Welcome back Automated Forex traders.I took Expert Advisor Forex PIPZen, (available for free trial at http://www.forexpipzen.com/) for a spin through some back testing. I used all the default settings on EUR/USD - 1 hour timeframe which were a takeprofit of +17 pips and a stop loss of 93 pips.
The results for 2009 and 2008 were amazing, with +100% wins and drawdowns in the low 20's. From there on back, the results were medoicre at best, with drawdowns much worse.
This could be the case that the EA was optimized to show great results for recent years. The readme recommends optimizing on StopLoss, Trailing Stop, and TP4, TP5 (Take Profit) values which I did not do.
So I can't say i've been completely fair with this evaluation, but I don't want to have to bother with optimization and I would rather trade a system that is stable over 10 years with the same set of parameters.
Another issue with this robot is the risk management. With a Percent Risk setting of 3.0, it will trade 0.03 lots on a $1000 account. But instead of just one trade, it puts on 5 trades at once signal opening up 0.15 of the account in a single position. The lots are then closed out with all the same Take Profit, Stop Loss and trailing stop values which are displayed to the broker.
So the risk management seems a little agressive, and inconsistent with my philosophy on position sizing discussed here Account and position sizing.
Thanks all for now, enjoy your weekend.
I took the PipZen challenge a month or so ago (ie. the free trial), and was disappointed with the results. There were several nifty little profit trades but one big nasty loss wiped out three weeks of gains. I don't like EA's that trade this way because we're left wondering if today is the day (for smackdown).
ReplyDeleteSpeaking of which, it appears that Megadroid fits into this category also, except that the win ratio is so very high that the EA can sustain gains even with the odd big loss. An interesting sidebar to the ongoing success of Megadroid is the relatively unknown EA called EAKAIN.
www.besteaforex.com
EAKAIN provides backtests for several currency pairs, most of which show zero losses over two years, while making less than one trade a day. The backtests are written in Italian it appears, but the numbers show fantastic results.
I've been very tempted to buy this thing for $579, but there is no 30-60 day money back guarantee, so it's a no-go. Good thing too, because this gentleman, Casey Lim at www.bestforexea.com (note the coincidental website URL), has discovered, by comparing EA code, that EAKAIN is a dressed-up version of Megadroid, modified to trade multiple pairs.
Apparently the code for EAKAIN is available for free on the net somewhere, according to Casey, but I haven't found it yet. This revelation could take Megadroid to another level IMO since its developers would be almost certain to either sue EAKAIN or perhaps just let sleeping dogs lie and instead re-pilfer the enhanced code of EAKAIN and really give Megadroid a boost. As the Forex EA world turns.
My takeaway (again) is that the forex EA market is rife with corruption, fraud, theft, and complete BS, and is dominated by charlatans and pimps. I can't tell you the number of very promising EA's that I've bookmarked for future investigation get blown away by expert coders (and code-crackers) before I even have a chance to read the website.
I'm going to start my own forex website, it will be called wwww.pimp-my-ea.com.
Seems the Forex PeaceArmy folks have been notified about the possibility that EAKAIN is a knock-off of Megadroid. They say it's Megadroid on the most aggressive level. Interestingly it trades at the same hours as Megadroid, during the quiet hours between NY ending and Asian opening.
ReplyDeletehttp://www.forexpeacearmy.com/public/review/besteaforex.com
EAKAIN (Italy) has responded to the claims of fraud by saying:
"EAKAIN SCALPER PRO is born since few time.
why someone affirm that eakain is scam? because they have got the demo beta version. Inside this beta there's a very similar code to the Megadroid Pro just for the Aggressive mode. We was working on our final version using for the aggressive the same indicators of megadroid pro.
Why we sent a mixed beta version?
1. Original version was testing in live. (but ready to be sold)
2. To Preserve our work if some cracker broke our protection.
3. To test the protection level.
All the customer has always the final version and they get for free any upgrade.
Concluding, our EAKAIN SCALPER PRO is not absolutely scam.
We sent to FPA administrators our code to analyze that and declare the truth."
Hi my friend.
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Greeting fx-mon
ReplyDeleteWe appreciate testing our forex robot Forexpipzen lite and the review.
We would like to extend our offer to you so you may review our expert advisor.
Our EA is now ECN and bridge ready :) for brokers like FXCM.
Depending on how brokers handle an expert advisor opening multiple tickets and the brokers method of compliance with the (FIFO) rule our ea performance can be affected. Currently the method of alapari utilizing FIFO does not allow full functionality of ForexPIPZen multiple different TP
We suggest using Forex.com , FXDD or Dukascopy for a test. (Not an endorsement of brokers listed)
Finally, yes it is correct our EA was built on data going back to Jan 2008. Without getting into great detail we felt 2 years was suffice and our method of opening trades is directed more to future events rather than past. This gets to issues of overfitting, curvefitting etc.
So when you have a chance send me an email pipzen@forexpipzen.com and I will be happy to extend the license to you.
Lastly good point regarding the issue of lot size it is cleary defined in the screen for ease of understanding
regards
pipzen
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