TheForexMaestro.com Review

This ea should not be left %100 automated, well its at owners risk. I used this ea, in one week it turned a $850 to %1450. in one day as i just stepped out with a friend as if it was monitoring me, it entered 8 trades on usdchf and befor i could say come, my entire life account was wiped out. So you have to monitor it and control it. Also i was running it on both Alpari and Fxpro, it picked all those trades in Fxpro and picked only two trades in Alpari. I think Fxpro have so explanations to make because i later opened a demo with Fxpro and the same thing happened. so be careful

This made quite a bit of money for me for while, then it turned against me when I got caught in the wrong direction when the Euro went up 400 pips several weeks ago. The problem is the recommended 300 pip stop loss. You obviously always need room to breath when you take a position, but 300 pips is too much. Perhaps a 35 pip take profit with a 35 pip stop loss may work better?

Samed results as the others. A lot of small winners them some huge loosers that wipe out the account. Cannot recommend. Trading against the trends leaves a bunch of loosers piling up. Used only on live account and took a $17,000 beating in two weeks. Refund being requested.

Typical of what EAs are generally: erratic with shoddy customer service, or rather NON-existent customer service. Used this in a Demo for about 6 weeks. At first, made $1500 on a $3500 acct in about 10 days, after that went straight down steadily but slowly from the $5,000 to less than 1,000. The 30 pip profit they are after just couldn't offset the 300 stop losses incurred. I used default settings and the 4 pairs recommended. I must say, however, LOTS of trades were continually being taken,,,,albeit losing ones!

I purchased this EA knowing that the marketing style used most likely meant it was junk. The EA's that really work aren't the ones that have the slick marketing and usually the devloper severely limits the total number sold to avoid having brokers try to manipulate price against them.
As for this EA, it is the exact same EA as the freely available Firebird EA. Yes there are many versions and you can go to forexfactory and get any number of these versions and read some interesting threads on how to use the EA.
I think the general logic behind the EA is somewhat sound, that you have an SMA of 30(default) and if you see the price action deviate a certain amount from the EA then you trade against that movement with the idea of regression to the mean.
I did not think the EA had any chance of working in its standard form because any significant trend without a decent retrace will margin your account.
The idea I read about was to "drive" the EA making it partly manually operated. In this sense you develop a method of determining the daily trend of any given pair and then you set the EA to only trade in that direction.
Fore example, the EUR/USD daily trend is up so when you set up the EA you put "long" trades only. In this way you will not get multiple orders opening up against the trend but since you are following the trend you are just getting in on a retrace against the larger trend. The stronger the trend the better you can do. There is still the times when you get a sideways market and you can take some losses, no system is 100% winners. The key is being willing to close out all open positions and change the "drive" direction of the EA like I recently did on the USD/CAD as the uptrend seems to have reversed finally.
Trading this way I have not been caught with multiple open trades or large drawdowns. I traded this method on almost almost every pair available at FXopen my first week and then analyzed the results and decided that it was not as good on some pairs as others. I narrowed it down to the following pairs: EUR/USD, GBP/USD, AUD/USD, USD/CAD, EUR/GBP, NZD/USD, USD/CHF.(I can't get the EA to work very well on an JPY pairs)
Recently the trend has been a weakening dollar so I have to admit that I was only trading long all denomiated US pairs and short numerated. This helped a lot with the fed decision this week as I instantly won on every open trade I had because I was playing a weakening dollar position, this obviously helped me have great results this week.
Also, I am using the 5m chart for all pairs. This was what the person behind the "drive" theory used and my demo testing showed this to be the most profitable setting(I am not sure though on EUR/GBP though, it had the weakest results so far of current pairs traded)
So in the end, I am not sure about the long term results, I am trading mini-micro lots ($.01/pip) on an account with a few hundred bucks in it. I will do this for a few months at least and see if the "drive" method really works.
When I was using 20+pairs last week I only ended up with 40 pips profit. But this week narrowing the pair down I only have 5 open trades on friday and my net total pips for the week is 1300. Not bad considering I only look at it once a day and only makes changes if I see the daily trend change.
Oh yeah, I also got a refund from clickbank and was disappointed by the upselling, any EA that upsells should be avoided, what a sleazy way to operate. What is funny is if you go to the affiliate link, it will tell you that they upsell 2 additional products. Just do that on the new "forex fantasy" robot Kaplan is selling, it is actually pretty funny..
I will try to update this later on my further results.

I purchased this EA partly because I knew that if it was no good I could get a refund from clickbank.I knew as soon as I went to the download page that this was a scam.The page tells you that you have purchased one live license,and that you will get an updated version every month.There is nowhere on the downloads page to activate the EA.I sent an E-Mail asking how I could activate it.I had no reply for about a week,and then a general E-Mail telling his customers to stop wasting his and their time by sending him E-Mails,and to just get on with it.The E-Mail also is an attempt to sell you another EA.Stay away from this one!

I would suggest FPA's EA performance testing team to check this EA not for a very short period bcoz it really gives such a nice results within few days of its installation..Just later,it can't stay with that same success rate..so plz test it for a long time.
Thanks.

Review Moderation Team Note: We plan to let performance tests run until either a margin call happens or enough profit is made over a few months to convince us to risk some real money.

For those who don't know what we are discussing with Harshal, look in the upper-left corner where it says "EA Test"

Just an update from my previous posting. Yesterdays banking meeting results caused a massive spike in the markets and wiped out my two demo accounts profits (I had 48 open trades that closed out with max loses). Overall this EA makes many trades and can profit quickly...but in todays crazy financial world, a news break can cause havoc and the EA is open for too much risk in my opinion.

2009-03-15 5 Stars I purchased FXMaestro abd have run it on 2 demo accounts. both accounts did very well, after two weeks, I've had 186 wins and 4 losses in one account and on the other account i haveboth maestro and advanced running and that has grown from 48K to 71K with 4 trades in drawdown of 7K total. I went live last week on 3/9 with maestro only and have increased my account from 2K to 3.8K in 1 week. I use a .1 pip setting and am not trading the USD/CAD pair. So far ...so good.

Thanks guys, for the lowdown on this robot. My own backtests were pretty much breakeven. I agree that small take-profits combined with large stops are doomed in the long run....hell, that combo is doomed in the short run as well, if you enter into the market at the wrong time. My Clickbank refund is forthcoming :D

I tested the Maestro with different settings. The default has TP 30 pips and SL 300 pips. As long as markets are ranging, it works fine and has many winners. But if market breaks out and goes strongly in a certain direction it can kill your account. I also testet it with a 30 pips TP and 35pip SL. Guess what? many more loosers than winners. This shows that the robot does not really know what it is doing.
Interesting: after I got my refund from clickbank I got strong advertisements from the same email adress for a new robot: Forex Fantasy. Same way of aggressive advertising