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Forex Envy Review Scores


Overall score: 2.4 / 5

Total votes: 46
Profitability
1
Ease of use
1
Pricing
1
Customer service
1
1 - worst 5 - best

Forex Envy Discussion

devilsoulll (devilsoulll)
Jun 26 2012 at 06:20
2 posts
ok first..you can't compare banks with EAs!
Banks got equity that won't drop..because they know when and how they can use it and how much they gonna get.
EA is made by someone or a groupe so they can get money in the first place..yes they work hard to make it and everything.
so after they start getting some profit and the account gets bigger and bigger, they decide to sell it so they and other people benefit from their work.
We all know FOREX.. it's a big headache and a real pain in the .... .you always think of ways to profit..and when you find or create a way of winning just like ForexEnvy EA 'as they stated' you'll hold on to it and THAT'S IT. yes you can share the way..but to sell and be responsible of every buyer.. it's like you're being held responsible of every buyer winnig or losing..
and again the headache and the same pain in the .... all over again!
I'm not saying share it really.. I can get it as of many people can.. but who want's to be responsible for like 1000+ FOREX account when you found the ultimate way of getting profit?!

ForexID10T (ForexID10T)
Jun 27 2012 at 06:06
18 posts
The problem with most fly-by-night quick-buck Forex EAs released in the past was that a person/programmer created something that could show huge profits over a very short time. Every Tom Dick and Harry bought the robot thinking they will achieve the same results (ForexID10T included!).

BUT a robot that works on one broker fails miserably on another broker, even if the same deposit value is used, same settings - everything the same except the broker - the difference in spread and connection to the broker server, order execution speed are all factors that can either make or break the robot.

SECONDLY the market is forever evolving - a static SL, TP etc will not continue to work into the future if left on the original settings. Many more points to mention, but most of these robots required constant optimisation and adjustments to adapt or try to keep up with the changing markets. If you do not get frequent EA software updates, you might as well delete the robot after 6 months to a year as by that time it either stopped trading or it is beginning to lose more and more of your account.

So far I have only found a few (Less than 5) robots that is worthwhile and a true investment - these robots are based upon clear trading strategies, have a brilliant money mangement system and even after years since initial release, still perform just as well today as when they were originally 'sold' to the market - because of constant updates, they are even more profitable and much more adaptive to changing market conditions today than what they were a few years ago.

Years ago I coined a term called the Forex Acid Test - To really check if a robot is worth its weight, do a backtest with only $500 as the deposit and run the test over a period of 3 years on the default (out-of-the-box) settings as recommended by the robot vendor. If that robot can survive this Acid Test and produce a huge profit, it is something worth keeping. Only 2 robots out of literally hundreds survived this test.

In my opinion Forex Envy is one of those to keep.

And this too shall pass ...
Professor53
Jun 28 2012 at 19:38
795 posts
I have a EA that I built that uses more than one pair for negative correlation trading. How could I acid test this on back testing? Is it possible to back test over 3 yrs? Im currently forward testing live and have added it to one of my real cent accounts. I use almost the same pairs as Envy.

Click on my Name to see My Live Charts and Bio.
ForexID10T (ForexID10T)
Jul 03 2012 at 06:19
18 posts
First you need to download history data of the currency pair your robot uses (example EUR/USD M1) - lets say from 2009 up to current (Jul 2012) - that is 3.5 years of data.

When you run strategy tester (The little icon with the magnifying glass on the top bar or the terminal- next to New Order button) a window below the chart will open.

In this new window you set the start date and end date - on the 'Use Date' boxes enter 01 July 2009 as the start date and 01 July 2012 as the end date - you first have to tick Use Date to allow changes.

On the right side of the window is a text block 'Expert properties' Click that and on the inputs tab you set the deposit amount to $500.

Tick the Visual mode box and slide the bar next to visual mode to max to speed up the process. (Before I knew about this I was waiting days for tests to complete :) - real id10t me!

Start the test. When the test is completed, check the bottom Report tab for the end results. While the test is running you can click on the Graph tab to look at the equity curve rising and falling with trades. You can also look at the Results tab to see how much the robot is winning and loosing.

Take care

Barry

And this too shall pass ...
ForexID10T (ForexID10T)
Jul 03 2012 at 06:19
18 posts
Forgot - you need to select the robot (Expert Advisor top box) and the currency pair (Symbol) and obviously the time frame (Period). DO NOT tick the Optimization checkbox. If ticked you will not see anything happening - this tick box is only used when you want to optimize the robot settings.

And this too shall pass ...
cnsnmrt
Jul 09 2012 at 14:05
4 posts
Forex Envy do not show the leverage..
That means 'using 1:1000' (Check this EA broker > TradeFort)
That means if you are use has quality brokers (FXCM, Oanda, etc.) U might get Margin Call..

Shame with closed leverage option, eh!

willgart
Jul 09 2012 at 14:22
588 posts

   cnsnmrt posted:
   Forex Envy do not show the leverage..
That means 'using 1:1000' (Check this EA broker > TradeFort)
That means if you are use has quality brokers (FXCM, Oanda, etc.) U might get Margin Call..

Shame with closed leverage option, eh!

right, the leverage is 1:1000 (or 1:500 not 100% sure)
no, you'll not get a margin until you follows the FE recommendations. a standard sized account like FXOpen, FXCM etc... you'll need a capital of at least 30 000$, and negociate for the higher leverage you can. in these conditions, no problem, else the risk will be high and you can get a MC for sure.
if you have less capital, you have to use a broker which propose cents or pico or micro accounts. (like the ones proposed by trade fort, instaforex, lite forex, and these brokers still high quality ones)

jossyfx (jossyfx)
Jul 24 2012 at 04:10
32 posts
Men, forget this martingale, its madness, it blow off my 75,000 cents account with both short and long circle, with 0.03 on long circle and 0.05 on short circle, all blown up within 1 month and some few days with madness lot size when there is gap or news

I tell people to stay away

Its suicide bomber



devilsoulll posted:
I have a question for ForexEnvy Ea Maker.. and seriously I'm not joking.

If it's true that this ea can get you 110% profit and can never lose and so.. Why you need money for selling it?? why don't you use your own work to get BIG amount of money as you stated rather than selling it to earn money?

Please answer.

Thank you,,

willgart
Jul 24 2012 at 09:30
588 posts
yes, its a martingale and killing an account is a question of time.
but a question... did you follows the FE rules?
every week they recommend to activate the freeze feature before some specific news.

B4H3N0L (B4H3N0L)
Jul 25 2012 at 17:06
43 posts
i agree with you willgart

Between Pips from SL to TP
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