Forex Maestro

[Capstan]

fOR

View attachment Doc1.doc

Thanks Mindtree for your interesting post. I have attached a copy of the original source code for Firebird v63D which may be of interest, although the 'input' section of this seems a bit different to that of Maestro and it may therefore be that this has been tweaked perhaps to the good.

 

[Capstan]

Sorry

Sorry, wrong file attached above, this one is complete

 

[jmpratt]

I put $500 in an account at FXDD on Feb 2 and started testing Forex Terminator live. By Feb 17 it had made 20 trades with 7 losers & 13 winners. Losses were slightly higher for net loss in 15 days of $48.72.
Then I put in Forex Maestro on the 17th. In the last 6 days it's made 33 trades with 14 wins and 19 losers. The first day it was alaming like crazy "excessive loss" and the dealer shut down 6 trades at once. The losses are $703.54 vs. wins at $571.58, for net loss of an additional $131.96. So now I'm sitting with a total 37% drawdown.

I have noticed that FAPTurbo is doing nicely on my Forex.Com account, but it only makes a dollar or two per trade. Nothing does as well on InterbankFX, and that EURGBP Master Robot is a real loser - I had to turn it off after 2 days.

NOTHING WORKS AS ADVERTISED, that's for sure!! And forget getting any real support from these guys. Their emails bounce and you can't find forums for most of them. They make their real money on the hyped up sale of the robot itself.

 

[jmpratt]

That's the one. I bought 2 copies of it so I can try it on 2 different brokers, but have actually used it only with FXDD so far.

 

[jmpratt]

I've been testing several EAs since December, including FAPturbo, Forex Terminator, EURGBP Master Robot. I also tried FXDB from the Insider Code, but it was useless, support was a mess, and they wanted $2700, so I canceled on that one.

FAP turbo seems the most consistent, but I can't get it to buy a big enough lot to get some decent dollars. So often make a winning trade that nets only a dollar or two.

The 300 pip stoploss for Maestro is scary. So is chasing a losing position.

 

[brioblu]

Settings question

Hi everybody,
I've just bought Forex Maestro and Maestro Advance; I've noticed that the SMA (always setted to 10)it is applied to a MA_Timeframe of 15(for the advance Maestro) and to a MA_Timeframe of 30 (for the "standard" maestro; I have some questions:
1)do I have to change the MA_Timeframe depending on the Timeframe I'm trading the EA? (i.e. set it to 5 if I'm using a 5m timeframe )
2)In the manual they say:we use the SMA_10 but you can change this value ...???http://www.trade2win.com/boards/images/smilies/icon_question.gif
3)In the manual they say:we apply tha SMA_10 into 15m Timeframe(advance), than they say:1440 for D1 charts ....: what does it means ?
Hoping somebody can help me to understand....http://www.trade2win.com/boards/images/smilies/icon_surprised.gif

 

[smokey22]

I put $500 in an account at FXDD on Feb 2 and started testing Forex Terminator live. By Feb 17 it had made 20 trades with 7 losers & 13 winners. Losses were slightly higher for net loss in 15 days of $48.72.
Then I put in Forex Maestro on the 17th. In the last 6 days it's made 33 trades with 14 wins and 19 losers. The first day it was alaming like crazy "excessive loss" and the dealer shut down 6 trades at once. The losses are $703.54 vs. wins at $571.58, for net loss of an additional $131.96. So now I'm sitting with a total 37% drawdown.

I have noticed that FAPTurbo is doing nicely on my Forex.Com account, but it only makes a dollar or two per trade. Nothing does as well on InterbankFX, and that EURGBP Master Robot is a real loser - I had to turn it off after 2 days.

NOTHING WORKS AS ADVERTISED, that's for sure!! And forget getting any real support from these guys. Their emails bounce and you can't find forums for most of them. They make their real money on the hyped up sale of the robot itself.

Hi Jmpratt,

Thank you for an excellent report as I also have all the system you have purchased too. Hmm are we all suckers for a good sales page? and none of these forex work! Same results for Forex Terminator and Maestro's 300 pip stop loss - Real scary stuff, it's only your money not theirs.... and now I see the Maestro robot will be converted into a subscription service with a $997 per year price tag. Another great sales pitch to grab more $$$

smokey22

 

[montpro]

Does EA Forex Maestro work with oanda? if not what type of account should i have and who with?
cheers

 

[Capstan]

Oanda and Maestro

Does EA Forex Maestro work with oanda? if not what type of account should i have and who with?
cheers

Montpro. Maestro will only work with OANDA if they offer Metatrader 4. I think from memory though that they have their own custom made platform, so the answer to your question is probably no.

 

[mindtree]

Hi Smokey22 and Jmpratt,

The problem is that the sales pages create the wrong frame of reference. They sell the systems on the idea that they produce 'fast easy money without risk'. Of course, if it was that easy, nobody would be working, and the bankers would be considered heroes...

There are systems out there that work nicely - but all systems create draw-downs occasionally. And if one 'goes live' just before a draw-down one typically has an angry emotional response. So it's better to run systems on a demo account to understand how they react before going live.

The better systems scale back their activities when the markets are nasty; FAPTurbo appears to be doing this. 'Nasty' could mean any number of things, but it's usually related to the mechanic of the system...scalpers don't like large spreads. Trend followers don't like cycles. Breakout systems don't like trends...it's a bit like rock-paper-scissors! So I haven't written off FAPTurbo...I think it's just pausing for the market to return to 'nice' - and one thing that I DO like about it is that the sales website shows regularly updated live trading results...

