Forex Morning trade review

Is Forex Morning trade a scam?

Forex Morning Trade is one of a number of EA robots offered via Clickbank, one of the leading e commerce solutions for Forex. It works a little differently than some of the other Forex robots out there today but if you are serious about making your fortune in the Forex world (or making a nice amount of money anyway) it always pays to explore what is available, in the form of EA s and other tools, to help you on your way to achieving that goal.

Overview of Strategy

– Forex Morning Trade has it name for a very good reason and let me start out with a word of warning – if you are the kind of person who is not too fond of working at odd hours this EA may certainly not be the right one for you!

The thing is you see, that in order to use Forex Morning Trade you need to be at your trusty computer right at (or preferably before) 06.30am UK time. If you are in New York that means being alert and ready to go at midnight or 1am as the UK is 5 or 6 hours ahead of the East Coast, depending upon the Daylight Savings Time situation. This is based on the developer’s assertion that morning trades perform better than those set in place later in the day. This can obviously be an inconvenience to some. If waking up early/ staying up late is not in the cards for you check out other systems like Forex Combo System or Wall Street Forex Robot.

Once you are at your computer you need to open up your charts and as determined by two common indicators if your trading conditions are met for the day. If they are (which for a large majority of the the time is the case) then you can simply go ahead and open up a long or short position at the 6.30 candle.(again depending on certain factors)

Forex Morning trade only trades with the GBP/USD currency pair and it targets a 40 point profit from all trades with a 40 point stop loss. So basically once you enter your 40 point target price and stop less you can walk away from your computer and go to bed.

Backtesting –

Of course if you do decide to purchase the Forex Morning Trade system you will want to do at least a bit of backtesting of your own and based even on a few days of doing so the system seems to produce more winners than losers (the real goal of course)

if you want to look at backtesting before you buy the developer, one Marc Fric who is a full time Forex trader, maintains a consistently updated and verified results page on his website as well as a trading journal that actually details his own trades using Forex Morning Trade, complete with the settings he personally uses in the EA for each trade he makes.

In the most recent week of trading that he posted prior to my writing this review he posted 3 profits, 1 loss and 1BE ending the week with a 63.4 pips profit. If you go back through his journals and results they demonstrate a growing equity curve going all the way back to December of 2009, with a profit being made almost every month of between 80 and 400 pips. For more backtesting results you can also check this link on myFxbook if you want a neutral result. It demonstrates  a 68% success rate in trades, win the average win being    at  19.30 pips and the average loss at -42.92    http://www.myfxbook.com/members/piscrea/forex-morning-tradefxpro/88056.

As an interesting side note I just read a post on a Forex forum from an experienced trader using the Forex Morning trade system who has done several years of backtesting now and has found that are target price of 27 pips rather than the more common 40 has produced, for him, even more impressive results.

The last few months have not been great for Forex Morning Trade

Price:

Forex Morning trade currently carries a $97 pricetag. For your money you get instant access to everything you need to get started, including an illustrated trading guide that guides a new user step by step through the workings of the system. The package also includes lifetime e mail support form Mr Fric as well as lifetime free updates, something that he does seem to offer on a regular basis, the advantage of having a system that the developer still actively uses himself.

Conclusion:

There are several things that stick out as positive and notable about Forex Morning Trade. The first is its simplicity, the “set it and forget it” nature of this EA makes it perfect for the part timer who is just dipping their toes into the waters of the Forex world.

I also like the transparency displayed by Mr Fric, posting all of his personal results , which are verified, for the world to see. He has had bad months (it looks like December of 2010 was a particularly bad one) but that is the nature of forex trading unfortunately, you win some, you lose some and the trick is to more of one than the other as often as possible!

If you are interested in Forex Morning trade, click here to go to their website.

Forex Megadroid Review

If you are interested in visiting Forex Megadroid’s website, click here.

