Forex BulletProof Review http://www.top-software-reviews.com/2010/forex-bulletproof-review-09-29.html
Review For Forex BulletProof Forex BulletProof’s codehas approximately 4000 lines, making it one of the most sophisticated EAs ever created. Each function has been carefully checked and tested by our team to account for all possible market situations. These functions include an integrated complex volatility filter as well as the set of commands outlining the forex robot’s timely market entry and exit rules with absolute precision. They therefore completely eliminate the possibility of a robot’s faulty judgement from which most (if not all) other robots often heavily suffer. The current minimum to start trading with the robot on the EURUSD pair is as low as $450. Only if the user wishes to trade on both EURUSD and USDJPY, he/she will need to have a minimum of $4000 on the trading account. Yet most profits are generated on EURUSD, so a minimum of $450 will be perfectly sufficient. Forex BulletProoftrades two popular majors – EURUSD and USDJPY – which are offered by pretty much every broker on the market. Moreover, the spreads on these two pairs (mainly because of their popularity) are marginally low, which further serves to the user’s advantage. Forex BulletProofis an easy to utilize “set and forget” forex robot. No complex list of settings to be entered, no multitude of files to be placed into various folders, no need to watch the robot during its trading. Even completely unexperienced computer users can successfully set up this bot on their computer or VPS and have it trade for them.
The forex robotis designed for the Internet’s standard – MetaTrader4 platform – and is therefore completely independent of a specific broker. If an issue of whatever nature with a certain broker arises, the user can easily switch to a different one. The beta features include a unique market entry and exit strategy, which combines the time factor, the trading cycle balance, and the percentage of trades closed in a cycle. The time factor regulates the time when a trading cycle starts following the closure of the previous one. If a cycle happens to run past the robot’s trading hours, it closes upon reaching a zero balance to exclude the possibility of a margin call. The percentage of trades closed in a cycle determines the condition of a cycle’s closure in profit and the start of a new trading cycle. The Forex BulletProof strategyis not to be confused with martingale trading. Martingale is a mere endless doubling of the next trade’s lot size in hope to compensate oneself for the previous losing trade. Instead, Forex BulletProofuses carefully regulated progressive lot sizing. The robot’s trading hours and days are carefully selected based on the time zone differences between the closing and opening times of stock exchanges in different parts of the world. That’s why the robot is always overall in profit no matter what the current situation on the market is. The time of the robot’s market entry is set to a fixed time of the day, during which the massive asset transfer from US stock exchanges to the European ones takes place because of the American trading floors (NYSE, CBOT etc) closing down for the night and the European ones (Frankfurt, Amsterdam, Brussels etc) being about to open in the morning, therefore boosting up the demand for the Euro against the US Dollar, as all stocks in the US are being traded for the US Dollars and all stocks in Europe are being traded for the Euros. The same is true for the USDJPY currency pair, when the Japanese stock trading (where all stocks are traded for the Yen) ceases in the evening (NIPPON, NIKKEI etc) and the American one is about to resume in the morning. Once the trading hours come, a trading cycle commences and progresses by doubling the lot every 10 pips of the downward price movement and closes as soon as >35% of the trades in it hit Take Profit or as soon as its overall balance reaches zero after midnight GMT (should the cycle remain open past midnight GMT). The cycle will not be progressing endlessly because of the marginal leverage limits, bringing the maximal number of trades to be opened in a row to six on a 1:500 marginal leverage account (the biggest available with online Forex brokers) before the market reverses to some extent (which it does after these hours, since a correction is imminent even in the event of a drastic market fall). Once a trade along the cycle’s way at any of its levels closes, the next level trade in the cycle is to be opened after 20 pips down instead of 10. Moreover, the forex robotis capable of re-adjusting to the changing market conditions. Should the market suddenly become too volatile (and therefore,too risky to trade), the volatility filter will intervene and take the robot to an early
exit. The bot also adjusts automatically to the conditions of a specific brokerage, being compatible with both the instant execution brokers and the market execution ones. If a news release suddenly hits the market and a broker drastically increases its spread in response, Forex BulletProofrecognizes it and automatically cuts the starting lot size for its trading cycles. Once the spread is back to normal, trading with the standard starting lot size resumes. This aspect prevents the robot from being unable to close the cycle of time because of the suddenly increased spread. Forex BulletProoftrades DURING the market hours and not between them, like many other Forex robots. This aspect ensures sufficient liquidity at all times, no matter what the situation on the market is and how many people are using the robot. The liquidity during the market hours on Forex totals to trillions of dollars. Therefore, even if we had millions of people using the bot at the same time, it would not impact the currency market in any way (especially, if your broker is STP). The robot’s trades are frequent. It takes multiple trades on both currency pairs almost every Wednesday, and Thursday. There’s no need to wait for weeks for the robot to take a trade. If your robot did not place any trades on the first Wednesday of your use of it, you made a mistake somewhere in the setup process and should immediately contact our customer support for prompt assistance. The seldom drawdowns in the process of trading are miniscule and quickly recovered because the robot is to NEVER produce a margin call. If things on the market get out of hand or a strong unexpected trend suddenly emerges, the subsequent trades in the robot’s trading cycle will re-hedge the initial ones and the cycle will be immediately closed. If a user’s computer, VPS or Internet connections experiences an outage, the forex robotcan be immediately restarted from a different computer. It will recognize the trades it opened from the old computer as part of its trading cycle and will proceed with the trading like if nothing has happened. All error messages with guidance are displayed directly on the currency charts and in the MetaTrader journal. Therefore, if there is a problem, the user is not simply aware of this fact, but also knows what exactly is causing this problem and what he/she should do not to have it. Because of the robot’s predictable behavior, there is a very small difference between its real and demo results. All of the robot’s backtests on the historical market data are likewise profitable for any period of time and close to the forward tests performance.
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Published on Jul 13, 2012