Today I’m looking at a Forex trading hub that focuses on the development of automated trading robots and believes that the best approach is one with no hype or pressure, EzeFX. This development group has created 12 different expert advisers, and I’ll be doing my best to analyze a good group of them and let you know if this is a resource that’s truly “designed for long-term profits.”
Despite being in the market for some time, there is still no information on the developers and coders that are creating the systems. We have no information as to where they are located, or the type of skill and experience level that they possess. Generally, I like to know more about the people behind the opportunity, before I believe that it is an opportunity. If you need to get in touch with support, traders can email via their contact page.
The creators tell us that the EzeFX service only provides traders access to their systems after they’ve passed rigorous testing and optimization. They believe that they are different from other product producers in this marketplace because they run the systems on their personal accounts “with the goal of long-term, sustainable profit.” The developers seem to be lacking when it comes to information about their products.
While the website is laid out in an easy to navigate fashion, there is very little detail when it comes to their systems. Right now they are featuring an EA called EZE 079, which they claim is great for standard accounts because it doesn’t hold trades for long periods of time. The system utilizes a stop loss of 72 pips, and according to their back tests, this number has only been hit on 2 occasions in the past 6 years.
Again, we need much more from this developer when it comes to the details about their EA’s. The amount of information being provided, is just not enough for us to make any substantial conclusions.
- Type: Forex Robots
- Price: $40/month
- Strategy: Multiple Strategies
- Timeframe: Any
- Pairs: Any
As you can see in the breakdown, I mentioned that there are multiple strategies, and that the EzeFX systems work on any time frames in any pairs. The reason for doing this, is because they have 12 different expert advisors, in my assumption is that spread over each of these systems there are many strategies, time frames and pairs that can be utilized. This does not mean that each expert advisor can be used on any time frame in any pair.
In terms of price, the membership is going for $40 per month, or $350 per year. This gives traders access to all of the expert advisors available; EZE 070, EZE 074,EZE 075,EZE 076,EZE 077,EZE 079,EZE 080,EZE 083,EZE 089,Cat V8, Caterpillar robot, Hedgetrimmer, and Supercat.
The EzeFX the vendor does provide us with multiple Myfxbook accounts to show us the performance of some of these systems. There are currently 9 accounts, and 8 of them are showing positive returns. Yet, I do have some concerns with these accounts.
For some reason, all of the accounts are showing huge PIP losses, from 13,000, all the way up to 765,000. The average amount of pips lost by one of their systems is around 100,000 pips, which is obviously a concern even though they are showing positive gains up until this point.
Another issue I have with the majority of these accounts, is the large draw downs numbers. 5 of the 9 accounts are showing draw downs above 60%, which makes this a risky situation. I tend to prefer trading systems that create the draw down below 30%, and only 2 of the systems they are showing are currently achieving this.
In taking a close look at their first account, it seems as though they’ve utilized a custom start time, and when you set the EA back a year it shows that they’ve actually lost nearly 100% on this account.
With some drastic losses happening over the past few weeks, the EzeFX service certainly looks to be in a bit of a sticky situation. The draw downs for each of their systems has increased greatly, and this makes me wonder if the services they provide are no longer viable or just need an update. Either way, monitoring their accounts over the next few months will provide us with more insight, and then maybe we can decide whether or not the Forex Robot Nation readers should sign up.
If you have anything you would like to add, please leave your comments and questions now.
I hope you don’t mind me responding here, but thought you might like updated info incase any of your readers come across this review. EZEFX was owned and run by Chris who was based in the UK. Your comment about not knowing the developers or coders behind these systems is a little odd since Chris was fairly well known amongst EA traders and actively contributed to online forums (it was how i met him) and would have been very happy to get to know you had you contacted him. Unfortunately Chris passed away due to a brain tumour in November 2017, shortly after you posted your review so wouldn’t have been able to answer your queries. EZE isn’t taking any new customers but does have some long term traders who continue to use it who i’m trying to help as best i can. It isn’t my code so i cannot comment much on the strategy other than to say that his EA’s generally require being left alone at low risk for the very long term (measured in months and years, not weeks) to see a good return – they do generate large floating drawdowns in the meantime but tend to steadily recover. This type of trading is certainly not for everyone, but the strategy is there for those who do like it and want to trade it. After ten years in this business i can honestly say Chris was one of the more genuine, good guys out there (disclaimer: i met Chris through forex work and ended up in a relationship with him so am likely biased).
Thanks for sharing Donna. Sorry to hear that Chris passed away.