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Forex growth bot


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Usually I'm not a big fan of EAs. But this Growthbot seems to be one of the very best EAs. A friend of mine has done very well with it in 2 different LIVE accounts!

 

However, if you intend to trade live with it, in this case I would recommend buying the EA. The reason is that earlier versions sometimes "lost control" and failed to close trades. As you can imagine this could be disasterous. In fact, I was testing the educated one available here on Indo this last week on a $50,000 demo account. Amazingly the EA was up $8000 on one trade but it "lost control" and didn't close the trade. I ended up closing it manually with a $1200 profit.

 

The newest version completely corrects this known problem, so again if you intend to trade live, it may be worthwhile to purchase it directly from the author.

 

Would love to get feedback from other users of this EA as I am strongly considering buying it and going live with it on a good size account. Thanks.

 

Yeah, watch out and follow closely the discussion on their myfxbook page. IMO they never got rid of the issues this poor coded EA has. For me its obvious, they ain't responsible traders/vendors, just greedy marketers.

Their next strike is milliondollarpips.. they don't even provide a live acc. performance for it...

No money to fund one after getting rich with FGB???? Come on...

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Thanks for the explanation Diesel10,

 

but are you sure this is a version propblem? I ask because the owner of this program seems to have self massive problem the last weeks with his version.

http://www.myfxbook.com/members/fxgrowthbot/forex-growth-bot/71611

 

Regarding the problem of "losing control" of a trade, my friend mentioned this problem before I even used the EA. It was apparently an issue with the "wave" trailing feature in the more advanced edition and if you restart the Metatrader when in a trade it would sometimes lose control of the trade. When this issue started happening, there was a huge uproar and for safety my friend even stopped trading the EA. Then the problem was fixed and has not occurred since then. The educated one on indo apparently is an earlier version since this exact problem happened to me.

 

Regarding recent losses, this EA often opens multiple positions in one trade. If they work out, awesome. If not, not so good. Some positions didn't work out this last week (my friend mentioned this to me when it was happening) and thus a drawdown. All legitimate systems/EAs have them. The recent losses were legitimate and not related to the previous "lose control" problem. Overall the winners are much bigger than losers and it wins slightly more than it loses. According to myfxbook, it's up 781.15% since last November... can't argue with that!

 

Regarding some other system or EA that they are offering, I have no knowledge on any of that.

 

I would really like to hear from people who have actually traded this EA live.

 

Bytheway, my friend who is trustworthy confirms the trades in his account match the trades as posted on myfxbook, so how exactly is this a scam?

Edited by Diesel 10
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I didn't use the word scam...the thing made some profit.

IMO they are greedy marketers with no clue about proper coding. If they would care, this issue would be resolved since long time.

 

You find truckloads of complaining live traders on myfxbook. I would be the first who buy this EA, but all the reported trouble holds me back.

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I didn't use the word scam...the thing made some profit.

IMO they are greedy marketers with no clue about proper coding. If they would care, this issue would be resolved since long time.

 

You find truckloads of complaining live traders on myfxbook. I would be the first who buy this EA, but all the reported trouble holds me back.

 

I think if you buy it, just to be sure, just buy the basic version. That is the version my friend has and the version on myfxbbok. From what I understand the problem was only on the advanced one with wave trailing. My friend has never had this problem and he only trades the basic version. Plus he has it going Live on two different brokers and same results (except for spread differences).

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The developers of this Ea have now a trade copier service. I have subscribed to it because of the concerns I had regarding the lack of control over some trades. Essentially running it on two accounts, one can compare the paid service against the Ea and the difference I found is negligible. Although I must stress that this is only entering now in the 5th week.

The service often closes trades before the ea, which may create some confusion and possibly concerns with control.

Initially I was closing trades manually but this is not advised with the new version. It will open trades automatically based on the cumulative total of the last trades. So if you had for example three .2 trades open and closed them, it will open three .6 trades. Also if you lose connection it would close all trades, so become familiar with the settings and do NOT run it on default, if only for this value.

Would I recommend it ?I would say yes so far. I am running the basic version and am quietly optimistic. Time will tell as they say.

The developers have now a forum where such matter can be discussed. Had a look but found indo more informative. How many forums can one be a member of without compromising one's trading time :) ?

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  • 3 weeks later...

are you referring to FGB or gonzo EA?

 

 

 

I bought the registered version and have been running an IBFX demo since 4/15.

 

Settings are right OOTB, nice equity curve and PF of 4.13. Very pleased so far.

 

The only demo EAs that have survived are FAPUltra2.0 (registered version; it has done very well for a long time), Wall Street Robot (Oanda) and GB (IBFX).

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I am warning my friends here about the "educated" version of growthbot given on indo. I recently put it on demo and it often lost control of the trades and didn't exit! This was a known issue of the earlier versions of this EA. If you want to trade this live (and it does look good!), just buy the basic one. It's cheap and works well. I know because a friend of mine is using it live quite successfully!

 

By the way, those who know me know that I am usually not a big believer in EAs. However this one is an exception. I am strongly considering getting it and trading it live in my account...

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The developers of this Ea have now a trade copier service. I have subscribed to it because of the concerns I had regarding the lack of control over some trades. Essentially running it on two accounts, one can compare the paid service against the Ea and the difference I found is negligible. Although I must stress that this is only entering now in the 5th week.

The service often closes trades before the ea, which may create some confusion and possibly concerns with control.

Initially I was closing trades manually but this is not advised with the new version. It will open trades automatically based on the cumulative total of the last trades. So if you had for example three .2 trades open and closed them, it will open three .6 trades. Also if you lose connection it would close all trades, so become familiar with the settings and do NOT run it on default, if only for this value.

Would I recommend it ?I would say yes so far. I am running the basic version and am quietly optimistic. Time will tell as they say.

The developers have now a forum where such matter can be discussed. Had a look but found indo more informative. How many forums can one be a member of without compromising one's trading time :) ?

 

Hi Prattpot,

Where on the internet can I find info about the trade copier service?

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