Forex Money Alert

Filed Under (EA System, Journal) by Casey on 15-08-2012

Ok… took me quite a while. But finally found the time to write about this site.

ForexMoneyAlerts.com

This breed of sites seems to be an alternative to selling EA. The way it works is that you open a broker under their affiliated link and either the EA developer provides you with the EA, or the EA developer will forward to you an EA that copies it’s trade.

Well, you can rest assured that not many people will be testing this sucker out or do a major review on their site. One things for sure… there are no affiliate system provided by the site owner, so not a very good incentive to ask people to promote the site.

Anyway, this is not the first site that came up with this model. Euronis I believe was the first… They started with selling the EA, then after that the moved to this type of model, which seems to be more preferred. HyperEA seems to also adopt this model, but they also adopt the selling EA and also PAMM model.

Coming back to FMA.. Now out of so many broker, this site choose to affiliate themselves with YouTradeFX. Did not really like the broker after my previous encounter. But I am already involve so… no point crying over spilled milk. Most probably YouTradeFX offer a better commission then the rest of the other brokers.

The result seems to be impressive, however I can not find his result on myFXbook. All those nice pictures were only for show. Not too sure if it is fabricated or not.  However, I manage to see his result on MT4i.com (http://www.mt4i.com/users/fma-2/stats). That to me was a bit weird.

I can’t remember how I manage to stumble upon his site. But when I was browsing through his site, (not sure why) I thought his EA was a scalping EA.

But reading through ForexPeaceArmy.com (http://www.forexpeacearmy.com/public/review/www.forexmoneyalerts.com) Some of the comments mentioned that it was a Martingale. (Ahh… sweet sound to my ears). I did say I did not wanted to doodle myself with Martingale anymore with exception to two EA that I am currently toying with.

So I requested some clarification from the owner. And the owner replied that it is a ‘cascade correlation algorithm’.

Phweeettt!! Fancy name if you asked me. But the word cascade in my mind is grid and this is base on the few trades that it has taken which of course fu(ked me up because of the lot thingy…

As of this writing, after I have solve the position size problem. I am still stuck with two trades and it seems that that trade has been going nowhere so far.

So, if anyone of you are interested to test this out. Here is some of things you have to be aware off.

  1. Ensure you open a mini account and don’t try any fancy stuff like me trying to opening an ECN account with a very young broker such as YouTradeFX.
  2. Ensure that when you get your EA, in the property window,  set your MAX lot amount to 0.1 and if it trade more than 0.1 lot. Close the trade and complain to the owner than complain to ForexPeaceArmy.com

Only way to ensure that your account is protected while testing…

On a separate note, I think I am going to take the advice and complain to ForexPeaceArmy about YouTradeFX first and see if I can recoup my lost trade due to wrong information provided on their site…Then probably FSA…

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