Website : Pro FX V2.0 Website
Cost : $110
Author : Forex EA Systems
Review Date : October - December 2009

WHAT IT SAYS ON THE WEBSITE

First of all, unlike the name suggests, Forex EA Systems, this is not a review of an EA (Expert Advisor)/robot. Forex EA Systems sell two EA’s/robots and an actual (manual) trading system. As you are aware we are not interested in reviewing EA’s/robots, thus this is a review of the ProFX 2.0 (manual) Trading system provided by Forex EA Systems.

For those interested here are the links to the EA’s/robots, EA Shark 5.0 and EA Sigma 3.0.

Now, on to the rest of the website. “Our Team of experienced FX traders and professional programmers develop, produce and offer the best Forex systems and Manual trading strategies”, the latter being in reference to ProFX 2.0, we assume. There is quite a bit of background on the team which was started in 2000, in 2002 they developed Adromeda (an automatic Forex trading system) and during 2003 the trade logic was improved and EA Shark was born. During 2004 and 2005 two professional programmers with outstanding skills were hired “to take the existing automatic trading system to a completely new level”. In 2006 this product was further improved with the feedback from two dozen Forex traders around the world and in 2007 ProFX and EA Shark were offered to the general public. EA Griffin was also released in this same year (we find no future reference to this).

The manual trading system ProFX 2.0 “works on multiple Forex currency pairs with high accuracy and an excellent risk reward ratio” and “whenever a new entry comes up ProFX 2.0 will send you an e-mail/SMS (an MT4 audible/visible alert is also issued)”. It is a “unique high probability Forex trading strategy for day and swing trading with clear trading rules that are easy to follow”. The strategy can be used on EUR/USD, GBP/USD, USD/CHF and USD/JPY. “Constant returns and an excellent risk/reward ratio from 1.0/2.0 make this MetaTrader Expert software a ‘must have’ tool for advanced traders who want to make real and serious profits trading Forex”. The system is “easy to setup”, there are “no monthly fees” and you will receive “free updates”. Finally, the average monthly return for this system, +850 pips a month, since 2007.

There are two related videos, a corporate one and one on the product, the latter showing how your ProFX 2.0 screen will look together with an illustration of some of it’s features. There is a link to about 30 testimonials, as well as a 100% eBay feedback graphic based on 125 customers. Also, all trades are reported (at the end of each month it seems) in the form of a user friendly screen shot showing actual Entry and Exit.

THE PURCHASE

$110 via the website with a 14 day money back guarantee.

From what we could make out, the 14 day refund for this system, which costs $110 will incur costs of at least $45 to cover manual processing fees, so it seems that you may only get about 50% of your money back if you are not satisfied.

THE MATERIAL

A 23 page manual which commences with the installation instructions for the Meta Trader 4 (MT4) components of this system (indicators and templates). The next stage is to register your product (against your MT4 account) with a license, a manual process which involves emailing Forex EA systems. This process, from receiving our product to completing registration took just over 48 hours.

The bulk of the manual then concentrates on the various indicators which make up this system of which there are 10! We decided we would stick with the defaults as this seemed to be the recommended approach.

The Entry rules are defined as “All indicators need to point in the same direction”, “trade only in the direction of the main trend (of the 4 hour chart)”, “do not enter a trade shortly before major news” and “do not trade during holiday sessions”. It is also advised only to trade the EU/US sessions, so between 07:00 (EU session starts) and 21:00 (US session ends), both times are GMT.

Stop losses are to be set above/below previous Support/Resistance levels or “the + templates” with 50-75 pips being recommended.

Exit criteria is 100 pips, or when “the market direction changes”. It is also recommended to exit the trade at the end of the US session or “when strong news (example NFP) is due and you have not one idea what the direction will be after the release”.

The remainder of the manual provides some Trade examples, some “advanced rules” and some disclaimers.

THE SYSTEM IN THEORY

Our first enquiry was to ascertain what the results on the website (average 850+ pips per month since 2007) are based on. It was confirmed that these are based on trading GBP/USD on the 30 minute chart from London open (which is 08:00 GMT), taking only one trade a day. This means taking the 1st trade after the 07:30 GMT candle closes.

We chose to adopt a similar approach.

But, wait! Before we decided that we could actually trade this system (and its 10 indicators) we needed more answers to our outstanding queries. These included, but were not limited to the following; What to do at 08:00 (GMT) if all indicators have been lined up for the past few hours, What exactly is “shortly before major news”, What is meant by trading in the direction of the 4 hour trend (e.g. one day a Long trade is reported and the next a Short – how can a 4 hour trend change / be established in a 24 hour period?), What do you mean by “market changes direction”.

