Forex Maestro

[wiseman168]

Hi All
Since the 25/2/09 I have been using Maestro on live account. Trading used/chf usd/cad and eur/usd on 5 min time frame. 62 winners and 3 losers. The 3 losers came because I closed them manually Friday night for obvious reasons.
Did everyone do the same with open trades on Friday night ?
I would appreciate any info on other settings and pairs being used and the results achieved.
Still no reply from my 4 emails sent to support.

stuart

 

[Ronika]

Here's my update...

I bought both versions and after reading several threads like these, re Maestro is really a rip off of Firebird, I got my money back for both purchases.

However, I had such great results demo trading, that I went live a couple of weeks ago with the Advanced version, which still works, because there is no registration per se - more BS. I too made the mistake of trying to second guess the EA, and lost a few trades that I didn't have to, and missed out on extra profits had I been patient.

The Advanced version has settings in the manual that are optimized for 5 min charts, with a TP = 26, SL = 300, TS = 30. Also different MA settings. It recommends the same 4 pairs. It also has money management settings too and time ranges for trading.

I noticed different pairs showing wins on the Maestro marketing hype page, so in addition to the recommended 4, I've been testing the following... EUR/JPY, GBP/JPY, USD/JPY, AUD/USD, GBP/USD. The best so far have been EUR/JPY - 1 loss, AUD/USD - 0 loss, the others have had 2-3 losses, spoiling the W/L ratio. I didn't have as good luck with EUR/USD and USD/CAD. Test results may be better next week per the changes I made, outlined below.

I've been trading the 4 pairs that tested best... EUR/GBP, EUR/JPY, AUD/USD, USD/CHF. I don't think in terms of dollars/day/week, I think in terms of % return daily/weekly, and how my average daily pips can translate into the maximum return with the lowest possible risk. It's a balancing act to get the lot setting just right. Remember, just 15% ROI daily for 5 days = double your account.

Last week I doubled my account in 4.5 days - 105%. To be fair, I made 1 manual sell trade at the top on that EUR/GBP trade that went sour for everyone - it lowered my loss. And I've got 2 open negative trades that should work out OK next week.

After trading with it for several weeks I've come to the conclusion that a 300 PIP SL is the best - I had 255, but I monitor the trades carefully to make sure they won't hit the full SL.

I've also changed the TP to 50. On another forum a user has had great success with a TP of 50, so that's why I set it there. If it doesn't reach the full TP, the TS of 25 will save the trade.

I analyzed some of the problem trades from last week, and I found that if I had left a TS - I had removed it - I would have avoided those trades that wasted days in negative pipage. So my analysis shows that a TS is valuable. Yes you'll have a portion of winning trades that are smaller, but you'll most likely avoid a few large draw downs too, so it's worth it IMHO. Plus, the pair will move on to trade again, instead of hanging in hell doing nothing.

The demo account had 7 different pairs trading and had 61 wins and 5 losses. On the demo account I noticed that a couple of trades closed at a loss of around 100 pips, via the EA settings to close losers > -65 pips, after 72 hours. Those were losing trades in the end, so this method cut the losses by 1/3. That's not always going to be the case.

The last thing is PIP Step. The default settings of 30 and 10 open trades is too intense for me, so I've decided to use a PS = 54 and 2 trades open max. That way, since most trades go negative for a while, and many go 100+, I'll at least get another trade if it reaches -54, and make +54 pips or more when the trade inevitably returns to profit, as most trades do. So all that waiting for a trade to resolve, will result in an extra win+. So it's like getting 2 trades for 1. As my account grows, I may change Max Open Orders to 3, so I get another trade when it goes negative past 108 pips.

I think these changes will improve my W/L ratio and pips/trade as well, resulting in even better ROIs daily and weekly. Trading 4 pairs, that means I could possibly have 8 open negative trades, so I calculate my lot size to make sure that each trade has enough breathing room to live, without out getting me into margin call territory.

Anyway, these are my findings and thoughts. Glad to see a good thread going so we can collaborate to improve our results.

I too got the Forex Fantasy eMail - with a 60 day return via ClickBank, you can't loose, so why not.

 

[Trader333]

Can you clarify something please ? Are you saying that the stop loss = 300 pips and the target profit is 26 pips ?


Paul

 

[Ronika]

SL = 300 & TP = 50

Of course, by manual trading standards that's a bit crazy, but the EA has been performing consistently enough to prove that it works in spite of the risk.

 

[Trader333]

Of course, by manual trading standards that's a bit crazy, but the EA has been performing consistently enough to prove that it works in spite of the risk.

