forextracer.com Review

IT

Been using it for a few weeks... left on its own, i.e. just letting it run all the time, is a recipe for disaster. Best I can figure, if it guesses wrong--a profit is not generated but instead it never gets to the point of being to the good even 1 pip--you are screwed unless you manually change the EA's stop. The trick is to monitor the trade(s) it makes, and if you see the trade, at its start, heads south and continues in that direction, it will take all your money, as the trailing stop will never kick in.

If there is a way to share my results over the last couple of weeks, please let me know--I have a word.doc with the data. Vast majority were winning trades, and my $3000 deposit would be worth about $6600 now if it weren't for the only three losses it generated: $2500, $2500 and $1250--that's $6250 lost in three trades, all of which were left on overnight. So instead, my $3000 is now worth $325.

Before calling this EA a waste of money, I intend to try for another couple of weeks, keeping track of its trades rather than let it be completely automatic which, as I said, will lead to disaster. And no leaving it on overnight or when I cannot keep tabs on its trade(s)--ever.

Review Moderation Team Note: Andy, please use the "Contact Us" link if you want a way to share more details of your trading results.

I have been using this EA for a couple of months and have found out it depends on your forex broker you use. I ran it on InterbankFX and it sucks on that Brokers feed. It hardly traded and I had more Losses.I ran it on FXDD Platform and it was unbelievable. I had a $5000 demo and in a week it went to $33000. That is no bull. I had set it only on shorting trades. With all EA's they run differently with different broker's from my experience.

Review Moderation Team Note: We had to remove the 5 star rating since live testing is often not as good as demo testing. We are glad to see someone doing some real research on products and hope that Kenneth leaves a followup if he tests this on a live account.

I've used the Tracer for about 3 weeks in Aug. Worked great and made very good money,about 250% in a live acct. One night it wiped it out. He tell me the Tracer has some issues and will send a new version when he gets is sorted out. Same guy made the Forex Funnel which does the same thing works good for a weeks then wipes you out. I know I did it twice with the Funnel. They both make money especially the Funnel, he just needs to figure out how to minimise the losses. The customer service has improved though, the 2 word replies are now 4 or 5 words.

Ptre Parsons is the fellow behind several EA`s which none of them works.This time he released Forextracer which is updated form of his previous dismal software. I have purchased this one on the September 3, 2008 and the second day it lost me 250 Pips. Peter claims that his EA is up to 90% winner. The problem is that even this ratio is not enough to make any money as the winners are very small, between 1 and 30 Pips. My trading history shows from 11 trades two are losers, (250 and 68 Pips) but none of the winning trades made more than 25 Pips.
Peter urges his purchasers to try it for 30 days on Demo and then on Live account to see how "well" the EA works. Well Peter I have a news for you, my 5K demo account is losing $2507-00 after three days of trading! The trade I am in over this weekend is also a losing trade and I reckon within 24 hours of opening on Monday my account will be wiped out!
In my last review I have posted in this forum I called you deluded, sorry to say it still stands. I do not know what setting you use with your EA, but the setting I have is pure loser!
Please stop bulls****ing honest traders!
Ferdinand

PS: If you need proof I have it.

This question is to the seller of this EA : On your site, you showed a forward statement with 18K profit from 25K starting balance in 9 days. What happened after 9 days?

Started using this program on 6/5/2008 w/$2750US account. My acct balance is now $55.9K.

Some of this success was completely automatic, but most achieved by watching the movement fairly frequently, and positions would be closed when my $500USD per day goal was reached.

i purchased this EA used it for 7 weeks and was completely unsatisfied with it. out of the gates it was great the first 2 weeks then reality set in and the account was wasted. thank god it was on my demo account. stay clear of this one.

Everybody Beware of this EA.
You will eventually lose your shirt too.
Great Profits to start with but in the long run, you will lose everything.

Here is my experience with this software:
This EA uses 250 pips stop loss, programmed to take 30 pips profit every time. For the first 2 weeks it was highly profitable because no matter where the market moved, it would eventually come back to the target of 30 pips. Every time it would give you 30 pips, but one day we were short and the Euro went more than 300 pips against and we all got wiped out. It was programmed to increase your lots as your trading account grew biger and bigger.

We were trading 6 lots of EUR/USD at the time and 250 pips stop loss meant a loss of $15.000.00 just in one day. Eventually we lost all the previous profits together with our original amount in our account.

I won't rate it because I don't own it. However, I've looked at its backtest and know others who have tested it. Be careful.

The backtest on the site went from June '06 to June '08. That period contained a very strong uptrend for the EURUSD. Almost any long-term trend-following system should've done well during that time.

What if the trend changes and the EURUSD drops 2000+ pips? That happened in 2005. What if the EURUSD becomes very choppy and volatility/daily trading ranges shrink? That happened in 2005 to mid-2006. Here's a backtest of the Tracer during those years. It's not pretty.

http://forex-systems-reviews.com/tracer_test.jpg

Bottom-line: this EA appears to be optimized for the 2007 to early 2008 EURUSD uptrend.