Discuss ForexKore.com

[BluePanther]

They will answer you when they feel like.

EA comes with all the .set file. You can just load it up. Very good profit but make sure you have enough capital on the side to deposit in case of any big swing

They have never answered my queries. Seems there is no Support.

The EA does have set files, but they are not the same settings used on the FPA monitoring account. The monitoring account shows 5% per week, but I use the included presets and I have only achieved 5% per month.

PS. And the Yen Flash Crash of 3 Jan 2019 crashed this EA on my account.

 

[duck]

I have obtained this EA and run it on a demo 5000 USD account, 500:1 leverage which allows hedging and all other criteria as was recommended. I installed it as per the instructions using the correct default setups for all currency pairs. I have run it for 4 weeks complete weeks so far, and last week, on the 4th week, it blew the account. I have made 3 more deposits to the account, all 1000 USD, and it still experienced several margin calls. The currency pair that killed it was the EURGBP. The brits indecision over Brexit has sent the EURGBP pair higher in such a steady way that it destroyed the account.

What disturbs me is that the account being tracked here by FPA has NOT experienced this same blowout. When I compare the smallest lot sizes of currently open trades, they are, as a proportion, much smaller than the 0.01 lot size is for the demo account by a factor of about 5-6. I.e. The tracked account has a balance of 500-600K, but the smallest lot sizes start at 0.20 lots. If that account was placing trades at the same scale as my demo account (5000:0.01) the smallest lot size should be a full lot. But it's only about 1/5th of that scale, which explains why the devastating equity drawdown on my demo account is only about 80k on the tracked live account -- pretty much of the same magnitude. If the live account was down 400k instead of 80K, it would much more closely resemble what my demo account looks like.

So I concur with the previous observation that the tracked account on FPA has something different about it. Maybe the inputs to the EA's are much more conservative than are the defaults sent with Forex Kore, or maybe the EA itself simply becomes more conservative on its own as the account grows. But it sure seems to me the recommended minimum account size to trade this system with should be $25k-$30k, not 5k.

Also, one detail that's easy to miss on the tracked account is that it contains inexplicable regular monthly deposits for the first 9-10 months (the first of each month) after the initial 5K deposit. So at first glance, it looks like it turned 5K into (as of this writing) some 600K in a little over a year, but that's not true as the additional deposits contributed greatly to the growth. The deposits are visible on the chart where the regular growth curve is interrupted by significant gains in account balances. So far as I know, those growths have nothing to do with the Forex Kore system (unless the vendor cares to clarify that, but the consensus is that they don't respond to support requests and they certainly haven't defended themselves on the review page).

Now on the plus side, I will say that this system seems to do well on currency pairs that do not trend. All martingale type systems do. And every trade system must have an achiles heel. For this one, it seems to be a steady, non-retracing trend. If one had an ear to know which currencies are likely to make strong moves, then this system could be used so long as those currency pairs are shut down until such big moves play out.

At the moment, I'm of the mind that, unless one can put far more money into this system, 25-30K, while retaining the same lot sizes that it trades at 5K, then it's very risky. Alternatively, put 5-10k into it and try to run the gauntlet of doubling the account size without blowing it up, and if you make it, withdraw that so your progress from there is risk free.

Without those safeguards, I would, at present, recommend against anyone using this EA. And that is quite sad given what should be an authenticated and highly profitable track record on a live account here on FPA.

I will refrain from making a formal review for the time being, and would welcome any counterpoints from the seller.

 

[VancouverRain]

My 8000USD account was killed by this EA last Friday.

 

[duck]

Sorry to hear that. I am guessing it was caused on the EURGBP pair. I lost over half of my live 5000 account. Would have been more but was able to salvage it by intervening.

This is a Martingale system, and the Achilles Heel of martingale systems are slow steady trends, which is exactly what the EURGBP pair has done over the past few weeks. And that's been due to Brexit. The Brits are totally confused right now.

But rather than throw the baby out with the bathwater, which is very easy to do in a fit of disappointment when you want to pin the blame for huge losses on the EA, this may be a system that can be profitable *IF* it is managed correctly.

My suggestions are as follows:

1) Contrary to the advice of the distributor, a $5000 account is NOT enough to safely trade this system. Based on the lot sizes and balance on the live account FPA is monitoring, the ratio/risk there is about 16-20% of what you get with a $5000 account doing 0.01 lot trades. Ergo, you would need a 25k -30k sized account trading microlots to utilize the same risk as we see on that tracked account.

2) As per #1, either use this system with at 25-30k account OR do take their advice and trade it on FBS which supports cent accounts. I.e. trading 0.00001 lots instead of 0.001 lots. This minimizes risk enough for it to survive with moves like we had with EURGBP. That may mean making 5% per month, but hey, that still makes for a quality return on a professional investment.

3) Develop an eye for fundamentals. Consider closing all trades before NFP releases if drawdown is low. Avoid the GBP pairs as long as Brexit remains a contentious issue and any other pair that has reason to trend strong. If you can do this, then you can increase your risk and profits on stable pairs.

I've moved over to FBS and am testing there. Cent accounts there are handled by making your account 100x bigger than was deposited, so deposit $500 and your MT4 says you got $50,000 to trade with. Every dollar = 1 penny. I'll slowly scale up and see how it goes and am avoiding GBP pairs.

 

[VancouverRain]

I wish they would give me more customer support. I emailed them about some safety feature, all i got from them is use the set file will be fine. Yes it was EURGBP killed my account....I can see their DD on their FXblue is extremely high now. 522k at 300k DD .....I hope they recover it. It looks a real account they are running.

This EA can make some return but very risky if a long trend happens. I think run this on the cent account would be the idea. Make a dollar a day on a $500 capital.....it would be about 6% a month.

 

[VancouverRain]

I think they just blow up their half million dollars account

 

[Check]

I think they just blow up their half million dollars account

Yes whole account: https://www.fxblue.com/users/forex-kore-ea

 

[VancouverRain]

Yap.....I don't think there is anyone running the site since I have no customer support at all.

They prob forgot that they are still running that half million dollars account

 

[Appshan]

I wish they would give me more customer support. I emailed them about some safety feature, all i got from them is use the set file will be fine. Yes it was EURGBP killed my account....I can see their DD on their FXblue is extremely high now. 522k at 300k DD .....I hope they recover it. It looks a real account they are running.

This EA can make some return but very risky if a long trend happens. I think run this on the cent account would be the idea. Make a dollar a day on a $500 capital.....it would be about 6% a month.

Hi VancouveRain Just wondering how are things going with Forex kore since the crash? how are thing runnning?

 

[duck]

Apparently the account running the forex kore EA monitored by FPA has been shut down. All open trades have been closed, though the final balance on the FPA demo still shows an healthy overall profit for the life of the run. Separately, the EA run on FXBlue shows the EA has wiped out the account.

Looking at both, it appears that it was, unsurprisingly, the EURGBP that did the damage. Kore is a martingale based strategy and martingales do not like trends, and the Brexit uncertainty saw incredible trends on the EURGBP pair on the May-June timeframe.

FBS offers "penny" accounts which is probably what the FPA monitored account is. Those accounts shown 100x more funds in them then there really are so the half million dollar account may well have only been a 5000 account.

I'm still running kore on a live FBS penny account but not trading the GBP, and the account is in equity profit -- I.e. my equity is higher than my initial deposit -- and it seems to be ticking along just fine, not stressed at all. It's not up much, only being run for about 6-7 weeks and includes some tech problems I had which cost money. But if not for the shutting down of the FPA demo, I'd be comfortable letting it continue.