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ForexProCloner.com (Jason Adams) Review Visit site

Updated: Jan 5, 2015
2.897 · 6 REVIEWS
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2.897 · 6 REVIEWS
Forex Peace Army
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OHIO,
Sep 6, 2011,
Guest

With more experience now, I want to add to my prior comments. Our testing shows great success using a MIG account from Switzerland, and is much better than any other. The size of the DEMO started at $3000 with 500:1 leverage and that MIG account starts with a minimum lot size starting at .10 lots ( $1 per pip) - even used it on LIVE with great success for a short time til DODD-FRANK made me bring it to USA with 50:1 leverage (impossible after that with low leverage because this thing can chew up equity). That setup has resulted in a steady 43% gain since August 9 and seems low risk. BUT you never want to run it outside the suggested time range of 23:00 GMT to 6:59 GMT because it gets riskier in very active markets.

We had little success with IBFX and Forex.com but a little better with FXCM on a mini in USA. If you can duplicate it on MIG - lucky you!!. We are searching for ways to get back to that setup and to be able to control lot size - but be very careful as a bigger lot size without the right leverage can hurt performance or you can run out of equity sometimes - fast. My prior rating has to change to a 3, for now. If it were the MIG setup I give it a 5 again.

2011-07-15 5Star Have been running on 2 accounts for about 3 and 5 days. It is one of the best ones I have bought - one of many unsuccessful ones. So far it has made money every day and does about 5 or 6 trades a day. One account made about 150p net in 3 days on live account. Only difficulty seems to be to get it to trade the lot size you would like. Losses have always been smaller than gains so far and hit rate I estimate at 70 pct. Ran another live account for about a week and results are similar. .
Washington State, USA,
Jul 28, 2011,
Guest

On a demo account, I've seen over a $800 drawdown starting off with just 0.1 lot size per pair, trading all 4 pairs on the Extreme version. This would have more than wiped out a $500 initial account!

For example, after taking an initial long position with 0.1 lot, if prices go south, the system then buys 0.2 lots 20 to 50 pips below at support/resistence, then another 0.3 lots at the next lower S/R and so on.

When you have 3 or 4 pairs moving against you, $800 drawdown happens easily. And this was just in the last week, within a month after launch.
Kansas City,
Jul 22, 2011,
Guest

Purchased the ForexProCloner Extreme version on 7-1-11 used on two practice accounts with FXCM. Had good results so opened a live account with then on 7-8-11. It first started trading on 7-11-11 and lost $93.15 the first day on my $500 live account.
Since then it has steadly made small profits each day and at present down about $25. There were a couple of days last week I had no trades because my EA was turned off. It only trades the 4 majors. I have had good communication with FPC support staff. Always have gotten a reply to my questions answered quickly.
I'm not a pro trader so I can only supply my results so far. It does have a 56 day 100% money back guarantee, so I'm willing to give an honest try. Will report back when my trial ends. Right now since it is making small daily gains on my $500 live account I would rate it average.

James
florida,
Jul 22, 2011,
Guest

i gave 4 star before but now is a five star this thing has made 750 pip in 3 weeks ,a lot of peoples missed the oportunity to get this great system my only complaint is i cant change the lot size i started with only 500 dollars.

2011-07-08 4Star Peter i dont even beleive you purchase this system why because i bought it last week; #1 the system only go for very small profit about 12 pip per trade so imposible you lost 200 pip in 24 hours #2 my account is up about 100 pips, my account is groing since i bought it 6 day ago very simple i opened a VPS account and only check once a day to see my profit, this system even trade for me.(I was one of the first to bought it )
U.S.A.,
Jul 11, 2011,
Guest

My curiosity got the better of me and I decided to see how the Forex Pro Cloner MT4 EA was communicating with and replicating the trades of someone else.

The short answer is: it isn’t. The product is a scam.

Even before I’d downloaded and installed the EA I knew that I was in for disappointment. There is a HUGE amount of upsell after you purchase the initial Cloner EA. The first EA is sold for $37 and is set to only work on one currency. After you purchase it you get offered the Extreme version which works on multiple currencies. The Extreme version is first offered for $97. If you pass, you get offered it for $67. If you pass again, you get it offered for $1 with you paying the remaining $66 in 30 days. You’re never even told what extra currencies the Extreme version works with (for the record it’s GBP/USD, USD/CAD and USD/CHF).