These days as the interest in forex trading has exploded there really are dozens of EA s out there, all of which of course claim to be better than their competitors and a sensible person, whether they have forex trading experience or are just getting into the game will be best served by looking beyond the inevitable hype on the sales page to what each EA can actually do and how it has performed in the past. The Forex Megadroid sales page makes a lot of very lofty claims but the question is does it live up to them?

Overview of Strategy – The Forex Megadroid was developed and is owned by two traders – Albert Perrie and John Grace – who claim 38 years of Forex trading experience between them and claim that they created their robot to “think” in the same way as a human trader might instead of base its strategy on historical results alone.

To this end the Forex Megadroid uses a system that is called the Reverse Correlated Time and Price Analysis (RCTPA) . This in theory allows the robot to read what has happened in the past to predict the future. A sort of psychic EA? Who knows but it does seem to do rather well the developers claim 96% accuracy but we will have to look to some of the backtrading to see if that really makes a difference or not.

Forex MegaDroid bases all its strategy in very short time frames. It is indeed a scalper as opposed to being a medium term or day trader. It is claimed that unlike other Forex robots it can perform in any market condition and also that it is completely undetectable to any other Forex broker, something that if it is true may give you quite an edge over others using different EA s that can be detected.

Forex Megadroid also comes with a Recovery Mode, meaning essentially that if you do experience losses you can cut back on them and also double the size of your trade lot size to recover lost capital as soon as possible.

One potential downside to the Forex Megadroid is that it only trades in the USD/EUR, so it does not trade that often or at least not with the frequency that some of the multi-currency Forex robots do.

Backtesting – On their sales page the Forex Megadroid developers do make something of a song and dance about the fact that as of September 18th, 2011 their robot has made a 5,146.45% net profit since 1/1/2009. But its nice to have some independent backtesting results to have a look at before you go getting to excited. In these results from myfxbook.com the average win is showing at 6.74 pips/ $6.72 while the average loss is posting as -38.01 pips/-$38.55. Despite a huge drop in these results in July of 2011 these results are fairly positive with 52 out of 59 trades made in the example coming up winners.

Price – When you go to the Forex Megadroid sales page somewhat annoyingly you have to click through seven screens of sales pitch before the actual price is ever revealed. Once you have made it to the check out page you discover that that price is a rather reasonable-compared-to-some-other EA s $67.00. For your money you get immediate access to the product so if you already have a broker set up you can going right away.

Reading through the many comments on Forex trading forums there are a lot of complaints about the customer service – or lack of it. There is a stated 60 day money back guarantee but some of the commenters  stated that actually acting on that was very hard. Against that there are a number of very positive comments about the standard of customer service as well, so perhaps it depends in the day!

Conclusion – If you are happy to stick to trading in a single currency pair – and the USD/EUR pairing has been one of the better performing ones over the last few years – then the Forex Megadroid may be just the EA you are looking for. The $67 price tag does, to some extent, minimize the risk involved in trying this particular EA so that you really have little to lose by at least giving this EA a try.

If you are interested in visiting Forex Megadroid’s website, click here.

Leo Trader Pro Review

Interested in going directly to Leo Trader Pro’s site? Click here!

Ask anyone who has much experience in trading on the Forex market with an EA robot and many of them will quickly tell you at least one story about having purchased – or knowing someone who purchased – a Forex robot that turned out to be a complete dud, despite having a great flashy website and some decent looking backtesting numbers. Leo Trader Pro claims to very different, but is it really?

Overview of Strategy – If you can wade your way through the multiple pages of copy on the Leo Trader Pro sales site, and there is a lot of it, most of it devoted to why other Forex robots do not work, you discover that the Leo Trader Pro EA is powered by something called a neural network ( seven of them actually according to the developers) Neural network technology in artificial intelligence world is not new, it is a mechanical process that aims to replicate, using some rather compliance science that is beyond me, to mimic some properties of biological neural networks – that is a real brain. So technically a Forex robot programmed in this way should be able to “learn” all the time about market changes instead of relying hard programmed stats based on backtesting.

