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The Forex Magic Machine

Discussion in 'Has anyone heard of?' started by Piphunter, May 8, 2009.

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  1. Piphunter

    Piphunter Private

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    Please Take The Time To Vote In The Poll And Rate This Thread When Your Done Reading This!
    Thank You!

    Hello Everyone,

    I own a company called ChristAlex Investments and I have purchased The Forex Magic Machine. I want to share my results with everyone, but first a little educational blurb.

    I have purchased way too many MT4 experts in the past few years and I have found one thing to be true of all of them. THEY NEVER PERFORM ON A LIVE ACCOUNT THE WAY THEY DO ON A DEMO!

    You can look at their sites and read to all the hype on the internet and it never changes this simple fact = THEY NEVER USE REAL MONEY IN THEIR TESTS!

    On 99.9% of all the sites you go to the results they claim to have made are either from demo accounts or from back-tests performed with MT4. For those of you new to MT4 you need to know that the back-tester has limitations - MAJOR ONES AT THAT!!!

    I have come to some conclusions over the years, and they are as follows:

    1) NEVER BELIEVE STATEMENTS ON SOMEONES SITE WHERE THEY ARE TRYING TO SELL YOU SOMETHING! Anyone who has a basic understanding of HTML code can make a statement like the ones that are produced by MT4.

    2) Look to other traders and their reviews when deciding to purchase a system. Even then if they are all making comments about the EA that are based on their results on a demo account you need to weigh that fact when using their opinion in your decision making process.

    3) Never purchase a system without an ironclad way to get a refund if it does not perform as advertised. I personally will not purchase a system if they do not sell it through ClickBank.

    4) Always test an EA on a LIVE MINI ACCOUNT! If you are going to spend the money on an EA spend a little more to test it correctly. It does not matter if a EA makes you money in a demo account and then blows up your real account. You can set the lots to the minimum amount and let it run. Risking pennies to possibly save hundreds, or thousands, later on down the road is the way to go.

    5) NEVER EVER TRUST BACK TEST RESULTS FROM MT4! The back-tester in MT4 is good for testing the basic operation of an EA but really blows at giving the correct results of long term use of an EA. People like to make a big deal out of 90% Modeling Quality on their back-tests. That means that you are only seeing 90% of what can happen. That other 10% can really come back to bite you in the A**!

    I wrote a very long, and disgruntled, review of this product after my purchase and before you make any decisions about purchasing this EA you should definitely read it. I am the kind of person that does not like to be lied to, especially when it costs me more money to get something that was advertised for less. This EA may be the greatest thing since sliced bread, but their marketing approach and tactics are questionable.

    Here is some good advice if you are thinking of purchasing this EA. Keep an eye on this thread for a while and check my statements. I know that the Forex Peace Army is currently testing this EA as well, but it is not the same version that I am testing and they are not using the same broker. They are also doing their testing on a demo account and I am going to do my testing on a LIVE MINI ACCOUNT. There are three versions of this EA, which they do not tell you on the site. The GOLD and PLATINUM versions cost a whole lot more and, by the way, seem to be the ones that they used to get all those amazing results on their site. Forex Peace Army is testing the basic version. I have already invested the money to try this thing out so sit back for a while and save your money. Let's see how this turns out with some real money in real time.

    That all being said I offer you the following. I am testing the ADVANCED GOLD version of The Forex Magic Machine on a LIVE MINI ACCOUNT and below you will find a link to access my live statement. We will all just have to wait and see how well this EA does on a real test.

    Program Setup:
    EA Is Running On A Dedicated Trade Server
    Advance (Gold) Version
    Default Settings With Lots Set To 0.10
    Chart: EURUSDm
    Broker: IBFX
    Account: Mini
    Leverage: 400:1
    Date Started: 5/7/09
    Starting Balance: $143.30

    Please Note: The account statement that is linked to below is a LIVE MINI ACCOUNT that I use for testing. All of the trades that were made before the 7th of May are from other EA's. I will try to keep them from showing up, but MT4 resets the custom account history setting each day and I need to go in an manually change it back to the correct dates. The statements that I post on this thread will have the trades that were made before the 7th filtered out. Sorry for the confusion.

    Please go to http://christalex.mt4stats.com to see the current live account statement.
     
    #1 Piphunter, May 8, 2009
    Last edited: May 10, 2009
  2. Piphunter

    Piphunter Private

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    Statements

    Hello Fellow Traders,

    As the days go on I will be using this space to attach copies of the current statements. I am doing this for a couple of reasons. The main one being that I want everybody to be able to go back through the statements and see that there has been no manipulation of the data (For Better or Worse). As you read through this thread you will begin to understand that I am very unhappy with Richard Stevenson, or whom ever it is that is selling this EA. But that being said, I will still give the EA a fair chance. It also gives everyone an idea of how things have progressed over time. I Hope this thread helps some of you make an informed decision about this EA.