Then you’re offered additional products all which are traditional EAs. There’s the same upsell. An initial offer, a discounted offer and then the bargain basement $1 now and pay the rest later. Why would anyone who is looking to purchase a trade cloning system (to supposedly get around all the disadvantages of regular EAs as so eloquently touted on their main webpage) want a bog standard EA? If my memory serves, there were two EA offerings and then a membership offer where you sign up to receive any additional EAs that are released for a further $47.

The next red flag is when you install the EA and have to update one of the EA’s properties as per the install instructions. You have to set a GMT offset value so that the EA knows what time zone you are in. Why does a clone EA need to know what my local time zone is? Shouldn’t it be just copying the trades of the mythical Jason Adams?

There are another two properties which explain why you need to do this: GMT START and GMT END. The default values for these are set to 23:00 for GMT START and 6:59 for GMT END. These values restrict the EA to only operating during the Tokyo session. You can quite easily change the start and end times to have it trade all day or for only 5 minutes a day.

The EA is nothing more than a martingale grid trading EA. It places limit order trades above and below the current market price when it becomes active. Once a limit order is triggered it will place a new larger limit order further away. There are no stop loss or take profit values set on any of the active trades. All open trades are only closed out by hitting the opposing limit order. If the market trends heavily the EA could quite easily have multiple orders open in the direction opposite to the trend. The EA is averaging down.

The reason why it is set to trade the Tokyo session on non-Japanese Yen pairs is to try and take advantage of the fact that most pairs will be ranging during this session. But if the session trends instead there is no evidence of when the EA will call it quits. Most likely when you experience a margin call.

I emailed their support and asked what IP address the EA was using to communicate with their server to handle all the supposed clone trades. I was told that they would investigate and let me know. I know that they’ll never tell me an IP address as it would be all to easy to hook up Wireshark to monitor data packets being sent and received from MetaTrader to know it’s fake.

I have already put in a request for a full refund through Plimus (the merchant site used). Their first reply is a classic. They say that it is a supervised EA and that they monitor all trades 24/7. So now they supervise trades instead of cloning them!

Another red flag worth mentioning is the trade blotter they used on their website. The trades shown on this bear no relation to those taken by the actual EA itself. The blotter shows trades on USD/JPY when the EA doesn’t even work on that currency pair. The blotter trades generally have 25 pips TP and SL levels. The EA trades are a minimum of 40 pips for a win (if the initial trade hits its TP level). I have not seen the EA take a loss yet so I’ve no idea what criteria it uses for bailing on trades (if it ever does).
canada,
Jul 11, 2011,
Guest

Hey Peter..How you doing...I believe you don't have much to do he..The fact that this is not what it suppose to be, mainly trade copying software stands. I did buy it and for the hell of it did put it on a demo.It is a grid trading EA stolen from some poor guy somewhere.does function independently and gets command from nowhere. I have seen the code. don't ask me how though. did i lose $200?NO. account is up almost $400 in 3 days trading EURO and Cable.
Now the bad thing about grid trading EA's is that when market trends strongly and unexpectedly they all blow your account.
U.S.,
Jul 8, 2011,
Guest

I have used it all three days with positive results each day using two different brokers and the GU and EU pairs. There was no manual other than a download instruction video to install the EA using a autoinstaller. Support will answer your questions within 24 hours and have done so for my questions. I currently and running this on a small live account and a demo account with two different brokers. You do need to set up the settings on the EA correctly. The most important thing is to make sure you have your broker time offset to GMT set correctly. The grid that is set up occurs at 7:00 EST which is 23:00 GMT. If you have your broker offset incorrect you may have your grid setup at the wrong time. This appears to be an EA running and I am wondering if they are controlling the grid settings and will close the trades manually if the market breaks out of the grid and heads in one direction. We will see. As of now the three days that I have ran the system has produced 2.6% return.
australia ,
Jul 7, 2011,
Guest

forex pro cloner. I think this is probably a scam. They just launched this week and I bought it. All the indications are that it is a scam. It has lost over 200 pips in the first 24 hours and for some r. reason better known to the management of the system. Its kinda like an EA but for some reason it trades the wrong way. It puts in two pending orders like a news trade, but they are upside down. The buy is on the bottom and the sell is on the topside. Its kinda like a contrary trade. Anyhow its a crazy deal and even if its not a scam its not gonner make much money the way it works now. It has lost over 200 pips for me so far. Fortunately only 10 cent lot sizes. Anyhow be careful if you are convinced by the nonsense advertising video. If you do order it. you are then confronted with a lot of upsells. The marketing is more like some downmarket weight loss product. So guys take it easy.