Lately, I’ve been reviewing many expert advisor in Forex robot providers, and today I’m going to continue that trend in looking at MFM Labs. This service is one of the most highly promoted websites using Google Adwords to attract more clients, so I figured that it’s important that I provide a second analysis, and let you know what type of trading history this developer has, and what they are trying to accomplish in this market.
It is unknown where the head offices for this product are, and the only information we have about the creator of the robot services, is that he goes by Matthew. When dealing with investments in general, I generally prefer more information before getting involved. I do feel that the more information we have, the easier it will be to make an informed decision.
MFM Labs Review
Currently, the MFM Labs service consists of one EA, the MFM7 robot, which Matthew claims took him 7 years to design. I have already reviewed this system, in detail and there is been surprisingly very little in terms of client feedback. There is only one review which came from one of our readers, Philip, who told us that the support is “completely non-existent,” and that he nearly blew his entire account during the GBP flash crash that happened in early October 2016.
While an occurrence like this is certainly rare, and the sterling reached a 31 year low, this did show us that the software is susceptible to major losses when big events occur. Obviously, if you are an experienced trader you can account for these types of issues by monitoring the news, but this is something you should be aware of when considering this product or any other product released the future by this development team.
- Type: Forex EA Developer
- Price: $99
- Strategy: Undisclosed
- Timeframe: M15
- Pairs: GBPUSD, EURUSD, GBPCAD, EURCAD, USDCAD, GBPAUD, EURAUD, GBPCHF
The breakdown I’ve provided is for the MFM Lab’s MFM7 EA, which is currently going for $99. Despite mentioning the word strategy multiple times throughout their sales page, there is no real information on the strategy behind the system. I covered that in my review just over a year ago, and nothing has changed. I was hoping that the developer, Matthew would make adjustments to his Forex robot sales page after reading my review, but it doesn’t seem to be the case.
In terms of trading results, the MFM Labs group provide very extensive back testing, but no demo testing or live testing. In fact, all we can look at is old, hypothetical trading results of this Forex robot, and that is just not enough in 2018.
My main suggestion for Matthew and this development group, is that they start running multiple trading accounts on trading statement providers like Myfxbook and FXBlue. This is what the community is looking for in today’s marketplace. With hundreds of expert advisors on the market, all providing detailed statistics and growth analytics, it’s quite clear that Matthew’s team is well behind the 8 ball.
My advice for any development group in the Forex market is the same. Find a way to provide the community with a proven track record, and a detailed analysis of the trading strategy, and you will put yourself in a position to succeed. For the developers the don’t take this advice, I don’t see that lasting long in this marketplace.
Outside of the one comment made in my MFM7 review, there is only one other comment about the MFM Labs service, and it was from a trader named Yachtie. Yachtie claims that when he approached the vendor to get his money back after the EA lost money, that the vendor refused to answer is emails. He then claimed that Matthew is a scam artist.
With very little client reviews outside of this one, it makes this review quite damning.
Even though the MFM Labs service is priced low, I’m not sure if it’s the type of robot we should be attracted to in 2018. The developer has major hurdles in front of him as he adjusts to the expectations of the market in 2018. Hopefully he can deal with his support track record and start providing better trading results as well.
If you have anything you would like to add to the review, please leave your questions and remarks below now.