ForexGridBot.com Review

The new expert advisor from 2013 "Fibonacci Grid" is probably the best EA in the world. I have 1 copy and tried in one alpari ru account, +4000$ in 2 days, and backtest is allways wining. I have a free copy because i have Martingale Grid (i loose with Martingale grid my 3K account 2 years ago) but admin said me that i need use Martingale Grid with more than 100.000 USD. Now im happy because i have the new grid and i no need to pay the high price that it has.

For those who suffered losses, I suggest you look at gmtoffset. Are you sure you had correct value? cause it doesnt do automatically, so we have to put manually. By far I experience more profit that loss. My setting is default, broker is Alpari demo. Manual book said the best pair is gbp/jpy & usd/jpy. I choose gbp/jpy for my demo.

Conclusion : quite good EA.

I have been trading this on both demo and live accounts for the last month. The out-of-box setting will wipe out an account. I adjusted the setting based on my demo account analysis and so far I am making money.

Firstly, I am only trading the EUR/USD. I will be adding the USD/JPY next week. I also only trade 1 trade at a time.

The time of day is important. It establishes the price around which the robot will trade. I have to agree with Kim in that the trades late in the day lose more often then not. I am planning on shutting down the report each evening @ 7pm ET and setting a stop loss to mitigate this.

I also have set the "Safety Net" lose limit to approximately 20 PIPs. Its only triggered once on my live account but it was a very good thing.

Lastly - customer service for this product is non-existent. If you are not into testing and analyzing on your own, you will not like this EA.

On the other hand, this is only the second EA that I have found which actually makes money.

This robot is heavely market via a slick looking website and a great affiliate bonus of $89. so to find any honest reports on the net is almost impossible. However I have traded this robot on 3 different accounts and get 3 very different results. 2 of them are in heavy losses and one of the shows a decent profit.

However what is fishy is that when you post something on the fx gridbot forum that is not possitive they will not post it. So I am not so confident with using this gridbot live. I will probaly ask for a refund as you can within 60 days.

HI
I bought this bot from the first week that FPA starting test it,i trade gbp/jpy with demo acc until the big losses starts and then i did like dkmillion said in his review i tried it with eur /usd in a small live account i started with .01 lot but i increase the size each day in the week(i dont use it in fridays),and i found the result is very good (this is my third week in my live account),im up 30 percent,besdie the fact that last week i was loosing everyday, but still 30 percent in 3 weeks is amazing.

OFCOURSE THAT DOESNT GURANTEE THE FUTURE, so this bot is fantastic with eur/usd not with the pairs that recomended in thier website.
Here is the details of my experiance:

My live account size is 500 usd with Activetrades:

Start hour :1 (GMT) notice that each broker is deffirnt.

End hour :23

That means that the hours covering 22 hours from 24.

I start with .01 lot size in day 1and then .02 next day, 03 the third and the last day is ,04 I never made the robot trade in fridays because some times friday is wierd.

next week 05,06,07,08 etc

maybe some people will say that is dangerous,YES I AGREE
but until now im very very happy up 30 percent even though that the second week was a bad one and all of the the days was loses.

But we will see after another month if it will countiue perform like that so that is one of the best bots i ever tried until now(i tried almost every thing avalable in the internet).

HAPPY PIPS
MIDO Denmark

The strategy that this bot uses is actually profitable, however before i started live trading, i did much demo testing and tweaking. the default settings which the robot comes in is flawed. so you have to be very careful, however if u test it thoroughly and set it right, it is profitable, i have been running it live for 2 weeks now after demo and tweaking. For example the defuault start hour the robot is set with is 16 and end hour 2, thats a trading time total of 10 hours, the website explicitly stated that the gridbot is meant to trade between 1200-1900 usa time which is 7 hours trading. i have submitted this to the forum hoping to get an explanation, however the forum gave me an auto response saying my post will be reviewed before it is shown and it was never shown. for broker such as fxdd, the correct start time is 21HOUR-2HOUR and alpari is 20-1 HOUR. the last hour of trading is removed because that is pre-open to asian session where the pairs start to trend and cause losses.

