Fast Forex Millions EA Review

[pharoh777]

Fast Forex Millions EA (clickable link to vendor site)

With much fanfare and excitement I am proud to present the newest offering from William Morrison (creator of the infamous Million Dollar Pips). It is called "Fast Forex Millions" I stayed away from MDP for a while because of the name and boy this one is about the same. We spend so much time getting to learn forex, the real, hard, slow way and become very sensitive when anyone throws a name like that at us we usually run the other way. But you know what?? Who cares about the name!! MDP was awesome and I'm very excited to test and run the newest offering from Mr. Morrison.

What is Fast Forex Millions?
Fast Forex Millions (FFM) is an Expert Advisor "EA" used to trade the forex market. It is used to place automatic trades based on its own set of rules and can be run without intervention (although we ALWAYS monitor ALL EAs) If we check the vendor site, what do we find?? Nope, not a bunch of super-hyped up videos and pictures of yachts and Lamborghinis talking about the "dream" of forex and "all the wonderful things about life when you're rich". Although interestingly enough there is a picture of a yacht and a big house at the bottom. My point was it's not plastered from the beginning all the way down and the only thing on the page of any value. We simply find some advertising and TONS of numbers. Here's what I got from the vendor page that mattered to me:

1. FFM trades 5 currency pairs: EUR/USD, USD/CHF, GBP/USD, USD/CAD & AUD/USD
2. Average stop loss seems to be around 20-30 per pair and average win around 50! We like positive R/R (reward/risk) Ratios!!
3. Average win percentage appears to be slightly over 50%. We like winning %'s above 50 + positive R/R
4. All Largest wins (in pips) were more than double largest losses (in pips) with the exception of the USD/CAD. We like to know that surprises to the downside will be dwarfed by surprises to the upside.
5. 2 out of the 5 had NO monthly losses in their tests and the other 3 only had one each. Pretty sure no explanation needed with that one!
6. All monthly return numbers seem to be very large with some MONSTER months in there. But we will have to see how it performs on real accounts, I get dodgy with anything that returns 418% in one month on one pair. I'm hopeful though, MDP performed stunningly when you got it set right on the right broker.
7. Click on "add to cart" and you will find it costs $247. We are working on providing our forum members with a special discount price when you buy it here. Details to follow soon when I get more info on that.
8. Does not seem to be broker sensitive. The strategy seems to suggest a much longer holding time, so frantic entries, order modification and closure are probably not necessary
9. There are links to see more backtests so you can pour over the details.

Just Got the Copy!!! Yahoooo!!!!
I'm going to load it all up and when I get it going I will provide more details on this brand new EA and provide a link so everyone can follow along with it as we see what it's all about!
Stay Tuned!!

[raa]

Omar, if I may suggest... The promoter's page present back tests with 90% accuracy, this is standard Metaquotes data with ticks extrapolated from the M1 bar and is usually not reliable. While this EA is not particularily a scalper, I have seen big difference between that kind of extrapolated data with real tick data, such as Dukascopy tick data. It would make sense to run some independent back tests using 99% real tick data instead..

[pharoh777]

RAA, your skill and expertise is brilliant. You also explained MDP strategy to a tee in a way I could not. I would agree that 90% modeling probably won't produce "live" results by far. I have never been a fan of backtests period. The real test comes from a live test. There is no hiding from real results in real conditions. My goal with the first post in the thread was to "see" what the vendor was putting up. Most scam vendors just talk about how great it is to be rich and how easy it is do get there. Even though the results given on FFM vendor page might be produced using poor modeling quality, I like the fact that most of the vendor page is numbers.

We will approach FFM with caution, and I really appreciate Raa taking part in this process. We must all scrutinize this EA as much as possible before we can consider adding it to the portfolio.

Also, as stated in "rules of engagement", I like the fact that I have already used one of William Morrison's products and have had success with it. It lends more credence to the possibility that subsequent products will be profitable as well NO guarantee. We shall have to see.

[pharoh777]

Hi All!!!

Got the software all set up and running on my account and I will be posting results as soon as they arrive. I am also going to go into more detail about FFM now that I have the software, can see the settings and have the manual. For anyone jumping right in, I am starting with a risk setting of 1. The scale goes from 0-15+. It represents the "risk" per pair traded. So if you are setting a 10, you are risking 10% per trade, per pair, so that equals 50% total risk! For some reason you can set it to zero and it still takes trades but I don't get that yet. I'll see what I can find out.

I just really wanted to give everyone an opportunity to get the link as soon as possible if they are interested in "taking the plunge" especially since 20% off seemed like an awesome deal to me. You can find it here:

Forex Fast Millions 20% Discount Link

More to come later!!

[munnyman]

Never used a robot before always been warned against them, but I did look at the web page for this one. I'll be interested in your results of your tests and might even take the plunge myself.

[pharoh777]

Munnyman,

Great to have you aboard sir!! The world of robots is a MINEFIELD!! You are wise to exercise extreme caution. I wanted to create my little corner of the forum to save as many people as possible all the pain that bad EAs can bring. They get you twice, pay for the garbage product, and then lose money in your account! Our goal here is to scrutinize as much as possible and try to apply sound rules to choosing which ones we look at in the first place. My personal goal is to bring as much honesty and integrity to the whole process because what good is listening to someone whose only interest is getting you to buy the product. I personally trade with my own money all the EAs that end up being in the portfolio section and that is not going to change. I want everyone to know there is a real trader in Texas trying to make a living and hoping to do that through trading.

