F7System is a new Forex EA by Peter McNamee. Peter claims to have developed a next generation automated trading algorithm because Forex trading doesn’t have to be difficult. The system is designed on 3 principles, profitability, robustness and ease-of-use.
Today I will be reviewing the robot so that the Forex Robot Nation readers get an understanding of how it works and whether or not I feel it is truly a profitable investment.
First, the layout of the F7System website is very professional and comes across well. The logic behind the strategy is Price Action. The robot utilizes proprietary indicators that look to seek momentum-based movements with high-volume. When there is low volatility the software will sit idle while it waits to open its next position. McNamee believes that fast intraday movements can create excellent opportunities for daytraders and that’s when this EA is most active. In taking a close look at the my FX book account, it’s easy to see that this is a scalping strategy and while the results look good, there are many hidden elements which isn’t a good sign.
Despite doing extensive research on the developer of the F7System, I have come up empty. It seems as though Peter McNamee has no reputation in the Forex market at all.
It turns out, the images on the F7System website are actually all stock images. That is not actually Peter McNamee and the testimonials are all purchased images as well. This doesn’t mean that the product is bad by any means but it certainly doesn’t help me build trust. Maybe I’m old fashioned but if I’m going invest $199 every 3 months in a system, I prefer to have it developed by a man with a reputation.
As of right now, I don’t have a great feeling for F7System. There are certainly parts of the sales page that come across as very professional and the outline of their trade logic is definitely part of that. The my FX book account looks impressive and while they are hiding multiple categories I would still like to test the software myself. On the other hand, I do not appreciate the fact that Peter McNamee has no reputation in the Forex market and that the developers of this product are using fake testimonial images. This is not an attack on this system, but historically I’ve had very bad experiences with marketers who use these types of tactics.
I believe that we should wait and see what the Forex Robot Nation readers think about the software before we pursue it ourselves. Currently, you can find the best Forex robots available here. If you have any questions or need personal help just send me an email from the contact form. I look forward to hearing from you and hope this review helps you get the most out of your Forex trading.