At the moment the Leo Trader Pro is only “trained” to work with the EUR/USD and GBP/USD currency pairs. Trading is based on the “neural networks” predictions but is mostly short term.

Backtesting – A huge part of the Leo Trader Pro sales pitch is that the EA cannot be backtested as it is based in part on the neural network process so technically the way it “thinks” today is different to the way it did yesterday so it can “learn from its mistakes”.

Instead the developers make a big deal (and I mean BIG deal) about offering anyone interested in their Forex robot the chance to monitor their real accounts by providing them with the account investor password, giving read only access to real time accounts, operating on the MT4 platform via a brokerage called FinnFX. If you go to the Leo Trader Pro sales pitch and have access to MT4 already the password is there for you to access the live version of the accounts.

All of this sounds great and is indeed a big step forward in transparency but if you do log on look at all the accounts, they are not all winners (not that you can ever always be a winner in Forex, even with the smartest robot in the world.)

I did find some other backtesting examples though, the most recent of which showed an average win of 14 pips/ $7.52 and an average loss of 123 pips/$71.40. It did have a record of 98% of shore trades won though, rather interesting to note to say the least. You can view the full results here.

Price : Were you not reading this review you would have to scroll through an awful lot of sales copy (sales copy that mainly trashes every other EA on the planet while hyping up Leo Trader Pro’s transparency) to find out that the asking price for this EA is $67.00, which is actually right in line with what a lot of Leo Trader Pro’s competition are charging these days.

My only concern though, as someone who likes to read through the popular Forex forums, is that there are a lot of complaints about a poor customer service experience, constant crashes and other bugs and one gentleman even suggests that his request for a refund under the 60 day guarantee was delayed deliberately until one day after the 60 trial period was up.

Conclusion: The transparency (or at least apparent) transparency behind Leo Trader Pro is refreshing, if a little over hyped on their sale’s page. Was it necessary to have a representative from their brokerage not only make a video attesting to the validity of the live accounts but to write an official letter as well? Well the developers seem to think so.

They also have footage of company reps appearing at the 2010 International Traders Expo in Las Vegas and conversing with some of the experienced Forex brokers there. So at least there is something of a face to the product.

I am not sure that Leo Trader Pro would be the best product for a Forex newbie as it is not a “set it and forget it” EA, but if you already have a bit of experience under your belt $67 is not a lot to risk to try a product that does indeed seem to offer the chance to get some pretty impressive results.

Interested in going directly to Leo Trader Pro’s site? Click here!

Fap Turbo Review

Interested in going straight to Fap Turbo’s official website? Click here!

A great many of the Forex robots available today can only be used to deal with one or two currency pairs – usually USD/GBP and/or USD/EUR. That is not the way many successful “live’ forex traders like to play the game though, ask many of them and you will find that they like to deal with at least four. FAP Turbo is an EA that can deal in up to five. But is it right for you?

Strategy Overview: As mentioned you can use FAP Turbo to trade in up to five or six currency pairs – EUR/CHF (that’s the Swiss Franc if you are new to this stuff) GBP/CHF, EUR/GBP, USD/CHF and USD/CAD. The newer versions can also support USD/EUR. Essentially that means that all the major North American and European currencies can be handle d by FAP Turbo, opening up your trading possibility considerably.

The FAP Turbo comes with default settings for both short term scalper trading and long term trades. Although there is a possibility that a first time Forex trader could simply leave all the settings as they are, open and fund an MT4 friendly brokerage account, fund it and let the robot go to work that is probably not a way to make more than a very small profit if at any at all.

The FAP Turbo does come with a very detailed PDF manual that covers the ins and outs of all the possible settings and trading options and a few hours spent going through it before you begin anything is certainly advisable.

