FX Broker Buster

Donna’s Review:

Ease of Use:

Control of Risk:

Customer Support:

Overall Rating:

Forex Broker Buster was put to test on our demo account on 5 January 2010. As i write this it is only 12 January, however results thus far look promising, our account which is losing 3% or less on a stoploss has gained 7% in just one week.

Broker Buster trades on EURUSD. It uses a stoploss of 106 pips and a take profit of 37 pips, although we have had instances where trades have closed at different take profits as the EA ‘locks in’ some profit on profitable trades – an option that is customisable via the settings (see our stats).

The stoploss and take profits are ‘unbalanced’ in that the stoploss is larger than the take profit, however it is a lot less exaggerated than in a lot of other popular EA’s, for instance, FAPTurbo & Megadroid. At 37 pips, we need just under three winning trades for every loss (if we get three wins to each loss it leaves us with a net profit of 5 pips). It is very early days but so far we are recording 9 wins, 1 stoploss, and 5 ‘other’ trades closing at a different take profit.

The robot itself is ECN compatible. It offers options for money management, including an ability to control the maximum and minimum lot sizes which are traded, and full control over the point at which the EA locks in profit. It also has a magic number facility so it is compatible with other robots trading on the same account/currency pair.  View Stats

 

We did hear a lot of positive feedback and reports about this EA via email from traders, however it has come to light recently that a couple of people are experiencing issues with their robot not trading correctly and making losses. Also on the negative side, you should note that the vendor states on his website that no refunds are available and he appears very strict about implementing this.

Furthermore, we have also had reports that their support services are not particularly helpful / supportive and therefore if you are very new to trading and may need help with basic setup, etc, this robot may not be your best first purchase.

Ultimately, if this robot continues to return results as good as it has been so far these issues would warrant overlooking due to its performance and profit potential.

Update (important)

I have reason to believe that this robot may be a scam copy of another robot, as determined by 4xproject.com
I cannot confirm the validity of this either way but felt it was right to inform people in this post.

Update 21 April 2010

We have removed this robot from test.