The Latest Magical EA - Forex Legend

jayman · #1 (**permalink**) 07-28-2010, 07:56 AM

I have to say at least they hired a professional to create their landing page, it is one of the best I have seen so far.

What sets this one apart is they allegedly opened 52 live accounts to test their wares. I am highly suspicious.

If you click through to the Myfxbook statements, 4 out of the first 5 say they are demo accounts. Not to mention one of them further down has a starting balance of $1 million! It also appears to be using Martingale - if you look at the VPS for the $3,000 account, it has opened multiple trades as price has moved in the opposite direction with 4 open orders as I write this.

There is already someone claiming it is a ripoff of his freely available EA (Maccimo 2) based on a screenshot, but no proof by code comparison has been posted.

It certainly looks great on the surface, as so many of them do, but there are some things that aren't quite right. I was tempted to try it but then I saw the refund period is limited to 14 days.

Here is the link - <removed>

That is not an affiliate link to trick you into buying this product. Check everything out and make your own conclusions.

alan · #2 (**permalink**) 07-28-2010, 09:00 AM

I have a hunch that the same folks behind fapturbo may be behind this one. Weren't they the ones promoting the I Am FX broker? And isn't I Am FX somehow tied to some of these commercial EA sellers?

I haven't tried this "forex legend" so I can't speak for performance but if it's martingale I am staying far far away from it.

As for this EA being a rip-off of someone else's free EA I think we'll eventually find out. If they did not take good measures to protect their code eventually someone will decompile it.

^eagle^ · #3 (**permalink**) 07-28-2010, 01:32 PM

The equity curve loos similar to supercharged. So I too am suspicious. The EA itself is a black box with no parameters except GMT offset and money management.

I looked back at actually trades and it trades with a higher take profit but is very similar to supercharged.

I did not see demo accounts so that is a surprise to me. Also their sales page claims to be they have no risk yet I saw stop outs in excess of 10% which they claimed did not happen with their EA. and that was what all the "OLD" EAs did.

jayman · #4 (**permalink**) 07-28-2010, 03:43 PM

The EA has leaked and was decompiled and the trade logic looks to be copied. Now there are questions if the original programmer participated in Forex Robot World Cup - if so they have the right to sell this EA based on his work.

@alan - guess what ?!? This line was found in the decompiled code: "http://fapturbo.com/gmt.php";

There is also word that there is a third EA that they try to sell you after the initial purchase transaction that has netted a lot of the wins on their live/test accounts. That is damn sneaky if you ask me.

alan · #5 (**permalink**) 07-28-2010, 05:40 PM

Quote:

Originally Posted by jayman

The EA has leaked and was decompiled and the trade logic looks to be copied. Now there are questions if the original programmer participated in Forex Robot World Cup - if so they have the right to sell this EA based on his work.

@alan - guess what ?!? This line was found in the decompiled code: "http://fapturbo.com/gmt.php";

There is also word that there is a third EA that they try to sell you after the initial purchase transaction that has netted a lot of the wins on their live/test accounts. That is damn sneaky if you ask me.

Hehehe...why am I not surprised

Sure is damn sneaky and that's partly the reason they're not selling it on ClickBank as they do not allow "upselling" once someone already paid for the product.

If you find out more let me know. I'm also thinking of removing the link to their homepage from the first post. If indeed it turns out that they have no right to sell the EA they do not deserve us linking to their website.

jayman · #6 (**permalink**) 07-28-2010, 08:31 PM

The programmer confirmed he did not enter FRWC - they used his code without permission. I have already removed the link from my original post.

Just say NO to Forex Legend!

alan · #7 (**permalink**) 07-28-2010, 08:35 PM

Good decision. And I went a bit further and moved this thread to the Forex Scams section.

Time for me to fire off a blog post to make people aware.

^eagle^ · #8 (**permalink**) 08-01-2010, 07:37 AM

I have emailed my list of subscribers warning them about forex legend.

alan · #9 (**permalink**) 08-05-2010, 07:36 AM

Oh my, my forex blog post regarding this EA has incurred the wrath of the forex legend attack dogs:

Quote:

Dear All the scam-voters!

Talking kindly, it is a great misleading.

How do you think forex robots are developed at present time? The natural way for all the things developed is to evolve on the basis of existant. Disagree? So why does they surprised of Legend got some characteristics similar to other EAs? What about authors of those free EAs left undone for good? Will they take care of people to lose their money using free robots? Do they test their EAs hard enough and arrange a team to provide a 24/5 support?

There is alone explanation for your agressive attacks: Legend is a new brand for many people to get joined, and that is negative for competitors and other ugly people. Try to compare many others and you will see…

Legend costs its price. Don’t believe me. Make sure by yourself – 14 days moneyback with no questions.

lool other ugly people..this guy is hilarious.