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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.
EA Is Running On A Dedicated Trade Server
Advance (Gold) Version
Default Settings With Lots Set To 0.10
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.