EliteCurrencyTrader.com Review

I purchased this robot a few weeks ago and had no trades for several days. I decided to run on a gallant fx demo account with a 4pip take profit. Thus far 35 winning trades, no losers. Draw downs have been experienced on two trades thus far, and have been limited to a -30pip to -50pip range. I believe a smaller take profit and a broker with tight spreads may be a potential solution. I don't understand why it wouldn't run on the aplari, ibfx, fxcm demo accounts. But it's doing fine thus far, along with the updated fapturbo50 on the gallant account

Demo account now down 400 pips.Probably be wiped out shortly. Good luck to anyone that goes live on this EA. Oops, EA is an oxymoron in this instance.

2010-03-17 10:17AM 2 Stars Running a demo which is not looking too good.Current trade down 120 pips. Perhaps in a few days it may retrace and make 25 or conversly go down another 100 pips. Too much risk for me. If there is no stop loss how do you get a losing trade in the results. Surely the only loss you can take is when your account is closed out.

Edit to my previous post - I found out why I wasn't getting any trades.
Both this EA and the FAPTurbo Long Term EUR/USD trade EA use the same default magic numbers.

When FAPT opens a EUR/USD trade, ECT doesn't trade, and vice versa. I changed the magic number for the FAPT EA, and viola... this bot trades now. Note - I use 2 other EAs on EUR/USD. FAPT trades are the only ones that block this EA.

I think someone needs to review their code.

2010-03-11 04:10AM 1 Star Borderline scam - this EA has the following problems:
A- There is *no* support. Multiple emails and no response. FAQ is generally worthless.
B- I am using their suggested broker (FXDD) who I've used for more than a year, and yet there have been NO TRADES for well over a week. And, no response from support. I have another EA on this account on this virtual server, and it's chugging away just fine.
C- No response from a request for refund through support. Considering calling my credit card company and letting them have at it.
D- No stop loss by default? Bad idea, but I refuse to trade at that risk. Is that the cause of my no-trades issue? Who knows, no documentation at all.

I'm new to Forex. I've been trading index futures for several years, but can't make any money at it lately. I saw this bot perform well on FPA. Thought I'd try this and now think I agree with the people calling it a scam.

1.) The file is only 20KBS. I don't think you can program a bot with this little code.
2.) Absolutely no documentation on parameters.
3.) Does not backtest well on any pair but EUR/USD. Only backtests well with default parameters.
4.) Ran it on FXDD demo for a week. Got 6-25 pip winners and then a 160 pip loser which I closed out manually. On the winners there were large drawdowns. (60-90) pips.
5.) It enters trades at illogical points. If you compare it aginst a trend or oscillator technical indicator on a chart, the entries don't make sense. It will enter long at the obvious end of an up trend and vice versa short. This is why the drawdowns are so large.
With no stop loss set as the default, this thing just waits until the market reverses and closes with a 25 pip winner.
6.)I tried backtesting with various stop losses and can not get this to show a winning test. As I don't know what the other parameters mean (No docs), this thing is useless and might border on scam.

Maybe it might work, but with no idea of how it's supposed to work or how it might be optimized in backtesting, it's pretty much useless to me. I'll still mess with it a couple more days, but I don't hold out much hope.

Thanks

I bought the EA 2 weeks ago, and installed it on my FOREX.COM live acct, with default settings except by the lot size that I changed from 1.0 to 0.01 lot. Nothing happened, no trades at all and I can see in the FPA demo acct a lot of trades ,,, I contacted support by email a couple of times with no response. Finally clickbank refunded my purchase.

I bought this EA and I am confused.On demo account at FPS and on my Demo account opposite trades were made . At one place 'sell, and at other place 'buy' almost at the same time. My live account had one trade open and even upto 200 pips down there was no SL got triggered and the trade won't close.I do not know how on FPS account a trade was closed with loss.Is account managed by FPA or by developers? As mentioned by others, support is non existent.It seems 'developers' do not know what is in their EA.It is 'sell and forget' type of EA.

I, too, bought this EA back in the beginning of March, and did not see much activity for a few days. I was considering asking for a refund (and I had also tried backtesting the EA and always came up with a loss at the testing 'end-date', and not sure why), however, at the end of last week (3/5/10) and during this past week (3/9 - 3/12/10), the EA produced 10 successful trades of $250 each with no losses so far. I am using a FXDD demo account of $15K, so the drawdown % hasn't been too bad. I am also using the standard or 'out-of-the-box' settings. Starting 3/14, I am going to be trying out the EA on several other demo accounts to get a better feel for how it is going to work on live accounts. I'll be back to the forum later this month with updates, and hopefully, this EA will continue bringing profits.

This thing rocks! I watched this thing on demo at FPA for a few weeks and then opened an account with FXDD for $5000 because of their 8% bonus and because this $97 EA was designed for a 4 digit broker. So far, making real $ profit. See http://www.mt4i.com/users/superhappy for my real live results. I may double the lot size or let it trade 2 positions at a time when it doubles the account.

This EA is a scam!, it is a copy of FAPTurbo, they even go as far as copy the error handling!!! It is a very very simplified version of FAP Turbo.

I purchased this 3 days ago, have emailed support (support@elitecurrencytrader.com) with no response! Trying to get a refund! DO NOT PURCHASE THIS PRODUCT.

I just got it myself - and yes i found some short documentation - fact is that they do not explain the user inputs and the stop loss criteria are undocumented - so either they believe it is an unfailing bot (roflol) or they use some internal stop strategies - if so they should at least explain if there are any circumstances that can lead to an account killing stop-out .... only one trade at a demo account (2 days open) to which i attached a trailing stop and lost some bucks ....

wait and see (do not overlook the refund period !!) seems to be the best solution for the moment ...

cheers