Thread: Forex Money Collector

Hi guys,

Forex Money Collector was released in December 2010.

Here is some answers from the developers of Forex Money Collector:

"Please keep in mind that our service is not an ordinary robot, meaning that it does not trade by itself, but rather it copies trades of our trader to client platforms and as a real person, he can of course adjust his trading style to current market conditions unlike the robot with a built in strategy."

Well guys, this is something unusual...

Why you use only demo accounts... do you have any real money accounts?

"We trade this system on our company account, however we are trading several other manual and automatic systems which we are testing and improving on the same account so it does not make sense to show that statement, plus we don't want to disclose our other strategies. But the system shows almost the same performance as with the demo account (of course there might be a few pips better or worse entry or exit here and there), since entries and exits with this system are never made through hectic market conditions (e.g. around news releases)."

What about backtests?

"Since our EA is not trading by itself, it is simply copying trades made by a real person - our professional trader, there is no way how to backtest the EA itself. The strategy is in our trader's brain - hence if you want to backtest it, you would have to use his brain ;)"

The results of forwardtest of Forex Money Collector during last two month you can find on the website!

I've already started my forwardtest with Forex Money Collector...

Full information about this system you can find in my review.

Regards,
Mark

Hello guys,

I'm Jan from Forex Money Collector.
Just want to introduce our service a bit.
We want to make the system as profitable as possible but at the same time do not overleverage the account or let losing trades completely ruin the performance. We have set the maximum risk per trade to 3%, but most of the times we are only risking about 1% anyway. You can of course adjust this risk per trade percentage in the EA settings, but the default is 3% as we use it on our own account and we recommend keeping this value. The actual lotsize is calculated based on the account balance. We also don't trade if we don't see a good setup. That might upset some impatient traders, but we don't want to have trades open just for the sake of keeping users happy. We want to make them happy through our performance, not through the frequency of our trading. That means that sometimes a day or two might pass without any good trade setup, so we don't open any trade.
For accounts with less than $10,000 balance, it's important to use a broker that supports microlots, since we are closing trades in a very small portions. Otherwise if your broker is unable to close trades in small portions, the trade is beeing held open until we close it completely, which might sometimes produce better results, but often times it can also produce worse results.

I understand that most of forex robots promise hundreds of percents each month, we can't promise that (even though last two months since we started tracking the performance have been extremely good as you can see from our statement at myfxbook), but we can promise reasonable returns each month. Hell, even if the return was 10% per month, show me any bank in the world which will give you 120% p.a. interest! Many forex beginners think that forex is some money machine, where you put $100 and cash out $1000 the next month and many forex marketers abuse that by promising hundreds or even thousands of percent monthly returns, but that's simply impossible, or possible but with a risk so high that even one or two losers will wipe your account out. We, on the other hand, are trying to keep the risk as low as possible, while still having a reasonable return.

Sorry for the long post but I wanted to make everything clear. Feel free to ask anything if you have something on your mind.

Good luck!
Jan