BEWARE OF the MFM7 Forex robot – review

MFM7In this review we examine MFM7, a new Forex robot for Metatrader.

MFM7 is supposed to be a 100% automated Forex trading robot that is profitable in every currency pair. It is designed for the Metatrader 4 platform.

The guy who made the robot claims that he has a proof that it works, he shows some backtesting results.

So, should you buy MFM7 for $99?

Stay away from MFM7

We are experienced traders and one thing we know for sure is that some backtest images mean absolutely nothing, this is no proof.

First of all, you cannot tell if these images are pictures of a real backtest or just the result of some Photoshop work.

Secondly, even if it not fake, backtesting often give inaccurate results. There are two reasons for that. Historical data are often of low quality and the Metatrader software is not exactly the most precise tool for backtesting. Often you will notice that if you run the same backtest several times with the same settings, each time you will obtain different results.

Moreover it is relatively easy to optimise a strategy for a backtest, so that it gives great results, but in real trading it fails.

According to the MFM7 backtest, the maximum drawdown was only 15%, which is pretty much impossible when you risk 5% per trade. We believe that the backtest results are not accurate, you cannot trust them.

And the overall statistics, like a 50% profit per month, are way too optimistic too. We are sure that MFM7 does not perform in real trading like it is suggested.

Illegal robot

And our usual quick note. When you sell a trading system, you are selling investment advice and you need to have a licence from a financial regulator.

But MFM7 is totally anonymous, therefore it is an illegal trading robot. You can confirm this fact with the national financial regulator in your country.

Conclusion

MFM7 certainly won’t make you the money it promises, backtest resutls are worthless, don’t buy it.

Forget about robots that costs a few bucks and will make you rich, they don’t exist. Profits in trading come after hard learning, testing and building your own strategy. Start on a free demo and you will see what it takes.

Summary
Review Date
Reviewed Item
MFM7
Author Rating
21star1stargraygraygray

Leave a Reply

Your email address will not be published. Required fields are marked *