There is a principle in life that those who have it don’t need to flaunt it. You only need to compare the actual trading results of 2 recent forex expert advisors and their websites, to see how that principle plays out in the forex robot marketplace. I won’t go into a lot of detail about 1 Click Pips as the previous post is all about that EA, but in short, I Click Pips has an over-hyped sales-driven multimedia website, offers no proof at all for their ridiculously optimistic profit claims, and when tested (by FPA) has closed very few profitable trades.
In comparison, EA-Prof, the #1 EA on Forex Peace Army, ranks very high in 3 things: transparency (the vendors have released the investor password), actual profitability (trades that have been closed off in profit as opposed to open trades) and a simple functional 1-page website that simply offers a description of the product and the opportunity to buy it. No hype whatsover, but plenty of proof to back up whatever claims they have made.
You can see a link to FPA’s 1 Click Pips Statement here: 1 Click Pips Demo Trading Statement
You can see a link to the EA-Prof Statement here: EA-Prof Demo Trading Statement
You can verify these stats for yourself by going to the Forex Auto Trading Systems Prices page where you will see the investor access password and the link to download the Metatrader demo platform to verify it on.
“EA-Prof sent me the following email about the upgrade of their expert advisor:
Sequel to the little hitches we had in the present copy of EA PROF, we have decided to upgrade it and the new modified version copy of ea-prof (v1.1) will be out in the next one week. The modify version copy of ea prof will have more parameter to safe guide any account size. Thus, the following areas have been noted in the new version copy of ea-prof:
It is going to come in form of non martingale ea only without option of on and off.
It will have considerable stop loss and not be hidden this time around unlike the present copy of ea-prof.
It will have risk and money management tool with equity stop account.
The new upgraded version copy of ea-prof will be given out free to all those who purchase the present copy of ea-prof.
As you will see from Forex Peace Army’s trading statement, their EA-Prof demo test account suffered a margin call last week on 11/05/2011 and so they stopped the test. Hopefully removing the martingale feature has fixed the problem now. EA-Prof’s own demo test which didn’t trade on the 10th or the 11th, presumably because they turned it off, is still in profit. So I’d recommend anyone who has purchased EA-Prof to do likewise, and not trade until they release the non-martingale version. Either that, or switch off martingale and if losses occur, then switch the EA off altogether until the new version with stop-losses is released.
All of this is a salutary lesson on how the fluctuations of the forex market can flummox even the best of EA’s. It’s all a balancing act between risk and reward, and unfortunately sometimes the risk can get out of hand and steal the great rewards hoped for by forex traders, even those using automated forex trading systems.