Forex Trading Apprentice

The Forex Trading Apprentice is a new Forex system by Alberto Pau and Ron J. Wills. They claim that it is the same system that is used by large investment banks like Deutsche Bank and Barclays Capital and that it can deliver enormous profits into your account for just minutes a day of work.

So far so predictable. But does the system have any merit?

According to the makers, the system utilizes an extremely tight stop loss and uses a simple combination of an indicator and price action to detect and scalp breakouts and then utilizes a “smart trailing stop”.

Forex Trading Apprentice have also made an Expert Advisor for the system, and claim an 86% win ratio, plus a very high number of trades (meaning it could presumably be used for broker rebates).

Forex Trading Apprentice Expert Advisor

The makers have posted some backtest history on their website, along with live trading results (obviously the latter can be fudged heavily and we won’t truly know if they were on a live or demo account).

Forex Trading Apprentice

The above graphic is taken from the vendor’s website and, whilst the results look impressive, the first thing to notice is that the modelling quality is 40%.

It is incomprehensible that this could be an error, and only a total newbie would fail to spot this critical detail.

Any EA can show good results on such poor modelling quality (even MetaTrader’s one minute data at 90% quality is unreliable at best), so either this is deliberate deception or total incompetence – either way it does not inspire much confidence.

It should also be noted that the system runs on the 30 minute time frame, so at least we have SOME idea of what this system is and how it works – the sales page has so little information on the actual product it is pretty much a joke.

The other worrying aspect of the above backtest is that the Risk:Reward ratio is completely skewed the wrong way (assuming we can trust any of this information at all due to the poor modelling quality).

The average winner was $280 whilst the average loser was -$720 – so the average loser is almost three times larger than the average win!

We certainly wouldn’t trade this way and this further diminishes our confidence.

Forex Trading Apprentice – Conclusion

We don’t want to belittle this product but it looks and feels like so many other Forex products which appear to be designed to make affiliates and the product vendor wealthier at the expense of the traders who buy it.

We can’t definitively say that this is the case with this product but the signs are depressing in their familiarity.

When it comes to the EA, you may want to consider adding this to your portfolio, but you would probably be better off sticking to a known performer like Million Dollar Pips, which has been used successfully by hundreds of traders and is a known variable.

At the present time, the jury is out, but if you do buy this to try it, it does have a 60 day money back guarantee.

Please leave your comments below if you do decide to try Forex Trading Apprentice

Forex Trading Apprentice

Want more of this? See these posts:

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