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Monday, December 5, 2011

Robot Forex EAMidas Metatrader 4 Expert Advisor

This is a review for EAMidas, one of the latest commercial Metatrader Expert Advisors to hit the market. The initial outlay is $49 which gives you access to one license for one Metatrader account.

The Spanish creators have put together a very simple brochure page with a unique commercial spin, offering the software at "50%" off, with the remaining "50%" coming off the profits made with the system. While this model has it merits, you are giving half of your profits away - which is okay when the system is in profit, but you are not getting anything back if you lose; for example, you could have a great month, pay EAMidas their cut, then lose it all again next month, yet still be down the payment to EAMidas. This subscription method also constricts performance on a month-by-month basis; failure to pay your cut means losing access to the software altogether. So while it's a win-win for EAMidas it's still a win-lose for you. I presume you retain access to the software if the month is flat or down; i.e. you don't have to pay "0" to keep the Advisor active.

Also, while I commend the simplicity of the promotion, I don't think I would be stating "WE GUARANTEE 600% PROFIT MONTHLY" - That statement is sure to bite you in the ass later.

The site was presumably built in Spanish, then converted to English. There are a number of form and sub-pages which are in Spanish; while the majority of the Spanish form entries are obvious enough it wasn't clear the EA will only work on a Live account. The language issue also meant key information was missing.  For example, it wasn't clear that there was no support for running a backtest (I am still awaiting to hear from the Publishers as to whether a backtest is supported).

The language issue played a role in the error reporting too. When I was completing payment on the site an error was thrown on the webpage. I have no idea what the error said as it was in Spanish. When I was trying to run a backtest, all of the Metatrade Log entries were in Spanish too.

The automated email communications which provided the link to the download where in Spanish. It wasn't clear that to gain access to the download you first had to open an account on the site.

While it's easy enough to cut-and-paste any of this into Google Translate it only adds to the frustration of trying to use the product. Ironically, they do have what look to be links for US and Russian versions of the site, but clicking the links didn't change anything - forms and links were still in Spanish! They also have a link to live online help; but there was no help to hand - just an email contact form which was not responded too. This is a site which looked like it was designed on another site, but they neglected the important part on having it work they way it looked.

Unfortunately, all of this distracts from the Expert Advisor. As it stands now, I can't run any historic performance tests to see how good their system is; I would not be willing to do test with real money on a system which hasn't proved itself, or allow itself to be proven.  This alone will make it difficult to market - both for themselves and other marketers. I can't even say which pairs or timeframes should be used; so I will leave it up to you to decide if you want to give it a go.

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