Hmm


Paul

 

[acsinc]

FYI All.... I have both Maestro and Adv. Maestro and I have the Firebird v2.0 (Maestro) and Firebird v.63D (Adv. Maestro). I have tested them all as of 2 weeks ago. I have found the Firebird v.63D to perform the best and Adv. Maestro to come close (mostly took the same trades since it is almost the same EA, but missed some trades that v.63d made). All being demo-ed on 5m TF and TP at 30 pips. I did backtesting on them all as well. I found the Adv. Maestro did the best since Jan 1 '09. With 8.8% DD, 30 TP, 300 SL, Close losing trade 72 hours - turned off. Made 100 wins and 2 losses. trading w/ $5000 at .1 lot ($1). Profit of $2341. So if this would have been 1 lot ($10), it would have been $23,410 profit, but I don't think that could happen on a $5k acct if max DD is at 8.8% unless some profit was made to help keep the acct from getting margin called. Also this is with 40 pip step. I found turning off the losing trade 72 hours to give better results than leaving on. I know it shows more DD, but 100 wins and 2 losses are pretty darn good for just over 2 mos.

Now, here's the intersting part of these EAs. I went back even further with backtesting to Jan 1. '08 to see what the results would be since we had major trendage going on from the end of July to November. The results came back in the negative by a few thousand dollars using same parameters as above. Bottom line with these EAs and most other EAs that are floating around out there is that they do well as long as currency pairs are ranging, but when a trend begins, look out. These EAs do need to be monitored daily. If you see or know that a trend is starting, stop using the EAs. You'll know when a trend has begun when you take 3 or 4 or more 300 pip stop losses within a short period of time. Most of the time, pairs are ranging anyway, so it's the 20% - 30% of the time that you need to watch out for trends. I doubt we'll see any huge trends like we did last year for a while, but I will never hold my breath on that.

Just wanted to share what I found. Thanks for reading.

Ryan

 

[1982]

Hi to everybody,

I bought the Advanced Maestro about 3 weeks ago and have been demo testing it. It performed well so have gone live as of yesterday. I would appreciate people telling me about their broker experiences. I am with FXDD. I read Skycap's comments so I changed to TP 50 pips and a 5 min time frame. (I was on TP 26 and TF 15mins). This live account is on a different platform but with the same broker. I still have the demo running. I have had 10 wins but instead of going out at 50 pips and all of them made that eventually, they have all gone out at 26 pips. It is strange and annoying. I phoned the broker and was told that firebird was closing me out so it could make more profit. How can they manipulate my account? I really dont know what to believe. They told me to contact firebird. (Of course it still says firebird on the sell or buy order on the charts. ) Well yes. No comment from FM even though I have also sent emails.
My main question is can the EA provider manipulate my account or is it my broker?

On my demo account it is now closing out at 50 pips, no money for anybody there.
Has anybody else had that experience? I have read all the correspondence and I really appreciate everybody's comments.
thanks

 

[iceman1]

Hi 1982

Once you have changed the settings to TP 50, turn the EA off close down your platform and then restart your platform and turn on the EA, I think that if you change settings they do not seem to take place until you have effectively rebooted the EA to use the new settings, Hope this helps.

I closed all my open positions this morning to protect my capital, it may be worth reducing the 5% trading capital to less as your positions get bigger.

I would not trade the EUR/GBP not very succesful with this EA

Regards

Iceman1

 

[Ronika]

Hey 1982...

Don't worry, FXDD isn't doing anything. Maestro Advanced has a Trailing Stop default setting of 30 and that's what's taking out your trades at 26 pips instead of going on to full TP. The TS is controlled by the EA, not the Broker.

I've found that the TS is helpful and in the long run it will make you money and save you from long drawn out negative trades. More trades is better too. Just let it run and see how many trades finish at full profit vs TS. You can then make some adjustments, like TP = 40 or 35.

 

[1982]

Thanks Iceman and Ronika,

I have removed EURGBP after it has taken out 2 trades prematurely with small losses. So I just have 3. Ronika which broker do you use and are you live? So if I remove the TS I will get the 50 pips. Have you removed it Iceman? Every trade has gone out prematurely at 26 pips so I am sure it is more than the trailing stop. I will try rebooting again. Iceman, do you always get the 50 pips, not 26? What about trades just closing early with a small loss for no reason?

thanks.

 

[mindtree]

I've been running both versions of Firebird on a demo account. I would strongly advise you all to steer clear of running this for real money; if you watch the equity number (rather than the account number), you will see that it nibbles your funds away.

