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FX Speed Trader – Forex Robot Review

FX Speed TraderToday I will uncover the details of FX Speed Trader and let you know if it is the hottest system on the market in this review. Is it really hot? Or is it cold? I will find out if this Forex robot is an account killer or not!

Tagline: Japanese Forex trading genius extracted 16 million in just 36 months!

So this FX Speed Trader sure has a lot of proof but I am not 100% on this. There is something that seems a little off about their results so I think that is where I will start the discussion on this Forex robot.

FX Speed Trader Results

Now, you can call me skeptical if you want but there is a reason why many EA’s don’t have results, this is because their Forex systems are not performing well. Yet, what happens when you find a Forex robot has too many results? Part of me tends to believe there is something a little shady about these results provided. Any system that has been performing as well as they say this has, for this long period of time should have been under my nose at some point.

NOT Independent Results:

The FX Speed Trader developers show results of a $500 account turning into a million dollars. Now, any system that good, no offence guys EVEN I wouldn’t share with anyone! So this is really my main concern when it comes to the system. It may not be warranted, and I didn’t want to do a one sided review but I thought you should at least hear this angle.

FX Speed Trader Conclusion

Be careful! This is my advice. I won’t tell you to not by the system outright and that you are making a mistake because there is no way for me to know yet. I will do my own testing on the FX Speed Trader and definitely provide independent results here in this review. If you have anything you would like to add please do so below!

Try FX Speed Trader

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

52 comments

  1. Thanks Guys
    Huge dissapointment lets hope something new will make millions soon lol

    Bob

  2. SpeedTrader is a looser. The fact that it doesn’t come with a dll (dynamic link library) means no effort by the programmers to protect their code. unprotected code== goes to the trash.

  3. Hi Bob

    This system worked great on release but ended up losing badly. Even after the so called updates. I have refunded this product and I know plenty of other people that have stopped using this EA.

  4. Hi

    My question is to Ral or anyone else who has used Speedtrader for a good amount of time.. Given that you have now had chance to properly use this system is it worth the hype and does it do what is says on the tin? …… Make Money!

    Many thanks

  5. Here is a useful lot size calculator I would like to share with everyone. Good for manual trading and displays on your chart as an indie.

    http://www.mediafire.com/?9ai9huedb9a2761

  6. Hello Aslam,
    SL:TP ratio of 1:20 was much and EURUSD is pretty volatile these days you know..:D

  7. Hi there Ral,
    LOL!!!You have hit the nail the head and its sold only to the first 300???? Like you once said who in his right mind, would sell an EA that makes money for $ 100 bucks a throw?
    I just dont let the buggers go, if they cant keep their promises and I GET THAT REFUND.
    Anyway what has happened to your EA? It had shown Fantastic results, if I remember correctly.
    Best of luck.
    Aslam

  8. Most Commercial Products are Scam. The very few profitable ones are usually optimized to work only within the Refund Policy Period. After this they become almost totally useless.

    Here is an idea of how the Robot selling business work
    1) Inconsistent Forex Profit
    2) Hire a Programmer
    3) Pick a couple of indies MA, Stochastic, SD etc
    4) Permutation and Combination of settings for backtest
    5) Wow… Backtest looks great.
    6) Make up a story like “An institutional Trader gone rogue has finally revealed a secret weapon he used to net thousands of pips”. With this you can finally live the life you always wanted to ie Quit your job, Buy a new house and Car, Go to the Beach and Swim with Dolphins Blah Blah
    7) Heavy Marketing
    8) Sell 2000+ copies at $90=+180000$, 500 get refund=-45000. Net profit=$135000+
    9) What a profitable business
    10) Plan the next Scam Product.

  9. Still waiting for my refund, been over a week now.

  10. This bot is ridiculous!kept losing ……Was expecting 10% of the result they claimed on their website…..someone would be lucky enough to come out with breakeven result…..Asked for refund for all 4 pairs today….based on the result in last 3 weeks it does not even promise that it can come ahead and produce as good result as they claimed…

  11. LAST WEEK GAVE VERY BAD RESULTS.THEY SAID THERE IS UPDATE
    COMING ON THE WAY.

  12. Hi Doris
    Currently on FXOpen Standard. Had some more troubles trading the last two days but got an email from them saying they are having server issues. So hopefully things will be better next week.

