Hi all my friends!!! I'm back yet again with another new product for us to try. Yes, this one is so new, they didn't even have time to update the picture for it!!
This is EA Shark 7.0 and comes to us care of ForexEASystems.com. They make several other products which we may be interested in reviewing later. Of the ones I saw, the stats caught my eye on this one the most!! Thanks to the folks at ForexEASystems for letting us have a test copy!!
I have had this one going for a little while and it has already produced some impressive gains. Initially I though this was another VE-style system just like MDP and Thor II. But looking at where it puts entries, it is somewhat different. Most trades aren't open that long (less than one minute) but the entries don't seem to be on spikes, rather they are momentum trades from fast moving markets. Let's take a deeper look shall we?
What is EA Shark 7.0??
EA Shark 7.0 is an expert advisor (EA) for the forex market. It opens, manages and closes trades without any intervention from the trader beyond initial setup and maintaining connectivity with the broker vis a vis MT4. As I mentioned earlier, this EA seems to take momentum trades when the market is volatile and moving quickly. So far, the average trade time is only 38 seconds for our first 38 trades. That strikes me as very similar to our volatility expansion traders that take the opposite position at the top of a spike. The difference here is that none of the trades so far have really been around spikes. It has taken some long positions as the market raced up, and took some short positions as the market went lower. Here are some highlights from the vendor page:
- Ultra Low-Risk of 2 Pips Per Trade: Wow, I have never seen that before. and the numbers bear it out too. The average loss so far is -1.76 pips out of 13 losses so it is even hitting BELOW the amazing 2-pip mark!!
- Secure Trading: No orders are opened at market price to avoid slippage. All orders are placed as forward orders with a hard-stop of 2 pips. This is nice to have for sure. The problem we have had with EAs like MDP and Thor II is trying to get an order in at the right price while the market is moving fast.
- Easy To Use: I can vouch for this. There are not that many settings and setup is rather easy.
- First Class Support: They offer, chat, email or even remote desktop support which is pretty cool.
Here are the Vital Stats:
Pairs Traded: Eur/Usd, Gbp/Usd
Cost: $269 one-time fee for both pairs for ONE account.
Return Policy: 60-day money back guarantee
So Omar........How does it trade???
Glad you asked!!! First of all, it trades during heavy volume when the market is moving quickly. Second, trades don't last long so you may or may not ever see it actually trade. And what's more is it uses very large lots since it only uses a 2-pip stop. Now the results from the demo have been nothing short of MIND-BLOWING!!! And I want everyone to take that with a grain of salt. Sure, it is great to see more than 20% gain in two weeks of testing!! BUT, sometimes systems that appear amazing on demo may not function the same in a real, live market. I have seen this before, ESPECIALLY with EAs that open trades that stay open less than one minute. But I'm hopeful and it won't take much more convincing to get me to test this live, but it's still too early to tell regardless of the impressive gains so far on the demo. See for yourself:
Check Out the Trades!!!
And of course if you would like to purchase this EA, or any other one that we review/test/use here, please do so by clicking on the links provided throughout the forum. Although I am NOT an affiliate of ANY product we review here, buying through our links does support the cost of the forum and allows us to bring you the very best in honest forex reviews and testing!!!
Stay tuned to see what happens next!!!!!!