This entry is reserved for our official review of Forex Cash Magnet. This is a forex product being sold on most likely Clickbank or Plimus for a TBA price. They will most likely offer a refund policy of 60 days no questions asked money back guarantee.
Remember if you are going to try any forex robot and forex system that you fully understand how the system works before running it live. I always recommend to use your refund period to test it thoroughly for at least a month. If your results are above satisfaction, then and only then should you consider taking steps to trade it live with your hard earned money. Just because a website says their system will make $xx,xxx a month doesn’t mean it’s going to. So if you are not satisfied, do not hesitate to request your money back. If you are interested in more information on this forex product then check out the link or any comments below.
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This Expert Advisor is a piece of shit !!!!!
Hi guys, pls is there any one that’s making real money in forex using FOREXCASHMAGNET ????? Pls help I’m considering using it. Thx
The EA gave 10 wins out of 11 trades in 3 days, BUT, it then gobbled up all the profits in 3 losing trades. I am not about to trade live with it! Those who churn out money consistently with this EA, please advise.
Come to think of it, it may have just had a lucky streak with the $2500. Run it on demo for several weeks at least to see how it pans out.
im still using a free trail and its working good ,It made $2500 in 3 days ,but im afraid of buying it i still think its a scam cos i didnt even made 1 loss.shuld i buy it ?
Hi Lifa.
Why dont you backest your trial version and see for yourself? What pair did you trade on over the last 3 days and how much in your account? Ill get another trial version and backtest it and include the 3 days you traded on. Also – check your trading account in MT4 – it made $2500 but how many trades are still open and are they losing ones?
I’ve been using this EA for several weeks, on a trial basis on a $5000 demo account. Trading 0.5 lots, within 2 days it had scored $700, but then lost it all and more in 3 trades. Then it clawed its way back up and I started closing some trades manually to hold profit, since it frequently rose to the TP line, but then fell away. I changed the parameters to TP at 15 pips instead of 20.
When I closed the trades manually, it would immediately open a new trade in the same direction, which was a surefire loser. I learned then to disable the EA on a pair BEFORE closing the trade manually. That worked, but then didn’t know when to enable it again, without a new losing trade opening.
in the last two weeks it’s made about $580, but has 4 trades open drawing down the account by nearly $800 (SL is set at 80 pips by default, so I’ve left it there for the time being).
It frequently opens trades without setting TP and SL, so it cannot be left to run by itself.
I had high hopes, but it’s not the magic wand it is purported to be.
Id go further than saying not a magic wand. Its a total rip-off. I backtested it on a number of pairs and timescales – its utter garbage and your account will end up at zero. I realise that backtesting is not full-proof, but it does give you an idea of what a robot is likely to do, which in this case is make a few winning trades and disguise the losing trades in drawdown. Very clever actually. If you are a real novice to Forex you would get fooled into thinking this robot is the best thing since sliced bread 😉 unless that losing trade is enevitibly closed.
Totally agree with Tony, but if it makes good pips lets try it.
The SL is 4X the TP thats not so bad if it works wel.
Setting up a fef demo accounts and maybe decompile it soon to see if there are some way to inprove. Let you know 😉
Did you ever manage to decompile it Rosco? My guess is that the code is very simple and just opens ramdon trades…
I believe this should be marked as a SCAM. The results on their web site are for 26/26th April 2011 where is there is a spike on GPBUSD (presumably because of a news release) and those dates make this EA look really good. Run on just about any other dates and your account will slowly eroded to zero. The pattern is to close 3 or 4 trades with $200 profit (using Lot Size 1) and then to close a losing trade that is more than the total of the previous winning trades. I confirmed this via MT4 backtesting. I have emailed them asking why if you trade on Monday/Tuesday of that same week you loose massively. I bet they will not reply. So Andrew and N.L. – watch your account for that huge losing trade!!!
The fact that they show trades from nearly a year ago should be suspicious enough 🙂
I confirm … is incredibly profitable … they should publicize it more.
bring in about 200 pips per week … is a dream … and this Expert Advisor does!
I tried their free trial and it really does WORK! I might go with this one permanently.