EA Reviews

Along the way I will find EAs that don’t make the grade for whatever reason, and I will be sure to post a review about those as well just to help you be as well-informed as possible when deciding which EAs to purchase.

On June 2nd, Forex Espionage, “the $52,937 trading robot” was released. I bought a copy of it as I thought it might be worth reviewing here on the blog. Well, it didn’t take long for me to come to the conclusion that it was just another in a long line of over-hyped, under-performing EAs to hit the market. It seems we’re getting a “record breaking, never before seen, super secret, broker busting” EA introduced to us about once every week or two now. I sometimes wonder if they are just repackaging the same old EA to see if they can play the same suckers multiple times.

This is the first forex product that I have seen where the entire pitch is a video. Upon entering the site, you are greeted by a nice looking fellow who for the next 23-plus minutes proceeds to tell you how wonderful his EA is. There is also a text link provided for those who can’t watch the video.

Initially the speaker claimed that the EA wins over 97% of the time. But then a few minutes later he said it consistently produced over 90% wins. Well, I wonder which it is. Obviously either statistic is very good, but then if you look at one of his example backtesting statements (you have to click on the text version of the pitch to see it), you will see it won only 37.93% of the trades over a 3-month period. Now, amazingly, that statement also showed a $243,000 gain on $10,000 over that period on the same statement. But the backtest had thousands of mismatched chart errors and a modeling quality of “n/a”. Having a modeling quality of “n/a” would be acceptable if this EA was running on the 1M timeframe, but it doesn’t. It runs on the 4H timeframe. Furthermore, in many of the backtests presented on the site, the date (or at least the year) has been covered up with text or a box so that it cannot be discerned what the backtest date was, which is very suspicious. In my own backtesting of this EA, it lost money every time.

The speaker also claimed that “Forex Espionage runs all the time and trades daily” and that “you’ll get rock solid confident trades nearly every day.” Now, I had this robot set up for three days, and I know it was working properly because it had several status indicators that said just that – “Working Properly…” – and yet I didn’t even get one trade. I set it up on the recommended pair (EUR/USD) and timeframe (4H) and got nothing at all.

The representative also stated that you will see “winning trade after winning trade with an occasional small loss” and that “you will likely double your account every month.” That “occasional small loss” certainly wasn’t consistent with the backtesting report that I mentioned earlier where there were two losses for every gain.

He then said what so many of them do, “I’m only selling a few copies of Forex Espionage. It’s so powerful I don’t want to flood the market with it.” Oh, please. People, don’t fall for this rubbish. When you hear such things, be very, very skeptical. Apart from a very few exceptions, this is usually just a marketing stunt.

So, without reservation, I can say that you should leave this EA alone. Of course if you want to try it for yourself anyway, feel free as it does have the typical ClickBank 60-day money back guarantee, of which I have already taken advantage.