Forex Monster
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Type: Forex Trading Robots Profitability: 7/10 (backtest only) User Friendly : 7/10 Support : 6/10 »» Download Forex Monster |
Description
Most forex robots are using a trading system that comprises of indicators, indicators and still indicators. This creates the problems where most technical-indicators traders faced.
Their entry and exit timing are slower compared to the counterparts who use true PRICE action to trade. Thus they have to make it up with a bigger stop loss but yet smaller profit target.
That is why most successful traders sweared by the effectiveness of using only “price action” to trade. You will realize many senior traders in popular forex forums using only naked charts to trade. They trade with nothing but price-action and multiple timeframes.
Forex Monster is probably the only forex robot that is adopting a PRICE-ONLY trading system. It exploits the trendy action found in EURGBP using 60min timeframe.
From our backtest stretched back to 2004, the results have been appealing for the past 5 years. The yield curve rises consistently from year to year. The drawdown is minimum and manageable and does not affect much on the strong uprising yield curve.
Forex Monster seems to strive on generating big and quick profits from a few trades. The performance will then drop. The robot managed to generate a net profit of over 490%+ with just 7 trades.
This is something you should look into exploiting its maximum profits. Maybe restrict the robot from trading with compounded capital.
Let the robot trade with a base amount and withdraw the rest of the winnings after a good streak run.
Anyway, most robot will easily give back the earlier wins. So far only Forex Megadroid and Fap Turbo managed to withstand the test of time.
So will Forex Monster do the job for you? I can only say it is very good for short term trading and you should try to restrict it to trading a base amount and withdrawing the rest until your winnings are substantial.
Strengths
1. Ability to generate good profits within 5-7 consecutive trades. ( $800 in 2 days, $1,700 in 24 hours and $1,543 in 24 hours. )
2. Produces a constant uprising yearly yield curve from the past 5 years backtest
3. Trades only Price Action which is a leading indicator
4. The coded trading system only needs min $100 to trade
Weakness
1. The robot does not seem capable enough to trade with compounded capital due to its smaller reward-risk ratio
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I bought Forex Monster on Tuesday as well and have been demo testing it on several accounts.
On one account, I have it on 12 pairs. I have closed it immediately for small profits.
Lets wait and see.