MFM7 is a new Forex robot that’s built to work with every single pair available. The developer of the software goes by Matthew and doesn’t share his last name. Maybe he prefers to be a single entity like Cher, just kidding.
Today I will review this new Forex robot and let you know if it’s the type of trading tool you should be using to grow your trading accounts.
Matthew tells us that his MFM7 EA can earn up to 50% a month with a low drawdown. There is one month of the history of the EA where the software made over 50%, this was the first month it was released, December 2014. According to the developer my FX book account the software has consistently grown the account but it seems as if it gets less effective every single month. In 2015, the EA had 10 winning months and on average gained around 14 to 15% per month but this isn’t the case in 2016. In 2016, the software has had four losing months, a couple of months hovering around break even and the winning months around 4-5%. I certainly have no issue with an EA that is still winning on a consistent basis but we have to temper expectations and understand that this EA is very unlikely to gain you more than 50% in an entire year.
The developer of the software tells us that he is a programmer, web designer, marketing professional and currency trader. He labeled the EA MFM7 because it took him 7 years to design the software in the MQL4 programming language. The robot uses no martingale strategies and is built to backtest very well (although the backtests on the website have a pretty low modelling quality).
The MFM7 EA looks like a pretty reliable software at first blush. The strategy doesn’t seem overly complex and the developer my FX book account is pretty consistent. The average win is small at 6 pips and the average loss is just 4 pips higher at 10. The duration of most of the trades is short as this trades much like a Forex scalper. It likely has quite a lot of scalping strategy involved in the code.
I won’t be giving a recommendation one way or another today but I do believe that this is an interesting software for us to consider moving forward. Now, I would like the Forex Robot Nation community to pitch in with their thoughts and experiences with this robot.
As for what’s working for me right now, my #1 automated robot remains Forex Fury. Thanks for stopping by please feel free to let me know if you have any questions or concerns about this article or anything regarding Forex trading in general.