Forex Twister
Overview
| EA Name | Homepage | Pair | Timeframe | Takeprofit | Stoploss | ECN | 5-Digits | Comments |
|---|---|---|---|---|---|---|---|---|
| Forex Twister | Click Here! | EURUSD | M30 | 15 | 150 | no | manual |
Forward Test (Demo)
Status: stopped (not profitable)
Last update: 2010 February 10, 13:00 (GMT)
| EA Name | Statement | Weekly Net P/L [Pips] | Weekly Profit | Weekly Trades | Winning Trades | Max/Min [Pips] | Closed P/L [Pips] | Open P/L [Pips] | Total Profit | Max. DD [%] | Weeks in Test |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Forex Twister | Statement | -3 | -0% | 1 | 91% | 15 / -150 | -29 | 0 | -3% | 14% | 9 |
Backtest
| EA Name | Statement | Period | Pair | Closed P/L [Pips] | Open P/L [Pips] | Trades | Winning Trades | Max/Min [Pips] | Max. DD [%] | Comment |
|---|---|---|---|---|---|---|---|---|---|---|
| Forex Twister | Statement | 2008 | EURUSD | 1065 | 0 | 115 | 97% | 15 / -150 | 10% | |
| Forex Twister | Statement | 2007 | EURUSD | -615 | 0 | 36 | 81% | 15 / -150 | 39% | |
| Forex Twister | Statement | 2006 | EURUSD | 75 | -104 | 50 | 90% | 15 / -150 | 15% | |
Homepage / Vendor
The first impression of the Forex Twister homepage is bad as the layout of the page is messed up. The headline then talks about an underground trader revealing an artifical intelligence…..
In the next part of the page we see then mainly some sample trades, statement extracts and backtest summaries and a “performance graph”.
Let’s have a deeper look at on of the shown examples:
What do we see here ?
There is no open trade, during the report period there has been a deposit of 5′000.00, the end balance is 58′383.
So but what the hell happended here ? If you take a look at the line Closed Trades P/L you can’t see the exact number but it has only 2 digits upfront the dot. This means either the statement has been faked at all or the balance prior to the report period was already more than 53′000 ending in less than 100 bucks in profit during that period. Which has nothing to do with turning 5k into 58k as it may look like at a first view.
Delivery
As owner of Forex Twister you get:
- the Forex Twister Expert Advisor (compiled .ex4 file)
- A 7 page PDF user guide
As usual they try to upsell and advanced version. The advanced version contains an automatic money management and and NFA compliance setting.
Installation / License
The instruction to install the robot is very brief but it’s only 1 file to copy so no big challenge. Forex Twiter comes with unlimited license.
How does it work ?
Twister opens 1 trade at a time based on ADX and Momentum indicators. The standard version exits trades only based on a fixed takeprofit / stoploss while the advanced version has a trailing stop as well. In the manual we find: Forex Twister is a long term scalper. That mean, large stop loss is part of the system. And it doesn’t have to trade every day or even every week. This sound a bit strange as long term and scalping doesn’t match in our point of view.
Settings / Money Management / Broker Requirements
The only settings in the standard versions are Lot-Size, Stoploss, Takeprofit, Slippage and the Magic Number.
As best settings the vendor recommends SL=150, TP=15 on M30 timeframe while in the advanced manual they mentioned: SL=200, TP=55 on M15 timeframe. The advanced version has a built in money management but the standard version only supports fixed lotsize. Here the recommendation from the manual: Please adjust the settings according to your account size. For example, 1 lot size for $5000 accounts and 0.1 lot size for $2000. Safe lot size to use, between 1 and 5.
Forex Twister does not support ECN style brokers. The manual states: The EA works with 4 – 5 digits brokers.. According to our tests it does not detect 5 digit price quotes and the values for takeprofit / stoploss needs to be manually multiplied by 10 which we did not found in the manual.
Conclusion
A cheap product with a bad and missleading website and incomplete documentation.