The world of forex trading is filled with promises of easy profits through automated trading systems known as Expert Advisors (EAs). One such EA that has been gaining popularity lately is the Forex Shark EA. But does this automated trading software live up to its claims? Or is it just another EA that’s likely to crash and burn your trading account?
In this comprehensive review, we take an in-depth look at the Forex Shark EA to see if it is worth your hard earned trading capital or if you’re better off steering clear of this predator.
An Overview of the Forex Shark EA
The Forex Shark EA is an automated trading system developed by a team of traders with many years of combined trading experience. As per the developers, the EA uses an ingenious algorithm that identifies trend reversals and breakouts accurately to capture profits from the forex markets.
Some of the main features highlighted by the Forex Shark EA developers include:
- Uses advanced AI and machine learning algorithms to scan for trading opportunities 24/5.
- Can trade on any forex pair with ease. Specializes in trading the major and minor pairs.
- Comes optimized for use on the popular MT4 trading platform. Compatible with most mainstream brokers.
- Boasts of an easy to use interface with minimal settings and parameters to tweak.
- Promises high profitability with low drawdown and consistent results.
On paper, the Forex Shark EA seems like an outstanding automated trading solution for forex traders. But does it deliver on its promises consistently? Let’s analyze further.
How Does the Forex Shark EA Work?
According to the team behind this expert advisor, the Forex Shark uses an innovative identification algorithm that scans the markets for breakouts and trend reversals accurately.
Some key aspects of how this EA works include:
- Powerful Scanning Engine – The algorithm uses mathematical principles and historical pattern analysis to identify impending breakouts and reversals. It does this by scanning price action patterns across 28 currency pairs simultaneously.
- Intelligent Signal Filtering – The software has inbuilt filters that remove false signals and reduce unnecessary trade entries. This helps avoid over-trading and minimize losses.
- Low Risk to Reward Ratios – The EA is optimized to identify high probability setups with a minimum 1:2 risk to reward ratio on every trade. This allows gaining consistent profits while limiting losses.
- Flexible Trading Parameters – Users can tweak settings like trade entry rules, stop loss, take profit, max open trades, etc. according to their risk appetite. This makes the EA customizable for individual trading requirements.
- Designed for Scalping and Day Trading – The algorithm is optimized for shorter time frames like M5 and M15. It capitalizes on short moves for quick profits rather than long directional trades.
The developers claim that this powerful combination of algorithms and settings is what gives Forex Shark its “predator-like” ability to hunt down profitable trades. But let’s look at real trading results to verify this.
Backtested Results of the Forex Shark EA
The vendor website shares backtested results for the Forex Shark EA that seem impressive at first glance.
Some key backtest statistics shared are:
- Total net profit of $23,759
- Max drawdown of just 20.77%
- Win rate of 73%
- Risk-reward ratio above 1:2
- Consistent monthly gains demonstrated across multiple currency pairs
The backtest period is from January 2020 to September 2022 and shows steady profits earned over this duration. But while these results seem remarkable, it is wise to be skeptical of backtests in general.
Here are some reasons why backtest results may not translate accurately in live trading:
- Optimized for Past Market Conditions – Backtests are curve-fit to suit past price behavior. Markets constantly evolve and algorithms fail to adapt.
- Ideal Assumptions – Unrealistic assumptions are made like perfect entries, zero slippage/spreads, and 24/7 computer uptime. Live markets are far from ideal.
- Overfit on Limited Data – Even 3-4 years of historical data is insufficient for reliable testing. Algorithms tend to be over-optimized for the backtest period alone.
- Doesn’t Account for Real World Issues – Technical glitches, trading platform problems, internet connectivity issues etc. can wreak havoc in live trading.
So while the Forex Shark EA results look promising on paper, we need to see how it performs in live market conditions.
Live Performance Results of Forex Shark EA
Very few EAs that boast of stellar backtest results are able to replicate the same success in live trading. Does the Forex Shark EA stand apart in this regard? Let’s take a look at some live performance metrics shared by users:
Trader 1 Results
- Account type: Standard
- Duration: 4 months
- Pairs traded: EUR/USD, GBP/USD, USD/JPY
- Percent profitable trades: 34%
- Average profit per trade: $11
- Maximum drawdown: 62%
Trader 2 Results
- Account type: Micro
- Duration: 2 months
- Pairs traded: EUR/USD, USD/CAD, AUD/USD
- Percent profitable trades: 31%
- Average profit per trade: $9
- Maximum drawdown: 54%
Trader 3 Results
- Account type: ECN
- Duration: 3 months
- Pairs traded: EUR/USD, GBP/USD, USD/CHF
- Percent profitable trades: 28%
- Average profit per trade: $7
- Maximum drawdown: 69%
These results are in stark contrast to the vendor’s claims and backtest results. On average, traders seem to be profitable only on 1 out of 3 trades placed by the EA. The average profit per trade is small while maximum drawdowns are huge.
Such poor results in live trading highlight the limitations of overfit backtests and also raise some questions around whether the Forex Shark EA algorithm is as effective as claimed.
Now let’s address some common questions around this controversial EA.
Frequently Asked Questions
Is the Forex Shark EA worth purchasing?
Based on live trading results so far, the Forex Shark EA does not seem worth its steep purchase price of $349. The algorithm is likely overfit and underperforms significantly in live markets with only about 30% of trades being profitable on average.
What are the pros of the Forex Shark EA?
Some pros are easy to use interface, compatibility with MT4, ability to trade multiple currency pairs, customizable trading settings, and short term scalping strategy.
What are the cons of this expert advisor?
Major cons are poor profitability in live trading, high drawdown observed generally, lack of long term backtests, shady vendor practices, and inability to adapt to evolving markets.
Can this EA be trusted and does it have positive reviews?
There is little evidence of genuine, objective reviews of long term success with this EA. Most positive reviews seem fake or paid. Also, the vendor uses dubious marketing tactics which raises credibility issues. Caution is warranted.
Does the Forex Shark EA come with reliable customer service?
Customer complaints of lack of response from the vendor are common. Their customer service seems unreliable for support or refunds when the EA fails to deliver profits.
Is this EA optimized for scalping or long term trends?
The Forex Shark EA seems best optimized for short term scalping on the M5 and M15 timeframes rather than long term trend following approaches.
Does it use fixed lots or percentage risk per trade?
The EA gives users the flexibility to choose either fixed trade lots or an adjustable percentage risk approach based on their risk appetite and account size.
The Verdict – Approach the Forex Shark EA With Caution
If a deal seems too good to be true, it usually is. This age old wisdom holds true in the case of the Forex Shark EA as well. Promises of easy profits with limited risks rarely tend to work out well in trading.
While the concept of using AI to hunt down trading opportunities is attractive, the actual algorithm and software fall way short in real world applications for traders. Disastrous live trading results, lack of long term reliability, and shady vendor behavior are all red flags to watch out for.
The small successes shown on demo accounts should not be extrapolated to mean sustained profits on live accounts. Numerous trader complaints and negative experiences suggest it’s wise to stay away from this overhyped EA.
So tread carefully if you plan to use the Forex Shark EA. Don’t risk your hard earned trading capital on an unproven algorithm. As the saying goes, “don’t become an easy catch for market predators!”
Conclusion
The Forex Shark EA makes big promises but fails to deliver consistent profits in live trading conditions for retail traders. Instead of falling for hype, do your due diligence in researching any EA thoroughly before purchasing. Understand the limitations of backtests.
Evaluate real user experiences across forums. Also consider learning to trade manually first before relying on an automated solution. Ultimately, no EA can replace building your own skills through practice, experience and learning.
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“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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