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Forex Tracer Review - Some Technical Details About the Forex Tracer
After roughly two months using the Forex Tracer, I considered important to share in this review not only details about the performance I have experienced so far, but also some technical information that might tell you a bit more about this forex software.
A look at the Forex Tracer Claims:
The creators of the Forex Tracer launched the product with a basic claim consisting of three different real money accounts that basically tripled their equity over a three month period.
They focused on showing live statements of these accounts, instead of throwing bold claims about people becoming instant millionaires with Forex Tracer. This approach makes this software stand out from the crowd, and was one of the reasons I had better expectations about the Forex Tracer when I first got it.
What is in the box?
You will get the Forex Tracer which is small file that will work as an expert advisor in a Metatrader4 trading platform. Within this file you will find what some consider a refined version of the FAPS which trades only in EUR/USD and scalper that trades on several currency pairs.
The Forex Tracer manual.
Access to the Forex Tracer members forum.
Monthly updates of the software, which are critical for you to have.
About the Forex Tracer creators:
Although I cannot 100% confirm this, the word is that Ulrich is an open source programmer, Mike is a some sort of complex number wizard, and Steve Carletti is the lead developer of the Forex Tracer, and some say that this software is based on the FAPS source code from which it was enhanced and rebuilt to be more adaptive and also to trade on multiple currency pairs through what is called the Forex Tracer Scalper.
Forex Tracer Support:
The Forex Tracer provides a phone number and an email address. As for the phone number, do not even bother, as you will get an answering machine that cannot take more messages. With regards to the email, be prepared to wait a few days for an answer (at least that was the case at the launch phase, maybe it has changed).
Your best bet for quick and effective support is the Forex Tracer support forum, which is very active and you will often see the developers stepping in answering questions and helping with any issue.
Forex Tracer dynamics:
The internal logic behind the system is proprietary, so an inside look on how the Forex Tracer works is basically impossible.
The scalper will usually attempt about 6 trades per day (depending on the market conditions it may trade just once). The profit range used by the software is around 6 to 15 pips.
It will usually enter the market from the close of the New York session going into the Asian session, opening trades in the direction of the trend, which basically means it follows a known patter of the forex market.
The stop loss parameter ranges from 50 to 100 and it is presumably determined by the Forex Tracer scalper depending on the currency pair used and recent price movements. Also, there seems to be some sort of time limit for closing trades.
The Forex Tracer has a "stealth" feature that I first saw in the Forex Autocash robot, which is the ability to hide the read stop loss and take profit from the broker, to avoid price tampering and adjustments by some unscrupulous brokers that are believed to engage in this practice.
Forex Tracer Performance
The Forex Tracer is probably the first EA to publish real money statements in its website, and the performance displayed in those statements closely resembles that of other statements published by some users around the web.
Despite the January setback, the Forex Tracer remains the most reliable and profitable EA I have owned or reviewed, so if you are thinking about using an automated trading tool I think this is the one to look at.
For additional information about this forex software I recommend you to visit this Forex Tracer Review
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