The Forex Maestro Review
February 14th, 2009
Discover how Mike Johnson from Chicago, who used to work a miserable day job for tiny pocket change went from being a poor 'no-hoper' with no prospects, to making over $2.48 milion -- starting out with a tiny, tiny trading capital. The Forex Maestro robot is creating a fundamental shift in the forex trading game as we know it.
The Forex Maestro
The Forex Maestro forex robot is the brain child of Mike Johnson. The Forex Maestro is a signal generating software package that intelligently trades fluctuations in the forex market using historical data to help predict future price moves. By looking for short-term trading opportunities, this package can easily gain loads of pips per day.
Which Forex robot is the best, Forex Maestro or Forex Ambush 2.0?
While I have tried both of these systems and have been quite successful with each, this is also because I have prior experience with currency trading. With both systems I am seeing most of my positions closing with decent profit margins, but I am definitely getting an overall better result from Forex Maestro than I am Forex Ambush. Forex Ambush seems to be more designed for beginners than Forex Maestro. Overall, I would give Forex Maestro my stamp of approval over Forex Ambush.
Does the Forex Maestro actually work?
Yes, the Forex Maestro does work quite well but as with any forex trading software there is going to be risk associated with it. I would always do demo tests before attaching it to the live market with real assets at stake to make sure you are familiar with the system. The Forex Maestro is good at picking up on signals but if you don’t know how to use the system properly it will yield no benefit to you. Forex is not for the faint of heart, the markets can shift wildly and inexplicably based on political events, etc. and to accurately determine the real value of currency you need to take millions of factors into account, this is where the Forex Maestro system comes into play.
What kind of results can I expect from Forex Maestro?
It completely depends on the market that you are entering, the amount of risk that you want to implement, what trading pairs you pick, and your level of experience. Once you factor those in, then it also depends on the amount of money you have to invest. You can’t invest five dollars and hope to turn it into a million, you have to at least have something to stake if you wish to make a profit with any kind of forex system.
As with anything the level of success that you will get from the Forex Maestro depends on the amount of effort that you are willing to put into it. If you don’t put in the time and effort to learn how the markets work, how this software works, and how the geopolitical atmosphere effects it all then you will not see great results. For those willing to put in the effort, this could become an incredibly profitable full time job.
Would you recommend Forex Maestro?
I definitely would recommend the Forex Maestro to any currency trader whether they are new to the system or an old pro, this system takes in many variables that as humans we simply cannot follow. The data crunching capacity of this software is huge and it makes it hard not to make a profit using this system, just make sure to use common sense rather than solely flying on the advice of software.
I was one of the first to download and run this robot after being released to the public, so not even a full day yet. Results? On demo account it has already won 17 times in a row going for 30 pip wins. On real account, it doesn’t fire off as many trades, but is doing alright as I type. Not worried about losing the bankroll so far, anyways. The only downside I see is with the manual that comes with it, that doesn’t explain settings, and probabilites with various adjustments. Or proper lot sizes for various account sizes. It doesn’t even explain or give values for lot increment settings. Even experienced robot operators might want to know a bit about that. So I’ve just left it on default settings and seems to be doing OK. You know, I think it could be a bigger winner then any other robot I’ve tried, and I’ve tried them ALL. We shall see… \:o)
I began using Forex Maestro on 02/19/09 with a balance of $246.00 on the EURUS,M5. And on 2/20/09 it made me 109 pips for a balance of $355.00. This Robot has a lot of potential and will probably make FAPTURBO the forgotten EA.
I got Maestro on Tue and on my Demo acct, it had 19 winning trades and 1 loser on the 4 recommended pairs, with EUR/GBP being the best and EUR/USD being the worst. I\’ve got about 10 open trades hanging over the weekend so we\’ll see if any gaps kill them.
Like any EA, you have to keep an eye on things to make sure you don\’t get killed. I would never have let that 1 losing trade go that far on my live account.
I finally went live for the last day and I made 15% ROI on 4 winning trades with conservative lot sizes.
15% ROI per day, compounded = double your account each week. I can live with that.
I think the key to this EA vs other scalper types, is that, if it can consistently win 30 PIP trades, you can keep the risk low and get 15%-25% per day. With scalpers, you have to have a higher risk because they only get 5-8 PIPs per trade.
