The Forex Magic Machine

[Piphunter]

Good Morning Everyone,

I just wanted to post a quick note to let everyone know that I will be out of town for today and part of tomorrow. I will continue my due dilligance on this EA when I return.

For those of you that are mothers:

HAPPY MOTHERS DAY!​

(I know I have been called a mother a few times in my life, but in a different context)

 

[Optiontrader]

Question on Standard Version Settings

First I'd like to thank Piphunter for starting this forum thread. I appreciate it very much, as do I'm sure many others.

I have a quick question on what settings you have used in your live testing. According to the manual you posted the Standard Version has Conservative Mode default settings...and the Aggressive Mode settings have a limit of 30 and stop of 80.

So are you trading with the Conservative or Aggressive mode settings? I ask as your live trades seem to have a limit of 30.

Thanks again, Optiontrader.

 

[Piphunter]

First I'd like to thank Piphunter for starting this forum thread. I appreciate it very much, as do I'm sure many others.

I have a quick question on what settings you have used in your live testing. According to the manual you posted the Standard Version has Conservative Mode default settings...and the Aggressive Mode settings have a limit of 30 and stop of 80.

So are you trading with the Conservative or Aggressive mode settings? I ask as your live trades seem to have a limit of 30.

Thanks again, Optiontrader.

OptionTrader,

Welcome to the thread. I am testing the Advance (Gold) version of the EA. The defaults for this version are 70 on the stop loss and 30 on the take profit.

The Gold version does not have the setting for the agressive trading. Forex Peace Army is testing the Standard version, with the agressive settings, on a demo account. It is my personal openion that the agressive setting is in the Gold Version as well, but by default it is turned on at all times. I have not been able to prove it yet, but that is my feeling at this time.

I would attach the set file but you cannot use it on the Standard version due to the fact that the variables are not exactly the same.

I hope that this helps.

Have a Pipfull Day!

 

[aagarcia]

Thanks Piphunter. What Trailing Stop are you using? I have mine at 15. Thanks again for your efforts.

 

[Piphunter]

No Trailing Stop Input On Gold Version

Thanks Piphunter. What Trailing Stop are you using? I have mine at 15. Thanks again for your efforts.

aagarcia,

There is not a input variable for the Trailing Stop on the Advance (Gold) Version. I find that to be kind of odd. I never payed attention to it until now. I have not watched it trade enough to know what the trailing stop is set at. I know it has one because of all the trade modifications that have taken place in the log. I will try to keep an eye on it over the next couple of days and see if I can tell what it is set at within the program.

 

[fbj]

True or False ???

I just saw this and comments needed - I've purchased (only because via ClickBank = money back a sure thing
But that does not help one when read the following does it?
Kinda makes one feel somewhat fleeced...

BTW The post is from traders-secret-library dot com, the members forum, which I would assume is reliable info source.

Another ea again... Here we go again... Forex Magic Machine...

Hubby was interested in it while reading the website for it...

But wait... Here's an email from Donnaforex (moderator from Fapturbo forum)

Finally, I wanted to discuss another EA which is on the market right now, Forex Magic Machine. This EA sells for $197 + an upsell for another $197. DO NOT BUY IT!!! I have been working with the guys over at Forex trading - forex trading online - forex robots and they have uncovered the truth behind this EA. The EA itself is a copy of a freely available EA called "VForce". The sellers altered the settings list around to look different and then packaged it up and tried to sell it.

If you would like to try out Forex Magic Machine, or, the EA it was based on, then you can obtain it for free, just go on over to 4xproject and enter your details and you will be sent a link to get the free EA as well as the settings which they are using to trade it with.

Guess where I'm going now... and what I'm going to do...

I'm going to the link, I'm going to fill out the info and I'm going to load the free EA - another DEMO account - here we go again... lol

There's just tooooo many eas on the market - how the heck are we supposed to know which ones to buy and which ones to pass on???!!!!

Colleen

 

[Ken Long]

Thanks for the interesting and entertaining thread. I also bought this EA, with the hopes that it might prove to be worthwhile. A big disapointment. Thanks for ClickBank. I know the refund will be easy.

I ran many backtests this past weekend. This robot only performs well on backtests during the year 2008, and only on one pair, eurusd. It did perform very well during 2008, but failed every year before that. On conservative mode it only lost a little, but on aggressive mode it destroyed the account within the first year. It finally survived by setting the risk to 2%, and even then it barely survived.