Another thing to look out for is very high win/loss ratios - and account graphs that are too flat. They hide over-optimisation, huge stop-loss levels and large loss-making open trades.

Sadly 'what sells' and 'what works' aren't necessarily the same...so part of this trader's education has been figuring out when the 'too good to be true' point is.

Since I started my recent tests earlier this year, ALL the systems I'm running are profitable! In fact, most of them have produced better than a year in a savings account. And that is AFTER the draw-downs they've ALL experienced in the last few days...

The only thing that sticks in my throat is that Forex Maestro appears to be Firebird, which is available for free...so I paid for something I could have picked up for nothing. But I didn't know that I could...

 

[federicoo]

Hi all, which time frame are you using for the Maestro?

 

[Sarge]

Change Brokers!!

Thanks for your reply,

I will try again tomorow and see if Maestro will start up. I find the 300 stop loss is huge, might as well have stop loss set as open... Maybe its just me, I will have my eyes open untill I see this working in real time.

Smokey22
Melbourne Australia

Smokey! I am in the same situation as you.. Been waiting and waiting.. NO trades!! I changed brokers today.. Set up a new DEMO account.. With in seconds I had a trade.. Give it a shot if you are using a demo account.. I also have FAP turbo.. My results are great in my live account.. So we will see about Maestro.. Good Luck!! Sarge

 

[montpro]

OK so why doesnt Forex Maestro offer a free '7,14,30' day trial if its so good? plus if I had the 'holy grail' of forex I would not need to sell it!

I am tempted though

 

[smokey22]

Smokey! I am in the same situation as you.. Been waiting and waiting.. NO trades!! I changed brokers today.. Set up a new DEMO account.. With in seconds I had a trade.. Give it a shot if you are using a demo account.. I also have FAP turbo.. My results are great in my live account.. So we will see about Maestro.. Good Luck!! Sarge

Hi Sarge,

Thanks, thought I was the only one not being able to get Maestro to run
And you know Murphy's Law... and that's my last name.. too.

Smokey22

 

[smokey22]

Hi Guys,

My email box is being smashed with adds from
Forex Secrets
Forex Terminator
Forex Killer
Forex Maestro
Robinhood -FX
Martin at forex Auto- Scalper

All linked to SureFire Trading Challange site, my feeling is this is the same guy that is marketing Maestro. Nice to have a few irons in the fire....

Smokey22

 

[Ronika]

Hi Guys...

I'm new here. I bought Maestro last Tue when it first came out. Ran it on a demo account till Friday and had 20 winning trades on all 4 pairs. Like others, because I left it on Friday, I ended the week with several trades in draw down.

I tried it on my live account for Thursday and got a 10% ROI for the day - 4 winning trades, no trades left open.

This week, it's a different story on my live account. I too got nervous with a 300 PIP SL, so I lowered it to 55, but got knocked out of some trades that eventually profited, so I put the SL up to 255 for more breathing room.

I'm stuck right now with 3 trades - 1 at -80 PIPs, but it should recover more over the next few hours - I may close it for a moderate loss. The other 2 trades - 1 should profit and hopefully the other too. Besides these trades, it has taken 11 winning trades this week too, so that's encouraging.

Like all EAs, you have to baby sit them and kill any potential big losers early, IMHO.

FAPTurbo is OK, but it's small PIPs and big risk if you want the results on their live page. That's the issue with scalpers that only trade a few hours per day and only 5-7 PIPs per trade.

One thing that bothered me about Maestro is that the results shown on their hype page, include pairs that they don't recommend trading, ie: GBP/USD, EUR/JPY, etc. And the wins are several hundred PIPs in size, vs 30 PIPs TP in the EA. Further indication of a possible scam. Plus, the guy has an American name, but the writing on the hype page has bits of broken English, indicating otherwise, ie: a non American source.

I like the fact that it can get 30 PIPs per trade, and does many trades, so you can risk low and still get a good daily ROI. Remember, 15% ROI for 5 days = double your account.

One more thing, re the Money Back Guarantee. He says that if Maestro doesn't make you 25 PIPs in a month, he'll refund the money. That's an easy out.

 

[federicoo]

one whole day up and running. No trade at all...

 

[iceman1]

Hi All

Have been reading all the pages with regard to Forex Maestro, I used the advanced version starting last Thursday 18th Feb on a $10,000 demo account and I made it trade on Friday to see if I could make it loose, but I'am afraid I couldn't, by the way the pdf help file is wrong I had to enter a 0 to make it trade on Friday not 1 as said in manual.

On the $10,000 demo account it made $7088.
I am now trading it on a live account since Monday and it has made 25 trades @ 50 pips (1250 pips in less than 3 days).

I do have grave concerns about the 300 pip stop loss, time will tell, trading 5 min time frame.

Anyway we have 60 days to get our money back and perhaps firebird is just as good!

 

[Ronika]

Which pairs are you trading? My demo account has 7 trades in draw down and that's been fairly constant. My live account also has 3 negative trades running.

I'll be interested to see how your accounts fare over the week. It does make some good trades, but the bad ones start creeping up eventually.

 

[montpro]

can anyone point me in the right direction for firebird? Ive tried seraching google but cant seem to find anything. Also for the likes of firebird and forex maestro who would you recommend using - I use Oanda and FXCM at the moment.
many thanks