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Thread: The Forex Monster

  1. #1

    Default The Forex Monster



    The Forex Monster Official Website

    Hi Guy's.
    Another EA In The Ocean.
    Is It Real Or Not, Like So Many,
    Time Will Tell.

    If You Have It Let Us Know How It Goes,
    It Seems To Work Different That Others.
    Its Cheap At $67 US,
    8 Weeks Moneyback On Clickbank.
    I've Never Had A Problem Getting A Refund From Clickbank.

  2. #2

    Default

    Scraping past all the marketing bulltwang,... I really don't know enough about the bot to see how it trades, backtests, what pairs etc... although in it's favour it seems like a trending EA rather than a scalper, and that's nice for a change. It also hints that it doesn't have a huge TP/SL ratio
    (*cough* Euroblaster *cough*)

    Would still like to see a ten year backtest though. If it can turn $10000 into $50000 in 7 trades, then I'd love to see how it goes doing that over ten years in "any market condition".

  3. #3

    Default Another bullshit EA

    Sorry about this, but wake up and smell strong coffee. Their ad says "I" this and that a million times yet no name to connect to this "I". And no contact email either. Chalk this up to another super slick advertising campaign

    Yea you'll get your money back from clickbank but what's the point with something so obvious as unsigned hyper hyped ad?



    Quote Originally Posted by zoegirl123 View Post
    Hi Guy's.
    Another EA In The Ocean.
    Is It Real Or Not, Like So Many,
    Time Will Tell.

    If You Have It Let Us Know How It Goes,
    It Seems To Work Different That Others.
    Its Cheap At $67 US,
    8 Weeks Moneyback On Clickbank.
    I've Never Had A Problem Getting A Refund From Clickbank.

  4. #4

    Default

    Quote Originally Posted by plandy View Post
    And no contact email either. Chalk this up to another super slick advertising campaign
    Good point.

    Megadroid had an overhyped bot (that actually works, more or less) but at least you know who were putting their names to it.

    Still, hype or not hype... the proof will always be in the pudding.
    I guess it just takes one brave soul to go first and critically review the thing.

    They've made that task nice and hard though with all the blog-spam they've generated for it.

  5. #5

    Default

    I understand your point about keeping an open mind. If we have an optimistic volunteer to test and report I am all eyes and ears.

    Quote Originally Posted by Neo-Rio View Post
    Good point.

    Megadroid had an overhyped bot (that actually works, more or less) but at least you know who were putting their names to it.

    Still, hype or not hype... the proof will always be in the pudding.
    I guess it just takes one brave soul to go first and critically review the thing.

    They've made that task nice and hard though with all the blog-spam they've generated for it.

  6. #6
    Member
    Join Date
    Jun 2009
    Location
    Los Angeles, CA
    Posts
    34

    Default

    I bought it today. For $67 and a ClickBank MBG, it's not a big risk. I've got it set up on an FXDD demo account with 12 pairs - 1H TF. It trades between the London & US markets - 1 am EST - 12 pm EST. Default TP = 130 and SL = 150. Not too many other parameters.

    They do have a blog and appear to be somewhat responsive, so we'll see how it unfolds over the next few weeks. They guy in the video (the EA author?) has a Canadian accent.

  7. #7

    Default

    Thanks for being our "Space Monkey" Mac

    When you get time, please show us a backtest!
    Last edited by Neo-Rio; 07-08-2009 at 05:46.

  8. #8

    Default

    OK I'm checking it out now too. However, I think this EA falls into the "passable junk" category.
    The author, whoever he is, also seems to be responsible for "Forex Assassin"... another EA. Not sure about that one's performance however.
    Let's look at the claims:-

    "Adjustable to any market condition?" - utter nonsense. The backtests show that on FXDD data (which is the default), the ONLY period where Forex monster actually profits is from 2008/10 - present. If you run it before that, you'll find it trashing the account. I am now optimizing the settings over this period to see if the defaults can't be improved somewhat.

    As for the claim of not being a robot that will make lots of small wins before wiping your account out? I don't buy it. The default TP is 130 and SL is 150... and like I said, backtests prior to the FX crash of Oct 2008 clearly show the EA ripping accounts up.
    Makes sense really, why there are no backtests published on the website -- they aren't pretty curves - with the exception of the 2008/10 - present graph. It shows a grand total of 9 trades which make a lot of money, which was only possible during the last 8 months, and it was a nice "lucky" winning streak using a risky lot size.
    Looks VERY VERY dubious and curve fitted.

    The EA also has no money management. You'll have to set the lot size yourself. It assumes you'll drop 10,000 and use a lot size of 1.

    The EA is very "hands on" rather than hands off. I would be worried to run it on full autopilot.

    You can also run the EA on other pairs as well, and they'll all useless. Maybe some optimization could work here, cause the default set-up is lacklustre.
    I honestly think there are better EAs that funyoo has coded on this website.
    Last edited by Neo-Rio; 07-08-2009 at 10:33.

  9. #9
    Member
    Join Date
    Jun 2009
    Location
    Los Angeles, CA
    Posts
    34

    Default

    I don't do back tests. I just do forward testing on demo accounts - it's closer to reality, IMHO.

    Let's give it a few weeks on demo accounts and time will tell. It's a small, safe investment for a short period of time, and if we work together we can help each other.

  10. #10

    Default

    Here's the backtest graph of 2008/10 - present. $10,000, 1 lot size... just like the site claims.
    Attached Images Attached Images The Forex Monster-testergraph-gif 

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