)

 

[dito042]

I was one of the people on the FAP Turbo forum who spear headed using the Long Term EUR/USD strategy as a shorter term 'scooper', ie: grab 30-50 pips instead of 140, via more short term trades. It does work quite well like that and you can read about it in the Long Term forum.

However, after purchasing Maestro (already got a refund), and discovering it is a rip off of Firebird I've been having better results with different Firebird versions.

I suggest you thoroughly check out these 2 threads for more detailed info on very good Firebird strategies and testing...

Need The Forex Maestro Feedback - ForexForums.org

Semi automatic EA (Driven Version)

Ronika,

Thank you for the links and I will check them out. As a matter of fact just recently I discovered the FB EAs and Tried to test the FB 65tf since last week and when I woke up my $3000 demo account was wiped out, because od economic News. It seems to have so many versions that I surely would love to zero in what would be the best to try out ...

 

[Ronika]

dito...

All of your questions will be answered in those 2 threads I posted, ie: different versions and strategies.

 

[dito042]

dito...

All of your questions will be answered in those 2 threads I posted, ie: different versions and strategies.

Thank you!

 

[qwerty123qwerty]

thanks

No, MetaEditor is the tool used to write MQ4 programmes to create the ex4 files. To be on the safe side I'd get rid of the ex4 you now have and copy back the original. Then restart metatrader.

After you've created your 5M chart add the EA and then press f7 or right click the chart and choose Expert Advisors - Properties. You'll have two tabs: Common and Inputs. Common is where you choose to 'Allow live trading' Inputs is where you change the variables.



If the EA decides that the market is a buy it buys, if the position goes against you it waits for the Pipstep amount and then (if it thinks the market is still a buy) it will buy again.

Of course automatic trading can be dangerous. It's a robot acting on technical movements, it is not aware of breaking news or speeches which can dramatically effect the movement of the pair you are trading. The stop is typically 6 times the amount of the limit so if you win 6 times and loose once you will break even.

It is down to you to manually stop the EA and close any open positions if there is a big news story that goes against your positions, otherewise your stop will be hit and you'll loose big time!



I trade the following pairs with Maestro: EURUSD, EURJPY, USDCHF, USDCAD, AUSUSD, EURGBP and GBPUSD because for the information found on this thread these are the best performing pairs for Maestro. This of course may change...



I am a member of that forum, there are many versions of Firebird and as it is open source many people add bits to it and change bits. Which version are being warned not to use?



I haven't seen that but I will take a look.

thanks for the detailed response Stu. Will keep in touch.

 

[georgeharrison]

thanks for the detailed response

 

[qwerty123qwerty]

this may be a bit off-topic but something I am curious about. If your account currency is GBP (since you creditted your account with GBP) and you trade EUR/USD pairs using say an EA (or even without for that matter), surely this increases your currency risk...and even an advantageous movement in a trade can result in a loss in your account balance. for instance if you buy EUR/USD which increases... but GBP/USD fallls you make a loss.. is my thinking correct?

 

[iceman1]

Hi qwerty123qwerty

Look at it another way if you trade in the UK and say last year you deposited £1000 and opened a $ account you would have had $2000, now the pound has weakened significantly againts the $ so you would have done well last year, but at some point if you want to take the money out and you live in the UK you are going to be worse off because you have to convert the currency back.
Going back to you question remember the FX prices are future prices and not exchange rates, but yes that could happen, remember the profit/loss you make also depends on your lot size, so if you trade 1 lot that $10,000 exposure and you only have $2000 in your balance, because you have leverage! so if you traded in the above as your question then you would still win if the trade went your way.

Hope this helps

Regards

Iceman1

PS Anyone bought that super duper robot yet!