This robot is a clone of a free robot and free indicator. The indicator vForce, is a very nice indicator, and available for free on ForexFactory, "vForce" the revolution - Forex Factory , with full explainations and instructions for use. The EA is called vForce like EA, http://www.tradingsystemforex.com/commercial-expert-advisors/1302-magic-machine-ea.html , and this is a direct copy.

This a simply a well optimized copy of a free EA. It only runs well in backtests during the year 2008, and only on the eurusd. Further if you buy it, they will imediately try to sell you the advanced version for $200 more, and then they will e-mail you to try to sell their package of trading sytems and tips for anouther $100.

Further, in live forward testing this has already taken several small wins and large losses. The SL and TS do not seem to want to adjust to my settings, the SL automaticaly reverts to the default setting of 120 pips, and the TS seems to trail the TP setting.

This is one of the most blatant forms of a scam and ripoff there is.

 

[Piphunter]

Statement Update

Fellow Traders,

I have put an updated statement in post #2.

Have A Pipfull Day!

 

[Piphunter]

The Forex Magic Machine Rated Scam By FPA!

Well my fellow traders, it seems that the FPA Scam Investigations Committee has confirmed the allegations that have been made in this thread.

Please see there findings below:

How would you like to pay for one EA and find that what you get is an overpriced and illegal copy of another commercial EA? Worse, how would you like to pay good money for an EA and find it's an illegal copy of a free EA.


That's what two of the newest EAs on the market seem to be – pirated versions of other EAs. We've seen accusations like this before, but this time there's some very solid evidence to back up the accusations.

Both of these were brought up in a pair of reviews left by Kev from New York. One of our review moderators pointed these out to FPA's AsstModerator, and he contacted the sites that had evidence as well as the original sources of the EAs.

One of these pieces of software is EA-Boss. It seems to be virtually a line-by-line clone of FapTurbo, but costs a lot more (currently $699 vs $149). BestForexEA's site shows just how identical the code is. FapTurbo's abuse team also confirms the code shown is genuine. If you've bought this pirated piece of software, we suggest you to contact Plimus and request a refund immediately.

The other is TheForexMagicMachine. This seems to be a reverse-engineered version of a free EA available from TradingSystemForex. Some things in life really are free – but that doesn't give someone else the legal right to rename and resell them for a profit. BestForexEA's site shows the code similarities, and 4xProject's site shows identical backtests once the settings from the free version are synced up with the copied version. Just to add an additional unethical advertising bonus, the website promises free lifetime upgrades, but purchasers are then offered an upgraded version for more money – that version is also copied from a free EA from TradingSystemForex. If you paid your money for this pirated software, you can apply for a refund at ClickBank.

The FPA had acquired versions of both of these for our Performance Testing. Under the circumstances, we plan to stop the tests today. The results for the time they were running may be left available, but no further forward testing of this software will take place. This decision will be revisited if the owners of these websites can prove that this was all just some sort of misunderstanding.


We wish to thank Kev, the FPA's Review Moderators, FPA's AsstModerator, Donna Forex, FapTurbo's Abuse Team, TradingSystemForex, 4xProject, and BestForexEA for their contributions to this article. We hope the owners of the copyrights on these pieces of software us all legal means to seek civil and criminal judgments against those who broke copyright laws.


Official Scam Finding

TradingSystemForex.com Thread on Forex Magic Machine

4xProject backtest of Forex Magic Machine

4xProject backtest of free Vforce EA Showing Identical Results to Forex Magic Machine

BestForexEA research on Forex Magic Machine

BestForexEA reasearch on EA-Boss

I do not know about the rest of you but I have already requested a refund from ClickBank. If you have not done so yet I advise you to do so ASAP! Don't let these scammers get one thin dime from us!

 

[Ken Long]

refunds@clickbank.com

refunds@clickbank.com

For anyone who doesnt already know, you can either fill out the support form at ClickBank, or simply forward your receipt to this address. I simply pull up a copy of my receipt, click the forward button, change the address to the above, and add a quick explanation. In this case I left a lengthy complaint and accusation. I sent this out yesterday evening and have already received a refund confirmation .

I would have waited a few weeks, but I wanted it on this months credit card statement, and I dont like or want to support this kind of business for any length of time..