I have only recently acquired WW EA. I bought it, despite the fact that it is relatively expensive for a retail EA, as the equity curve displayed here on myfxbook is so straight and the draw down appears so modest. I did not appreciate that what people on here are calling martingale was such an important feature. The term martingale covers many ways of trying to overcome losses by increasing risk. Although this EA does not use classic martingale, ie waiting for a loss before multiplying the next trade size, it does use the same principle of using larger lot sizes to overcome a losing position. Sometimes called averaging down in investing circles, it is usually considered unwise. Borys is saying his EA does not use martinagle, and that it just adds to a losing position. But that is effectively a martingale strategy, adding additional risk to a losing position in the hope of a turn around in fortune. Now over the years, like many traders (and yes gamblers) I have been intrigued by the martingale theory, but to cut a long story short I have come to the conclusion that in the end using martingale will kill an account. In my view any trading strategy that depends on martingale is gambling and is disastrous.

So, having demonstrated to my own satisfaction (or should I say disappointment?), in back tests that the default settings of the EA will kill an account, I have been back testing using a max trades setting of two, multiplying the second trade size by two. I still could not get steady results on 15min 1hr 4hr TFs. However on the daily TF results were much steadier. I have also back tested using just one trade and not adding positions; this works well but adding that one extra position at double size seems to be better.

I also find that currency pairs which trend strongly eg eurused, audusd and eurjpy are not a good bet and can lead to very large and uncomfortable draw downs while a trade is open. Frankly I find it hard to see how Borys got the back tests results he is claiming, and I do not believe the nice straight equity curve on the live account can be sustained.

Unfortunately the user of this EA is left pretty much on his own as the manual is little more than a list of settings, with no detailed explanations of them offered. I have already fired up WW EA on a live account using all pairs and default settings, and will probably persevere with the live trading, but change to a daily TF and less risky settings. And I will cut out the trending pairs. I have to say that although the simple explanations of Wolfe Wave in the sales blurb were very beguiling, no caution has been offered by the developer Borys (who is obviously a sharp cookie in the best sense) as to the risks this EA poses. Borys says it is not martingale, well maybe not classic martingale, but the risk is exactly equivalent, just as in Forex Hacked EA.

It must be said (sorry Borys) but this EA does stand alongside Forex Hacked EA, in terms of what it promises but also in terms of the risks it poses. Had I known what I know now I would never have bought WW EA, sorry.

The EA does use WW as a way to determine when to open a trade, but WW application ends there as far as I can see. The TP and SL methodologies have no connection with WW theory as expounded on BJF sales website. I can open a trade using any number of entry methods, but it is how a trade is managed that makes it profitable, and I am yet to be convinced by this EA in that regard.

Borys, you need to offer far more information up front. No matter how good your 'support' is, the up front advice and information is very important even to experienced traders and EA users. Your EAs are all expensive, and they need to offer better value to users.

BluePanther,

If and when I get some consistent results I may post them up, but so far my live results with WW EA would tell you nothing.

I have only offered my thoughts to date, and am rather hoping that it will encourage Borys to give his customers more help. Borys strikes me as being pretty bright as a programmer and salesman, but I am not so sure he is a successful trader. Not so sure I am either as I have had very mixed results over the years, and all my own EAs have been similar to the commercial ones, profitable at times and losing at times. It is my own experience of trying to convert bad strategies into profitable strategies that has made me very wary of martingale. I don't usually comment much on commercial EAs, but felt I should this time. If only in the hope of getting more information out of users on its workings, rather than a few cryptic or glib comments which don't really help. It would certainly be helpful if we were given better insight into the workings of the EA by Borys, and not be just left to sort ourselves out.

As for for your kind invitation for my comment on every EA under the sun, I will decline. Like you I have certainly tried 'a few', (and am well known to Clickbank!) and if I had found a good 'un I would say so! I made really good money with my first four commercial EAs. Converted £100 into £6400 in three weeks flat! Then guess what, the market changed and it all went back down the tubes in one afternoon while I was out, or would have if I hadn't pulled the plug when I got back saving just £1400.

I made really good money with fapturbo over the first 6 months it was in the market, then the brokers did something and the market changed; I was an early adopter and then probably one of the first to dump it. I see they are pushing it again, so am mulling over a restart using the latest version. I have not been inspired enough by the others you list to try them. I traded megadroid live, but decided I didn't like the deep SL and quit while I was ahead.

And finally, although I have banged on a bit about WW EA, I am not about to set myself up as an expert or a reviewer. Nor would I market any of my own EAs, there are enough scams out there put out by cleverer people than me!!!

BTW, nothing would make me happier than for someone to be able to guarantee that by trading WW EA on default settings I would make steady money with no significant risk of blowing my account.

This is all rather off topic really. Let's see what others can contribute as regards WW EA.

