Wall Street Cloner is a relatively new service being marketed to those who might be in the market for a Forex robot EA but it is not a robot in itself. Instead it is one of a new crop of “live signal” services that also call themselves trader copier services. In other words your trades are based on the advice, or signals from, human Forex traders rather than based upon the strategies of an AI robot. But is Wall Street Cloner really a better option than a decently performing Forex robot?
Strategy Overview: The “face” of the Wall Street Cloner is a British gentleman called Max Michaels who claims the title of professional Forex Trader. There is a lot of copy up there on the sales page to wade through, something not unusual for a system like this, and little in the way of actual demo testing results that could be considered verifiable. Some of the vendors of the EA robots have begun publishing such things on their sales pages or on certain large Forex forums like myfxbooks.com and Forex Trader Peace Army voluntarily but that does not seem to be the case for Wall Street Cloner yet (it is a relatively new product.)
In terms of actual strategy the idea is that using the Metatrader 4 platform you act on signals from these human traders posted in a members area forum. There is no automation to the system in its basic form so this is maybe not a product/service for someone who has never traded on the Metatrader 4 platform nor is it one that you can “set and forget”. Essentially it is a system of advisors. You can pay an additional fee to have the signals fed directly into your Metatrader 4 platform and executed for you but more about that in the price section.
Backtesting: Finding any actual demos or live accounts using Wall Street Cloner is hard. Active testing grounds like Forex Peace Army have no testing running and there are no tests or live accounts showing in sites like myfxbooks.com either, normally a good, reliable source for such things. I did run across some posts in various forums from users who were claiming to use the system but there were no actual results posted. Eventually I did find one running demo account here and the results are a mixed bag to say the least. They demonstrate 216 winning trades versus 74 losing trades with 14.3 pips on the average winning trade and -52.3 on the average loser.
Price: Initially price for the Wall Street Cloner is a bit of a muddy issue. On the sales page the initial stated price for the service is a recurring $49 with a 60 day money back guarantee. But, as is a big ongoing complaint in many of the forums there is quite an upsell attached to Wall Street Cloner. Your $49 a month gains access to the members area. It costs an additional $147 for the automation software that will send the signals to your Metatrader 4 set up and execute them for you ( a one time charge) and $297 to purchase the scalping signals service. You can also opt for the email signals at a recurring $29.00. So all in all just how much it is going to cost you to usefully use Wall Street Cloner will depend upon how much you are willing to part with. To do the quick math for you taking advantage of everything on offer would result in an initial investment of around $520 9you can catch some discounts on the downsell)
Conclusion: There is a definite rise in the number of these human powered signal services being launched to try to capture some of the Forex robot inclined crowd. One of the difficulties in actually trying to access them properly is that at the time of writing they are all very new like CitiFX Pro TradeStream. Some of the most popular EA robots out there have been running for several years now so have a lot more to offer in the way of historical performance indicators. If you are interested in automated Forex trading in general it may be worth keeping an eye on these new offerings for a while before you make a decision one way or the other.