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TheForexMagicMachine.com Review

Updated: Jun 16, 2015
SCAM
2.277 · 5 REVIEWS
Is this your company?

2009-05-12: The FPA has confirmed that this EA seems to just be a copy of a free EA that is being marketed as a commercial EA. We consider this to be a scam.

 

Website is down.  One less EA Pirate site.

TheForexMagicMachine.com

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  • Guilty1
Case IDFiledCase nameVerdict
20092009-05-12FPA Scam Confirmation against TheForexMagicMachineguilty

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Scam!
2.277 · 5 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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Bob,
California,
May 16, 2009,
Guest

The Review Moderation Team responded to my review by writing "Note: Please check the link to the scam finding. You will find links that show that using the correct settings on the free EA produces IDENTICAL results"

Whether the settings are "correct settings" is unclear. The link merely showed that when the same settings were used on version 1 of FMM as with the free EA that the results were identical. However, that does NOT mean that those are the settings currently being used in FPP, even if one of the backtests by FPP used those settings and had those results.

Unless the free EA can produce forward test results that match the forward test results of FMM we do not know if the settings are "correct" or optimal. If someone thinks what FPP is unethical then let them tweak v.2 of the free EA (which I am led to believe FMM is based upon) until they can duplicate or improve upon the forward test results of FPP.

While FPA discontinued their forward test of FMM, someone else's forward test of it is at http://jtboe2.mt4stats.com/ I hope someone does a forward test of v.2 of the free EA (called "vForce Like EA v2.mq4" available at www.tradingsystemforex.com
Bob,
California,
May 14, 2009,
Guest

I do not necessarily agree it deserves a 5 star rating, but I am doing this to make a point because I definitely do not agree with the SCAM rating - which is a rush to judgement. The forward test by FPA was excellent (short-term results were 5 star worthy) and I am disappointed it was stopped prematurely. Even if FMM is based on a free EA, it seems the settings are DIFFERENT. The only way to prove it is deserves a SCAM rating is to forward test the free EA together with FMM that it is supposedly based on. If this free EA is the same EA as The Forex Magic Machine that is getting great results, then it deserves to be one of the EA's that is forward tested side-by-side to 1) prove if the free EA is a good EA 2) prove if FMM is truly a scam - or is not because it uses unique settings which possibly improve it. Most test results I have seen for the free EA have been mediocre and it is one I downloaded and tested as well, along with the allegedly superior version 2. I for one am not impressed with the free EA.

Review Moderation Team Note: Please check the link to the scam finding. You will find links that show that using the correct settings on the free EA produces IDENTICAL results.
Kev,
New York, NY,
May 12, 2009,
Guest

Wow!

The day you post this review, and forex-systems-reviews.com posts a similar review, the Forex Magic Machine is magically sold out!

What a coincidence :).

Thanks for listening to me. -Kev
robert morton,
U.K,
May 12, 2009,
Guest

Definate scam. I bought this E/A on 5/5/09 and put it to work on my live account, big mistake, it put in a bunch of pending orders in on 0.5 lot settings and a couple of hours later i was down $2070. It`s dangerous to any account, i`ve already applied to clickbank for a refund. The website claims to have sold out, and has disappeared.Does anyone know if i would have a case against this company to seek redress for my loss if the robot is a pirate copy of a free E/A.
PipHunter,
Avon, Indiana,
May 9, 2009,
Guest

This is an update on my previous review:

Ok, this is really got me torqued off now. I received this email yesterday but did not get a chance to read it until now.

Received from Richard Stevenson via Email
Subject Line: Oops, It reaches 100% winning rate with improved algorithm

Hey traders,

The Forex Magic Machine has just been on the market for only two days but it rocked the whole industry to the core.

You have seen all the performance, real proof, real case studies.
You've also seen the Forex Magic Machine making a whopping 97.41% winning rate.

But it's not the end. It's been much better with a new improved algorithm

{Link Removed}

I have worked non-stop to tweak the algorithm to the fullest extend possible and I have been successful. Now, it's official pushed the automated trading frontier to a new level.

A level of 100% winning rate

{Link Removed}

I also integrated a whole new trading mode into this trading robot and made it intelligent, profitable than ever.

We are running out of available licenses very fast. So, if you are sitting on the fence out there, I am sorry, you'll miss the boat forever.

{Link Removed}

Regards

Richard Stevenson

End of the Email!==================================

This has to be the craziest thing I have ever seen. This thing has only been on the market for a couple of days and now there is an upgraded version that he wants me to buy. What happened to the free upgrades for life? I would not advise anyone to give this guy another dime until he pulls his head out. You can look at the results he is posting and see that he is just doing a bunch of curve fitting with the parameters.