I also want this to be an environment of encouragement, education and support! These three things are important to me. Everyone should feel they can ask any question, no matter how simple or mundane it may seem to you. Often it is these questions which are the most important and everyone is afraid to ask for fear of looking like a "noob". We are all "noobs" in something and we will never advance our knowledge without asking questions. I am educated all the time by the talented traders we have contributing at the site.

Again Munnyman, if there is anything I can help you with in your understanding of EAs in general or specific, please don't hesitate. As far as FFM goes, as soon as I can get some stats up I will.!!

Kindest Regards,
Omar

[munnyman]

thanks Omar, I'll wait for a bit till i see your test results before doing anything. Got to admit to being very sceptical re EA's
but would be great to be shown to be wrong and find one that really works.
Regards
John

[RodneyH]

Hi Omar,

I am of the same opinion as Munnyman, I've always been told that robots are not to be trusted. But the Fast Million Forex is tempting. Its good we have your testing and expertise to make our decision upon.

I'll be waiting in anticipation for your results from this EA.

Thanks again for the work you're doing, this could save newbie's like me lots of $ and headaches.

Regards,

Rodney

[pharoh777]

First off,

Thank you Robbie for your comments. We are all going to try hard and work together and make lots of money using ONLY good products. We will take a little extra time to do some research, but it will pay off directly in money not lost to bad EAs!!

Second:....................(Drumroll)............

WE ARE OFF AND RUNNING LIVE WITH FOREX FAST MILLIONS!!!
THERE WILL BE UPDATES POSTED HERE AS SOON AS TRADES ARE TAKEN!!

Soooooooo, what's setup like?

Well, as discussed before, it trades 5 pairs. Setup is 15-minute charts and they provide an "easy-installer" so as long as your metatraders platforms are closed, you just run the setup and chose the location for metatrader. Open back up your metatrader and attach the EA to each of the pairs charts you have opened. Very simple installation.


What About Settings Omar?
There are several settings and they will be important depending on the broker you use (NO Dual Mode for US regulated brokers). Then, you only have to fiddle with two settings for risk!!! They have condensed risk down to a number system from 0-15+ called "risk percent". The manual says that you can set risk to ZERO to start and then go from there. It is supposed to represent equity risk % per pair, although 0 doesn't really make sense. I have asked the manufacturer for more clarification and I am awaiting a response that satisfies ME, and when they finally come up with one I will share in depth with everyone here OR we will simply see what it means from trial in my account.

The manual suggests that normal "safe" risk is between 0-3 and I have set mine at 1 to start. I am trading ALL 5 pairs at the moment but I have my doubts about the CAD (just from personal experience with this pair). So with a setting of 1 remember that is 1% TIMES 5 pairs for a total of 5% risk across all pairs from one trade each. And considering they have a "dual mode" setting to where a second order can be placed on each pair, the overall "catastrophe" scenario of all pairs opening up 2 trades and ALL LOSING should be 10% total. Not super-conservative, but not super-risky either if this is a profitable system.

Other Settings I found interesting:

1. Dual Mode: It allows the EA to open up a second order in EITHER direction to hedge the trade or add a position to the trade (this second part is unconfirmed personally but I saw someone mention this in a forum). I am keeping this TRUE (default). US brokers this setting MUST BE FALSE.
2. Reverse Exit: Will close out trade if opposite signal is indicated on pair being traded, and profit level declines. I am keeping this TRUE (default).
3. Filter Depth: This is the "threshold" the EA uses to determine when to trade. The higher the number of filter depth, the lower number of trades but they will be higher quality. A lower number makes the EA trade more, but is more risky. I am keeping it at the default of 600 and that makes the number 1200 on the chart because of dual mode
4. Other Settings: Slippage (calculated automatically), and other settings related to trailing stops and dynamic profit taking levels. These are settings we SHOULD NOT mess with in my opinion at this stage until we get a way deeper understanding of how FFM trades.

So there it is!! When we get some trades I'll be back here to give updates. Again, if anyone wants to get the 20% discount price on this EA, the link is here: Forex Fast Millions 20% Discount Link.

I certainly think that at this point in the due diligence review, it is wise to take a "wait and see" approach. That's why I'm here. I'm taking this leap here so others can be patient. If you can't wait and maybe have a small account to try it on using very conservative settings, then please use the link above because it helps support this forum and let's us keep bringing you only the best and honest reviews of all products discussed here!!

Here we go folks!! I'm hopeful but skeptical!!

[pharoh777]

Well, almost within an hour of me getting the FFM setup and running, it took a trade. Please note that all trades were taken 1/25/2012 broker time (UTC +2). Here are the results:


Fast Forex Millions Live Trades taken 1/25/2012:

Trade 1) Aud/Usd -21.2 Pips
Trade 2) Usd/Chf -14.5 Pips

Total: -35.7 Pips
Loss %: -0.68%

Not exactly a banner start to the test. I want to mention that shortly after the Aud trade opened a 67 pip from top to bottom spike occurred and knocked the order out. If it hadn't been so volatile during the news announcement, the trade would be comfortably +40 pips right now and highest would have been +54 or so pips. I'm not defending that trade AT ALL just giving a little extra info I noticed.

Oh, a Gbp/Usd order just opened up while I was writing this. It seem that this EA trades quite frequently as the Asian session is usually the quietest. I will report back on the results and progress after a few more hours have elapsed.

ALSO: I have scanned around some outside forums to check on what others are saying about this EA. Result? Not so good. Many people seem to be losing more orders than winning and are overall losing pips although it seems that the net is just a slight loss for most people. Are these unfavorable conditions like what is going on with MDP, or is this EA a stinker???? We will have to see!!! I certainly hope the results get better soon!!