So basically it's a martingale system - I would avoid using such a system. It will work well in ranging markets, however in trending ones it won't survive.
How can you be sure it will bounce back? And in which point? This is very risky trading and goes against the basic rule of letting your profits go long, and cutting your losses short.
You are correct in that FFR is indeed a Martingale system (I didn't realise it had a name but a little research confirmed that is what it is). I do agree that it is risky, but all Forex trading is high risk. The FFR system allows you to spread the risk through being able to set the EA to turn trading off at the riskier days or times (for example mid-month, when currencies tend to get a bit jumpy with the various economic announcements). I have found that spreading the risk with small lot sizes over multiple charts is working well, with good returns so far.
I will raise the points you mentioned with Gill to get her take on the ranging markets issue...I do agree, but the EA does give plenty of options to limit the exposure to such risk, but a large surprise in the markets can increase that risk...I totally accept that.
One of the FFR users on myfxbook has done well with multiple charts and fixed lot sizes...he traded through the problems on 25 January comfortably, and from an investment of $3000 in September last year has made over $15,000 profit, which is encouraging.
Re the Midas question, I hadn't spotted that this was run by the same people, so thanks for the heads-up. The difference (I expect) between them is that FFR does give you a lot of support, rather than an EA system that you run yourself. Gill's team provide guidance on using the system, a helpdesk, Family Days where traders get together with Gill to exchange experience and suggestions, etc. I am not sure whether any other EA 'package' has such a set-up, and this is what the extra cost of FFR is for.
I am happy with how things are going, but will raise some of the issues mentioned here with Gill at the next family day.