Forex Warlord

Overview

Forward Test (Demo)
Status: running

Last update: 2010 March 11, 14:53 (GMT)

Backtest

Homepage / Vendor

Paul Liburd is known as the vendor of prior products like Forex Transformer or Forex Accumulator.
Here what Paul writes about himself:
After years of success, errors and failures, I finally cracked it…
I managed to find the reasons my trades were going up and down so inconsistently and corrected them to great effect…
Without trying to bore you the end result is, I am now a higly respected successful Forex trader who is now known by many
The way I see it is if a guy like me, who started of with nothing but a couple thousand bucks savings…
Can go on to achieve financial independence, then so can anybody.
And some claims about this robot:
Forex Warlord is a new Forex Robot that has been created using the latest technology,
That has allowed us to build a robot with 3 different systems inside it.
By simply adjusting the advanced settings you could have it trading as either a:
1) Scalper
2) Day Trader
3) Long Term Trader

The homepage does not show any serious proof. Either they are just some sample trades or just a summary with the most important information missing.
The most funny one is this:

What did Paul wanted to tell us with that ? As you see during that period there has been a 3000.00 in total of new deposit and 766.70 as profit out of trades on an account of 33′766.70 in total. So there has been already 30′000.00 on the account before and to made 766.70 bucks out of it means a profit of 2.3% which is really impressive with 39 trades or did maybe somebody modify that statement ?

Delivery

As owner of Forex Warlord you get:
- the Forex Warlord Expert Advisor (compiled .ex4 file)
- a 12 page pdf user manual
After the purchase there is an upsell for an advanced version. The difference we have found is that the advanced version offers money management, NFA compliance and it works on a different timeframe with different settings. This review covers the standard version.

Installation / License
To install Warlord you need to download it first. When i currently log in to the memberzone i have 3 downloads offerend, the main package, an updated EA and manual and the latest updated Forex Warlord Version 3. Unfortunately the package did not contain the version 3 but after a mail to their support i got it delivered. The installation itself is then done quickly as it’s only one file to copy. The EA will expire to prevent illegal copies and a new version must be downloaded periodically. Beside that there is no account limitation.

How does it work ?

First we wanted to test version 2 of warlord but already in backtest we got requote errors and it did not open any trade. This is a clear programming error which has been corrected in version 3.
Warlord opens 1 trade at a time based on a combination of different indicators. To exit a trade a fixed takeprofit / stoploss and a trailing stop is used.

Settings / Money Management / Broker Requirements
While in version II the default settings have been 25 for takeprofit, 150 for stoploss and there as not been a trailing stop parameter the default for version III are: 500 for takeprofit, 250 for stoploss and a trailingstop of 55.
Beside the exit parameters and the a fixed lotsize there are 2 parameters which affect the entry criteria. They are called Trend Power and Trend Level.
In the standard version there is no built in money management and there is no information in the manual how to calculated the lotsize to be used. The default lotsize is set to 1 standard lot.
Forex Warlord does not recognize 4- and 5-Digit brokers as far as we see. Here what they write in the manual:
The EA works fine with 4 and 5 digits brokers. If you experience any problems please test the EA by adding 0 to take profit, stop loss, and slippage settings. For example, if the default take profit is 200 pips, then change it to 2000 pips.
This robot does not work on ECN style brokers. In the manual they state: Please note that the EA will not work with new NFA rules. And it doesn’t work with ECN brokers or brokers with price data in a form like EUR/USDXXX

Conclusion
According to the marketing on the homepage we expected a 3 in 1 robot. Here what they write about that in the manual:
3 in 1 means that the EA can trade short term – medium term and long term. It’s not limited by only one time frame like most EAs. For example, if you want to trade short term, use 5M chart. for day trading, use 1H chart. and for long term trading, use 4H chart. They don’t provide 3 different strategies and not even 3 different settings. Beside that the same manual states: The EA can be used with all major pairs ( but it’s recommended to be used with EUR/USD) on 5M chart.
This is at least very close to be SCAM.

Update
The latest version delivered of this robot does automatically adjust to 4- / 5-digit price quotes even the manual still states in the FAQ section to multiply TP / SL by 10 which is wrong with this version.