Installation is also a little harder than that involved with some of the other Forex robots as well so you should not be too surprised if you do end up having to call on customer service for help. In addition the FAP Turbo robot is updated every month or so and with each update you will have to install them and reactivate the robot, which while not a huge deal would I think become a bit of pain.

Backtesting – Ever since Forex trading became popular with the man (or woman) in the street as a way to make extra money “on the side” a lot of different EA robot products have hit the market. And as more than a few poor souls discovered more than a few of them were not at all what they claimed to be  but it took until someone had their account decimated on a single trade to realize it. The backtesting results provided by the vendors had looked good but unfortunately it turned out that for these “bad bots” the results had been doctored.

Therefore more than a few of the well known surviving EA s now provide live results in an attempt to prove their products worth. My problem with the live account results on the sales page itself for FAP Turbo is that they are only verified by another service which seems, if you go to its sales page, be a very similar company.

So it pays to have a look at some independent back testing (as it does with any EA) An open demo account on myfxbooks.com shiows some pretty decent results, with 81% of trades made since the test began in December 2010 coming up winners. There seemed also to be very little difference between the success of long versus short term trades as 81% of the longs were winner versus 80% of the short. The average win was at 5.90 pips and the average loss at -9.58. If you are interested in seeing the full results you can find them here.

Price: A great many Forex robots have come down in price in recent months but Turbo FAP is not one of them. The price remains $149 which a year or so ago would have seemed fair but with other big robots now being offered for $67 it FAP Turbo now stands out as one of the pricier offerings.

On the other hand because of its ability to trade in multiple currencies that FAP Turbo should cost more seems fairly reasonable. And there are those frequent updates, which while they may be a little annoying at least proves that people are still actively working on fine tuning their EA (although the developers post photos of “themselves” on the sales page with their faces blacked out which is a little weird)

Conclusion: As mentioned back in the beginning of this review most “real life” Forex traders like to work with – or at least have the option to work with – multiple currency pairs. FAP Turbo allows its users to do the same thing if they wish.

FAP Turbo is a more serious little EA, designed really for someone who wants to take their Forex trading endeavors a little more seriously than many and is willing to risk a little more both in terms of financial investment and effort as to say that FAP Turbo is a set it and forget it robot is not quite true. And for these people it is an EA probably worth giving a try and if things don’t seem to be going as well as you liked there is a 60 day money back guarantee attached to FAP Turbo so your investment is relatively risk free (the money you invest in the robot that is, Forex is never risk free!)

Interested in going straight to Fap Turbo’s official website? Click here!

Million Dollar Pips Review

Interested in going straight to Million Dollar Pips’ official site? Click here!

Million Dollar Pips is one of the newer entrants onto the Forex robot scene. The developer – one William Morrison – admits on his sales page to being a software developer rather than a seasoned Forex trader but also claims that his software knowledge combined with 18 months of research and testing – both demo and live – has resulted in an EA that is hard to beat and easy enough for the absolute beginner to use successfully – but does Million Dollar Pips performance actually back up his claims?

 Strategy Overview – Morrison says he had himself used Forex robots in an attempt to make money for a while before deciding to create his own. Million Dollar Pips is programmed to trade on the 1M chart and it does have a fairly tight stop loss to minimize your losses if and when they occur. A combination of indicators are designed to detect, and then scalp, mini break outs to take advantage of. It also initiates a fairly high number of trades, something that the developer terms risk diffusion.

In its basic form Million Dollar Pips trades only in the USD/EUR, USD/GBP, and USD/CHF currency pairs, although for an additional fee you can add USD/JPY into the mix, a currency pairing that not a lot of the current crop of EA s work with. This gives users the kind of currency pair variations that most “live” Forex traders always recommend working with.

