Forex Bulletproof Review
From the minute you hit the Forex Bullet Proof sales page you notice something a bit different. The copy is clever, it does not scream out about this EA being able to gain you a lifestyle full of Lamborghinis and big houses on private islands. It actually offers a fairly straightforward explanation of why the developer believes that his EA works. Refreshing, but good copy writing does not mean that you have created a great Forex robot, only that you hired a good writer. So how does Forex Bullet Proof really stack up against an ever growing field of EA competitors?
Strategy Overview: To their credit right from the beginning of their sales page pitch the Forex Bullet Proof developers make it clear that this is not a get rich quick idea and that the use of their Forex robot is for people who want to make a reasonable profit for a sustained period of time. The stated objective for the Forex Bullet Proof EA from the developers is to average 5% gains every month for at least five years. Their site then goes on to post results screens shots that far exceed that goal but that is something we’ll look at in the backtesting section.
The Forex Bullet Proof seems to be a rather cautious, play it safe Forex robot. The times it enters markets are rather precisely defined at the time when the asst transfers from the US trading floors cross over to the European ones as the US floors close just a few hours before the European ones open. If a user chooses to trade in the USD/JPY currency pair, which is an option, the same perceived advantage is there too.
There are other safety nets in place as well. If you lose your Internet connection the robot can be restarted from another computer immediately without missing a beat, picking up on the trades that were opened elsewhere as part of the trading cycle. Of course you have to find a computer that has Internet but it theory it would work.
Backtesting: There are no live results offered as there are on some of the other Forex robots sites but the company does have several myfxbooks.com verified active demo accounts (but no live ones, the robot is still officially listed as in beta) that you can have a look at for backtesting information.
A number of the demo accounts are trading with figures that are just too high for the average Joe to afford (I doubt that you have a spare million dollars lying under the bed do you?) so I took a look at a more modest account working with an initial $700 deposit. From December 2010 to September 2011 the win rate was 64% with the average win at 6.81 pips/$3.61 and the average loss at -11.56 pips/-$3.75. And yes it is meeting, and exceeding that 5% monthly goal at 6.73% as of September 2011. Remember though that these are demo accounts, not live, but they do look promising as far as the stated goals for the Forex Bullet Proof robot go. If you want to see all the details you can check them out here.
Price: The current price for the Forex Bullet Proof EA is $147, which can on the face of things seem a little high for such a new EA when the more established ones are selling for $67-$99. The thing here though is that this is an EA for the those who are looking for steady long term income. If you have looked at the backtests you will see not a single short term trade was initiated. This EA seems to be designed to be the tortoise of the Forex robot world – slow and steady wins the race – so maybe $147 is not bad for something that may be able to make you a steady extra income for years to come. And there is a 60 day money back guarantee so essentially taking a chance on Forex Bullet Proof is risk free.
Conclusion: At the time of writing Forex Bullet Proof is still listed as just out of beta. The developers say on their site that they and many others are live trading. They offer a screen shot of a live account but I at least cannot find it verified anywhere else.
However the demo accounts show that the Forex Bullet Proof EA can do what it was designed to, provide reasonable steady gains that will give you a reasonable steady profit. Sure we’d all like to buy a sports car and a big house within a year but Forex trading really does not work like that. So if you want an extra income that can at least help improve the quality of your current lifestyle I think Forex Bullet Proof might just be worth a shot.