Myfxovereasy, free expert advisor. A Review

Many of you may have tried to find a good free expert advisor along your quest for the perfect set. There are a lot of forums and websites that contain free expert advisors which you can download, use and test at your own discretion.

I have been back and forward testing a lot of this eas for the past two months, amongst the ones that I have tested, one has impressed me the most. This expert advisor is myfxovereasy, which I got here.

This expert advisor has a unique quality which impressed me from the first moment I tested it. It withstood almost five years of backtesting on 90% modelling quality. At the end, it showed profit and I could recognize the pattern a good expert advisor leaves on it’s charts. The expert advisor does experience some large draw downs, almost 30% being the maximum but I liked the fact that it has a fixed stoploss which prevents a margin call, making this ea avoid this fundamental flaw.

I mean, this ea does not come without risk, it works on a 15 minute time frame (it trades a lot!), although it did well on forward testing too with a one hour time frame. I am inclined to say that for those people out there who won’t suffer a heart attack because of profit/loss fluctuations this ea will probably offer an average 7-10% return per month over five years. In back testing it stood the test of significantly different market conditions and on forward testing it is imitating this behavior although I would need five years of forward testing to asses the real power of this ea.

Although I am not convinced enough to endorse the use of this ea as I would with an ea that had showed less draw down I would say that it would be great for the long term investor to have this ea investing a small amount of money (0.1 lots) each trade. This ea, is probably a very good candidate for our long investments. And hey, it is free, isn’t it ?

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