    Please Note: My advice to everyone is not to purchase this EA until you have read this entire thread, investigated the attachments and completely understand what you are getting into. My disdain is not for the program, but for the way it is being marketed and supported. Actually it is the lack of support and the false advertising that is going on in regards to the selling of this EA.
     

    Attached Files:

    #2 Piphunter, May 8, 2009
    Last edited: May 12, 2009
  3. jackd

    jackd Recruit

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    backtest

    Hi Dear friend
    can you give us backtest from 2003?
    Thanks.
    Bye.
     
  4. Piphunter

    Piphunter Private

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    Jackd,

    I am sorry but I do not do back-tests on EA's. I take that back, I sometimes do back-tests on EA's just to prove a point. As I explained in my first post, the back-tester in MT4 is good for checking the mechanics of an EA but not for anything else. Back before they changed the program last year, you were able to import tick data into the history file and use it to back test with. While this did get a little closer to live trading, it still did not take into effect the spread. The spread is what makes all the difference. The back-tester only uses the pre-programed spread. For example, IBFX uses a spread of 2 on the EUR/USD. One pip can make the difference between a stoploss or a takeprofit getting hit. Bearing this in mind, if the spread is actually anything other than 2 you are going to get inaccurate results. Since we all know that the spreads are all over the place during the trading day it should not be hard to figure out why the back-tester is inaccurate. It does not matter if you have 90%+ Modeling Quality or not, it is still not going to be accurate.

    I hope this helps you.
     
    #4 Piphunter, May 8, 2009
    Last edited: May 9, 2009
  5. aagarcia

    aagarcia Recruit

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    Hi- I saw there was a standard version and a platinum version. What's the difference?

    Thanks
     
  6. Piphunter

    Piphunter Private

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    The Forex Magic Machine Manuals

    I do not know if this forum is going to let me do this or not, but here it goes. I am attaching the following manuals so that everyone can make an informed judgment before you make a decision about this software.

    I believe that everyone should be allowed the chance to look at the manuals to see what the differences are since they do a poor job of telling you that information on the site.

    I will not post the programs, but here are the manuals.

    Now for the quiz.
    I got these manuals right from the download page for each version of the software. Who will be the first to tell me what is wrong with them? Here is a hint - print out pages 17,18 & 19 from each manual, compare them, and see what you find!

    Good Reading and I hope the moderators do not remove them from my post. If Richard Stevenson has a problem with them being posted it will only prove that he has something to hide. When you go buy a car they do not tell you that you cannot read the owners manual first, so why should it be any different when you are going to purchase an EA. The Manuals do not tell how the system works or give any trade secrets, but if you read the pages that I listed you WILL definitely get a real shock.

    Please do not forget to vote in my poll at the top of the page and rate this thread. Especially if you are downloading the manuals. Thanks again!
     

    Attached Files:

    #6 Piphunter, May 9, 2009
    Last edited: May 9, 2009
  7. aagarcia

    aagarcia Recruit

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    Hi Piphunter and thanks. Very Enlightening! I purchased the software but it doesn't show past the stop loss of 70 on the screen capture in the manual. So I'm a little lost as to take profit, trailing stop etc.
     
  8. Piphunter

    Piphunter Private

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    aagarica,

    I am not quite sure what you are looking for. If you have purchased the software the default settings are already loaded. That is what they are showing on the screen capture in the manuals. I am using the default settings in my testing of this EA so I do not have any other settings to post.

    Hope this helps.
     
    #8 Piphunter, May 9, 2009
    Last edited: May 9, 2009
  9. jackd

    jackd Recruit

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    Payment

    Hi Dear Piphunter
    How much should we pay for gold version?
    Thanks.
    Bye.
     
  10. jesper

    jesper Recruit

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    Odd...

    I looked at the Standard manual. It's oddly close to what you get when you purchase the MegaDroid expert advisor. Both the structure/flow of the manual and the settings, screenshots etc.

    Both EAs are advertised through near-spam mails from the same bunch of usual suspects, so I wouldn't be surprised if this were a repackaged version of the same thing.

    Which is not to imply anything about the EA's performance, if it works I don't care what they call it. But if somebody got burned using MegaDroid, they may want to be double cautious before putting their eggs into the Magic Machine basket.
     

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