Forex Replicator Review and Testing:
Hi All!!! I'm back with another brand new product for the forex market and you know what? This one's a little different than my normal EA tests!!! Before I get to what makes Forex Replicator unique and intriguing, a little background. First off, big thanks to the vendor for providing us a test copy of this new product. Also, they have been VERY helpful in answering all my question that I had so I could give everyone here the best information possible. Let's find out more!!
What Is Forex Replicator?
Forex Replicator (FR) comes to us courtesy of the creator of Forex Growth Bot EA (William Morrison), one of my personal favorite expert advisors of all time. Forex Replicator is a semi-automatic system for many pairs in the forex market AND Gold & Silver. Wait Omar..... did you say SEMI-automatic? Yes I did. This system's a little different remember? So Forex Replicator consists of two parts that work together. The first part and really the very core of the system is the indicator that goes on the bottom of the chart. This indicator takes historical charts and analyzes them to see if there are any similar patterns that have happened in the past. It takes this information and decides what will happen "next". It assigns a % of accuracy to the prior pattern compared to the current one meaning that a higher % equals a closer match to a pattern that occurred in the past. Since the old adage "history repeats itself" is very true in forex, I feel this novel approach may be a very nice addition to our trading toolbox. The second part of the system is a trade management EA (you didn't think I'd do a review in robot test without at least an EA being PART of it did you?). What this EA does, is manage the trades that come from the signals. THE EA DOES NOT PLACE THE TRADES, just fires signals and manages trades. YOU decide when to pull the trigger. So for everyone who LOVES to interact with their EAs, OR for those of who you simply can't trust the EA to run when you're not watching, this might be the product for you!! You can adjust what % accuracy the signals fire and everything. Higher % for accuracy means less trades, but more winners. Lower % means more trades, but lower probability of a win.
This brings me to why this system is semi-automatic and not like a normal EA that finds signals, opens trades, manages them, and then closes them according to it's internal set of rules. Two words: EXTREME VERSATILITY. This system can be traded on ANY TIMEFRAME!!! For those of you who like faster market action and more trades, drop it down to 5-min and watch more trades happen. The smaller timeframe trades come with much smaller stops and take profits. Don't want to have a frantic day in front of the screen? Set it to 4-hr and only check your monitor every four hours since this doesn't fire signals in the middle of candles but rather at the end/beginning of candles. Or trade any timeframe above or below the examples. In addition to the timeframe versatility, the % accuracy of the pattern matching is completely up to the user. So the combinations are almost endless right there. You trade the sessions YOU want to and never have to worry about a trade firing in your absence. Another major reason I believe the vendor did not make this fully-automated is because this system works very well as CONFIRMATION for other systems. You just shorted on the 1-hr chart from your own methods, and at the same time or soon before/after FR fires a signal on the 1-hr in the same direction, you can have much more confidence that your trade. Or you could want to long on a higher timeframe, and use FR to find an entry on a smaller timeframe. Again, versatility and control make Forex Replicator very uniqe in a world of "black box" fully-automated EAs.
Specs for Forex Replicator:
Another nice thing about FR is that setup is very easy. Add the indicator, add the EA, set your % of accuracy you want to trade and you're done!! Here's some important specs:
- Pairs Traded: The basic version gets you the EUR/USD and the GBP/USD. You can upgrade after purchase and add Eur/Jpy, Usd/Cad, Usd/Chf, Usd/Jpy, Aud/Usd, or Gold & Silver (all pairs are sold separately with the exception of Gold & Silver which is sold as a combo for a slightly higher cost)
- Cost: $87. This is certainly on the reasonable end of the cost spectrum in my opinion. Additional pairs are $87 and the Gold & Silver combo is $127. All prices USD.
- Licenses: Each purchase gives you one license for one account for pair(s) purchased. The license manager is web based and switching between accounts takes literally seconds.
- Refund Policy: 60-day money back guarantee through ClickBank which in my experience has never been a problem getting a refund through.
Trading Forex Replicator:
I have been experimenting with Forex Replicator for the last few days and once you understand the process of how it works, it's a snap and very easy to use. After you input your settings and decide what pairs and timeframes trades work like this:
- Forex Replicator produces a signal with an audible alert
- You open a trade at market in the direction of the signal WITH THE COMMENT FILLED IN THE SAME AS IN SETTINGS. This is how FR manages the trades. When placing the trade, before hitting the "buy" or "sell" button, you simply fill in the "comment" section with the same "identifier" as in the EA settings. For example if the "order comment" in the EA settings is "FR" then you must put "FR" in the "comment" portion of the trade opening screen and Forex Replicator will manage the trade
- Open the trade, and you're done!!
- Wait for the next signal, Forex Replicator can handle multiple orders being opened at different times as long as the same "order comment" is filled in the same as in the EA settings for all orders opened for that pair.
I invite everyone to go check out the vendor website for even more details about this product by clicking the banners at the top and bottom of this post. Also, please use the links on our site if you decide to purchase because although I am not personally an affiliate of ANY product I test, buying through the links here helps cover the cost of the site, and lets me bring you the best, most honest, informative and supportive experience I can in the crazy world of EA trading. I will be personally trading this EA myself on a demo account during all the different sessions throughout the week mainly during times of high volume. I am going to attempt to take trades in a reasonable fashion that closely resemble what another trader could accomplish with a few hours of screen time a day. I never want to promote a system that requires you to be glued to the screen for hours on end. I take trading very seriously, but at the same time I want to trade this system casually enough so that everyone who buys it can expect similar results. If you want to devote 12 hours to trading the signals, be my guest, but I'm going to devote some choice, targeted times to trade this system and you can monitor my results when I get the MyFxbook link setup very, very soon!! I have taken some trades already and I can tell you I like what I see so far!! I truly hope Forex Replicator turns out to be very profitable in addition to the interesting system it already is.