Curious, i checked out some reviews and then did a bunch of “special google searches”. A couple hours later i managed to find a working version of FX Greed which I think is a modified version of the fx genius that someone ripped off and decided to sell. Gotta love the internet =)  I saw a comment somewhere from the creator Dominic complaining. So… do I feel sorry for him- hell no!

Scam or no scam?

It’s a bit of both! So on the website fx genius robot dot com you can see a live account info with FX Clearing who is a decent bucketshop broker who’s earned my trust and is awesome for testing ea’s (check out their micro cents account) – before it was only Oanda (who I love but they don’t have mt4) where you could do cheap moolah per pip. Anyways, I opened up FX Clearing with the login and investor password and watched it trade over a few days earning like 5,000 dollars. It looked like a real account so I decided to test it. At first I put it on my demo account and watched it gain 250 pips in 2 days.

The verdict (part 1): The results on his site are from a demo account which works like a charm but when you put it on a real account and watch the journal in metatrader 4, it’s requote after requote and doesn’t work. I have a very fast vps that I use (ecovps in Holland)  and with the datafeed of Alpari UK demo account with a 31ms pingtime vs FX Clearing server at about 200. (By the way, don’t try to use Windows 2008 server for running metatrader ea’s, it shuts down automatically every 12 hours which sucks – you need 2003 server.)

The verdict part 2: Well, the “good folks” at fx greed (nice name btw), have made some modifications so that you can adjust the “aggression” level so that it waits for bigger gaps. I’ve been testing it the last couple days with agression level 1 and it’s bringing in some pips so far, I’ll update in a couple weeks and let you know if I plan to run it full-time. I like a lot that it gets in at a good time and automatically sets a really tight stop. That keeps the risk way down. If it gains 10 pips a day and it’s trustworthy that can still be some nice extra cash and worth running.

Summary – FX Genius’ promises  are a lie, false marketing, bullshit. However, the concept of scalping the lag time is pretty cool and like I said if it does 10 pips everyday that could be 100 or 200 per day extra cake.

Forex Elite is proud to share valuable information and discussion about Ichimoku Kinko Hyo, an amazing Japanese trading methodology which was developed over a 20 year period by Goichi Hosoda. That’s 20 years!!!  Obviously there were no computers back then and Goichi with the aid of numerous students did an incredible amount of research and testing to develop his method. Today many large banks and institutional traders use Ichimoku (ee-chi-mo-koo) charts and so do we as one of our methodologies. It’s a great way to see what’s happening in the big picture.

Euro USD

4 hour Ichimoku chart, Euro still holding Tenken Sen, possible exhaustion wick…

Risk appetite was on overdrive this week, the euro gained 1.96% as the dollar took a bashing. Will we see a return to risk aversion and a strong dollar anytime soon? Stay tuned

We will be adding a strong disclaimer shortly. If you are new to Forex and trading in general, be aware that trading is high risk and be sure to start trading on a demo account until you are very confident in your strategy before risking real money. Records from brokers indicate that 95% of new traders lose their money and give up within 3 years. These are terrible odds!

At Forex Elite we are committed to creating a community of traders who use Ichimoku to identify high probability trades and share the fruits of our labour. Together we can do great things!  Remember, trading has nothing to do with predicting the future, we do not have a crystal ball (besides Ichimoku =), we are only interested in taking high probability trades that give us our edge.

To Our Success!

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