  13. Hi Jack,

    Are you still running on FXOpen Standard or ECN demo? Your results seem different with its published MT4i results this week. From its stats, profit factors of other pairs are more than GBP/USD, therefore I just want to buy the others if possible. I found a rebate website showing separate links for each pairs..GBP/USD is USD99 and all others are USD77, it will be great if I can skip GBP/USD..^^

  14. Hi Dorris
    When I bought this EA I only had the option to buy the GBP/USD, once logged in the member erea I had the option to purchase the others. This EA has not been doing well for me this week, had 3 losses of over 140 pips each. Had 5 wins but were 20 and 15 pip wins and one 100 pip win.

  15. I’m also interesting in buying this one, do I need to buy GBP/USD first in order to buy/install other pairs? Also I think there’re FX Speed Trader Install Service & FX Speed Trader Optimization Service /monthly..are these 2 necessary?

  16. I am considering purchasing fx speed trader. Do you guys have any updated live results
    thanks

  17. Thanks, will give it a go.

  18. Hi Jack,
    Thanks. I remember reading somewhere that we should not risk more than 2-3 % per trade on this one. I think its time to try some of the oldies once again. Try EurGbp on demo and see. Cheers.
    Aslam

  19. Hi Aslam
    I’m using the default settings as I find them to work the best. Tried changing the trading times but that made me loose trades, so first keeping on default for now. And I only use it on the eurusd as I cant seem to get the same results on other pairs.
    The minimum deposit for an fxopen ecn account is $1000.
    Cheers

  20. Hi Jack, Joe and the rest,
    I always felt that Megadroid Pro V1.2 was one of the good ones. What are the settings used by you? Could you post them here or send them to me at aslam.m.rais@gmail.com. Whats the deposit for opening a Fxopen Ecn account? Thanks Guys and keep piping.
    Aslam

  21. Thanks Joe, I’m on the standard Demo Account. Will give it a go on a ecn demo and see what happens. Started using MegadroidPro V1.2 again, on the same demo account. Only on the EUR/USD pair with money management on and so far picked up some nice trades.
    2011.09.13 00:00 Sell 4.70 eurusd 1.3676 1.3718 1.3626 2011.09.13 00:55 1.3666 0.00 0.00 470.00
    2011.09.13 01:48 buy 4.75 eurusd 1.3657 1.3505 1.3707 2011.09.13 04:28 1.3658 0.00 0.00 47.50
    2011.09.14 01:26 buy 3.98 eurusd 1.3676 1.3624 1.3736 2011.09.14 03:09 1.3691 0.00 0.00 597.00

  22. Hi Jack
    Are you trying on the FxOpen Standart Demo account or the FxOpen ECN Demo account? They are totally different.The Standart account has a big spread with which you will never win on a scalper trader.
    If you are on ECN account with proper settings and it still gets error , there maybe some other problem not the EA’s.
    Got 3 trades today, 2 wins , +10 pips, 1 loss , -2 pips. Keep watching.

  23. Thanks Ral
    Maybe I should say bye to my old machine

  24. Thanks Joe, will change the time to see if that helps. Not sure why I have so many losses. But hopefully it improves. This was on my FXOpen demo account. I have tried to run some back test to see if I could get better settings but kept on getting errors. Will try again some other time. The only thing I had my chart on H1 so set it now to 5min to see if it will make a difference. According to the developers the robot uses the 5 min chart but it will still work fine on the 1hour chart.

  25. @Joe This EA is slow in backtest because it calls values from 14 indicators. Nonetheless with a fast processor it should take less time. In my case it took a couple of minutes to run the 12 year backest with 90% quality with a 2.3ghz processor.

  26. @Jack
    HI Jack.How can you have 8 losses in 11 trades? I have run it for 2 days, 12 winners and 3 losses, winning much more pips than the official trading record showed on http://www.mt4i.com/users/fxspeedtrader
    I don’t know which broker they are using , I’m using fxopen ecn with a VPS. I think this EA is very sensitive to your choice of broker and VPS. ECN brokers like fxopen and hotforex are highly recommended.
    I’ve noticed that the default setting maybe not the most profitable.We should pay attention to the setting of “Start Work Time Hour” and “End Work Time Hour”.Default setting is 20:00 to 23:00 GMT,but I happened to change it to 18:00 to 23:00 GMT on Sep 8th , and it turns out to have 6 more winners of 30 pips.
    Maybe it is just coincidence but what I mean is we can adjust the settings through the market condition in order to maximize the profit.
    I’m still run the default settings with 0.1 lot. The only problem I’m facing is the backtest is too slow , it cost several hours to backtest one month history data.It’s impossible for me to test different settings, Do you guys have the same problem?
    I think the EA has huge potential. 3 trading hours per day,4 currency pairs,with 40 pips stop loss which seldom occurs, you don’t need to worry about the loss,just worry about how to enlarge the profit.

