Forex Expert Advisors : Forex Galactico, an Unbiased Review

Continuing with my ongoing review of recently released systems I am now going to review the Forex Galactico expert advisor. This trading software claims to be able to earn you 24K “in just one day” and put an end to your days of losses in forex trading. Is this true ? In order to get this answer I will first analyze the evidence of profitability provided on the website to see if it is able to backup the claims made by the authors. I will then analyze the trading tactic used by the system and I will give you my opinion about whether or not this trading system is worth buying and testing. After reading my review you will be able to see if the sellers of this piece of software are being honest or if they are intentionally hiding or not showing any evidence vital to prove the system’s profitability and analyze the soundness of its trading strategy.

The forex Galactico follows the same scheme as your regular EA selling website. It gives you an underdog story, it shows you backtesting summary screen shots, it shows you parts of statements, some screen shots of “trades”, etc. The website claims in several parts that these screen shots are “proof” of profitability but the truth is that these people couldn’t be more wrong.

First of all, the whole “proof” the authors of Forex Galactic talk about is merely backtesting information. Now not only is this backtesting information not reliable without investor-access verified live trading results to test consistency but the information shown is incomplete and banners are used intentionally to cover places that show VERY important information about the trading system’s strategy. The text banners placed on top of the backtesting summary screens doesn’t allow us to see key information such as the maximum draw down and risk to reward ratio of the trading strategy.

The parts of statements used are also cleverly covered by banners so that we are totally unable to see the TP and SL values something that could point out to the use of unsound trading tactics (like martingale trading) or the use of trading strategies that inevitably lead to unreliable simulations (such as very small TP values). So in general the people at forex galactico are deliberately placing banners to hinder our ability to extract information about the trading system and its used tactic.

I find this voluntary cover-up of statements insulting and I think that – at the least – they could have offered a link to the full statements, of course, this could have led us to find some information that would jeopardize their sales. Backtests are also limited and there is no access to 10 year backtesting results. Why is this the case ? Obviously most systems that do not show 10 year backtesting results simply avoid doing so because they FAIL completely over extensive periods of simulation either because they are curve fitted or because they use unsound money management techniques.

However, even if complete backtesting statements were available there is still the complete absence of LIVE testing results. It is absolutely ESSENTIAL to have live investor-access verified results to test the validity of the simulations and the actual real life performance of the trading system. The fact that NO live statements are available with investor information points out that the people at Forex Galactico simply don’t want to use their system with real money on live accounts. If these people don’t want to risk their own money on their own system, why should you ? Why don’t they run their own system if it is so profitable ? The answers to these questions makes them almost rhetorical.

Due to the absolute LACK of any reliable evidence and the obvious intent to hide parts of the shown backtesting summaries I consider the forex galactico trading system NOT worth buying and testing. The authors would need to add 10 year backtesting results showing the FULL statements PLUS investor access verified live accounts with at least 6 months of results and a live/back testing consistency analysis to validate the simulations in order for me to rewrite this review. Meanwhile this trading system is just – yet another – over hyped piece of trading software with absolutely no reliable evidence of long term profitability.

If you would like to learn more about system development and how you too can learn to develop systems that have a high like hood of being long term profitable please consider buying my ebook on automated trading or joining Asirikuy to receive all ebook purchase benefits, weekly updates, check the live accounts I am running with several expert advisors and get in the road towards long term success in the forex market using automated trading systems. I hope you enjoyed the article !

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