de | cn | ru
Forex

Expert Advisors Reviews

Review of Expert Advisor Shark 7.0: The Scalper in the Forex Sea

Today we'll concentrate our investigative efforts on the Expert Advisor (EA) Shark, and, in particular, on its latest version – 7.0. 
The team behind this forex robot seems to be well acquainted with psychological tricks, as yelling “Shark” has much better chances of creating a bustle than yelling “Barracuda”. Just remember the movie “Jaws”!
The price of the robot is not scary as its name is – the expert advisor costs $269, a sum which is not so high compared to the stunning sums of several thousand dollars that one has to pay for Tom's EA or Limitless EA. There is also a 60-day money-back guarantee for those of you who like to play it safe.
 
 

Meet the Scalper

 
This shark has teeth and scalps with them. Putting the joke aside, this expert advisor is the first among those we have reviewed that is a genuine scalper – it opens a number of trades simultaneously and keeps them open for a very short time (a minute or two) in order to profit from small market movements. 
The key word underlining all scalping strategies is “discipline” - in trade sizes, take profit and stop-loss levels, etc. The creators of EA Shark 7.0 seem to be aware of this, as they promise the program would not risk more than two pips per trade. 
 
But do not be left with the impression that scalping is a flawless, low-risk strategy! A scalper may suffer if the broker is not chosen carefully in terms of spreads. Imagine that you use a robot that generates  50 or 60 pips per trade – then spreads of a couple of pips would not mean that much to you, would they? And now imagine that you win 3 pips per trade with a scalper, and the spread is 2 pips – you're done!
 
In addition, watch out for slippage – the price difference between order and execution. Since this bot, as any other scalper, counts on small price changes, even a short delay by an evil-minded broker may ruin the trading. 
 
Regarding different market conditions (whether the bot operates in a ranging or a trending market, for example), the team behind EA Shark 7.0 insists that the system is auto-adaptive thanks to neural networks. In simple words, neural nets allow the system to learn to operate in different environments and evolve - like a real shark. No market conditions are a threat for this EA, at least theoretically!
 
 

Backtests: Who Wants to Be a Millionaire?

 
The developers of EA Shark publish detailed backtests for the period from January 4, 1999 to January 13, 2012, using a 30-minute timeframe for the modeling. Please, keep in mind that the backtesting includes only trades in EURUSD, but the robot can also work with the GBPUSD pair.
 
Results show that after some 13 years of trading, the robot can make a millionaire out of a person who dares to make an initial deposit of $10,000, as total net profit is at massive $2,629,861!
The good news continues as the relative drawdown (which indicates the risk of losses) is at a very low level of 5%. Moreover, the percentage of winning trades (61%) greatly outweighs that of loss trades (39%), and the average profit trade ($3,517) is much higher than the average loss trade ($1,002).
 
Closer inspection of history of trades does not indicate anything obviously troublesome: to my relief there are no gambling strategies in sight! 
 
The trade contract size rises gradually from 2.90 to 100 lots, as the account balance grows - nothing suspicious here either.
There is, however, one chain of 13 consecutive losses on  May 31, 2006, which cost the account some $16,900. But I guess you would not worry about this sum once you are a millionaire!
 
 

Live results: Calm Waters

 
The builders of EA Shark publish detailed statistics of live trading of a real ECN account with PrimeXM. 
Since the onset of trading on Nov 27, 2011, the account (with deposits of $2,000) has amassed a total gain of 86%, a pretty solid result, though it's lagging behind the gain of 170% that Tom's EA has accumulated for the same period. 
 
EA Shark's gain goes together with a relative drawdown of 6%, which is a very strong result, indicating a rather small risk of losses. The chart of trading shows no extended periods of drawdown and exhibits a very steady growth line.
 
The detailed history of trades (the robot trades EURUSD and GBPUSD this time) shows nothing shady. In contrast to backtests, the trade contract size is lower – it varies between 0.58 lots and 2.33 lots, as the balance grows. There are no series of losses, which leads me to believe that the developers really know how to make an adaptive robot.
 
 

The One and Only

 
EA Shark 7.0 turns out to be the perfect choice for traders who like scalpers. In scalping terms, this robot is a wonder of evolution – it trades, grows your profits, and adapts to trading environments so that it can perform better! 
 
The single problem for this robot is a bandit broker – it can simply shoot this shark down with slippage and spreads! But with a careful choice procedure, you can easily avoid this trouble.
I am personally excited about this EA – in fact, I'm going to buy a hat like a shark's fin!
 
