Jun
21
2013

Wallstreet Forex Robot does it work? is it a scam?

Article submitted by ThaBloggers

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Wallstreet Forex Robot Review

Wallstreet Forex Robot is a truly original scalper that trades several pairs around the clock and it seems to manage scraping a nice profit off it. The pairs it runs on are EURUSD, GBPUSD, USDJPY, USDCHF and to a lesser extent USDCAD, although the last one is not even mentioned in the manual and I only happen to know about it because the author mentioned it. As many other scalpers nowadays, it runs on the M15 timeframe, so there’s nothing out of the ordinary there.
Strategy

I bought it back in May. Ran demo for 3 weeks, nice profit. Started Live on 31 May. It’s now up 10% as of 24 Jun. Using auto MM and 3% Risk Factor. Running great so far on a VPN. I’m using an ECN broker, no hedging. Their support has been outstanding. I asked quite a few questions when I first got it and their response was usually less than 1 hr, 10 minutes in most cases. This is the only robot I’ve ever had confidence in. Nothing but good to say about it.

Well, you already know the important facts: Wall Street Forex Robot is a scalper, it runs 24/5, it uses the M15 timeframe and the pairs recommended by the vendor are EURUSD, GBPUSD, USDJPY and USDCHF, while USDCAD is working but not officially supported.

The manual is a bit confusing on the topic of the supported pairs as in the beginning only EURUSD, GBPUSD and USDJPY are mentioned, but later on it proceeds to mention USDCHF as well; in addition, as you will see, USDCHF is present in the backtests on the product website as well as in the official live forward test.

There are a few other things that you should know and I’ll try to briefly list them. Although you can manually configure the SL & TP for each pair, it’s probably not a good idea to do it. The EA updates its settings from the server upon a successful authentication, configuring (among other things) the preset values for each pair; the stop loss ranges from 120 pips on EURUSD and GBPUSD to as high as 160 on USDCHF, while the TP is around 25 pips, with the notable exceptions of GBPUSD where it’s 50 and USDCAD where it’s 14. The stop loss is rarely hit, though: from what I could see in the backtests, like any sensible scalper EA, it’s able to close the trades before they hit SL in most cases when the market goes against it, the average win:average loss ratio being roughly 1:2.75. Just like its ability to close trades before they hit SL, it has an ability to take profit early, before its positions hit the take profit target, when it figures that’s as many pips as the market is going to give it.

The strategy itself is not excessively complex: it uses a few of the indicators that are shipped with Metatrader in a creative way to determine entry signals. While I was taking a look at this, I also checked its order sending and I noticed it has retry loops for opening/closing orders, denoting a certain degree of experience with automated live trading. Although the DLL programming can sometimes be a problem for EAs running on multiple pairs with the same DLL, in this case it seems to be fully thread safe.

The Wallstreet Robot averages about 3.5 trades per day when running on the recommended four pairs and almost 5 trades per day when running on all five, so it qualifies as a rather frequent trading EA. Since it trades around the clock, there’s no GMT setting, so (thankfully) that’s not something that we have to worry about in this case.

The EA is fully compliant with the NFA rules: since it doesn’t open more than one trade at once on each instrument traded, there are no problems with FIFO and hedging. Careful, though: operating it together with other EAs that trade the same pairs on an account with the NFA restrictions in place might result in one of the EAs not being able to open trades.

This Review was posted on Youtube

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In Response to this Reviewer: Having had a chance to work with this software it has proven to produce high quality results. I gave rating points to the claims the company makes on their website to give you a general idea of what I think!

WallStreet Forex Robot is not another scalper for trading through the Asia session. WallStreet Forex Robot opens positions throughout the day with NO TIME LIMITS. (4/5)

WallStreet Forex Robot has a UNIQUE RISK MANAGEMENT ALGORITHM that allows effective current drawdown compensation. (5/5)

WallStreet Forex Robot is the only forex robot with 5(FIVE) INTELLIGENT BUILT-IN PROTECTION SYSTEMS. (True)

WallStreet Forex Robot is the only forex robot with which one licence is valid for three actual accounts. (True at time of review)

WallStreet Forex Robot is the only forex robot offering a FREE MetaTrader5 (MQL5) VERSION! (N/A)

WallStreet Forex Robot comes with THE BEST SUPPORT. (4/5)

If you are interested in trying this product, please click here now!