One thing that concerns me is that the examples on their website show other currency pairs than the ones they recommend trading, and the wins are much more than 30 PIPs. In most cases the big dollar winning trades are hundreds of PIPs. There\’s no mention of that in the manual, which is very poor. It gives no insight whatsoever into the settings.
I agree with the other statements. The manual does a poor job of describing settings, etc. Mike Johnson should provide a general guideline of conservative and aggressive risk for accounts of various sizes. Sure, I would love to make hundreds of pips per trade, but I would shout from the rooftops if I made 30 pips almost every trade.
Right now, I am experimenting with all currency pairs, on M5, but have changed the S/L to 75, and the T/P to 15. we’ll see how that works out. I have also made sure to change the MA_Timeframe setting to “5″ for 5-minutes.
This has been the best forex robot EA, that I have used to date, make’s FAP Turbo look like crap, started using the Mastero, on a live account within 3 day’s almost doubled my money, with one losing trade, EUR/GBP.
I am trading all currency pair’s as stated in there manual. on the 5 Min timeframe, and leaving all else to default. But the secret is do not over trade, I have kept my lot size to 0.01 per trade, and will move onto 0.02 as balance grows’s, as there is no MM with this EA.
I just hope it keep’s going..
Hi,
I hav just downloaded this and put it onto a a single chart EUR/USD m5 for the moment to see. I have changed the MA “timeframe” from 30 to 5, but don’t know if this has to be done or not. The manual is really awful!
I’m a bit worried about the possible number of open trades as my finances are limited and my broker only offers mini lots (0.1), but we’ll see. I’m on demo at the moment.
Any comments would be more than welcome… is there a forum or something where we can discuss this EA?
cheers
John
Hi, Hello To John, You can use Alapri UK Broker’s they offer 0.01 micro lot’s, download there demo, and stick on the maestro, on the 4 pair’s. as it recommend’s in the maestro manual. I am trading live with Alpri UK broker’s on all four pair’s, since 23 Feb. I have had 34 win’s to date, with no losing trade’s, that’s 3 day’s so far. at 0.01 lot size. on 5 Min time frame’s.
Hey I know the manual is crap, but who care’s as long as the EA is doing it’s job!!
I have been using Maestro on 15min charts and increased the lot size to 0.5 using a $5,000 demo account and in 3 days this has increased to over $9,174 with 30 trades and no losses. If one looks at the trades they are logical and accurate. I agree that the manual is inadequate but the EA is working better than others that I have tried including Fabturbo. Itis also using other currency pairs than the 4 specified eg, AUDUSD and EURCHF.
Hi all.. i do like forex market, but still affraid to trade..
should i rent a forex broker?
@NewBie09
Forex Broker will cost you an arm and a leg, try it, use a demo account, to get the feel of thing’s. we are all a bit vary at the start, that’s with all new thing’s. Keep on walking till you get there!!
Feel stupid but I\’m lost. I did everything I was directed to do in the manual. After everything is setup, how dod you make it trade? I closed my charts and maybe that has something to do with it. Any help would be very appreciated.
@Tony
Reload your chart’s and attatch the EA, as per the manual. Then also check on MT4 platform, up at the top, under tools then option’s, then expert advisor’s, that allow live trading tab’s are checked on,
Just an update: my Maestro has been doing great! Although it did post two big losses as leftovers from Friday trading that lost a lot of ground over the weekend. Any thoughts on \"Trade Friday\"? Yes or No? I was thinking that it might make sense to stop trading on Fridays soon after the market opens in New York, thereby giving my trades time to close out before Friday at 5pm NY time.
Also — googled \"Firebird Settings\" and came across some interesting settings for the Firebird EA, concerning s/l, t/p and pipstep for various pairs. Posted in 26, but may be worth experimenting with.
Going live later this week, I hope.
i have been hearing really good things about Forex Maestro. Still waiting to get my feet wet tho…
I’m glad people are finding this review of The Forex Maestro beneficial… keep letting us know about your experiences!
Forex Brokers aren’t necessarily a bad place to start for someone new to Forex! They can greatly assist your learning process– however, Forex Maestro to my knowledge automatically looks for and executes trades on its own accord therefore minimizing the input needed from the owner. But… when money is involved i think its best to know and learn as much as you can : )
Maestro is a piece of crap!! Just a rebuilt firebird. Which I have used before.. In time Maestro will blow up you account..