FX Genius – Is it a Scam?
As I’ve been totally focused on my work I didn’t hear about the fx “genius” until last week.
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.
