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Forex Hacked Review
13
Nov
Donna’s Review:
“The goal when developing Forex Hacked was to make it as simple as possible, meaning when you plug it in, your not going to have a hundred settings to go over and change/optimize.”
That was the claim made on the Forex Hacked web site that looked like it could be a challenge to the Donna Forex Team. We have seen this many times but often it is just hot air. With this in mind we decided to add it to our list for testing.
The installation proved to be easy as the package came with two PDF files and an EX4 file to install. This proved the first part of their claim; it started a winning trade within minutes of activation. A word of caution this robot uses a ‘martingale strategy’ and no stop loss keep a close eye or face meltdown. Our demo account on Alpari UK has done really well making 104% profits. If you trade this robot you need to regularly remove funds from your account to minimise the amount of possible melt down.
We have traded on four recommended pairs GBPUSD, USDJPY, EURUSD and EURUSD on the H1 time frame. According to the manual this is a fairly high risk setting. This EA can be used on 4 and 5 digit platforms as well as ECN brokers.
Update 4 February 2010
Forex Hacked has made a 120% since it was put on demo on the 1 October 2009 however it has $3158.12 in open negative trades.
Forex Hacked work on 4 and 5 digit price quotes and it supports ECN brokers as well.
 Update 25 March 2010
Forex hacked has been on demo test since 1 October 2009 it has been decided to retire it from demo testing. Forex Hacked has suffered from high drawdown open trades at the time of closing is  -$2 634.63
 
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7 Comments
Is this a good robot for a beginner with EA’s? If not which robot is good for beginners in EA use. Thanks Walt
walter, megadroid is new-trader friendly and has a pretty extensive manual with it and it is easy to use.
-476 pips and counting!!!!
No Stop Loss, it’s just a matter of time before you loose everything in one day.
Take a look at your open trades. Hundreds of pips and counting.
Do you think they really have a system where they say “Oh, -500 pips? I have it covered, it’s just a matter of time before it turns back and you win your 10 pips!”… Yep, a decade!
I think you should have an additional category for your stars: ROI.
Take care.
BTW, for those who didn’t see the report: -476 is just ONE trade. There are many others loosing almost as much.
I wouldn’t say this is a good robot for beginners, no. It is easy to set up and easy to understand technically, however the problem is in the trading. It is a risky trading style and if you are new to trading you will find it very easy to get into very hot water very quickly with this EA. It is better to stick with EA’s which have a limited, definable risk (a definite lot size or risk it trades at, and a definite stoploss and take profit) – this way you know where you are at and feel more comfortable rather than “out of control” – which incidentally is how this EA makes me feel, despite its nice gains and my experience with trading.
look at the stats, its doubled ever since! how can we say its no good. the rsult can confidently proofed its the most profitable robot.
The review was written some time ago, before the account had doubled. Even though the account has doubled, i still would not say these results are that great – this robot employs martingale style strategy (see http://www.donnaforex.com/newsletters/43.html for description of martingale). This kind of strategy is highly risky and although most accounts will do well with it, there will come a point when the whole account will be wiped out.
Donna
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