Expert advisors can be divided into two groups, the first one is open source (in other words – free software), the second is closed, when developers under any pretext conceal the algorithm and do not provide demo versions. Often the excessive secrecy plays havoc with the algorithm, and Forex Millionaire Robot advisor was no exception.

Before dealing with the program, we should note that the Forex Millionaire Robot first went on sale in 2012, but it is still impossible to find complete detailed instructions on its configuration, which is alarming, because if the robot is profitable, it is popular.

Instead, the developers just confined to a small note, where they listed major pairs, timeframe, and also emphasized the fact that the optimization is not required, because the robot will make a profit even at the default settings. Below we’ll try to find an answer to the question whether a novice trader needs to spend time on this algorithm, or it is better to test counterparts.

Forex Millionaire Robot with standard settings from developers 

Before proceeding to the test, we should note a few important things: first of all, an important fact is the availability of the forexmil.dll library in the installation package, without which the original algorithm will not work, so the absence of this file in the configuration will point to the obviously non-working version.

Secondly, the expert advisor trades only on the following pairs: EUR/CHF, EUR/GBP, USD/CAD, GBP/CHF and USD/CHF. It will formally work in all others, there will be no errors in the log, but the upper left corner of the screen will show a small print saying “Use RemExpert system on m15 EURCHF, EURGBP, USDCAD, GBPCHF, USDCHF”, which means “use the system on 15 minutes timeframe” on the said pairs.

In practice, the robot really doesn’t make deals on other instruments and doesn’t gain statistics in the strategy tester, although the line indicating the testing progress is moving, which generates a lot of questions on the forums from inconsiderate beginners. There are very few settings available to optimize – we can say they are in deficiency, and we’ll list them briefly: 

1. CustomLots – working lot defined manually; 
2. Auto – enable/disable the automatic calculation of the lot, depending on the size of the deposit;
3. LocalVSGMT – time difference between the terminal and GMT, in fact, the most important parameter.

Testing Forex Millionaire Robot EA and making conclusions 

We should make a reservation that only available files as is will be considered, i.e. without hacking and copyright infringement, because the developer still sells licenses for their product, whatever its quality is, so the conclusions about the work of the algorithm will be superficial, from the point of view of the ordinary consumer. So, if you open a chart from the tester, you can observe the following picture:

Forex Millionaire Robot uses a simple moving average over five bars as a signal component, and its calculation period can’t be changed in the settings window. In addition, the signals themselves have a tough time reference and are generated approximately at the same time, which is indirectly indicated by the need to adjust to the time difference with GMT. All this may indicate that the algorithm uses logic of the volatility breakdown in its work and/or work from the boundaries of the horizontal corridor.

Forex4you dealing center was selected for testing, so a LocalVSGMT parameter will be equal to 4. Automatic calculation of the lot and risk management have been turned off, and even under these conditions positive results couldn’t be achieved since the beginning of 2014 – regardless of the pair, all five of them have the best result corresponding to the evaluation “not siphon”. For example, you can see a chart of equity for USD/CAD below. 

At the end of the review, we’ll list the main conclusions. First of all, the algorithm of the advisor under consideration contains obvious errors that do not allow to get profit at least for some time. Secondly, there is no possibility to change the indicators’ settings, which reduces the chances of a beginner to zero. Finally, there is no detailed instruction which would describe the common transactions mechanisms, so we don’t recommend working with this advisor.