Manhattan FX is a new Forex robot developed for meta-trader 4. The first sentence on the website explains that their robot is the market leader algorithm. This really doesn’t seem to make any sense to me and really comes across as gibberish but hopefully the product is more professional than the website.
Today I’ll be putting together a quick review and analyzing this new automated scalping system.
Manhattan FX Review
According to the website, the people who put together the Manhattan FX system are 12 industrial experts with decades of trading experience. I assume they mean industry experts. The group of traders are from New York City and are made up of veteran brokers and young engineers. They started working together in 1998 and the development phase of this system started in 2008. So they are telling us that they’ve been working on this software for 8 years. For a bunch of experts that seems like a really long time. Most Forex robots are put together in around 6 months to one year max so I’d really like to hear what took them so long.
- Type: Forex Robot
- Price: $169.00
- Strategy: Scalping
- Timeframe: M1
- Pairs: EURUSD, GBPUSD
The Manhattan FX software is built to trade the EURUSD and GBPUSD pairs. In taking a closer look at the my FX book account. We can that they are running a demo using the Tickmill brokerage. They are averaging a gain of 10% per day and are over 2000% positive at the time I’m writing this review. This software is a lot like a system I saw just a couple of months ago.
The robot trades extremely fast with most of the trades, lasting for under 10 seconds. While the profit percentage looks very impressive. It’s my belief that this system will only work on specific brokers and may not work on live accounts at all. Considering the different spreads and commissions taken by brokerages, I don’t see how a robot that picks up one PIP on average will be profitable in the short or long-term on the live trading account.
The developers of the Manhattan FX project are hoping that the my FX book account looks so great that you go ahead and purchase it without understanding the differences between demos and live trading. I can’t say 100% that this software will fail but I do not have very much confidence in moving forward with it. If you think I’m wrong or you just want to leave a comment anyways. Please let me know what you think about this system and my review. I hope that this software proves me wrong. But I would have to see a live trading account before I get involved. For this type of software. Thanks for stopping by Forex robot nation and please let me know if you ever need any help by clicking the contact button at the top of the page.
Hi all, I have bought this ea with 2-license… I thought it will perform well in real account. I use IC markets 1:500, day by day losing slowly. Watch it profit only 1 or 2 pips! WIPED by the commission and followed by losing 3x times. Please watch myfxbook stats very carefully. The money management they use in their myfxbook DEMO and when you use it in real account are totally different, it’s like they are manipulating their lots size if you watch statement orders carefully. If anyone wanna be their victim, go ahead. I don’t have any advantage, but at least to share to you all is how they pay what I have paid for their RUBBISH robot.
Thanks for sharing Wells.
Hello Martin & Arvin, I have installed demo on TICKMILL on May 18 and in first 3 days, results were pretty much the same as on vendor live account (displayed on FX BLUE). EA executed during the first 3 days 8 trades, 4 of which produced profits of 5, 6, 8, and 11 pips. 3 were loosing trades and one was of an insignificant gain. I am of course aware of differences between demos and live trading,
especially with scalpers, however, gains between 5 and 11 pips are certainly able to sustain ECN brokers commissions. I intend to continue comparing demo results with FXBlue live trades for another week and then decide if to purchase it and install it on my live account. Unfortunately, with this EA “the proof of the pudding is in the eating”. Since purchase is via CLICK SELL, refunds are anyway guaranteed.
I haven’t bought this EA, but have had a good look at the information available. I personally believe this is from the same vendors as ‘Goldbull Pro’, which I did buy. ‘Goldbull Pro’ works spectacularly well on a demo, but does NOT work on a real account. The wins are too small to overcome the cost of commission on an ECN account, which you really need to have for a scalper. I believe this one will be the same, just as mentioned in the review. The ‘Goldbull Pro’ guys also steered buyers towards ‘Robo’ and ‘Tickmill’, which was one of the giveaways for me. I will definitely not be taking a risk on this one!
Yeah John I saw that too but since I’m. New to all this I didn’t know if roboforex good or not? I have new real and demo account with them.
Should I find a different Broker (and better EA by the sound of it too)? Any advice about brokers greatly welcomed
Hi guys I too bought the manhatten FX EA.
I don’t know whether I have got something setup wrong or what but it basically just site there connected and displaying ‘Manhatten FX is working properly” – but it hardly ever makes any trade (even if I go with the default settings. And then it does put a pending order in its about 600 pips above the current position.
Having looked at this thread I don’t think emailing them is going to be fruitful.
I have a RoboForex ECN account, Firbre Optic broadband and know I have it all set up right except perhaps the odd setting.
If anyone can shed any light on why mine is the laziest EA I would be grateful to know.
I am having the same problem too, 4 days and total balance is now $977 all the way from $1000, am really pissed.. this robot is too damn slow..barely makes any trade!!…not profitable at all!!
I bought this and put in 500 dollars into my hotforex account. So far 2 small losing trades in 1 day. .. I have a bad feeling about this. … I will test for 1 week then get a refund.
Were you able to get the refund?
hello ram mge. i tested robot properly, and it has to be the worse robot i have seen. it barely trades, and when it does, it makes no sense why it has opened such a trade.
i agree with others that, you might need to find a broker which offers trades that can open and close in seconds.
good news is that i got my refund. and my balance was 2 dollars less than i started. 🙂
Hello to all active Forex Robot Nation users!
Only Real Account will give you the actual, real results.
Firstly, you need a low latency trading (0.30 – 2.00 ms) with Optical Fibred Cross Connected VPS to your Broker.
Secondly, please connect your real account with myfxbook (Make Track Record Verified, Trading Privileges Verified) and show us everything.
Third, Forget Demo Trading.
PS Special thanks to Arvin, Martin, Gerald …
I hope you’ll be the first 🙂
how can we forget demo and go straight to real trading with real money
Not convincing feedback. I back off.
I just bought the software today.. I will update you guys how am doing
Thank you, I’m waiting for your results and a little more information about the system
very poor results so far
Hi Martin trading is quite slow. It has been 1 week+ and profit is around 2% so far.
Yeah ive been demo testing for just over 1 week with tickmill broker on a $1000 account its up to $9 which is really disappointing as on both their demo account and live account is doing extremely well but i emailed ManhattanFX and asked why the difference is so vast, their reply was their accounts are “Special Account” which to me is not the technical answer i was looking for. Something isn’t right with the Lots they are trading as in the recommended settings it says it trades no more than 5 Lots per trade but most of their trades are above 20 Lots and some as high as 100 Lots so to me there is something wrong here and im doing my best to ask for their EA settings for both live and demo so will keep you posted. May i ask what your starting balance was on the account ?
hi can you share your reviews about Manhattan FX after testing it ??? any update?
i have just installed this EA to my MT4. With leverage 1:300 & equity 500. Will keep you posted on the progress
Hi arvin can you tell me are you running the EA on a live or demo account also which broker have you chosen ? Any information & Updates will be much appreciated. Thanks 🙂
Hi Martin Its Live. I chose RoboForex on ECN Pro account.
Hi Arvin Thanks for the information. Can you tell me how you’re account has performed since you started running the EA ? 🙂
Arvin can you share any updated information in regards to your live account ? Thanks