EA Shark 7.0 Review, Settings and Live Trade Results

[pharoh777]

EA Shark 7.0

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
Timeframe: 30-min
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!!!!!!

EA Shark 7.0

[pharoh777]

Here are the current settings I am using for EA Shark 7.0:

Eur/Usd:
Max Spread: 1.5
Volume Filter Enabled: TRUE
Volume Filter Eur/Usd: 100.0
Volume Filter Gbp/Usd: 80.0
Money Management Enabled: TRUE
Money Management Risk Per Trade: 0.005
Order Lots: 0.1 (doesn't matter what is placed here because MM is "true")
Order Magic Number: 0 (you can put any number here, I went with the default because no other EA uses "0" that I use)


Gbp/Usd:
Max Spread: 1.5
Volume Filter Enabled: TRUE
Volume Filter Eur/Usd: 100.0
Volume Filter Gbp/Usd: 80.0
Money Management Enabled: TRUE
Money Management Risk Per Trade: 0.002
Order Lots: 0.1 (doesn't matter what is placed here because MM is "true")
Order Magic Number: 0 (you can put any number here, I went with the default because no other EA uses "0" that I use)

[raa]

Haha, looks like a project I was planning to develop on my own, but never had a time to do so. It's an Anti-MDP, instead of placing stop order when spike occures on a way back, my system would place stop order above and below market, bracketing it, when volatility is super low, and move these orders once in a while, perhaps once a minute, so when the abnormal candle will develop it will take us into a trade. Even if it pulls back some providing a trade for MDP-like systems, more often than not it can run quite a bit. With 2 pips stop loss and I believe trailing stop right away (since losses are less than 2 pips means we start trailing immediately, this is what I use for momentum trading as well, and was using 2 pips as well for my news trades) it can be a very safe way to trade providing you won't experience big slippage.

Looking forward to the test, but this system is just like MDP makes not much sense to test on demo, since slippage and execution (for trailing) is a key here. Makes sense to start trading it live on a small account instead.

PS stop entry order is virtually the same as a market order in terms of slippage, the only advantage is there is no time delay for a trade order, since stop order is stored at the broker's, but an execution slippage is the same, the only orders that give no slippage (if broker is a proper one) are limit orders.

[pharoh777]

THANKS FOR THE INSIGHT RAA!!!!! You have said what I have been thinking in much better terms. I think demo testing is pointless with these type of EAs and I will get us live soon. Let's see if this "anti-MDP" will produce better than our actual MDP which has struggled!! It has me curious especially since it has made some pretty impressive gains in just a few weeks.

[pharoh777]

Almost 30% gain in just a few short weeks on the demo! As discussed here before, I have now contacted the vendor and have it running on our live test account. Let's hope the results are similar!! If they are, this might just be a major hidden gem that not too many people know about. Let's see what happens!!

Just so we're clear though, this EA hasn't "graduated" yet because of the type of system it is. We feel (me and Raa at least) that since it is such a fast moving trader, that live results may differ from the demo. If they DO NOT, then this will DEFINITELY graduate!! Seems to be a very powerful system, BUT we will only know for sure when we see what a real, live market does to the system since we know that can be different from demo trading because of slippage, etc.... I am very hopeful and the trade logic seems to be solid, but only time will tell!!

I wish EA Shark the very best on the live account!!! I will give an extra update again when it trades live.

[raa]

Fantastic, Omar! Looking forward to it! Thanks a lot!

[capsmart]

Indeed really promising.

[pharoh777]

Hi Guys!!! Soooo, I'm watching and waiting!! Still no trades since we put it on the live account the other day, but BOY I'M WATCHING THIS ONE CLOSE. If it trades the same as the demo, WOW, we may have a real monster on our hands. I spoke with the vendor and they said LMAX is a great broker for Shark 7.0. So we got their blessing on the broker, so now it just has to perform live. I will make a post here the moment I see a trade. I wish us the very best in the live trades that are coming next week!!!

