BestExpertAdvisors.com Review

i paid money for this product. Around six hundred dollars, if I'm not mistaken. Discounted from around a thousand. There was a lengthy trader's manual which was required reading before using the product. After initiating it on my platform, (IBFX) I noticed it hardly did anything. I wrote the author, Steve Rundhammer, stating it was non functional. He wrote me back a one or two sentence reply, declaring that I used a FIFO broker, which rendered the product. unusable. A year after that, I received another email from Mr. Rundhammer soliciting me for a website which recruited people to read internet ads. "Make money while you're bored," the email read.

I give these guys 2 stars because they aren't actually a scam. Customer support was as good as I've received in the EA industry. I think they actually believe in their products. Unfortunately that's the best I can say about them. Anyone reading this will no doubt have had a look at the rather sick looking equity curves for TradeChimp & Chameleon these days. But even if they tweak these to come good, or they come out with a new improved product, as long as they continue with their extortionate compensation schemes you as a customer will never make money. During the 2 months I ran TradeChimp on a live account, I made a profit of $885.05 on $5,000.00- the only problem being that after my Trading Commissions of $1,221.08 and Rollover Fees of $37.20 were deducted, I was left with a nett loss of $373.23. And that's not including the $249 Monthly Lease (now $199). These guys need to go back to the drawing board to design a better more stable EA, and when they've done it, they should look at selling it at a far more reasonable basis that will allow their customers to make money with it.

Those who analyzed Trade Chimp statement should see that EA sends buy and sell limits simultaneously that is hedging from NFA point of view and is disabled for USA-regulated brokers. So, nothing strange that EA performs fine on demo account where hedging is enabled and fails on real account.
Chimp trading style reminds early Leader versions by Forexbarometer. That EA was very successful some time ago and then been discontinued by vendor for underperformance, especially after introducing no-hedge and FIFO rules.

This system looked interesting to me. The fees for the service seem reasonable ($200/mo + a measly 1.3 pips), but I wanted to check it out further.

I copied and pasted the live statement into Excel, there are some 4400 attempted trades, many of these were cancelled. I estimated 2500 completed trades. The average lot size was 6.8 lots so the fees for the 27 weeks of live testing are:

6.8 lots/trade * 1.3 pips (fee per trade) * $10/pip/lot * 2500 trades = $221,000

If this math is correct, the Trade Chimp guys are really happy with this arrangement, but the investors (even assuming best case) are in trouble.

I signed up for this after seeing the demo acct performance test on FPA and on seeing the results on the Trade Chimp website. I was very concerned at the $249 monthly price and the performance fee of 35%, which together is way beyond greedy, but the TC people created a semi-managed option which *only* charges $249/month plus some trade commissions. I thought I'd give it a shot on a $5k account.

Unfortunately, this EA does NOT perform well on a live acct. Its performance is nothing like what you see on a demo account. I started with $5K at the end of Jan and now my account is down to $3400. If you look at the performance curve of the demo acct, you will see that as of today (2/16/10) the balance is at an all time high. In other words, the demo acct says it works, but it sure doesn't work in a live trading acct.

This EA is a total bust. I should have paid attention to all the other 1 star and 2 star reviews about the developer and his EAs. Stay away from this crap or you'll lose your money like I did.

I started trading Trade Chimp at the end of January.The web page offers 2 options,a semi managed account with fxcm where they charge 1.7 pip commission,and the EA has a lease fee of $249,or a fully managed option with ATC Brokers where the commission is one pip,there is a 35% performance fee,and the EA lease is $249.The semi managed option appears to be the best,but what you are not told is that even with the Broker raw feed you will get less than half of the trades that you see on the ATC statement.The EA has had a period of "poor performance" losing 25% of my equity in the first few days.The Broker commission and the lower number of trades,not to mention the lease fee,has meant that I have made very little progress back towards my starting balance.I have decided to cut my losses and terminate the lease.I think there needs to be more honesty regarding the differences between the options.Be careful with this one!

This provider has come out with a new subscription signal ea called Trade Chimp. He makes you sign up with an IB (Backbay) which is a terrific IB but the seller still makes you go through an IB so the seller can make money off the trades in your account. I posted several times on his forum about this and asking him to post his live account to verify he trades this ea on his own account. I got return messages saying this and that but the seller would never post his own live account info. I even mentioned he could give his account log in and investor password on the weekend then change it when the markets open. This way people can still verify that the creator is trading his own ea with his own money but still protecting his ea where people could not copy the trades. What does this creator do, he deletes my posts on his forum. I call deleting those posts unethical behavior as I was asking him to prove his claims that he trades his own money with it. Not some managed account and not some demo account

Let the facts speak for themselves.
Just look at the performance on forex peace army's EA forward test.
This is overpriced, and it will reduce your deposit to nil.
C'mon Steve, just go back and do some re-programming.
As it is, this EA is shit!

Really interested in the software went to the seller's webpage in home it has an offer to buy the Chamaleon for just $599.00. Proceeded to checkout with paypal.
The price changes for $999.00 I am not saying that the software it's bad but the fake propaganda in their home page is unbelievable and goes against many consumer rights.
If they don't want to sell it for $599.00 anymore they should remove from their webpage.
Feel bad almost clicked buy now and I would have an expected hit on my credit card of $999.00 instead of $599.00 as they advertise, I would be filing a complain with the BBB of this issue and let them resolve.

Pay attention the software is good !!! The problem is the scam of buy for one price and if you don't pay attention you would be buying for almost double!!!!!

Robert, This is Steve with Renegade Fx, I have looked through our records and I cannot find when you ever purchased a product from us. I may be mistaken, but since there are some fraudulent copies of our software out there being distributed you and the public should be aware that some of the fraudulent versions do exactly what you describe, that is they can ruin your account. They do this as a result of being decompiled, and the person who had to restore the code making errors. They will trade ok for a few weeks and then suddenly open many, many positions and ruin the account. I hope you were not running one of them. If you did purchase from us and I am mistaken please share which strategy you were trading on which pair. Also did you use a Stop Loss like recommended in our manuel's? None of our systems are designed so that news releases would have an effect on them, in fact they have safety features built in to stay out of the market when there is high volitility and /or there is an increase in the spread like in a news releases. Please give us all more information about your experience. Also please contact us with your purchase info so we can verify that you are indeed a verified user.

Sincerely
Steve Rundhammer