ForexBody.com Review

I figured I'd try this to see how it worked since it was free for two months. Hey if he's giving a free trial he must be confident right? Well after about a week I was up 50%! After that, it never could increases and eventually killed the account due to massive open trades. Stay away don't waste your time or money. Also, from what I can tell the support is nearly non-existant as there is no email address you just have to post in all kinds of places on the website.

This EA has huge potential but like other fellow traders stated, it has the ability to wipe accounts as well if you don't manage your margins properly. No stop-losses on some trades, waiting for a retracement, can kill you in no time if the market trends for a longer period. In ranging markets, it can work miracles. But the floating DD will always be there until you'll get eventually margin called, so the only way to tame it is to baby-sit it and cut your losses short. Is it dangerous? Yes it is, but it can double accounts in months as well. So if you want to trade this beast, you better cut the losses yourself before you hit the ground.

Just wiped most of my account with two long euro positions taken at 1.4530 and 1.4513, which it just never closed - eventually the broker stopped out both positions.

Yes the EA is free but it has blown my $5000 real live account. Great job......better to stay away and look after your money and don't trust another cr** EA that doesn't know what its doing. A hard lession I have learn

I have to agree with Josep. Do not trust this bot, I have used it on both live and demo accounts. Once I realized what is was doing, I realized it works in this SMALL window of time. The EURUSD is in a holding pattern right now, once it breaks from this (and it will), kiss your account goodbye in a big and fast way. I have WARNED YOU, time will make me a prophet :-)

Do you think that if the developer could show good backtest he wouldn't do it?
Unfortunately I cannot attach my backtest for 2011. I'm doing it with a $5000 account but it would be the same with $500000 account.
Please, simply run a backtest for 2011... it will take a lot of hours because this bot is very ressources consuming but you will understand why he is not showing any backtest. For instance, beginning february the bot losses 50% of the account and on march 21st the balance is $4750 !!!
He launched the bot in summer when the market normally does not trend. When eurusd starts trending you will get wide drawdown.
Why the developer do not answer our questions and instead he deletes all the questions from his web? Because he has not the right answers, period.
Most bots perform well in backtest but don't succeed in a real account and forward test. But I have NEVER seen a bot with bad backtest succeeding in forward test and real money account.
Well, time will tell but I see very clear that this bot makes profit hiding (deferring) the losses, not because he has a great strategy (he has several), but finally the pending losses will become real losses.
Good luck !

2011-08-16 2Star I have tested during one week with default settings and at the end it will kill any account. I have asked some questions to the developer in his web page and instead og answering some open questions from several traders he has deleted all the questions.
This ea earns money because it does not use stop loss when opening the trade. If the trade goes against you then you'll have a floating loss until it is closed after certain number of hours. The losses can be huge as there is no stop loss at all. I will not use it in alive account.
A simple backtest of 2011 kills a $1000 account.
Take care I find it dangerous unless the developer is able to explain it and convince me that I'm wrong.

I second Peter's comments.

I am personally using Alpari UK and the EA works fine with no stop loss, but there seems to be protection of some sort with some trades stopped out when loss hits a certain value.

Account has been growing steadily and support is good from Forexbody. Only concerned with small accounts as they are more likely to trigger a margin call but I guess that cannot be helped.

I disagree with Josep's remark. I have tested this EA on two demo accts, and both made close to $1000 each week. Backtesting is useless. I've backtested EA's that did phenomenal, but sucked in live trading, so that doesn't hold any weight. What I did notice however, is that using the EA with Alpari US, the biggest loss was $75 and the EA uses stop loss protection pretty well. I got a different performance from it on my FinFX acct, not from profit results, but from a lack of stop loss protection. Like Petrob said previously, in this instance the EA carries large open losses without stop loss protection. So the profits are good, but apparently the stop loss protection works better with some brokers versus others. Kind of strange.

I have tried this EA on several different brokers and with several different strategies (including the stated defaults). Yes, this EA will make profits, but the continued high open positions (in the negative) detract from the profit picture. I even tried using the EA with its strictest settings and it still did not perform particularly well. I wouldn't trust a live account to the EA.

Total Net Profit: 2 215.51
Maximal Drawdown: 175.90 (2.62%)
Total Account Growth in 5 days: 44.3%

Loving the results so far! :) Lets just hope it keeps going like this..

2011-08-03 $ 6241.27 in just over 2 days! Max DD 1.69%..

Here's the link to my MT4 Stats if anyone wishes to follow my account more closely:

http://burningmunkey.mt4stats.com/

2011-08-02 Well, been about 48 Hours since starting the EA and I'm up to $5744 - almost 15% increase! DD has been low as well - max at 1.71%. so far very impressed! Will keep on posting my results.

2011-08-01 Was a bit of a mission to get the EA up and running with 0 GMT settings etc, but from there its been plain sailing. Applied EA to EUR/USD about 12 hours ago on a $ 5000 Alpari demo account. I'm currently up $ 419 - that's 8% in 12 hours. Max drawdown at 0.85%. I know it's still really early to tell - which is why I won't give a star rating just yet, but the EA is doing well so far.

Best thing about the EA is that its currently free - for 2 months apparently - so you have absolutely nothing to lose if you wish to demo test it.

Need I say more?