 

[Ronika]

I use FXDD for my live account.

If you remove the TS you 'may' get the full 50 pips each time, but maybe not. Try it on your demo account and observe the results over a period of time.

The TS does not appear to me to work as it is supposed to, but that is an issue with MT4 and the EA.

Trades closing for no reason may be due to the 72 hour limit on negative trades > 65, which are auto closed. Check those settings in your manual for more info.

 

[Ronika]

Mindtree... Which versions of Firebird are you running?

I'm using Advanced Maestro on a demo and live account, with positive results so far after several weeks.

 

[iceman1]

Hi Ronika

Yes I am using the trailing stop set to 30.0 and my take profit 500 because I trade an Alpari account, it is actually 50 pips.
I would recommend that you start to reduce the Risk from 5 to a lower figure, as your lot sizes increase, because when you have big lot sizes and the trades go in the oppsosite direction these can be huge losses on any account, remember 300 pip stop loss.

The Risk 5 means 5% of your cash account, thats why as the EA profits it will constantly look at your account balance and increase the lot size accordingly when it trades.

The AUD/USD seems to be very good has anyone else tried this pair yet?

Regards

Iceman1

 

[Ronika]

Iceman...

Thanks for the input. I actually have a spreadsheet with calcs to show me how many lots to use in each trade and how/when to scale them up. No EA can process what I've got per my strategies. I'm still on a micro account, so I'm using .01 lots, with a possible 8 open trades at any time. When the account grows a bit more, I'll bump it up to .02.

I'm trading these pairs, which have tested as the best for me... EUR/USD, EUR/JPY, AUD/USD, USD/CHF. I'm also watching USD/JPY, which is going well in testing so far. The JPY pairs all move nicely, so they are prime candidates IMHO.

 

[Stu0898]

Just got this e-mail today from Forex Meta brokers (these are the brokers that FAP Turbo recommend!), judging from this and e-mails last month saying that they were only going to let 97 more traders get their EA before pulling it from the market I'd say IMHO that you should avoid Forex Maestro like the plague. If anyone out there really is having luck with this EA then well done, for the rest of you just keep looking, if you really want to throw away $197 please just send it to my paypal account, I'll put it to good use and I promise not to enter you into any loosing trades! ;-)



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[Ronika]

Hey Stu...

There are several people on this thread and another at ForexForums.org, including me, who are using Maestro successfully - Advanced for me. I doubled my account in 1 week last week, and am on track to do that this week too. We shall see of course, as nothing is guaranteed. But it does win a lot of trades vs losers.

 

[Stu0898]

Ronika, I've read this entire thread. As I stated in my post 'if anyone out there really is having luck with this EA then well done'

The cynic in me thinks that these claims are either bravado or posts by Forex Maestro or their affilliates. If I am mistaken, please accept my apologies.

I believe if anyone had a system that really is as profitable as they say it is, then they would never really have to sell it. These guys seem deperate to offload as many copies of it as they possibly can.

I open to being proved wrong, seeing as you are such an exponent of the system would it be possible to post your next few automatically generated trades as and when they open and close. People sat on the fence could then see quite easily how profitable this system really is and check the results by going through the historic data in MT4 against the time stamp of your posts.

 

[dinos9]

Hi Guys,

I am new to Forex and open a live account in January.Initially I used an EA from the internet and open some trades by myself. The result was a drawndown of about 22% into my account after two months. Conclusion: I need to study more.
I put Maestro live last week (start later on Monday's, no training on Friday's), I use the recommended settings with 200 pip SL, in the four pairs. I am now 66% from my original account or more than 80% from the time I started Maestro,I am really happy with this and I hope to continue perform similar.
Now, if the guys are selling a free product fro some dollars I think as long as they have their way to attract more people who can benefit from it I dont mind to have paid the $170 or so dollars.
I wish you all to have good results.

Dinos

PS1: So far my live account performs better that the Demo's but in demo's I overtrade and use also other EA which might interfere with Maestro.

PS2:The advanced version doesnt look to work as good so far, however it also give positive income in the demo accounts.

 

[Stu0898]

Hi dinos9, could you put up posts of your MT4 statement? You've got to admit that your message looks like an ad for Forex Maestro. You joined around the time it was released and this is your first post!

Apologies if I'm barking up the wrong tree. But like my request to Ronika, howabout posting the details of the trades as the open and close in real time so we can check them against historical data based on the timestamp of your post?