Comments on: Fedora FX

By: lorak

lorak — Sun, 05 Jul 2009 15:11:21 +0000

Guys if you get greedy you will be always caught, it doesn’t matter if Martingale or not. Use 0.1 on 10K and sleep sound! That’s the answer to your worries.
Hermes

By: RxB

RxB — Sat, 27 Jun 2009 07:41:12 +0000

Martingale is fine on some EAs (NOT ALL, but some). Cyborg for instance is fine. It has good logic. The trouble is the STARTING LOT SIZES. Just start low and allow for a worst case scenario of 4 double ups .. theres a chance of even more theoretically… — the most ive had with cyborg is 3 compounds and been in trade 8 hours… by the time it hit that 3rd compound.. that was what id normally trade anyway..i start at soemthing substantially lower and use fixed lots not the money management lots..

By: MartyGale

MartyGale — Thu, 25 Jun 2009 17:56:21 +0000

I got this EA (ok I’m a sucker!) but it did look interesting and the author Tom is very quick on the support.

Going back to this Martingale strategy to recover losses. There is a day of trading on the 17th. June 2008 which wipes out the test account when using 1 lot on with $10k. It’s nothing to do with the querky nature of MT4′s tick generation. This was a big move of 230 pips. The EA tried 3 sells of 1, 2 and then 4 lots before the account got wiped.

Even when it was dangerously low it continued on without a thought to margin calls and placed a stop trade for 8 lots as well. It definately needs some MM.

So setting the lots down to a size where it doesn’t wipe out a $10k account (0.5 for instance) it does manage better though.

I’ll have to see what Tom says about it handling a repeat of that days action.

By: RxB

RxB — Sat, 20 Jun 2009 08:15:51 +0000

Tom, as it happens a lot of other people got caught and lost out as well. they are experienced and had done the correct settings. I noticed -$4,500 before the stats page was wiped and restarted. It was going well at $1,800. Needs to have the logic looked at …

By: onur

onur — Thu, 18 Jun 2009 03:43:38 +0000

its not about the timing..

1) Central banks and other big dogs move the market and they give a s$%t about Fibonacci. First mistake of the EA.

2)Default money management of the EA is absolutely wrong, especially while using exponential lot size increase(martingale). Second (BIG) mistake

3)Profit/Loss ratio is negative. Third mistake

the complete formula for a failure…

By: Casey

Casey — Wed, 17 Jun 2009 01:48:11 +0000

Tom did mention to me that when using this EA, there is an instruction for me to only switch on the EA at a specific time… I have to search back my email and see how it would fit into my trading style with this…

I again agree Martingale Strategy is pretty dangerous… They say no pain no gain… the question is whether you can take the pain of loss and be satisfied with small gains…

Sorry Tom… Timing was not on your side I guess… you have to defend this on on your own…

I can only support by relaying information… and testing it on my $200 live account… Actually come to think of it, it’s like spending $200 in a casino with a martingale strategy on forex rather than roulette….

By: onur

onur — Tue, 16 Jun 2009 21:30:55 +0000

the MM of the system is so bad and overleveraged, its only a question of time to wipe out the account. They blame now ibfx for the bad performance LOL
Clueless vendors selling products to clueless customers, thats the hype of the industry….

By: Marty Gale

Marty Gale — Tue, 16 Jun 2009 17:03:56 +0000

I’m not too sure it’s worth having a wank over! :O

The backtest data does sound a little odd. It would be great if someone could verify this?

As for the use of a quick Martingale. Well it’s all very well saying it you’ll never have 2 in a row but when it does you’ll probably be wiped out. In my experience in fx – if it’s possible it’ll happen some day.

Despite all that this EA does look interesting. However, I wasn’t too keen on their policy of users having to pay for upgrades though.

Great blog btw

By: Tom

Tom — Tue, 16 Jun 2009 15:58:20 +0000

Fellow Traders, we already send Casey and email, but also wanted a chance to share what happened in addition to what Casey would like to share. The USD/CAD trade should have never been entered in. We have live trading accounts on MIG, FXDD, FXCM, and IBFX. IBFX was the only account that placed the trade. At first we thought it was the broker, but upon further investigation, we learned that the EA was turned on at the wrong period/time frame. So the Fib was drawn incorretly, causing this trade to enter. (LOL It was only a difference of 10 PIPS!) We will be putting together a detialed write-up on how this happened. Thankfully, none of our customers exprienced this situation. We still believe in our EA and do not doubt it’s abilities. Thank you. Fedora FX Team.

By: onur

onur — Tue, 16 Jun 2009 12:56:15 +0000

http://fedorafx.mt4stats.com/

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

maybe you should open new blog:” How to wipe out my account as quick as possible with commercial EAs”