pipster5203
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If you've even thought about trading forex, you've probably seen at least some of the ads for Expert Advisors. Buy an automated forex robot and spend the rest of your life relaxing while the trade bot makes trillions of dollars for you once you get it running on your broker's MetaTrader 4 platform. Maybe you even bought one to try. If your EA already made the first million for you, you probably won't be reading this.
The reality is that an EA follows a set of rules. Unlike a human, it doesn't get distracted and miss a trade. It doesn't change the position size based on how lucky it feels today. The problem is that it also keeps trading even if some huge and unexpected financial news comes out. It keeps using the same logic it was programmed with even if the market starts to react in new ways.
Since I'm in charge of the Review Moderation Team, I've seen a lot of reviews for some terrible EAs. I've also been very curious about some EAs that get mixed or even positive reviews. After long discussions with the Administrator and the programmers, it was decided that the FPA will now start a beta test of a new performance testing program for a few EAs.
How this works...
1. All EAs will only use default settings at this time. Many EAs allow users to adjust their settings. Later on there will be some comparison tests, but for now it will be default settings only.
2. At this time, all EAs will only be tested on demo accounts. True performance can only be judged by live testing, but no one should ever risk real money on an EA without giving it a demo test first. Later, any of the expert advisors that show significant profit potential will be tested on small live accounts. This will allow comparisons of live test results vs. demo test results.
3. Currently, all demo tests are using Aplari (US) as the MT4 broker. Once the programmers finish debugging things a little more, there will also be some inter-broker performance comparisons.
4. Only 5 EAs are currently being tested. I hope to see this expanded to many more in the near future.
5. EAs that are tested are now marked with a “Performance Tested” label in the FPA's reviews. For products with performance tests, there is a link to the tests in the upper-right corner of that product's review page.
6. The Performance Test pages update automatically every 15 minutes, so you can follow each EA's progress closely if you want to.
The current tests have only been going on for 1 or 2 weeks, so don't make any decisions to buy or not buy yet. Each test page has comments by our resident bot wrangler about ease of setup and any other issues.
And the EAs being currently being tested are (in alphabetical order)...
FAP Turbo
FAPTurbo Reviews
FAPTurbo Performance Test
Forex Auto Scalper
Forex-Auto-Scalper Reviews
Forex-Auto-Scalper Performance Test
Forex Robot Trader/Steinitz HAS MTF
ForexRobotTrader/Steinitz HAS MTF Reviews
ForexRobotTrader/Steinitz HAS MTF Performance Test
Forex Smart Robot/Aussie Investa
ForexSmartRobot/Aussie Investa Reviews
ForexSmartRobot/Aussie Investa Performance Test
The Forex Maestro
TheForexMaestro Reviews
TheForexMaestro Performance Test
Now I need some input from you. Which Expert Advisors would you most like to see tested? I need some help selecting the next 5 or 10 EAs.
This is a great service. Plesae test Bogie Enterprises • International Foreign Currencies with Automated Trading Systems They took second place in the 2007 Automated Trading Championships and could be a good EA. Thanks.