Forex Real Profit EA
Forex Real Profit EA
To be honest, I am not a fan of scalpers. It is because of the liquidity problems. I am also not comfortable with pre-Asian session scalpers for the same reason which you can observe at day times. Often these problems are found into reqoutes, widened spread and slippage. I believe I have this adversity because of the current market status. All you can see today is bad floods of scalpers all over the world. It is almost impossible to find any trustworthy programs now a day. Flooding the market with scalpers is not the way to keep up the EA scene but it seems everyone is trying to do that. And most of them is not even unique, just a clone of Megadroid or Fapturbo or others. If we consider their efficiency then, it is better trading blindfolded. There is no need to buy them; you can do fine with the chart to establish direction. It is hard to believe but every now and then a true scalper shows up even in such condition and Forex Real Profit EA is just like one.
I think many of you have already figured out that I am talking about a pre-Asian session scalper. Traditionally this type of EA usually trades between 21 and 23 GMT according to the US DST. And most of you have probably known that, between the second Sunday of March and first Sunday of November, it is only effective.
The good news is that this robot can trade with multiple currency pairs including EURUSD, USDCAD, USDCHF, EURGBP, EURCHF, GBPCHF and EURCAD on M15 time frame. There are many differences between these pairs but most important differences are about trend filter usage, take profit target and the maximum spread allowed. CADCHF is considered as the profit symbol in their manual. But I have to skip the backtest of this currency pair as there is no data for that and not even a tick data in Dukascopy for it. Well it is not surprising because many brokers forget to carry it.
Strategy
It is a patient scalper, which lurks in the market and at the same time weaves a channel surprisingly out of Bollinger bands and other arcane. It works with total silence. And when the time appears for trading, calculating the current channels it shows the signal and it is triggered to one way or the other. There is not much difference with other scalper’s strategy but in this case the result is way more profitable than others.
There are several security measures like a built-in news avoidance system which appears as hardcoded future dates with important news releases. There is also aforementioned trend filter, which allows the trader to weed out trades to reveal the underlying trends. It is a unique system in Forex Real Profit EA.
Now, to save your account the stop loss is set at 100 pips which is default for all currency pairs. But the take profit is not restricted to a single setting. In fact it can be as low as 9 pips like on USDCHF & EURCHF. And higher than 9 which is 30 in case of EURCAD. As a result, the risk reward ratio in case of Forex Real Profit Pro differs from 11:1 to 3:1. It totally depends on the currency pair on which it is running. Now an important feature of this robot is that, it will close automatically long before it reaches the stop loss when the market is going opposite. As a result on live accounts you may observe 3:1 risk reward ratio.
This EA has a rare quality which is that it is broker friendly. It does not break the NFA rules, which clearly restricted more than one trade at once for a single currency pair. But it is very sensitive to spread, slippage and requotes. You can find it in the back test result. However it is recommended by the author that ECN broker is best for it.
Another important point is that it is a short trade EA. In most of the case, trades will close within 2 hours.
Website
One thing that I experienced over the last few years is that, profitable EAs don’t have lot of marketing craps in their websites. And in the website of this product, there are no such live videos, testimonials or fake comments. The website is simple and presents only the real picture of this product.
I feel interests about this EA mostly because of its simple and friendly website. Not to mention that the live results of this EA are also attractive. They have the live results of two featured accounts in their website and let me show you why I am attracted to them.
First account is running for a little longer period which is over a year at this moment. It is an Alpari UK accounts, active since February 2010. In this time period it achieves almost 80% return with a drawdown of around 6%. The risk: reward ratio for this account is only 3.2:1 with a profit of 1.56.
The second one is an MB trading account and you can find that it is running since 18.05.2010. But when you go deep down, you will find an “incomplete statement” message on MT4i which is a clear indication that it must have been running other accounts before the forward test. However, as an MB trading account it is allowed to run with maximum leverage which is 1:50 in this occasion. Now here you can find that this account has gather over 90% of its capital in two thirds of the time that the previous account needed to reach to 80%. So it is impressive but don’t forget to note the drawdown rate which has also increased up to 16.8% at the same time.
For registered users of this Forex Real Profit EA, there are several back tests from 2000 to 2010. There is back test on EURCAD in 2007-2010 and GBPCHF in 2003-2010. There is also a demo version available for download for the registered users of the forum.
Parameters
You can configure your trading sessions with a minute resolution here because bunches of time setting options are available here. There is also an auto GMT feature to assist you trading in different time frame. There are also stopping loss, take profit target and time settings so you can experiment with different settings. You can also increase or decrease the lot size manually. Risk configuration and advance money management options are also there. However default configuration has risk 3, according to my opinion it is quite sensible to use on the live forward test account.
