The “much hyped” Forex Bullet Proof, from the creators of the ever popular FAPTurbo, caught my attention this week. So much so that I had to grab a copy myself and put it through its paces… more from a curiosity point of view as opposed to convincing proof. So here’s what I discovered:
Forex Bullet Proof Essentials
- Trades EURUSD/USDJPY M1 Chart
- Minimal Account Balance to trade USDJPY is $4000
- Minimal Account Balance to trade EURUSD is $450
- Adapt Lots setting – used to increase risk as your account grows
- Looks like it uses some Martingale to limit losses (but not often)
I dove in expecting nothing and sent it to the lab on the EURUSD pair. Here’s what I found…
Test 1: Independent Strategy Testing
2007 Strategy Test results on EURUSD default settings.
View full 2007 EURUSD Bullet Proof Strategy Tester results
2008 Strategy Test results on EURUSD default settings.
View full 2008 EURUSD Bullet Proof Strategy Tester results
2009 Strategy Test results on EURUSD default settings (test ended in July due to large draw down).
View full 2009 EURUSD Bullet Proof Strategy Tester results
2010 (until August) Strategy Test results on EURUSD default settings.
View full 2010 EURUSD Bullet Proof Strategy Tester results
Currently running Forex Bullet Proof on Alpari UK, testing started on 17th April 2010. Current results are as follows:
View our Forex Bullet Proof Live Test Statement
Demo Account disabled by Alpari on 21st October 2010. The above chart has stopped working now, so please refer to the chart below:
View our Forex Bullet ProofLive Test Statement
Lab Result:
Hi Cam,
thx for your Lab-test. it show’s me that i will not try out this EA. it looks like too risky.
very very high DD Percents ;(
Best regards
Max
Its a martingale. IMO very risky. Cam, what do you think about martingale systems?
I try to avoid them.
Yes, you are right about the riskiness of this approach. Although it doesn’t look like it’s a full Martingale, only now and again. That said, the 2009 back test couldn’t finish due to account blow out… so that shows you how risky they can be.
hi Cam,
u said u avoid martingale systems then fish forex robot also have same martingale strategy so its mean that fish robot is also a risky ea? or their is any difference b/w these two?
so many hyped for this robot and this also include martingale system
waiting for ur reply
Yes, I know I typically avoid Martingale systems and Fish has a similar strategy as well. One of the members wanted Fish reviewed on the site so I went ahead and posted the review not knowing it was partly Martingale, this is the same with Bullet Proof. I didn’t know it was partly Martingale until I had ordered it and done the back tests test. In short I think they are as risky as each other.
FxBulletproof is a cool thing to trade and it should do good alone, but – the HighVoltage add on upsell is where the action is at – it looks to be a Martingale strategy EA that pumps Bulletproof with money untill it predictibley blows its own account up like a suicide bomber leaving Bulletproof to compound the deposit safely – it almost sounds immoral – are you testing it also?
It is TWO Martingale EAs hooked togeather for more profit, Faster – FXbulletproof and its upsell HiVoltage – HighVoltage blows up its account about 25% of the time they say – It wins BIG BIG until ……………??? mathamatics is not my best subject – Other question – Do your lab back tests contradict FXBulletproofs claims of six years success?
I didn’t get the HighVoltage EA, so only testing Bullet Proof itself.
I suppose you’re right about contradicting their claims… and now we know why there must have been a blowout 6 years ago also.
It could be that the account size they started with was much higher than $10,000 and therefore it could handle a bigger draw down, hence avoiding the blow out.
hi Cam,
how can i use this ea in zulu trade….. when i searched ur bullet proof in signal providers list then signal provider indicates that there is no such robot in their list…. what is ur id or name at zulurade….
Hi Shahbaz,
It won’t show up in the signal providers list until it has placed 30 trades. After this time it can be searched for. Until then you need to click this direct link.
You are not testing FXHighVoltage – that is strange – FXBulletproof without HighVoltage is like having a wheelbarrow and no shovel – true,that a shovel can hurt – let your readers decide if it is worth the risk!
Hi Cam,
I am a new member on your site so i welcome myself here
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Now i don’t know much about trading so first robot i bought was FAPTURBO v50 which really did good and converted my $900 into $2000. Then by my mistake i lost $500 (i was trying something) and withdrew $500 so left balance was $500 (around). Then i bought Sharkwave and it blew my $500 so i am left with $500 in my account
.
Now i have bought Forex Bulletproof but it has not traded yet and i asked for refund but they say try it for 30 days and then come to us. Currently i am running Fapturbo (GBPUSD), Forex Over drive (GBPUSD & EURUSD) and Bulletproof (EURUSD). All of them on my $600 (live)account
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Sorry for such a long post but i just want to know if you have any suggestions for me? Should i keep trying Bulletproof? Also they said i can get a free copy of Fapturbo Flash instead of Refund…should i go for that?