 

[qwerty123qwerty]

cheers

Hi qwerty123qwerty

Look at it another way if you trade in the UK and say last year you deposited £1000 and opened a $ account you would have had $2000, now the pound has weakened significantly againts the $ so you would have done well last year, but at some point if you want to take the money out and you live in the UK you are going to be worse off because you have to convert the currency back.
Going back to you question remember the FX prices are future prices and not exchange rates, but yes that could happen, remember the profit/loss you make also depends on your lot size, so if you trade 1 lot that $10,000 exposure and you only have $2000 in your balance, because you have leverage! so if you traded in the above as your question then you would still win if the trade went your way.

Hope this helps

Regards

Iceman1

PS Anyone bought that super duper robot yet!

Hi Iceman1,

thanks for getting back to me. the same principle you mentioned is why i am hesitant to invest in US stocks. Even if their value has dropped by 40-50%, a change in currency i.e. GBP strengthening against the dollar would impact my gains... In that respect company fundamentals aside and assuming gains are equal ...it would be better to invest in FTSE stocks. however, are there such things as reverse forward contracts that could lock-in the exchange rate to hedge an increase in GBP v USD...if that were the case..

 

[J_T]

Hi Everyone.

I've been watching this topic with interest for a while. Thought i'd give forexmaestro a trail.
I set up a $3k demo account with ForexMeta on 11 Mar 09.

Here are my results so far:

I'm trading:
USD/CHF
EUR/CHF
GPB/CHF
USD/CAD

To date it has closed 26 trades, with 23 wins and 3 losses. 88% win rate. (Promo page claims success ratio of 91.25%)

Acct balance is currently $4098.28

I currently have 5 open trades all currently at a losing position.

My three closed losing trades were all usd/cad. Two of them were big losses. My two biggest open losses are also this pair.
How has everyone else found usd/cad over the last few weeks? I think i'm gonna hold out for some improvement and then close them and stop trading it.

I'm a newbie so theres lots more to learn and research before I go live but the initial results look promising.

Cheers,

JT

 

[Ronika]

JT... Get a refund for your Maestro if you haven't already, and just use Firebird - there are many versions, with links in this thread to other forums with those details.

I bought the MegaDroid EA today and it's installed on a couple of demo accounts. Reports to follow.

 

[iceman1]

Hi Ronika

We must both be silly (lol) I bought it as well, anyway I can only trade the EUR/USD can you trade other currencies, when I put the EA on to other pairs it says "You have selected the wrong currency pair".

Regards

Iceman1

 

[Ronika]

Well, the hype was too much to resist and they even showed the 2 guys in a video - maybe just actors - who knows. Anyway, with a MBG, it's a no brainer.

I have it on several demo accounts and no trades so far. And yes, it appears that it only works for EUR/USD.

 

[iceman1]

Hi Ronika

Because it had not made a trade overnight' this morning I uninstalled and reistalled it and it says megadriod has been disabled because a refund has been made ! I will check with clickbank, but have had no email to say I have been refunded and I have not asked for a refund ! Strange, see if the same happens for you, maybe they have a clitch.

Regards

Iceman1

 

[iceman1]

Hi Ronika

Well now I know why it did'nt work, I downloaded the zip file and all the components individually and so when I first loaded the EA I copied it from the individual download, then this morning when I deleted it I copied it from the zip file, which would not work, so deleted that and re-installed from the individual download and it works again, but hey no trades, firebird 3.2 already made 200 pips this morning !

 

[spark123]

I've used FAP Turbo since it came out and the default settings are not the optimum ones. Just read the forum and you'll see all the variations people are trying.

If you want to know how they're making so much on the accounts they show on the hype page, just look at the lot sizes of each trade. If they were using the MM there would be more consistency with the lot sizes, but there isn't.

Have you given it enough time and chance? because there's no reason you have lost (except maybe problems with broker)
The Faptutrbo account seen here:
4X Robots factory uses default settings and seems to be in constant profit for months.

 

[Ronika]

Have you given it enough time and chance? because there's no reason you have lost (except maybe problems with broker)

I've tested it on and off since early Dec/08 and I've been on the forums enough to know you are completely wrong.

I recently tested it again and got the same results - lots of winning trades and then a few big losers that take it all back and then some.

Have 'you' tested it?