In this review of the mfm7 EA, I will be looking at the various aspects of the Forex robot and whether or not it is worth spending $99 for a license.
The MFM7 EA was designed by a developer who only identifies himself as Matthew. In the sales page, he claims to be a programmer, a web designer and a currency trader.
According to the developer, the MFM7 Forex robot will yield 50% monthly returns with a very low draw down because it apparently doesn’t take risks beyond 5% of your trading capital.
To ”prove” that the MFM7 EA really works as explained, the developer has published some alleged back-tests over 7 years of trading and forward tests for 3 years.
I personally don’t use back tests and would never recommend a trading robot whose performance is only based on forward and backtests instead of myfxbook.
Here at campforex.com, these Forex robots still remain the top rated as many traders have realized positive returns with them.
I personally test these robots before endorsing or writing a review about them. If a Forex robot does not agree with my trading methodology, then it can’t get a space in my list of favorite automated Forex trading robots for the ”lazy trader”.
Although I no longer use Forex robots because I know how to trade myself, I still do recommend Forex robots when they agree with my trading principles and their developers are able to give me a testing sample or at the very least, prove performance on myfxbook.
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MFM7 EA Review
Having introduced themselves with only one name, I can say that this developer is unknown.
Secondly, they have not revealed the trading strategies or methodologies of the MFM7 EA. Instead, they only say that the MFM7 EA Forex robot does not use Martingale or any other risky trading strategy and that it will only open one trade at a time with a risk of 5%.
It is also allegedly able to react to any changing Forex market conditions in the same way ”an experienced trader would”.
The MFM7 EA works with all types of MetaTrader4 accounts. A standard lot account would require $1000 while a micro lot requires a minimum of $100.
Other features include ”excellent money management strategies”, FIFO compliance, no hedging and 100% automated trading strategies.
Why I do not recommend the MFM7 EA Forex robot
Like I have said before, I do have issues with developers who use back-tested results or fail to use myfxbook altogether.
Back-tested results can never be accurate. Don’t be fooled. Many Forex robot developers who present back-tests as results are always blamed for selling scam Forex robots.
The other thing is that these results can’t be verified. How do we know that we are not dealing with some photoshop work?
One thing I have observed is that it is very easy to optimize your strategies for back-tests. But in a real trade setup, it will definitely backfire.
That is why non-transparent developers prefer not to use myfxbook account because this independent third party restricts them from presenting results their own way.
Also, when this developer says that he is only risking 5% per trade and drawdown is 15%, I do not believe him for the reason that it is impossible. Therefore, these backtests can’t be accurate.
Finally, if the developer claims that this robot has a monthly ROI of 50%, he would never fail to produce comprehensive and satisfactory proof of performance. So this too seems to be a big fat lie.
What I can tell you right now is to avoid the MFM7 Forex robot since you won’t get value for your $99. Unless the developer is willing to explain to us why he is beating around the bush with past and live performance, we won’t include or recommend it. Just stick to these Forex robots as it is better to work with the devil you know than the angle you do not know.
Thanks for reading this MFM7 EA review. Have a great day!