 
 

Know Your Keywords

 
Expert advisor (EA) – An algorithmic trading system for the MetaTrader platform; a trading robot. EA’s can either be downloaded free of charge or for a fee, or can be programmed in the MQL programming language.
 
Drawdown - A trader's biggest loss for a certain period of time, expressed either in pips or as a percentage of the trader's profit. The lower the drawdown percentage, the less riskier the trading strategy.
Let's say you start with a balance of $1,000, then make a profit of $1,000, and after that lose $500. Your drawdown will be 25% ($500/ $1000 + $1000 = 0.25 = 25%).
 
Backtesting – Testing a trading strategy on past time periods through a simulation.
 
Lot - The standardized contract size of a trading instrument. A standard lot consists of 100,000 currency units, a mini lot – of 10,000; a micro lot – of 1,000 units, and a nano lot – of 100 units.
If you are buying 1 lot EURUSD at 1.3000 for example, you are buying 100,000 Euro for 130,000 US Dollars.
 
Pip - The fourth digit after the decimal sign of a price quote. For example: if the EUR/USD moves from 1.3350 to 1.3351, that is one pip. Pips are used to measure price movement, profit and slippage.
 
Scalping – Opening numerous short-term or high frequency trades for the purpose for making profit off small market movements. A scalper can make 10 to a few hundred trades per day, aiming at realizing very small (let’s say 2-3 pips) profit off each trade.
TAGS: forex robot  forex trading  expert advisor  ea shark  pips  slippage  scalper  spread  backtest  live trading 
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Cyprus CySEC in-house mobile
app
$50 Review Website
Seychelles FinaCom MT4 $10 Review Website

More Forex Expert Advisors Reviews

Forex Fury EA Review - Is it scam or good forex system?

Sep 27 2017 15:32:55

 The Forex Fury EA is a product which you may have heard about. The team behind it runs a website, which reviews other Expert Advisors and recommends two of their own. In this review, we will give you our unbiased opinion on the Forex Fury EA. Read more

FXCharger EA Review - Is it scam or good forex system?

Sep 26 2017 15:27:24

This will be a review of the FXCharger Robot, a relatively new and interesting Expert Advisor. While not much is known about the essence of this system, we will delve into it. Read more

Long Vision EA Review - Is it scam or good forex system?

Sep 12 2017 13:34:59

The Long Vision EA is a portfolio of automated systems, which trade the currency markets. The system is being offered by a company called Feycox Development S.L. In this review, we will try to get a better picture of its performance. Read more

Forex

Einstein Trader EA Review - Is it scam or good forex system?

Aug 29 2017 09:18:04

The Einstein Trader EA is an automated system which has performed well in recent times. That being the case we decided to take a closer look at it, and see if we can figure out how it generates the results. Read more

Inertia EA Review - is it scam or good forex system?

Aug 18 2017 14:17:15

Have you ever wanted to hire a professional price action trader to manage your funds? If so, the Inertia Trader may be your solution. Here is out our honest review of this interesting trading robot. Read more

Funnel Trader EA Review - Is it scam or good forex system?

Aug 17 2017 11:24:02

We would like to present you the Funnel Trader EA, an automated system, which you can try for a very low price. But before we get to that, let’s take a look at the strategy behind it.   Strategy   The team which created the Funnel Trader does reveal much. Read more

Cash Cow EA Review - is it scam or good forex system?

Aug 15 2017 13:24:24

The Cash Cow EA is interesting not only fot the funny logo, which the developers have chosen. We will take a closer look at this system and reveal the basics of how it trades. The developers claim 98% of trading is automated, while the human element is still occasionally there. Read more

Minesweeper EA Review - is it scam or good forex system?

Aug 14 2017 11:23:42

 We would like to introduce you to the Minesweeper EA, a bit of a mysterious automated trading system. The team behind this project has not released much information about the way it operates, but we will do our best to reveal its secrets. Read more

Innovative EA Review - Is it scam or good forex system?

Aug 11 2017 13:29:19

AlgoTradeSoft is a developer of automated trading systems. One of their popular robots is the Innovative EA. Not much is known about the system, but we will do our best to debunk some of its mysteries. Read more

Lion FX Trader EA Review - Is it scam or good forex system?

Aug 10 2017 10:49:33

The Lion FX Trader automated system is a rather popular recent example of the dangers involved with grid-based trading strategies. We would advise you to read our basic explanation on the topic of grids, martingale and hedging, if you are not familiar with these terms. Read more

Forex
de | cn | ru