There is SL & TP but, if you think it is confusing then you can use the calculated values from the EA and disable this option. Although the default spread and slippage is rather rational still you can play with them up to the maximum. But I think the default setting is better.
If you find your broker shady then you should try the Invisible mode setting. It will run the EA with SL & TP in favour of the client.
Forex Real Profit EA has an NFA options and for that reason you can run it with other EAs on a broker where NFA restrictions are implemented. But if you enable the trend filter then it will not go after trades which are controlled by other EAs. This EA is surely NFA compliant but it has this unique options.
To protect your account, there is also a free margin protection setting which specify a threshold amount. Once your account usage this amount then it automatically stops trading. You can set the values according to your strategy but 1:50 leverage was really handy for me. Default setting is 75%, so no matter whom your broker is, it is always safe.
Backtesting
According to the author it is better to run the EA on two charts outside the USA DST (during winter). First one is using 21-22 GMT and other with 22-23 GMT as trade interval. For each pair two set files are supplied with different magic numbers. It is better to run the EA on a single chart between 21 and 22 GMT during USA DST with double risk. So it is during the summer from mid March to early November.
Because of this whole DST thing, I am not sure about the backtesting this EA. So I asked the author and the reply is to run it on 21-22 intervals. He told me to assume that the DST is enabling all the time. But I am not ready to be so easy on this. Therefore I ran every possible backtests starting from 10 year with 21-22 GMT setting. Then I ran it with 22-23 GMT settings. I try every possible setting and in the later portion of this review I am going to present them in front of you. So don’t be afraid to watch the graphs and interpretations. But probably you should grab a coffee as this may take some time.
Next I go with the default settings. I had to disable auto GMT and adjust the hours of operation to accommodate the offset broker GMT. I created the FXT files and selected the GO Markets terminal to perform. It is because it has good spreads and I am also comfortable since I ran the live forward test here. So, GO Markets averages for Asian session of last few weeks were my spreads. This may be a little higher than ECN, but I think it is better as there is no commission here in the history center backtests.
So let’s have a look into the backtest results. Don’t worry; I am not going to comment on each of them. I will try to refrain myself.
EURUSD
Real profit EA 5.11, 1999-2011 history center data, EURUSD M15, spread 1.4, no commission, 21-22 GMT set
Real profit EA 5.11, 1999-2011 history center data, EURUSD M15, spread 1.4, no commission, 22-23 GMT set
USDCHF
Real profit EA 5.11, 1999-2011 history center data, USDCHF M15, spread 2.4, no commission, 21-22 GMT set
Real profit EA 5.11, 1999-2011 history center data, USDCHF M15, spread 2.4, no commission, 22-23 GMT set
USDCAD
Real profit EA 5.11, 1999-2011 history center data, USDCAD M15, spread 2.6, no commission, 21-22 GMT set
Real profit EA 5.11, 1999-2011 history center data, USDCAD M15, spread 2.6, no commission, 22-23 GMT set
EURCHF
Real profit EA 5.11, 1999-2011 history center data, EURCHF M15, spread 3.9, no commission, 21-22 GMT set
Real profit EA 5.11, 1999-2011 history center data, EURCHF M15, spread 3.9, no commission, 22-23 GMT set
GBPCHF
Real profit EA 5.11, 1999-2011 history center data, GBPCHF M15, spread 5.6, no commission, 21-22 GMT set
Real profit EA 5.11, 1999-2011 history center data, GBPCHF M15, spread 5.6, no commission, 22-23 GMT set
EURGBP
Real profit EA 5.11, 1999-2011 history center data, EURGBP M15, spread 2.6, no commission, 21-22 GMT set
Real profit EA 5.11, 1999-2011 history center data, EURGBP M15, spread 2.6, no commission, 22-23 GMT set
EURCAD
Real profit EA 5.11, 1999-2011 history center data, EURGBP M15, spread 4.7, no commission, 21-22 GMT set
Real profit EA 5.11, 1999-2011 history center data, EURGBP M15, spread 4.7, no commission, 22-23 GMT set
Now after watching these charts one after another, it is not difficult to assume that 21-22 interval is performing less than the 22-23 interval. This may not true in case of GBPCHF but we can ignore it easily as the balance curve is smooth. However before going to the conclusion we need to check other parameters because actually this backtest is performed with Metaquotes history center data. And perhaps you know that its quality is not good enough.
From the charts we also find that the drawdown was very low. Only exception was in case of GBPCHF backtests. And if we compare with 21-22 GMT interval with 22-23 interval, then we can easily find out that drawdown on 21-22 GMT is higher than running Forex Real Profit EA on 22-23 interval. The drawdown is highest in case of EURUSD on 21-22 (7.32%) and lowest in case of EURUSD on 22-23 GMT intervals (4.77%).