  27. So far NOT looking good. 11 trades, 8 losses and 3 winners. Will let it run for another week or so to see if it inproves. If not will be the first EA I refund.
    What results are you fellow traders getting with this EA?

  28. The ‘5’ before the ‘No’ in my previous post is a mistake. 🙂

    I do think Posts should be editable on this forum..

  29. 5No worries Joe, you might go further to backtest with tick data which is 99% accurate compared to Alpari’s 90%, You could use this link as your guide http://eareview.net/tick-data. In fact its highly recommended to backtest scalpers such as this using 99% modelling quality to have a real picture of what the EA past performance would have been. cheers

  30. HI Joe, I dont really know exactly which currency pair backtest your asking for. But you can Try using Alpari UK for backtest, its what I use cos they provide quality 1 minute history data which you can download from the History centre. Hope it helps..

  31. Hi Ral
    Could you please share your 12 years backtest with me? I’ve got a trouble in backtest.
    So far the EA works with no problem with my live account,not sure how long this will last.

  32. No worries Jack.

    @Fx Speed Trader team, I think you meant ” This is a real robot and works for the moment”. WE all know no robot based solely on technical analysis works all the time. This is due to the fact that these bots use indicators that perform a fixed and unchanging calculation trying to predict a dynamic and changing market. I also still maintain the fact that no one gives away a robot that turns a measly $500 to $1M. Lets all hope this last long and get rich before it goes out of sync… 🙂

    Wishing you all Success and a Happy Weekend.

  33. Thanks Ral – sorry – i was in girl thinking mode 🙂 ..people trying to confuse me talking about other stuff on the wrong page 🙂 – pse ignore my input above, 🙂

  34. Yh Jack settings are default, but be careful with lot sizing as the Ea has a wide stoploss.

    Jen, the link you posted says something about Steady Winner.. It appears the result shown is a combination of several EAs.

  35. Just Purchased!! Testing on demo account first. Got only the GBPUSD.
    Are you guys using the default settings?

  36. HI Bruce and Andrew, Like I said its a nice system, A very good feature of this EA is its got entry and exit strategy. EAs like that dont often run into trouble unlike so many others that depend on stoploss or takeprofit to exit trades. No loss so far in many trades across diff. pairs.

    Cheers guys..

  37. Hi Ral and Bruce,
    Tried it three weeks ago and never had a trade, but as they say above they had spread issues which are now sorted. I refunded it but will now try again. Good to see you back Ral!
    Cheers
    Andrew

  38. Hi there can anyone tell me how this EA is going or is it just another EA ? Also is there up sells with it? Thats always a put off for me. Anyway Id be interested to know how its performing and what sort of win/loss ratio.It does look better than other EAs but they all seem to run into market changes and they lose their way.
    Thanks
    Cheers
    Bruce
    NZ .

  39. This seems like a solid system. My 12 year backtest was good, Forward test is good so far also.

  40. Hi Andrew, any updates on this Ea so far.. I jst began forward demo test today, looks good.

  41. FX Speed Trader Team

    Hi Guys,

    This is a real robot and works. I apologize if the presentation is not up to par, but it does work. We released an update for all pairs and hopefully you download it. As the reason it was not trading is we had it set to allow small spreads only by default and one other variable was off.. This robot works on up to 5 pip spread so we made adjustments and it’s working now.

  42. Sorry guys, got it wrong again! The dates were wrong on the website I was looking at. They started last night as well.

  43. Ral, your first instinct about this was right – I’ve had no trades on either robot in just about 24 hours, it’s meant to have multiple trades per day. I’ve checked further and on one website they’ve been running this since April with no trades. Just goes to show – always check! I’ll give it 24 hours and then it’s refund time.
    Cheers, Andrew

  44. Alright Andrew, Do Keep us up to speed with results..

  45. Hi Ral,
    You have to buy all the four robots separately so the total price would be around $300. I’ll be trying this as I said so we’ll find out next week!
    Andrew

  46. The Vendor says on the website that a competitor tried to hack his computer to steal this EA. If its worth that much why sell it for 100usd, Wouldnt that same competitor just buy it for 100bucks rather than spend more resouce in a hack attempt.I think this is just another downgraded crappy bot. No one would give this away for just 100bucks. Am now coming to a conclusion that great robots are traded not sold

  47. Yes, I agree with you admin, these results are bordering on fantasy, but I’ve purchased the GBPUSD robot and will try it next week – only way to find out. The style of trading seems similar to MDP, lots of quick in and out trades. Had two extremely fast replies to queries, so that’s good.

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