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Discussion in 'Forex Software' started by Administrator, Mar 29, 2010.

  1. Administrator

    Administrator Just Administrator :-)

    Sep 24, 2007
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  2. CanAm

    CanAm Private, 1st Class

    Aug 26, 2009
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    Hi All, some of you may have received this one in your inbox if you've ended up on dozens of junk mails like me.
    Not sure if what is claimed is true but I wonder if a bit of this "dll fixing" is going on with FAPT as well????

    QUOTEJeff here, from Simple4XSystem with a warning about an EA that is currently on the market and being promoted by the usual suspects.

    It's called FX Ultrabot, and the only good thing about this EA is it's name.

    I was first introduced to this EA at the end of January. There were two things about this bot that really caught my eye:

    First, the webpage was completely lacking all the usual crap that is supposed to get everyone excited and drooling over the prospect of sending the sellers their credit card numbers. No pictures of mansions, yachts, sports cars, 6" tall gold dollar signs. You know what I'm talking about. The same stuff all the other guys include on their sales pages.

    The writing was very matter of fact and very easy to follow. They built a bot. It worked better then they ever imagined it would. They made a lot of money with it, and now they were going to share it with whomever wanted to make money trading forex.

    So the webapge was very appealing to me.

    But what really got me going were the backtests.

    They included 10 YEARS worth of backtests on several different pairs, and this bot absolutely kicked butt every year that it ran. And for every pair.

    Bob (my EA guy) got ahold of a copy and ran the backtests through several different brokers. While the numbers and prices were just a tad different with each broker (accounting for slightly different prices each broker posted at certain times of the day) the overall results were the same.

    This EA managed to double your account every 3-4 months, every year that it ran.

    I can honestly say I have never, EVER gotten truly excited over an EA before, until I started investigating Ultrabot. Bob and I were burning up the wires between us, constantly tweaking and testing the bot under a variety of circumstances, and it held up through every one of our tests.

    On a Friday afternoon, after a week of playing with this thing in backtests, I told Bob that I was ready to buy my own copy and start running it on my live account. I could not find a single thing wrong with this bot, and since it was a "swing trader" there would be no way for any broker to monkey around with spreads and such to limit our use (and our profits).

    But Saturday morning I woke up coughing (as usual) and in a bad mood. And I had to admit that there was just something about Ultrabot that wasn't computing for me.

    It was a perfect bot. Maybe too perfect. And that was what kept eating away at me..

    I thought about it all day Saturday and well into Sunday. Then an idea popped into my head.

    I sent Bob a question: Is it possible to build an EA so that it only trades on the days and times you tell it to, so that you can manually go back in the charts and find the good trades, and tell it to only take those trades?

    He thought it was possible, so he did some magic on the program and got to take a look inside the guts of the EA.

    And what do you know!

    Inside a DLL file was a program that told the EA to buy/sell each particular pair on a certain date at a certain time (this going backwards in time). It then told the EA to close out the trade on a certain date at a certain time.

    And it did this for 10 years worth of data and covered several different pairs.

    Someone actually took the time to manually walk through ten years worth of charts and write in the open and close times for the trades, and then built it into their EA so that everyone's backtests would come out more or less the same.

    They even coded in several losing trades each year, to give it the appearance of even more credibility.

    So Bob stripped out all of the time stamped data, and then ran Ultrabot through the backtest process one more time.

    And he blew up his demo account every single time, with every single pair. It usually took no more than a year or two to wipe out a $10,000 account, trading 1 minilot.

    Ultrabot is still around, as are the folks who perpetrated this fraud on the public, so buyer beware whenever you get an ad for a bot that looks too good to be true. We can't test them all, and even the ones we do test sometimes turn out looking better than they really are.

    But there is no substitute for learning how to trade on your own, and making your own buy/sell decisions, instead of letting a robot do it for you.

    Needless to say, I cannot and will not recommend you buy FX Ultrabot unless you are an absolute glutton for punishment.



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