ForexScam

However Borys cares to wriggle out from the martingale 'accusation', this strategy is effectively martingale, and with martingale there is no meaningful SL: you have to hold your breath and stay aboard for the ride. Denying the martingale risk makes this EA a marginal scam.

No one who knows anything about trading and who can see how the EA works could relax with it on the default settings. Even if they were consistently profitable (as they appear to have been for the three months displayed on here) there would always be heart stopping draw downs to contend with, and a wipe out always just round the corner. This sort of situation does not allow the trader to cut his losses in a comfortable way as, by the time you decide to pull the plug, it is too late. From my limited back tests, and at the risk of repeating myself, this EA could only be worth using if it can be traded profitably using only one open position. Although iit appears a second may be worthwhile, in which case opening a very small initial position followed by one larger position (at a better price) would probably be the way to go. There can be no question that to allow the EA to open a whole series of increasingly large positions as each successive position moves into draw down courts disaster. My back tests show there is actually significant draw down to contend with even if opening only one position.

I still need to learn more about some of the subtleties of the settings, but the underlying risk is screaming out at me.

   SandyW posted:
   I have only recently acquired WW EA. I bought it, despite the fact that it is relatively expensive for a retail EA, as the equity curve displayed here on myfxbook is so straight and the draw down appears so modest. I did not appreciate that what people on here are calling martingale was such an important feature. The term martingale covers many ways of trying to overcome losses by increasing risk. Although this EA does not use classic martingale, ie waiting for a loss before multiplying the next trade size, it does use the same principle of using larger lot sizes to overcome a losing position. Sometimes called averaging down in investing circles, it is usually considered unwise. Borys is saying his EA does not use martinagle, and that it just adds to a losing position. But that is effectively a martingale strategy, adding additional risk to a losing position in the hope of a turn around in fortune. Now over the years, like many traders (and yes gamblers) I have been intrigued by the martingale theory, but to cut a long story short I have come to the conclusion that in the end using martingale will kill an account. In my view any trading strategy that depends on martingale is gambling and is disastrous.

So, having demonstrated to my own satisfaction (or should I say disappointment?), in back tests that the default settings of the EA will kill an account, I have been back testing using a max trades setting of two, multiplying the second trade size by two. I still could not get steady results on 15min 1hr 4hr TFs. However on the daily TF results were much steadier. I have also back tested using just one trade and not adding positions; this works well but adding that one extra position at double size seems to be better.

I also find that currency pairs which trend strongly eg eurused, audusd and eurjpy are not a good bet and can lead to very large and uncomfortable draw downs while a trade is open. Frankly I find it hard to see how Borys got the back tests results he is claiming, and I do not believe the nice straight equity curve on the live account can be sustained.

Unfortunately the user of this EA is left pretty much on his own as the manual is little more than a list of settings, with no detailed explanations of them offered. I have already fired up WW EA on a live account using all pairs and default settings, and will probably persevere with the live trading, but change to a daily TF and less risky settings. And I will cut out the trending pairs. I have to say that although the simple explanations of Wolfe Wave in the sales blurb were very beguiling, no caution has been offered by the developer Borys (who is obviously a sharp cookie in the best sense) as to the risks this EA poses. Borys says it is not martingale, well maybe not classic martingale, but the risk is exactly equivalent, just as in Forex Hacked EA.

It must be said (sorry Borys) but this EA does stand alongside Forex Hacked EA, in terms of what it promises but also in terms of the risks it poses. Had I known what I know now I would never have bought WW EA, sorry.

The EA does use WW as a way to determine when to open a trade, but WW application ends there as far as I can see. The TP and SL methodologies have no connection with WW theory as expounded on BJF sales website. I can open a trade using any number of entry methods, but it is how a trade is managed that makes it profitable, and I am yet to be convinced by this EA in that regard.

Borys, you need to offer far more information up front. No matter how good your 'support' is, the up front advice and information is very important even to experienced traders and EA users. Your EAs are all expensive, and they need to offer better value to users.




Hey Sandy,
it's by far the best review i ever red about EA, wonderful Job,
i wonder why didn't you asked Demo version and BT with it,
also i was wondering if your BT was with 99% tick data?
i'm joining to Blue Panther request, i really would like to hear you opinion on other EA's,
after 6 years in Forex i think the most consist profit can made by Manual Trading(yes i'm still testing 4-5 EA's A week and disappointed)
Thank you again
SH

rs92,

Thanks for that. Good to have your corroboration of my findings. In backtests I found WWEA crashed the account on every pair within a year. However testing using one trade and two trades does seem to produce profit on some pairs while still producing loss on others.

Did you try TFs other than hourly? I got very decent results with GBPUSD and EURGBP on daily chart using much larger lot sizes than default, with modest DD and high PF. Only testing from 1 Jan 2011 though.