Hi Vishal,
Welcome to the site!
I’ve noticed Bullet Proof hasn’t traded since the 2nd August, which seems unusual, however it probably does need a few more weeks before you can really tell how often it will trade. I don’t have any experience with Flash, so can’t help you on that one I’m affraid. But I would suggest considering MegaDroid as an EA to try with the refund as this is my only “Graduate” at this stage.
Thanks Jason for your reply. But i have not got the refund yet. They are saying to try it first which i really don’t want to. I am not sure how Clickbank can return as i am not getting any option for that now. All i get is Reply Close and Tech Support option.
If i ever get my refund or any next robot i will try that will be Megadroid for sure but i believe it is $149 now…i missed $97 deal
Crumbs, didn’t realize it was going to go up again!
Hi Cam. I have use FBP on my Alpari live classic account since it have launch. What I find out when I use, it works well on EURUSD with account Equity 1400GBP and MM is on but after I withdraw 800GBP ant the account equity only left 600GBP.
It start to make a scary trade last week Thursday. FBP open 4 trade at one time and the trade been going on for 5 hours maybe more. and the scary part is my equity only 50% left. Even in that situation FBP still try to open a new trade where I can see it in the expert tap at the terminal section. but it fails to open new cause it not enough money. at the end it make 2 win trade that cover the other 2 lost trade
I just want to share my experience with all that all
Thanks for the review Cam,
I left a comment relating to this on the Megadroid thread as there are a bucket load of Megadroid related bots of offer with this at the moment but as has been shown and mentioned this is a definite Martingale, and one of the most blunt Martingale systems still around by the looks of it. Most have been adapted to a more smooth transition back on course.
1 dodgy robot for 3 Megadroid programmed robots, if you let me know your opinion on the other thread.
Thanks
Mike
Hi Cam,
I noticed a bug in the version you are using.
FBP placed a trade at 0.13598 with 0.01 Lots. The robot seems to have problems with the digits. In on the expert-message in mt4, there is popping up “setting thursday no new cycle, hour = 0″ Do you noticed that, too? Could you report this to the vendor?
Thanks a lot!
Mario
Hi Mario,
I’m not really following you. I see no error message in the Experts tab.
Hi Cam
I am interested in buying Forex Bullet Proof EA. I would like to know which version of FBP is being shown in live trading on this site?
Thanks.
Hi Tony,
The demo above is using version 1.00 of FBP.
Hope this helps.
it works well when Euro climbing but when Euro falling!!!!!.
Hi John
Agree 100% with you. FBP is programmed in such a way that when the trade goes against you, it introduces progressive trades (and increases lot sizes in the process). Watching an increasing negative balance until (hopefully) the trend reverses direction gets me really anxious
Just had a look at link to FGB live trade:
http://www.mt4i.com/users/frr_bulletproof2
Seems that Forex Bullet Proof went crazy yesterday! Six large losses at an incredible global loss of 12,000 US dollars in a span of a few hours!
On this particular trade, having a substantial lot size of 17.28, there was a loss of 3,800 US dollars!:
2011/11/16 21:52:49 Buy 17.28 EURUSD 1.34814
Any comments?
I tried this Bot when it first came out. I loved everything that it said it would do. I mean, how can an EA with the name of “Forex Bulletproof” go wrong, right? Well the thing is, this Bot uses Martingale and if you use the standard version, will only do Buy orders. If a day roles around where the EUR/USD falls, you are in for a terrible surprise. I’ve been using Bots for several years now and my advice is to stay clear from this one. It has great potential and I like the idea behind it, however it is not one I use and it is not one that I would recommend to use. Stay clear from any system that uses Martingale. The Martingale method is like trying Extreme sports. Eventually, you will get hurt…. or worse… get killed.
Agree 100% with your views. This bot works impressively when the pair is steadily rising, even if the trend happens to proceed on a low pace. But watch out when the direction of the trend is going south. It happened to me and my account was completely wiped out in the silence of the night. Have switch the robot off now as I cannot take this risk anymore.
Absolutely Tony. I remembered the time back in the day, when I left in the morning on Wednesday and came back a few hours later to see 4 current trades opened… all in negative territory because the EUR/USD took a nose-dive due to the Euro debt crisis. It killed my account and I promised myself to never put myself in that position again. In a strange way, I was glad it actually happened because I learned a great lesson to really be mindful of how an EA operates. Really getting to know your EA is essential for success. For example, in my manual trading strategies I never use Martingale. I’ve learned from EA’s such as Bulletproof that it can be a ticking time bomb of disaster. Best Wishes -Alex G
Hi Alex – thanks for sharing your experience with us. Unfortunately, this had to happen and as the saying goes “Once bitten, twice shy”. We should be extra careful in the type of EAs we support. And again I am in complete agreement you with as I definitely stay away from Martingdale type EAs.
Best regards. Tony