Forex Tracer Trading System Review

Sold as "the ultimate automated forex robot", the authors of Forex Tracer have definitely tried hard to persuade us their EA is the best...

And while we're not fans of the over designed web site which just oozes "SELL, SELL, SELL", we are intrigued by the impressive back test results which claim to have made £335,000 in just 1 year.

However, as with most commercial automatic forex trading systems, we were naturally skeptical as to whether this is just another "great back test, poor live trading" script or whether it is actually the real deal.

So with everyone asking "Is Forex Tracer A Scam Or Real", we took a deeper look...
Let's see what we found:

Forex Tracer At a Glance

UBOS Meter Rating:

What Is The UBOS Meter? The Unbiased Opinion Score meter is a tool we use to calculate the quality of a product based on its unbiased, unsolicited reviews online. We take up to 50 reviews from real customers and compile a unique 'overview' report on the product.

 

What It Claims To Do

When looking over the FXT web site, we immediately noticed striking resemblance to Forex Funnel, with almost identical site layouts, claims and designs. After further research, we actually discovered that the two scripts actually have the same author... although he doesn't show himself on either site.

And like its counterpart, Forex Tracer relies heavily on back test results to persuade us that it's a great EA. Indeed, the main back test screen shot shows us a tidy profit of $335,000 from $25k startup capital.

The system is primarily sold as an automation tool rather than a break-through system and claims that you can "build wealth while you go fishing" with it. Although we wouldn't recommend doing that (we explain further down in the review), it says that you can effectively just switch it on and leave it to work the markets for you... with "absolutely no experience necessary".

The online video demonstration of Forex Tracer shows that it works hand-in-hand with the MetaTrader4 platform as an Expert Advisor (EA) script for dictating trades. The whole "angle" of Forex Tracer is that it is meant to "trace" the markets for you... freeing up your time and eliminating much of the stress that comes with trading.

With big promises making this sound like the "holy grail" of FX trading systems, does Forex Tracer actually have the trading power to make good its claims?

Let's find out...

What It Really Does

All in all, Forex Tracer actually does seem to deliver on its over-inflated promises. It is easy to set up and install (if you know how) and it does work consistently to identify profitable trends and trades.

However, there IS a catch. And a pretty serious one, especially if you are relatively new to Forex trading...

It appears that Forex Tracer operates with a Margintale Strategy, which is extremely "high-risk; high-reward". This means that although the back test results on the homepage might look great, "live " trading will be a totally different story as Margintale focuses on doubling up after a losing trade and continuing to do this until eventually a winning trade is found, which will cover the losses of all previous losing trades.

Although this type of strategy is accepted in industry, it is seen as high risk simply because it "uses" losses as part of its game. Instead of having a 90% success rate, etc - all that is thrown out the window because Margintale actually uses losing trades to make money... and to do that, you need some deep pockets to cover any losing streaks.

This type of trading would explain the incredibly successful back test graphs on the homepage - where high risk is balanced with high reward.

Having said all that, it was evident from many of the traders who tested this system on their demo accounts that the system works and works very well.

One trader reported profits of $27,000 in one week and many others claimed to have made +500 pips in the same time frame. And that seems the be the general consensus - that the system profits well out of the gate...

But after a couple of weeks, some traders reported starting to see large losses which all but wiped out their demo accounts. This was a result of the high risk Margintale strategy this EA shares with Forex Funnel.

All in all, the general consensus was that the Forex Tracer system is incredibly profitable for the first couple of weeks... but after that you need to watch it very carefully.

All of the traders we spoke to wouldn't "leave it on overnight" but they would use it under their own scrutiny and monitoring, making it great for traders who just need to relieve their 'trading stress'.

The customer service is outstanding, with prompt in-depth replies to all queries. Although the anonymity of the author does concern a few traders, the support system is in place to deal with any request.

What's Included In The Package?

Purchasing Forex Tracer will give you the following products available to download in the members area:

So Is Forex Tracer Actually Profitable?

Just like its Forex Funnel counterpart, Forex Tracer uses a high risk; high reward strategy to create the most profits in the shortest amount of time.

Profit levels all depend on how much capital you have and how long you are prepared to "stick it out" with the system. Since it uses the infamous Margintale strategy, you could have a long series of losing trades before finding the "mother load" and hitting a home run...

It's this risk-focused strategy which makes the Forex Tracer a paradox... do you risk your money on something that might create a "big bang" of cash one day, or do you stick with another system like FAP Turbo and just add safe increments to your profits.

Warning: No Stop Loss

One minor flaw with this system is the lack of stop loss, which makes trading a lot more riskier. The system closes losing trades based on a number of rules that is specifically designed to prevent large draw downs, but this still introduces some level of risk that might not be acceptable to all traders, especially if you are not able to monitor its trading activities.

For this reason it is advisable to not allow Forex Autopilot to trade with your life savings while you're sleeping... but it's totally safe to be let lose with a limited amount of capital in a controlled environment.

Conclusion

It definitely takes a certain type of trader to use Forex Tracer successfully. Although it can eventually make you a lot of money, it's core strategy might lead you on potential losing streaks which you need a LOT of capital to cover.

If you are looking for a trend-watching system which is VERY GOOD at monitoring the markets and indicating the best trades, then Forex Tracer is for you.

We do not advise that you let this system loose with your life savings because it will go wild... and with a high risk mentality, you don't know what will happen. We recommend you use it if you are prepared to monitor what it does and how much it trades... effectively holding its hand in case of any trouble.

If you can do that, then it will do well for you.

You can get your copy of Forex Tracer right here >>