ForexFunnel.com Review

I have been using the EA since May 2009 and have had very good steady returns on it since then. I too was hit by the large move up on July 23, 2009, but I still came out of that month with 0.5% profit.

I followed the instructions to a Tee, 200:1 leverage, and used $2500 per micro lots (0.01).

I am using the system very effectively to date and it has proven to be the BEST one that I have ever purchased. I am currently up approx. 60% which is more than I can say for any other EA that I tried after so many months.

Sadly, their support is terrible. i have been asking for the older hedging version to test and use Live eventually, but every one of the e-mails that i have sent so far have received no reply.

If anyone here has the older version, i would love to get my hands on it. I am even willing to pay AGAIN (which I do not really have to!!), if anyone if unhappy with their older Hedging version.

Levaz

I've been testing this bot for two weeks using the "no hedge" version. As most others here have mentioned, it is based on Martingale system of doubling your "bet" after each loss. In this case, it doubles the lot size. There's no real strategy based on price/indicators/trends/etc, it's gambling for all intents and purposes. Since the system is always selling, this could lead to catastrophic results if the pair you're trading runs to the upside without a 20 - 25 pip pullback (the increments the Funnel uses to place the next sell order). You could get wiped out with 6 or 7 successive losses depending on your account size, leverage and lot size settings.

If you decide to try it, be EXTREMELY careful with the lot settings to allow the robot to make several losing trades on an extended upward move. You must be very conservative here or you run the risk of blowing out your account. They recommend the USD/JPY pair but it can be used on any pair. It will work effectively when the pair is in a downtrend, especially a long term one. It also works in a sideways market where the moves are at least 25 pips each way. But you have to monitor the pair very closely and be ready to shut it down if some news event causes a fast move up. I forgot to shut it down last Friday when NFP report came out (there is a configration option to do this). I had it running on a demo account and it opened six trades, I was lucky to get out Monday AM when the market pulled back.

I purchased Forex Funnel along with Megadroid, FAP Turbo and Shark EA.

It tested fine on my demo account, but after being live for the last two weeks and am applying for the refund.

The funnel does make you money, but it comes with a risk. As each trade fails to take profit it opens a new trade but with double the lot size until it hits the new take profit level. As I said this works the majority of the time, but if the market keeps going north for an extended period of time and doesn't contract back to the new TP level, you stand to lose huge amounts of your deposit.

See below on a 10,000 deposit how it works:

1012412 2009.06.30 08:50 sell 0.04 usdjpy 95.401 106.751 96.501 2009.07.01 15:16 96.501 0.00 0.00 -0.13 -56.34
1012413 2009.06.30 11:23 sell 0.08 usdjpy 95.651 106.751 96.501 2009.07.01 15:16 96.501 0.00 0.00 -0.26 -87.06
1013195 2009.06.30 11:40 sell 0.16 usdjpy 95.851 106.751 96.501 2009.07.01 15:16 96.501 0.00 0.00 -0.52 -133.16
1013268 2009.06.30 14:49 sell 0.32 usdjpy 96.051 106.751 96.501 2009.07.01 15:16 96.501 0.00 0.00 -1.03 -184.37
1014173 2009.06.30 15:06 sell 0.64 usdjpy 96.301 106.751 96.501 2009.07.01 15:16 96.501 0.00 0.00 -2.06 -163.88
1014291 2009.07.01 03:07 sell 1.28 usdjpy 96.551 106.751 96.501 2009.07.01 15:16 96.501 0.00 0.00 0.00 81.95
1018659 2009.07.01 03:12 sell 2.56 usdjpy 96.751 106.751 96.501 2009.07.01 15:16 96.501 0.00 0.00 0.00 819.41

I was going to bed -2800 preparing for the worst in the morning but luckily it traded down and hit the TP level. One more upward burst and it would have been ugly.

Its a great robot if you like gambling but I would recommend megadroid or FAP Turbo as the draw downs are more manageable.

I have used Forex Funnel on a live account since four months trading with 0.01 lot/2.500 $ as recommended with good results (33% per month). The Funnel works both ways Buy / Sell at the same time which may result in a Buy-trade pending for ever when the market runs not in its favor. To avoid this I let the Funnel only make Sell-trades where it uses the Martingale system.
However, after four months all of a sudden the Funnel quit trading
still showing me a smiling face.
Unfortunately Support was of no help. They always ask you to send them a screen-shot thereafter they remain silent without any reply.
I purchased a new copy of Funnel which quit trading again after only three weeks. Now I will ask them to replace it or give me a refund.
As long as it works I am satisfied with this ea. However, since I have no clue what causes its breakdown and have received no help from support I am disappointed with their service.

I signed up for the forex funnel and immediately decided against using it based on multiple reports of destroyed accounts here & elsewhere.

In the past two weeks, I've been getting increasingly aggressive marketing calls from jerks at their headquarters who are "only trying to help me". The calls are made on my cell phone which is listed in the national "do not call registry". After announcing that I did not want to talk to them, that they should not call again, I got another call from the same jerk three more times (that would be four) each time yelling at me. I hung up each time, then made a bee-line to the ATT website to block further calls from their number. After that I reported them to the Federal Trade Commission. I wish I could get the FBI to take an interest in them for harrassing phone calls.

These guys are total losers. They're the little gift that keeps on giving. $139 isn't enough. They have to be terrorists as well.

i made a payment to for a forex funnel, i had not recieve the software till now. the payment was done via my master card.it is $150, from www.forexfunnel.com. i want a refund. the time is 5.42pm Nigerian time

Review Moderation Team Note: We suggest you ask ForexFunnel for a refund. If they don't give it to you, ask ClickBank for the refund. If you purchased the product within the last 8 weeks, ClickBank should refund the money.

The reviews on this board are spot on. I read them and tested funnel on a test account. Funnel did great on a test account for 2 months so I decided to try it on a live account. On the live account it did wonders making me 20% in two weeks. Then some volatility hit and it quickly wiped out half of my account. Ouch! This EA does make money most of the time but be very conservative with it if you use it.

If you care about your hard earned money like myself,please don't buy this system, even the so called goldminer that comes as bonus is worthles (it repaints). For a system that claims to make wonder the bonus should as reliable as system itself.....STAY WAY.

I have used this on my live account for the last 60 days with some success, however there are 2 things about this EA that have made me decide not to use it any further:

1. It uses a strategy that opens an initial buy and sell trade simultaneously. No problem there - until the market trends in a single direction and you are left with an ever-increasing open trade that doesn't close until either the market fully retraces and hits the opposite take profit level, or you close it manually yourself (at which time it immediately opens another one at the current level). I have emailed the developers with this but no change so far.
2. Its Martingale strategy runs has the distinct possibility of busting your account if the market trends for an extended period in a single direction. The only way I can suggest to deal with this is to play with very small initial amounts if you have a mini or micro account (0.01 start). Otherwise you better have plenty of bucks available to absorb the ever-increasing trades if you trade any other way!

I am only giving it 3 stars because it does make money, however the 2 points above weigh heavily against it in my experience.

Customer service is also average with short, one-liner (not particularly helpful) emails being the norm.

This is a fantastic system - the most consistent i have ever used, performing really well on my live account +$6000 in 6 weeks going to up the lots soon.