Today I’m looking at the Forex software collection built to help traders create and test their personal Forex strategies, ForexSB. For the most part, this service is developed for experienced traders that understand trade logic and how to properly create a trading system. The creator, Miroslav Popov, has done his best to make the products accessible to every level of trader, but there are requirements in terms of skill level if you want to be successful as far as I’m concerned. Not every trader has the ability to create their own trading strategy depending on where they are in their level of Forex trading development.
The company behind these products is Forex Software Ltd, located at 4 Peter Raichev str, Varne 9010, Bulgaria. When it comes to support, I don’t see a contact form, email address or phone number, but there is a very active forum.
For commercial, already developed Forex Robots, go here.
ForexSB Review and Analysis
Miroslav Popov founded his company in 2006 when he invented a real-time Forex back tester. Since, he’s come up with the first binary options back tester, strategy reactor and many other different tools to help traders in “understanding how algorithmic trading works.” Currently, there are 6 products available, all with different purposes and approaches to automating a trading strategy. So let’s take a closer look at each tool.
Expert Advisors Generator
This tool is the simplest system that the ForexSB team has to offer. It goes for €29/month and is a simple way to create an expert advisor with “clean and native MQL code.” The downside of this subscription, is that you will not be able to create an advanced strategy, and you will not have very much control over the system that is outputted.
Expert Advisor Studio
This is more advanced tool, goes for €49/month and gives the trader much more control over the expert advisor creation process. The system is compatible with both Metatrader 4 and 5, while allowing traders to create an expert advisor without ever having to do any coding.
Traders who use this system, will test different indicators, go through historical data, and since every single rule for when trade should be triggered.
As I mentioned earlier, if you do not have advanced knowledge of Forex trading strategy, and how to pull it all together, this will be a very difficult process.
Forex Strategy Builder Professional
This software is advertised as the “flagship program for technical analysis.” This ForexSB tool allows traders to build strategies with even more sophistication. In using this system traders can “modify already open positions, use indicators from different currency pairs, and follow the trends of higher time frames.”
What I really like about all of these tools, is that they allow traders to create systems without having to code. If you have some trading knowledge, you can pick certain indicators, different time frames mash them all together and come up with the trading system.
My estimation, though, is that this process would take weeks to come up with a viable system, but that’s not a knock on the process. As, creating an EA is not an easy process, but this certainly does make it easier, especially if you don’t know how to code.
Binary Options Tester
At €49/month, the binary options tester is built to “create and test binary options robots.” This tool gives a lot of the same functionality as the other Forex tools I discussed earlier, but with the ability to test based on expiry times. The tool looks impressive, and it’s my belief that the majority of binary options developers should be using something along these lines because that market is full of poorly developed trading systems.
Algo Studio and NinjaScript Studio
Both of these tools are available for traders that use different platforms outside of MetaTrader. As far as I’m concerned, MetaTrader is the number one platform, and the only Forex platform that I’ll ever use.
Lifetime License Pricing
For traders that have tested the ForexSB tools and want them for life, they can pay an exorbitant fee for a lifetime license. As it stands right now, there are 3 different lifetime license packages available. The first, is the standard pack which goes for €990 and gives traders access to the FSB Pro for live, and a one-year account of the Expert Advisor Studio.
The 2nd package, is the optimal pack, which goes for €1490, provides to lifetime licenses of FSB Pro, and two year accounts with both the EA Studio, and Binary Options Tester.
The last package, the mega pack is selling for €1990, and gives traders access to 3 FSB Pro lifetime licenses, and 3 year accounts with the EA Studio, BO Tester, and Algo Studio.
- Standard Pack – €990
- Optimal Pack – €1490
- Mega Pack – €1990
These are certainly expensive packages, but what I don’t totally understand why they packaged it in the way that they have. Obviously the Forex Strategy Builder Professional is the most popular product that they offer, but I’m not sure why they give us more than one license for the same product, but still forces to pay yearly or monthly for the other systems. This seems kind of backwards to me.
From what I’ve read in the forums, the ForexSB systems are viable ways to create expert advisors without having to code. My only concern with these products, is how difficult they are. I mentioned it multiple times during the review, and I’ll mention it again here. If you are not an advanced trader who understands the intricacies of trading logic and trading indicators, then this isn’t the place for you to start. I would recommend learning how to trade manually first, and then using these skills to develop your personal strategy.
Thank you for stopping by, and please leave a comment with your thoughts and experiences with the SB systems.