Backtesting – In his sales pitch on the main Million Dollar Pips website the developer admits it took him a while and a good amount of demo testing before he got up the nerve to begin running Million Dollar Pips on a live account. His live account results, together with several others are displayed on myfxbooks.com and they all have some fairly consistent similarities. Each account demonstrates a win/loss stat of between 50/50 and 60/40 with short trades performing 10-20% better than long trades. The average winning pips figure is 9.06 and the losing number is -8.75. You can see some of those results here

Price: The basic cost of the Million Dollar Pips Forex robot is $99, which puts it right in the middle in terms of cost when it comes to the current crop of well known EA s. If you want to be able to trade in the USD/JPY currency pair that involves a separate $99 purchase.

Looking at the pricing in comparison with some of the other offerings out there $99 is not bad at all as you are getting the multiple currency pairing options while some Forex robots priced at just about the same level offer only USD/EUR and or USD/GBP currency pairings. Whether you choose to up the ante and purchase the USD/JPY add on as well is entirely up to you and your interest and confidence in the yen. You may want to differ that decision until you have seen how well the basic option is working for you.

One word of warning – while many Forex robots have a standard 60 day money back guarantee the duration of the one attached to Million Dollar Pips is only 30 days, so if you are one of those people who tests an EA by essentially trialling it free and always claiming your money back that is important to keep in mind.

Conclusion: Backtesting for Million Dollar Pips may not be quite as impressive as some of the other Forex robots but there are two points to keep in mind. The first is that backtesting is a useful tool but it should never be taken as gospel. Markets are by their nature very volatile and even a real live human Forex trading expert could have predicted something like the Japanese tsunami and earthquakes that played havoc with that market and that is just a single example.

 The other thing worth considering is that the demo and live results with Million Dollar Pips are very consistent, even in a volatile market and the tight stop loss settings do seem to work for the most part.

In conclusion I am not sure you will make a million dollars using Million Dollar Pips but as an EA to help you begin to make some money in the Forex treading world it is at least worth serious consideration if you are still weighing up your Forex robot options.

Interested in going straight to Million Dollar Pips’ official site? Click here!

Forex Bulletproof Review

Interested in going straight to Forex Bulletproof’s site? Click here!

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.

Interested in going straight to Forex Bulletproof’s site? Click here!

Forex Secret Signals

To go straight to Forex Secret Signals homepage, Click Here!

To begin with it is important to understand the FX Secret Signals is not your usual Forex robot. In fact it’s a very different concept of an automated EA altogether for a number of reasons not the least of which is cost. Up front I can tell you that FX Secrets is, in the long run, quite a great deal more expensive than many other Forex robots. The question is of course what can it do that other EA s cannot?

Strategy Overview: FX Secret Signals is a relatively new entrant to the Forex robot market and was developed by one Peter Hamilton. Mr Hamilton is a full time Forex trader with 7 years of experience in the live markets. FX Secret Signals he says is a result of the combined wisdom of several experienced Forex traders, all of whom will be ‘working” for you should you decide to purchase the system.

In terms of actual strategy very little is given away as FX Secret Signals is, the developer claims, based on human strategies instead of those produced using an AI robot or program as is the case with the majority of the other Forex EA products on the market. Rather than term itself an EA at all FX Secret Signals is described as a trader copier service. In other words you will be copying moves and strategies set into place by these human traders.

In order to use the FX Secret Signals you must have the Metatrader 4 platform running as that is where these signals will be sent from the service/program. Trades are executed and monitored for you, so essentially there is very little for you to do except to watch and monitor. Is that really actively being a participant in Forex trading? The answer to that may be somewhat subjective. It is certainly your money that will be funding these trades but your actual control does seem like it would be somewhat limited.

Using the FX Secret Signals service five to ten trades are executed daily and you can trade in one of four currency pairs at the time of writing  – EUR/USD, USD/CHF, EUR/CHF and GBP/JPY- which does give you the opportunity to engage in the kind of varied trading that most “live” Forex traders do prefer to work with.

