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Forex Godfather
15
Dec
Donna’s Review:
Forex Godfather comes with pretty high expectations following its hyped up website and huge claims. It also comes as tested by Forex Peace Army, the results of their test being proudly displayed on the Forex Godfather website. We wanted to test it ourselves to see if it lives up to the hype and the results of other testers.
We started this robot off on the 2 November 2009 since then it has traded once every 5-7 days. Initially it made a $4372 on its first trade, a promising start, although we have been concerned to see swings of $1000 per trade which indicates that the default level of risk on this robot is unrealistically high (Warning: This EA is set up to trade 1.0 lots on every trade regardless of what your account balance is – please check before turning the EA on, there is a money management setting if you wish to use it). Overall to date (11 December 2009) we have tripled our initial investment on our demo account (another sign that risk is perhaps too high!). We have since halved our risk to 0.5 lots which we feel is a little more comfortable although still pretty high risk for our account size.
Forex Godfather support has been quick with emails having a friendly tone, although this has not been reported to be the case with some of our subscribers who have found them a little difficult to deal with. Â The robot itself comes with a comprehensive 21 page manual in PDF format, going through the process of how to download the Metatrader 4 platform and installation in preparation for installing Godfather. Â Since the setup guide is pretty detailed and comprehensive we feel this robot is suitable for both beginners and more experienced traders to use.
We haven’t had any issues or problems with the actual trading of Godfather, setup and trading all went pretty smoothly. There have been a lot of traders however who have had trouble getting Godfather to work correctly on their accounts, a problem which Godfather are aware of and seem to be working on a solution to.
One issue which we have been disappointed with greatly is that Godfather make people pay extra to get the latest, new version of Godfather. We are still running version 1 on our test accounts and think it unfair to ask members to pay extra for what is essentially an upgrade.
Other than that, the results so far are good and we look forward to seeing how this one progresses. Once we have enough trades to really analyse if the robot is good or not we will make a decision about going live with it. It is our opinion that live accounts should not differ too greatly from demo results since this is not a scalping robot.
Update 26 January 2010
View Demo End Results
We have now placed Godfather on a live account with an opening balance of 696.76 on Alpari UK
 Update 7 April 2010
We have now stopped testing Godfather
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15 Comments
Hi Donna.
Are you talking about Godfather 1 or Godfather 2?
I felt cheated when I bought it.
Just after I paid I receive this huge message “Do you want to buy the really good EA? Pay twice what you just paid”.
As if “Ha ha, made you pay… now if you want the good stuff, pay me twice. After you read all the good things about this perfect EA… now I’m REALLY telling you the truth: if you want the really good stuff, pay twice what you just paid. If not, you’ll just receive that thing that doesn’t work as good as the Version 2″
I also see that in your statement in http://www.mt4i.com/users/donnaforexgodfather the last transaction was on December 2009.
Do you have an updated statement?
Daniel,
I fixed our stats, sorry it wasn’t updating correctly.
I hadn’t seen the upsell thing with Godfather, that is annoying although very common with EA’s. It is Godfather v.1 we are running here. As a general rule i would suggest never buying any upsells from any vendors as they are often of low quality and wholly designed to work on our natural impulses/desire not to miss out.
Hi Donna.
Thanks for the response.
Why did you take away the link to your Godfather statement?
I bought this think one week ago and it has not made a single trade. Everything is setup OK, happy face in EA and all.
Did you have a bad day with it?
Thanks.
I’m sorry, chart didn’t download the first time. I see it now.
I also see that it’s been inactive for days now.
Thanks.
The stats are up to date… we have an open trade which has been there since 14 Jan and is currently in profit a fair amount.
Thanks for the update, Donna!
Nice website.
Hi Donna:
I see that your graph is gone. I clicked on it and I see you have $696.75
I’ve checked other Godfather statements and it seems that last 5 out of 6 trades were bad and people lost 40% of their money.
Is this correct?
I saw your message.
So if I’m correct: You moved this to a LIVE account because you thought it had potential and the reason we don’t see a chart today (jan 24) is because it hasn’t done any trades?
Yes, we haven’t had any trades yet. It doesn’t trade very often at all.
The closing demo stats don’t look anything at all like what I remember from the stats linked in your email. Also, I thought this robot only trades the USDGBP pair and the stats you linked to has a whole bunch of other pairs listed in it.
Ok looks like it was fixed. Thanks.
Yes, sorry about that… it was the wrong link !!
I’m loosing money with Godfather.
Can you post your account?
The TP level on this EA is 200 pips. I felt that was very optimistic so I lowered it to 100 pips. A very nice gain if I do say so myself.
Since lowering the TP to 100, I have won 3 consecutive trades in 3 weeks. On each of these trades the 200 TP level would NOT have been reached and they all would have eventually hit the SL, but I doubled my money each time. Not only that but on one trade, it closed with a $190 gain and immediately open another trade in the opposite direction and won. I am looking to put this on a live account soon.
Give this a try, hope it helps.
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