TheForexSamurai.com Review

I tried the service for a month, $99.,(leave the page 3 times & get a 10% discount each time) netted 6 pips. They use a 25 pip take profit & a 100+ pip stop loss. Still looking....

Ran it live for 50 days or so and requested a refund. Vendor offered to extend trial period for 2 more months. I declined because the traded pair E/U moved 1000 pips up during my trial and the trader couldn't make a profit. Went through Plimus and received a refund.

Tried to get my money back. Went into endless loop/nowhere land. Did not get my money back. Stay far far away from Forex Samurai.

2010-06-30 00:00 No rating SCAM: It uses a forex hedging strategy (i.e. simultaneous long and short), which is illegal in the US (as per NFA regulations starting in mid-2009) and is becoming banned/illegal in most parts of the world. There are only a couple of illegal/unethical brokers who continue to "allow" hedging, and that's where Forex Samurai makes its money (as an affiliate or introducing broker IB of the illegal/unethical broker). As you probably know, brokers want you to hedge because that increases their commissions, but as you also probably know, hedging (for the most part) is a stupid/useless strategy [unless you really know what you are doing and use different financial derivative instruments such as options and futures, which Forex Samurai does not use]. In any case, here is the bottom line: Forex Samurai made a lot of money during their "internal test" phase [hedging can make money during certain periods and give it all back very quickly, especially through double-commissions], and they use those numbers to now get you to buy their product for around $500/year. I highly recommend you don't buy it, because their goal is to get you to stay past the 60-day trial period (during which time you may actually make some money), and then you are locked in for a long time while they not only have your $500, but also get a kickback on the double-commissions that you are paying because of their hedging strategy. You could get lucky with hedging for a short period of time, but in the long run remember that it has been made illegal for brokers to permit hedging in order to protect you, the innocent consumer/trader. If you feel comfortable sending your money to their illegal/unethical broker overseas, that is fine. But remember that many of these brokers are virtually unregulated and I wouldn't be surprised if they decide to take your money and run (and of course give Forex Samurai their own little cut of the money that they have helped collect from you). P.S.: google "hedging forex nfa" for the information from the NFA on prohibiting brokers from permitting hedging. Brokers in the past have been known to encourage it. P.P.S.: Look at their live trade list. That's a lot of trades. Multiply it by 2 to get the real number of trades as part of their hedging. And then factor in the commissions to get the real profitability. They currently have commissions (spreads) set to 0. Interesting.

Review Moderation Team Note: Hedging is against NFA regulations. This regulation was passed over the objections of the majority of traders and brokers in the USA. To the best of our knowledge, the USA is one of only a few countries that bans hedging.

I tried this EA for 56 days. Account is down from when I started. I asked for a refund but did not receive a reply. They promised a refund within first 60 days. Their live trade page on MT$ stats has quit updating since August 25th. I believe this EA is a scam.

I have submit previous rate and i want to update my rate:

I have request money back guaranteed that Sam Weir offer me when i bought this thing, but he never respond my 3 email to him, you've been warn

I have not tried Forex Samurai and am not assigning a rating to it with this post. But I wish to point out here that the Forex Samurai trades are very similiar to the SystemsFX trades on Zulutrade and Zipsignals. Compare the Forex Samurai results at:

http://theforexsamurai.mt4stats.com/

with the SystemsFX results at:

http://www.zulutrade.com/TradeHistoryIndividual.aspx?pid=2768

Note the number of pips gained/lost are very similiar. The SystemsFX profile on Zipsignals (www.zipsignals.com, under Results) clearly states that SystemsFX uses 3-4 Expert Advisors to generate its trades. This implies that Forex Samurai also uses the same (or similiar) EAs as SystemsFX to generate trades. Either that or the Forex Samurai is copying SystemsFX trades, at least that is my observation.

Now, there's nothing wrong with using EAs to generate trades here, and SystemsFX is one of the better performing systems on Zulutrade. The only problem is, the Forex Samurai website (www.theforexsamurai.com) has the following statement in the FAQ section:

Q: What’s the secret, why are your signals so profitable?

A: There are no secrets. The thing is, our signals are generated by a real professional – a trader from a large American Investment bank. Who uses his own risk hedging system.

This answer does imply that it is a human trader who generates each Forex Samurai trade. And some people may buy Forex Samurai based on that.

SCAMMMMMM!!!!!!
They NEVER DO REFUND!!!!
60 days money back guarantee is BULLL SHITTT!!!!!
Don't trust Them.

Bull S*** EA.
Never refund your money!
I lost my 19k usd in 2 week.
Really SCAM EA.

To Karl Napp - Germany.

Just wanted to understand your context about this service. I note that you didn't adjust the EA accordingly to what they have mentioned. If you had 20% of equity being opened which basically means you want them to place trades according to their lot size.

Your definite mistake here is either your account size is small, then this is your risk and not theirs and also that you didn't adjust the EA trade copier to the level you are willing to risk on each trade ie. 0.10 Per Trade or less, no matter what size they trade with.

They also have a larger S/L due to several issue, first being with more than likely the S/L being hit quiet rapidly instead. However most of the time they will close the trade prior ever hitting this position. And there are plenty of signal providers out there who won't even place a S/L so I am afraid what you mention means they are professional enough to place S/L.

If you start with 0.50 or more with a small account size, it's obvious you will lose if there are several loses.

I am not AFFILIATED with them, but I do certainly use their EA, and have done for the past month with balanced equity management (MOST IMPORTANT for a small sized account). And Yes it has made more money than other signal providers out there.

Forget it. That's no professional trader.

1. This week, they've opened two trades with an inital risk of nearly 20% of the account
2. They close trades at f.e. -100 ticks and take profits at f.e. +20 ticks
3. They take quick profits and let the loosers run

Only an absolute beginner is trading like this.