It took us almost 3 weeks of quite some effort, emails to and fro, to get to the stage where we felt we could trade this system (we really did want to try this system out). Some may consider us pedantic, we call it thoroughness but we were still not quite 100% satisfied with our rule base when we started trading this system. However, we had to draw a line and have a go at some point and after 3 weeks we were keen to progress.

Note: The lead time for us to get to this point was longer than the 14 day money back guarantee period.

THE SYSTEM IN PRACTICE

Over about a 6 week period, some back-testing, some real-time, our trades were seldom the same as the guys at Forex EA Systems. As mentioned above, we were not entirely convinced we had a sound rule base, even after 3 weeks of effort, and all we can conclude is that this was the case.

We were surprised that, given our experience, we just didn’t grasp this system, we were keen for it to work. But, this occasionally happens across all walks of life, sometimes things that work for some do not work for others. We think we got some form of alignment from the guys at Forex EA Systems based on the following statement, in relation to our experience, their system and our performance. At least that’s how we decided to interpret it, you can make your own judgement.

“It is like cooking. A steak is very tasty and a strawberry cake is tasty as well. But when you mix them on one blade the result is not good”.

CAN IT WORK

This system did not work for us but this is not to say it does not work or that it will not work for others, may be of interest to some.

SUPPORT

Frustrating at times. Occasionally we had to re-prompt for replies after a couple of days of no response and sometimes the responses we did receive were not always to the point, some required a follow up (or two).

CONCLUSION

PRO's
• The web-site indicates a good steady performance with screen shots of all trades from the last 3 years or so.
• It works for the guys at Forex EA Systems and, from what we can make out, others out there too.
CON's
• Didn’t work for us.
• A better written manual is required to provide clear mechanical trading rules. We tried to compensate for this via considerable liaison with support but, in our case, even that, proved fruitless.


Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com

Hello,

I bought the system and I try t with a demo account.

Can you explain me the different indicators. I don`t understand them. At least one has to be MA and another a momentum indicator. When do I get the best signals... I have asked forexeasystems but I do not get any answer.

Sorry for my english but I?m from Germany.

Very Fair review I think, like all the Christmas tree forex systems they are really hard to trade one has to "let some of the rules slide" just to get in at times but that's not a good way to trade.

FYI Steer clear of the EA's been demoing them for a few years now not much luck. Griffin was unceremoniously dropped no explanation or refund.

hordak,

We experienced some similar issues to you. However, it is not our place to become some form of support centre, one, the publishers would probably not be too pleased and two, we are not qualified to do so. We do however, wish you well in your quest and hope you find time to report back your progress so others may benefit from your experience.

marlintrdg

As always, thanks for the input, it's appreciated, especially the heads up on the EA's, its useful for us all to hear from those with genuine experience.


ReviewTeam - www.systemsfortraders.com

Hello everybody, i am new here

As i use ProFx since September 2009 with great success i am a little bit confused about the review here.

I have a few questions and hope the moderator can help me with them.

1) How long did you trade with the system ?
2) Was the results during the testing period negative or positive ?
3) Did you start trading @ London open or at 08:00 GMT ?

Hi,

First, thanks for your post and second, congratulations on making Pro FX V2.0 work for you.

We believe most answers to your queries are answered in the review, we did start at 08:00 GMT and we traded for about 6 weeks, after spending many trying to establish our rule set.

We were down slightly during our review period but it is worth noting (as per the review), even after much effort, we were not 100% confident with our rule set. However, please also note from the review "This system did not work for us but this is not to say it does not work or that it will not work for others". We are more than delighted that it works for you and look forward to hearing back from you in the future.


ReviewTeam - www.systemsfortraders.com

Yes, I have to agree with the comments, they never replied to any email. The system works only in M30, I never tried in longer or shorter TF due to my response never being replied to. As with other trending trading technique, when the market is choppy, you will get, well, CHOPPED!!

Support is absolutely the worst. Manual insinuates advanced technique for early entry, I tried to contact support for clarifying it, yet all they said just follow the manual. My opinion, be careful with FOrex EA System, cause I think the developer or the designer is not someone of english speaking country, probably russian or something, he said oszilator as supposed to oscillator, so... better watch out!!!

I'm a client of Forexeasystems for 5 months. I wrote to support so many times a got fast replies(try it by yourself).
For me as a client will be interesting to see the review of their top-product EA Shark 6.0
Best regards and thank in advance!

Hi Frosty,

Welcome to our forum and thanks for the post - We are more than happy you had more luck with support than we did, perhaps they have taken note and made improvements. Regarding the EA, unfortunately we do not review EA's. Many reasons, one of them being that there are many sites which already do this and secondly there is absolutely no way whatsoever we would ever trust an EA to run an account of ours with any sizeable funds committed.

Hope you understand and thanks for the feedback, it's appreciated.

Ok, I understood.
Can you advise websites where I can find review of forex robots?