I am at a height of pisstivity of which I have not been since my last divorce, and that is really saying something.

2009-05-07 1 star I just purchased this product and my I say that I am very disapointed. They do not tell you that the basic version is what is listed for the $197.00 (or 187.00 if you get the $10.00 discount if you act like you are going to leave the site). After you make the purchase it then comes up that you can purchase the Gold version for another hundred and some dollers more that has extra functionality. After you say no to that it comes up and tells you that you can purchase the platinum version for about $100.00 dollers more with a little less functionality. (By the way, at the top of each screen it states that you will not get another chance to upgrade to the Gold of Platinum Version again if you do not purchase it right then and there).

After you say no to all the extra money you finally get to the download page. After downloading the documentation you find out that the basic version is supposed to be optimized to run on the EUR/USD 1-H Chart but they do not give you any other settings to use on other currencies.

They have no problem showing trades on their web page that show every currencie pair you can think of, but where are the settings. You also find out from the documentation that the basic version trades very cautiously and may not trade for days.

I ran a back test on it after installation, on my live FXCM account data, and achieved a 50% profit from January 13th Until Today with a 53% relative drawdown. That is nothing like the profits they project on their site.

Half of the documentation that you receive with the software is how to backtest and how to keep your computer crashing after you install the software. That in it self should tell you something.

Tell us how to make all that money not how to use the useless backtester in MT-4. Anyone that has been doing this for a while knows that you cannot trust the results of backtests.

I also noticed on one of the web pages, while I was going through the payment and download process, that said Magic Machine in all the right spots but one. Where it should have said Magic Machine it said "Maestro" instead. That is probably another red flag.

You will definately not get what they are advertising on their web page for the $197.00 fee. I feel this should be investigated further and the people that have paid the fee should get the product that they advertise on the site.
jason,
winston salem, nc,
May 8, 2009,
Guest

i was disappointed that the program was not an all inclusive package and it was broken in 2 upgrades. the advertised price of $197 ($187) was only the standard version. you can upgrade to gold version for an additional $97, and from standard to platinum version for $197 extra. so what we got here was false advertisement or a bait n switch, depending on how you see it.

i was only prepare to pay $187 for it so i skip the upgrades. the extras that came with the package were e-books relating to forex, an indicator, and a trading strategy. the indicator supposely tells you when to buy/sell a currency but i haven't seen it work yet. the trading strategy is a long buy/sell strategy and you can probably find that on the web.

i have used forex magic machine for 2 days now and have made 4 trades, 2 eurusd trades a few hours after i installed fmm and 2 eurjpy the next, and made about 16%. i started with an old demo with $4800. the trades usually comes in pairs and both of them were buys. the trades occurred in the early morning hours.

even though the manual indicate it was optimize for eurusd, i attached it to eurgbp, eurjpy, eurcad, gbpusd, usdchf, usdjpy, eurusd, gbpchf, and audusd. these were chosen for not particular reason. the second trade was eurjpy with a little more aggressive setting than the first. the first trade was with initial setting with mm to true.

i'm gonna let it run for about 3 weeks and see if the continues to make profitable trades. with a 60 money back guarantee(call clickbank for refund), it worth trying.

on a side note, i have read in other forums that fmm is similiar to an ea called vforce, which is free. i have not test vforce.

Kev,
New York, NY,
May 7, 2009,
Guest

Issue escalated to Traders Court FPA Scam Confirmation against TheForexMagicMachine | GUILTY
This is a stolen EA from http://www.tradingsystemforex.com/top-expert-advisor.htm.

For $200 you get the orginal version, which is "VForce Like EA v1.1" on the forum. For another $200 you get the advance version which is "VForce Like EA v2.2" on the forum.

How do I know they're the same? Same exact indicators, same exact parameters, same exact position sizing, same exact trading technique, same exact optimized settings for EUR/USD. NOTHING changed. I mean NOTHING.

This EA is not ready to trade on other pairs. Backtests from both VForce and Magic show very poor results on anything other than EUR/USD, so DONT TRY TO TRADE IT ON OTHER PAIRS, despite what the bull$^%& on the website says. Its a fraud, string of luck but there is no consistency in the long run.

There is little this chop shop scam artist changed, other than the ability to modify the settings on the indicators.

TOTAL SCAM, 1000% positive. Here are the links to a couple of blogs digging into these unethical bastards:

http://bestforexea.com/2009/05/its-a-kind-of-magic/
http://www.4xproject.com/2009/05/get-magic-machine-for-free/

(4xproject is being sarchastic. They send you a link to the above forum and tell you the truth.)

2009-05-12: FPA Scam Investigations Committee Note: We have investigated this claim and believe it to be correct. This sort of unethical action qualifies as a scam in our opinion.

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