NewGenForex.com Review

This is a dangerous EA. I set lot size as 0.03 and now experiencing severe draw down on a live account. Even their test account has blown up.

2013-08-30

Well here is my update...I purchased this FXPL EA after seeing my account go UP UP UP for 3 weeks as mentioned above from ~$420USD to $1195USD...I thought it was amazing. Well the very week after I made my purchase the GBPUSD went into a very steady uptrend and my account dropped to down to $2.88 being totally annihilated.
A special note though...another micro account I had this EA on at ILQ never lost much money on this trend so I think leverage plays an important role here somehow.
Use with caution!

2013-08-30 4Star I've been very skeptical of Forex EA's which have always blown my accounts after a week or two of seemingly trading well. Started this FXPL EA about 3-wks ago and although it had one good draw-down it managed to come out on top and has increased my little micro acct trading .03-.07 lot sizes from $420USD to $780USD up $360 since. So far I'm impressed and will make a purchase but the real challenge is if a strong consistent GBPUSD trend occurs what will happen then...? It could possible bomb out. I'm willing to give it a shot. Check back to see what happens in the long run.

Another Martingale account breaker. Opened the EA on Sept 2 and soon the gbp started trending. On Sept 15 and after 19 sell orders the account was wiped out with a margin call. Stay away from this one. As soon as a trend develops you WILL get wiped out. Also the 100% satisfaction guarantee is worthless. you will not get any refund.

2013-09-15 1Star It is a Martingale and I opened it on Sept 2 and after a few good trades it opened 19 sell orders before finally gettting a margin call just 12 days later. 370 pip run up wiped out my micro account.
Don't waste your money. I am sure I will not be getting a refund from these thieves. Probably stole the EA from some other programmer and repackaged it to sell and dump. STAY AWAY!!!

It's a martingale, and will work great until the day it wipes you out. Don't believe the "100% satisfaction guarantee" that is prominent on their sales page. I asked for a refund after a couple of weeks, and was told they do not refund under any circumstances. I asked what was meant by, "100% satisfaction guarantee", and have received no response.

MAH I HAVE SERIOUS DOUBTS ON THIS EXPERT IN THE LONG TERM
ON FIBONACCI RETRACEMENT OF 1.5410 IS GONE TOO SELL AND NO NO BUY, AND WITHOUT COVER FROM 6 SEPTEMBER.
I DO NOT UNDERSTAND THIS WAY OF TRADING PRACTICE!! BOOOOO!

Started off with $40 on a micro account. In a couple of weeks was up to $250, then GBP/USD started on an uptrend and EA was opening plenty of short trades but no longs. Account wiped out in a few days. EA is ok until the pair starts trending. May try it again once it stops trending but keep a closer eye on it.

FOR ME THIS ES IS WORKING FINE I AM USING THIS EA TO FIND BEST TIME TO OPEN TRADE IT IS WORKING FINE FOR ME THANK YOU EA CREATOR & FPA TEAM TAKE CARE ALL.

Had this EA for a few weeks now. Tried it first for a week on a live account at 0.01 lot size thinking: how much trouble could it possibly get into at only 0.01 Wrong! After initial successful small profits, it got stuck into a trend in the wrong direction. By the end of the live trial it was down $400. Rather than let the trial end and have to manage the positions manually, I just bought the EA and was annoyed.

However, the EA traded itself out of the hole. The open DD ran to $800 but it recovered and is continuing to make small consistant profits and has paid for itself in three weeks, so I shall leave it on the account. I will NOT increase the lot size from 0.01 It is ridiculous that an EA allows itself to run up such a massive percentage of account size in negative intra-trade open P/L. Why does this not show in the developers live results? Good question! Use with care!

The worst EA ever, went down to 25% DD, turned it down to avoid further losses... In my case it opened short trades every time, even when the market showed strong upward movements (those trades were losses, of course)!

Been running it for a week on a micro account so far very good performing far better than I expected.
It has doubled a £50 test account using .01 - .02 micro lots.