This teaches the value of testing a system and as the results shows, this EA couldn't holdup. Some idiots would have put real money into this, impressed by the early success, and would have lost their shirt.
The problem with this EA is that it ran out of margin. At 50:1 in the US, it's just not feasible. However in other locations where u can get 200:1 to 500:1 this probably would have worked out. This EA opens a position every hours based on the strength of the currency. An issue is that it opens every single hour, even during light trading hours - eating away at your margin. I do firmly believe it would have recovered under better margin but since I live in the US, I won't spend any more time testing because it doesn't suite my environment.
I am testing a modified version of this EA, Phantom_AddSix_02a. It works on a similar principle but MUCH more selective about the trade,resulting in fewer open positions and, consequently, reducing the required margin. I will post it here soon but it's available on ForexFactory.
Lastly I will say this: manual trading is much rewarding. Automated is easy but so risky. Besides, yu feel better when you actually know how to trade. My manual trades don't make fast money, but it is consistent, and no one cant take away the knowledge and confidence I have gained by trading 'my way.'
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.