Backtesting: Like any other product of this nature there are a lot of big claims made on the FX Secret Signals website about just what this service can do for you. Backtesting is of course no indicator of future performance of any EA but it always helps to at least look at it an take it into consideration when contemplating any purchase like this.

There are no live accounts displayed on the “official” website, something that some EA vendors have started doing. There is a live account running with the results being posted on the Forex Peace army site you can view to get a basic idea of how this system is operating and performing. There is, at the time of writing little in the way of history to go on as the account was only opened in July of 2011. You can keep an eye on it here. So far this account is averaging 19 pips a week on an average of 8 trades a day.

Price: Price is the really big issue for me with FX Secret Signals. An initial investment of $9.99 gets you access to the FX Secret Signals software for seven days. After that you will be charged $97, but that is $97 a month, not the $97 and done you will pay for many of the Forex robots on the market.

Now it is reasonable to agree with the author of the copy on the FX Secret Signals sales page that if the $97 fee is going to be an issue for you that maybe you should not be in the Forex trading arena right now anyway. But how much is there to demonstrate that this system is actually worth the $97 a month? Not a lot yet and (this starts to sound like a broken record but its true anyway) all the backtests and demo accounts in the world are no real proof that any EA will work for you, just a basic idea of the potential it has.

Conclusion: It is somewhat unfair to compare FX Secret Signals to other Forex robots out there because by its own admission it is a trader copier service, not a robot at all. Sort of a cut price advisor if you will. You do not seem to have a great deal of personal input into the trades and the actual strategy being used is something that one would have to figure out for themselves for the most part by looking at the backtesting closely. Is it worth the investment? That is hard to tell. You can choose to cancel your subscription at any time so if you like what you see in the 7 day trial and want to give it a go for a month I suppose you could. That, like most other aspects of Forex trading is really your call.

To go straight to Forex Secret Signals homepage, Click Here!

Choosing your forex platform

If you’re looking for a new Forex broker there are several ways to choose one. The best way is to read Forex brokers reviews, which will tell you key information about each broker at a glance. All it takes is for you to do a little homework before you plunk down your hard earned cash. We’re going to show you that choosing your Forex broker is actually quite simple. Follow these 5 tips and you’ll be successfully trading Forex online in no time at all.

While downloading a trading platform application might not appear to be such a bad idea, bear in mind that if you’re not using your own personal computer you might not be able to trade as and when you want or need to. An application that runs from your browser window is a better option, allowing you more flexibility.
Read Forex brokers reviews to find a trading platform that is easy to understand right from the start. Certainly you won’t want to even consider a platform that takes weeks or even months to figure out how to manipulate, and the best way to determine which one is easy to use is to read Forex brokers reviews. Trading foreign currency profitably is complex enough; combine that with an awkward trading interface and you are destined to have poor results.
If the platform you’re considering offers a demo of it, take advantage and “play” with the fake funds to your heart’s content. If it doesn’t offer a demo yet you feel it might be worthwhile to further investigate try trading on paper to determine if it is a good fit. After all, even if you read Forex brokers reviews, testing things for yourself is a great way to confirm the reviews.
Factor customer service support into your equation. When choosing your Forex platform you need to understand that your forex broker is going to be your new best friend. If your best friend doesn’t have time for you or can’t help you with your questions, you need to find a new best friend – fast! If the online trading platform doesn’t respond to your request for assistance in a timely manner then you’re going to lose money (and remember, time ismoney!). Online real-time support has got to be a key consideration. Fortunately, the top Forex brokers reviews customer service, so you needn’t contact them on your own.
While the costs of using an online trading platform should be a concern, they shouldn’t be the only concern. The least expensive platform may not be such a bargain if you miss out on forex trading opportunities simply because the platform is less functional than it could be or you didn’t get the timely support from your broker (best friend) that you expected. The old adage, “you get what you pay for” generally applies.

Wall Street Cloner

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. 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.