Review of Forex Mutant Trade Signal Software.

Foreword by Marc.

I bought Forex Mutant over Christmas, Fell for the Sales letter again! The 1st Few Days I had the Forex Mutant I thought I had Found the Forex Holy Grail. Now? The jury is still out. The Creator of the Forex Mutant, Lee Campbell, claims his forex Software generates 698% Profit – Virtually Risk Free. Hmm…Heard it all Before!

Does it do what the maker claims??? Drum roll. NO, but it does intrigue me. I have it running on a demo account. I don’t particularly trade it and the signals seem to be random, erratic & not very reliable. The Reason why I initially thought Forex Mutant was incredible was it has signals that generate reversal points at the top & bottom of moves. If you look back over previous weeks these Forex Mutant signals are incredible because they NEVER fail. Imagine knowing EXACTLY when a market is turning, you would be a millionaire in a matter of weeks!!

However, the first day I actually watched it operating I discovered that these “signals” disappear from the screen when they get it wrong!! & yet mutant still intrigues me. When I add some of my own indicators and when there is a sign & my ema and or a support/resistance line is near it does seem to have some value. If you are new to forex I would leave this alone. If, you are more experienced and like me, always looking at things that might make life a little easier, then I do think it has some potential. Julie also explained to me that there are some quite sophisticated algorithms running in the back ground. I suspect that with some “tweaking,” it has something to offer, but the finished product? NO.

UPDATE February 2010: I sent it back. The thing did intrigue me but simply was not making profits. Another robot for the bin!

Below, Julie explains how Forex Mutant works, the installation & its features.

The Forex Mutant software runs as an expert advisor within the MetaTrader 4 forex trading platform, and you can read its vendor’s sales pitch here: www.forexmutant.com. After purchasing the software for just $97 through Clickbank, with the usual 60-day money-back guarantee, I immediately obtained a downloadable file. This relatively small zip file of less than 500K downloaded quickly on my DSL Internet connection. Since it scanned virus-free, I unpacked it using WinZip into a Forex Mutant subdirectory within my Program Files folder on my computer running the Windows XP operating system. The files automatically unpacked into several subdirectories that each included a relevant PDF-format installation manual.

The shorter included manual was for the popup signals system, while the longer manual was for more advanced use of the Forex Mutant system. The manuals were rather terse and needed some corrective editing, in my professional opinion. Still, I managed to ascertain rather easily where the software’s files needed to be placed within my existing MetaTrader 4 directory structure based on the instructions provided and my previous experience with using off-the-shelf MT4 expert advisors. I was up and running with the software within ten minutes, and I was readily able to access the Forex Mutant templates on the currency pairs of my choice as the manuals had promised.

The included manuals each give detailed instructions on accessing the pop-up Forex Mutant trade signals, as well as on how to read the templates to obtain forex trading signals. The first and more basic Forex Mutant manual was a modest five pages long and described in simple language how to install the basic signal system that pops up a window containing trading instructions to buy or sell and at what level, as well as where to take profits and where to stop losses. Any forex trading beginner would be able to understand and take advantage of such simple trade signals!

The second and more advanced Forex Mutant manual was still only just 14 pages long and was suitably illustrated with annotated charts that showed exactly where the trade signals should be followed. The text also clarified what trading activity should be performed upon observing the signals that are indicated by a light blue dot above or below a candle on a candle price chart. This manual also described how to display a Trading Sessions or Market Hours indicator over the price action to show which market is active, as well as how to read a Market Information indicator that provides useful data like the current price, high, low, spread and average daily range.

My initial take on Forex Mutant is that it is easy to install and would allow even a beginner to understand how to read and trade the signals the system generates. Also, the stops are generally set quite close to the prevailing market, so the trading system involves relatively little risk per trade. Since the vendor’s online marketing material advertizes an impressive-if-true winning-trade rate of over 94%, the risk parameters seem sufficiently acceptable to at least warrant trying out the system on a demo account during the software’s risk-free trial period.

Nevertheless, for those traders looking for a forex trading robot to do all the thinking and trading for them, Forex Mutant will be a disappointment since it is only a manual trading system. Still, the software might suit those who are looking for an easily-installed and objective forex trade plan that gives reasonable trade signals right out-of-the-box and yet still allows more advanced forex traders some discretion in taking profits and setting system parameters. You can give it a try by clicking here: www.forexmutant.com .