[pharoh777]

YAAAAAAYY!!!!! FIRST LIVE TRADE!!!! THE WAIT IS OVER FOLKS!!!! Here's how it went down:

Well, let's start with the good:

1. It took it's first trade
2. The same trade occurred on both the demo and live accounts with almost identical results (essentially the 4 trades lost the same % as the ONE loss on the live account)
3. I have discovered two cool safety features this EA employs that I now like a lot!! (I will discuss this shortly in the post)

And now the other facets of today's trade:

1. It lost (we don't expect them all to be winners)
2. The demo took FOUR trades for a loss, while the live account took ONE (I am always concerned with this type of trading that the demo will be wildly different from a live account)
3. The account slipped 2 pips on closing the order (I DESPISE SLIPPAGE). This is NOT the EAs fault, but the broker. Although 2 pips slippage can be expected from time to time and this is not MUCH of a concern. Anything higher than 2-3 pips of slippage is a big concern that the broker will not perform as we need. LMAX has continued to impress in this department and I'm not super worried about today's performance.

OK...... So now what???

Well, first off, let's talk about the two little "safety features" I discovered about EA Shark 7.0 this week. The first one is that it has a "spread monitor and protection". This is a user-defined max spread that the EA will trade with. This can save the EA from trading in wild, volatile markets right after news when the spread tends to widen. This feature can keep us out of bad trades because of wild, high-spread markets. This is EXACTLY the reason we missed 3 trades that the demo took that the live account did not. I have the max spread set at 1.5 pips on the live account and 3.0 pips on the demo for the Gbp/Usd. I have 1.5 pips set for both demo and live on the Eur/Usd. I wanted to see some trades on the demo, so I gave the Gbp/Usd a little extra "breathing room". Interestingly enough, the net results were the same on both accounts in % terms. So at this time, I will keep the live account set tighter until we see that there is a major impact on profitability between the two. Right now, it just kept us out of taking extra trades the demo did that the live did not which yielded the exact same results. I would rather take less trades for the same results if I can help it because it exposes overall less capital to the market which is safer.

Second safety feature is "volume monitor" which is my favorite of the two newly-discovered safety features. This is user-definable as well, but I have left it at default. The reason I like this is because the worst losses I have ever seen on volatility-expansion trading (which is similar to what EA Shark 7.0 does) is during the low-volume Asian session. This EA is designed to avoid most trading during the Asian session because it has this special volume filter. Normal Asian sessions trade with significantly low volume and therefore a very dangerous time to trade this style of EA. Guess what??? The EA is currently disabled on the live account because of low volumes. This gives me MUCH more confidence in leaving it running since I know it won't fire trades without the market volume being there to support the moves. Let's see how this works out for us.

I am still very interested in this EA and it might be a winner but of course we will have to see some real-money gains for a while to say that for sure. So we will continue to closely monitor this EA and of course I will be back to analyse any trades we get tomorrow (if any, since that is the best chance it trades again).

STAY TUNED TO SEE WHAT HAPPENS NEXT!!!!!!

[pharoh777]

Things that make you go hmmmmmmmmmmmmm........

Well, the demo took 3 more trades today on the Gbp/Usd that the LIVE account DID NOT (in fact, the live account didn't trade Shark at all today). They were all wins, BUUUTTT....after commissions, the trades ended up yielding a very small loss (-$2) so I suppose I am happy the live account missed these trades. Why the difference??? Well, our live account uses a much tighter spread setting than the demo (1/2 for the Gbp/Usd). Results we have seen so far do NOT compel me to want to change that just so we see more trades. Maybe if we see a REAL win that happens on the demo but not on the live account we can "loosen" it up to the same settings. But for now, since we want to make $$$ and not simply watch trades occur, we will hold our course as it may prove to be wise in the long term (ie we miss the marginal trades on the live account that the demo takes, but catch all the "good" ones.) This is my hope at least. Only time will tell!! Let's see what happens next!!!