Discussion in 'Forex Trading' started by Humpy, May 14, 2013.
Anyone tried these guys ?
They make big claims
The picture of the money tree should give things away no?
The picture of the equity graph gives it away. There are some ugly spikes to the downside.
If you like 40-50% drawdowns, then go ahead
Probably reckless (or no) stop loss management. Graphs like that are a sign of something waiting to blow up.
Just my 2 cents,
I've been using it for a little over a year now. The system is pretty powerful and consistent if you take the time to learn how to use it properly. The main thing is managing risk. Too many users fail and blame the system because they have made the mistake of setting too high of a trade size for their account balance.
If you take the time to test out the system on a demo account and find the settings and risk ratio that are right for you, this ea can really perform for you. Just don't get too greedy.
I personally run the forex hacked on the scalper settings with a ration of account balance to trade size of $5000/.01 lot and profit 5% per week, which can compound pretty quickly if you increase your trade size as your balance increases.
But that is really just one of many possible ways to use this ea. You really will have to find what trading style works best for you.
Thanks for the replies
I have tried a lot of free EAs but haven't found a good one yet. I might have to buy one. Any suggestions ? Either MT4 or MT5.
nobody is really using MT5, it has a lot of drawbacks. So, stick to MT4. I would highly recommend the forex hacked ea. I've tried a few different EA's over the years, and this is really the only one that has continued to work consistently for me. And I will stress again that the key to consistency and success with this EA is maintaining a very low risk ratio. With the normal default settings, I would recommend a balance of $2000 for a starting trade size of .01 . If you run the scalper settings that you want bump that up to $5000 for a starting trade of .01, because it is real easy for the trade size to get very big while you are waiting for the trend to reverse. If you have the equity to support it, you will win, and you will continue winning. If you trade this with too high of a risk ratio, you may win at first and even see some impressive profits, but I can guarantee that eventually you will overextend your account and get wiped out. So just keep that in mind. It will only work if you are very strict and conservative about your risk management. (which really is good advice for any EA)
Haven't found many reviews regarding it, would appreciate if anyone who has used it can post their thoughts.
The equity curves shown on the web site (if they're actually for this EA. who knows.) are highly characteristic of Martingale systems.
I've seen this all the time. People get all excited by an equity graph that looks like an inclined plane without understanding the risk. Those downward spikes in the otherwise pristine equity curve are drawdowns due to doubling your "bet" 5+ times in a row after losses. It works until you get 8 losses in a row when you blow up your account. A long string of losses like this is unlikely but inevitable.
Don't be fooled by posters who say that you can use Martingaling responsibly; you can't. Posters will say that they've been doing it successfully. Maybe they have, but only because they simply haven't yet experienced the inevitable string of losers that will blow them up.
If you want to gamble a small amount of money to see if you can double or triple it, then take it to a casino. It's cheaper and frankly more fun.
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