Another flaw of the robot is that it can open trade 30 minutes before the end time and then close all trade at end time, sometimes these last minute trades have not even covered the spread and cause losses.

For my own settings gridbot 500, i have reduced the maxloss from -250 to -150 as by the time u have a loss of -150, the pair would probably have been trending and it would get to -250 in a matter of time. I am using alpari uk so my trade time is 21-1hours.

you can also tweak the setting so that you have higher chance of getting 1 good trade a night and avoid ridiculous trade that open just a few mins before the end time. do this by setting max open trade to 1, and the restart profit to the amount that 1 winning trade would get

TERRIBLE...AWFUL.... This is by far a horrible robot... it wiped out my live 1000 dollar acc. within 3 weeks :( Ioosing REAL money with the forex gridbot I advice all readers to stay away!

2009-06-20 No rating
Hi,
I went live with the gridbot around 2 weeks ago... & it was doing exceptionally well in the beginning... but the whole last week has been a disaster and my live acc. in down by more than 50% in just one week... that means the profits the gridbot made + original equity... has been lost... the bot made a profit of around 700 dollars in two weeks... so in conclusion that profit of 700 is lost + 50% of my original acc. equity... I have contacted support & still have to hear from them.... so far i am highly dissapointed with this bot but they are releasing an updated version with the hedging feature on july 1st.... so the only reason i have asked for a refund till now is I have faith in the hedging feature.... i'll update again once their heding feature has been released and i've tested that on my live acc. for another 2 weeks... as of now I have disabled the gridbot from my live acc. to prevent further losses!

2009-06-10 No rating I have tested this bot on demo for 2 weeks and was very impressed but went live with it today using the broker alpari-uk! It only took one trade today resulting in a profit 38 dollars! Can someone from the FPA admin tell me wht. time settings you are using on your demo acc. because the results are EXCEPTIONAL! Or if anyone else can suggest the best time settings with alpari-uk, I would readlly appreciate that!

Thanks

Review Moderation Team Note: As per the Performance Test page, it's set up to trade USDJPY and GBPJPY on the 1 hour chart. The only other adjustment was setting up the GMT per broker hours.

This robot was making some nice profits and then blew up 1/2 my account. I was using default settings and .05 lots. I thought that would be safe at just 50 cent a pip.I was way wrong! I think it could be a good bot with the right stop loss for protection.

An update on my previous review. I was very impressed with the results shown on FPA and decided to run in Iive on Alpari UK. Three consecutive days the EA has made major losses and the results are reflected on FPA results as well. I have contacted the support staff but they haven't turned up with a clear response. The surprising thing is that their own website which is supposed to run live is not showing any results after the 12th of June after which the major downturn took place ( A good way of showing profitable results). In my view they need to reassess the money management and stop loss criteria. As you can see on FPA's live results that is up to the 17th of June, two days of bad trading can wipe out two weeks of profits.
The way how the EA works is that, it tries to achieve a certain money target eg. 100 dollars a day and if it's successful during it's trading time it wont take any more traders. However, if it is in loss it opens up more trades and the surprising part is it closes all positions by the end of it's trading hour. So it's very simple either it achieves it's targets or wipes out your equity.

My honest advice is this is a high risk high reward EA, with chances of losing much higher.

2009-06-15 1 star I have purchased the robot yesterday and put it on a live account on Alpari UK. Apparently, the EA has booked 214 pounds of losses in just one singe day with 0.1 contract with two currencies. Can anyone let me know what settings they are using, with Alpari UK.

I have tested the Gridbot for a month now and it is running now live on my account for 2 weeks on eur/jpy, eur/usd and aud/nzd. I trade only 0.01 lot per $500. The gbp/jpy which they recommend gives big losses and then it takes a few trades to recover the losses, the eur/usd is the best by far, one loss equals one profit and it gives far more profits than losses, and so for the aud/nzd. My broker is forex.com. I am running it now on 2 accounts live and am very much impressed!