Next thing to do is back testing on tick data. But the problem was no DST was available for Dukascopy historical data. Therefore I had to add DST capabilities to the script which exports the FXT files. And thus performed an update which now you can download from the tick data page. It is surprising for most of the readers but I have had some research about this thing. For that reason I have idea about US DST start and end time. So the result of my action is that now it supports the DST enabling in FXT files according to US convention or European rules.
According to the author, Forex Real Profit EA is recommended to run on ECN brokers. Therefore I tried to reproduce ECN conditions too. As a result I have created FXT files with commission which I set to 0.8 pips with normalized maximum spread from the ECN server of FxOpen. And because I used normalized maximum spread instead of average spread, so the result is not nice for the test that ran with fixed spread and commission. You may wonder about how I know the spread information, but I am dealing with it for last couple of months and probably I will let you know about it after some months.
My curiosity also forced me to run the same back tests in other than ECN server. That’s why I ran it with GO Markets average spreads and without commission to find out the difference. And another backtest with 0.8 pips commission but this time with real spread data. Like previous back tests, these are also on both intervals (21-22 GMT and 22-23 GMT).
During the tick data backtests, I ran it with AutoGMT se to false and default trading hours. Here the GMT offset of the data was 0, but for DST the offset of the data as UTC+1. I had to do it to ensure that the EA is operating correctly.
Yet again, I find that the 22-23 GMT interval backtests are showing better results than the 22-23 GMT intervals. Last time GBPCHF was an exception to this. But this time it is same for the GBPCHF too. Therefore now I believe that 22-23 GMT time interval is indeed better for the EA to run.
Important edit 10.05.2011: From the user comments and the author, I have informed that the recent versions of this Forex Real Profit EA have no longer that 21-22 GMT interval issue. And it is yielding better results than previous version, which was the subject of my article. So I made changes to the hourly interval of forward test and I am going to let it trade using the default time interval for some time. This may be until I have a chance to perform some more backtest with these newer versions.
There are confusions among the users about the ECN broker and STP brokers. Therefore I am going to discuss about the differences between the ECN and STP back tests. You probably have known that ECN backtests performed with lower spread and 0.8 pips commission while higher spreads and no commission in case of STP. The reason behind the better STP backtests is hiding beneath this. It is obvious that the pairs like EURUSD bring cost per trade higher in case of ECN brokers because of the low spread and 0.8 pips commission. Another thing is that I have used normalized maximum values during comparison for ECN broker, but STP broker were always average. So in one word, my comparison is between the worst ECN results with the average STP results. Therefore it may look like the STP broker is more profitable but if we use the average values for both, then there will be no such differences between them. So now you may think about ECN broker, is it really worth to run? If you look at me for answer, I will suggest for ECN broker. It is because this is profitable as long as you have enough account balance and a lot size of 0.1 for increment.
Still there is a question remains. Every time we compare the real spread backtests with the fixed spread backtests, things become worse. It is really difficult answer why it is happening. According to my opinion, which I have mentioned during the EUR Climber review it is because the historical data spreads are wider than the ECN spreads. And the situation was not the same in that time (around 2007). But still to judge this I have written a small EA which is capable of calculating dynamic spread average during a specific time period and keep the log spamming with it. I made it to find out what is the average spread that is behind this problem. So if you are interested about it, you can download it from here.
Conclusion
I want to be totally honest with you, because it is my pride to be sincere. At the beginning I am in doubts about Forex Real Profit EA. And it is because of the performances in the backtests especially with tick data and real spread. I was really unsure at that time about writing this review. But once I researched the real spreads, I have to change my mind. It is because they are much higher than the spreads of other brokers. Although I have to spend long time with codes and backtests to find out this but at the end I am satisfied. All my confusions are long gone when I have the chance to look at the live account statement. It is available on the product website which says that over one year on Alpari, it has 1000 plus trades and over thousand pips. It is really an impressive show.
But it is still a picky robot at least when it comes to spreads. Therefore you need to be careful while using this EA, if you are ready to buy it. Again I should remind you that the performance of this EA is different from one broker to another. Therefore you can’t always expect that the author’s live forward tests are happening every time. It is not an exception, but normal for this EA.
Yearly subscription fee for this EA is $199 only. It may felt like a little higher at first, but compared to Kangaroo EA or EUR Climber it is less (they cost almost $40 per month). And if you are not satisfied with it, you can request refund. At the end I believe this EA is going to stay for long period, because of this yearly subscription system.
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