EUR/JPY MoneyMaker Expert Advisor Review
NOTE : The review written here is for an expert advisor different from the one I talk about in my free expert advisor portfolio. As a coincidence both experts have the same name.
Three months ago, I purchased what seemed to be an interesting ea called "MoneyMaker" (aren't they all!) which traded the EUR/JPY pair in what seemed to be a trending style.
The ea claimed amazing profits, in the order of several times (about 500%) your initial investment. It came with a money back, no questions asked guarantee, so I figured out there would be no harm in giving it a try.
Even from the beginning I started to dislike this expert advisor. It has no stoploss. You heard me. No stoploss at all. The maker claims that the ea "quickly" gets out of loosing trades. Which in real life, turned out to be a bit "not quick enough" for my taste.
I forward and backtested this ea. In backtesting, the ea showed periods of massive winning, taking profit on one of aproximately every 10 trades, with about 3 trades a year making the difference between loosing money and making a profit. But It wasn't as pretty as I make it sound, the ea in fact made loses throughout some years, some being quiet deep. The ea though, managed to not get a margin call in 4 years of backtesting (loses occurred though).
In forward testing, this ea freaked me out. I hate, I mean really really hate, looking at an account with an open order loosing money, no stoploss, no nothing. The ea (in a 500 dollar demo account) lost quiet a lot of money and made about 2 winning trades which were not the BIG winning trades but trades that barely equaled some loses. In reality you face a very big open draw down with this ea. With no certainty of it being profitable at all in the future.
What I liked a lot about this ea, was it's pretty simple money management tool. Although it is very misleading in telling you that that is the amount of money you risk. Because of the lack of a stoploss, the draw down you can experience is not known. And NOT determined solely by the amount of money you spend on buying or selling the EUR/JPY.
The good thing is that the creator is a totally honest business man (in my humble opinion). He refunded me the money, no questions asked, as soon as I told him I wasn't pleased with the ea's trading style. If your into this kind of scary trading style, give it a try in a demo account, see how it feels. If you don't like it, well ask for your money back. In my experience the creator will live up to your expectations.
For me, I do NOT recommend this ea. The trading style is too risky (subject to massive draw down because it lacks a stoploss) to be part of our ea portfolio. This type of ea, suits an aggressive trading style which I am not keen on.
Three months ago, I purchased what seemed to be an interesting ea called "MoneyMaker" (aren't they all!) which traded the EUR/JPY pair in what seemed to be a trending style.
The ea claimed amazing profits, in the order of several times (about 500%) your initial investment. It came with a money back, no questions asked guarantee, so I figured out there would be no harm in giving it a try.
Even from the beginning I started to dislike this expert advisor. It has no stoploss. You heard me. No stoploss at all. The maker claims that the ea "quickly" gets out of loosing trades. Which in real life, turned out to be a bit "not quick enough" for my taste.
I forward and backtested this ea. In backtesting, the ea showed periods of massive winning, taking profit on one of aproximately every 10 trades, with about 3 trades a year making the difference between loosing money and making a profit. But It wasn't as pretty as I make it sound, the ea in fact made loses throughout some years, some being quiet deep. The ea though, managed to not get a margin call in 4 years of backtesting (loses occurred though).
In forward testing, this ea freaked me out. I hate, I mean really really hate, looking at an account with an open order loosing money, no stoploss, no nothing. The ea (in a 500 dollar demo account) lost quiet a lot of money and made about 2 winning trades which were not the BIG winning trades but trades that barely equaled some loses. In reality you face a very big open draw down with this ea. With no certainty of it being profitable at all in the future.
What I liked a lot about this ea, was it's pretty simple money management tool. Although it is very misleading in telling you that that is the amount of money you risk. Because of the lack of a stoploss, the draw down you can experience is not known. And NOT determined solely by the amount of money you spend on buying or selling the EUR/JPY.
The good thing is that the creator is a totally honest business man (in my humble opinion). He refunded me the money, no questions asked, as soon as I told him I wasn't pleased with the ea's trading style. If your into this kind of scary trading style, give it a try in a demo account, see how it feels. If you don't like it, well ask for your money back. In my experience the creator will live up to your expectations.
For me, I do NOT recommend this ea. The trading style is too risky (subject to massive draw down because it lacks a stoploss) to be part of our ea portfolio. This type of ea, suits an aggressive trading style which I am not keen on.
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