Forex Legend


Forex LegendForex Legend is an Expert Advisor developed by a team of experienced Forex traders and claims to be the revolutionary Forex robot. Don’t they all?

Well, Forex Legend has some unique features. It has a community site which besides the interaction between members and their expert traders also offers live trading statements in 52 two different accounts. The robot was set up on these 52 live accounts ($115,000 of real money across all of them) and offer the live proof for all members to see. It shows 5 of the accounts before registering.

Other than the sophisticated technology under the hood that the authors proud themselves with, the software doesn’t seem to have any special tricks – it promises to simply work under any market conditions with only 10 minutes per day required for the user to dedicate to it.

Forex Legend also offers a deal with IamFX broker which will give you a free VPS hosting account should you choose to open an account for the EA with them.

Other details:

(Read more on the website...)

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If you have experience with this product, please leave your feedback or review below. Help others to decide, every entry helps.

Comments

Guys,

This is the most serious EA and professional website that i have seen for a long time. I think this one worth to try.

After checking their website, I asked their support the questiones below:

Hello,

how many upsells will you offer, after I purchased the main product and how important will it be to buy it if I wanted to have the same results like you?
What will be the price for the upsells?
As I could see on your statements, you use a clear Martingale strategy with lot increasing of about 50% every step.
In case of the trend never change to your favour, what will be the max. loss? Is it the margin call of the broker?
BTW IamFX is not one of the biggest broker in the world and it has real bad reviews. Just check FPA forum. Do you recommend it so highly because you get a good portion of their high commission? My private VPS cost only 15€ a month!
Regards
Mike

BTW: if everything is as promised, why do they only give a 14 day money back guarantee? You can read on their FAQ, that it is quite usual if the robot does not trade for several days. How can you check within 2 weeks, if the EA is as good as they claim, if it does not trade?
They sell it through Plimus. Plimus is wellknown for making big problems, if you want a refund.
So be careful!

There are some monthly recurring upsells. You can check it at the extreme bottom of the page (Affiliate). Also please share the answer when you get it.

Am thinking of buying the package as it stands as, at the end of the day, even if it performs only half as well as they promise, it’s still nifty software. I am, however, concerned by the postings about the BTW platform comments – nothing scares like a dodgy brokerage… Also, can someone explain exactly what is anticipated by “monthly upsells”??! What kind of cost are we looking at on a monthly basis then?

Just read through the free Robot Buyer’s Guide and am now really concerned by their 14 day money back guarantee – worth squat according to the guide… Any ideas?

They claim to be trading live accounts. If you click any of the links on the website to their my fxbook stats, you’ll see that the accounts are actually demo accounts.

I asked their live support guy why this was the case. He initially claimed they where live accounts, and then under pressure admitted that yes, these where in fact demo accounts, not that it mattered as theres no difference !

Later he emailed me details of actual live accounts verified by myfxbook. The only problem was that in this case details of all trades and balances where hidden. In one case the account lost 60% of the account in one month, another 56% in the next month, another 60% in the next month, followed by another 30% loss the month after. How is that actually possible on an account they claim was only funded with $500 ?. I suspect they’re trading micro lots and topping up the accounts periodically to cover losses. Regardles, why the secrecy ?

Its quite obvious that they are running hundreds of demos and posting the best performing.

Hopefully they’ll sell like hot cakes, the more liquidity the better :-)

If you check their 1million$ account, you will see on 05.10.2010 they had 170 full lot open. If the market would not have turned at this point, they would have opened another 70 full lot and so on until the margin call comes!
170 open lot means 1 pip is 1.700 $. With their Stop Loss of average 700 pips would this be a loss of 1,19 million in only one trade.
Great system!

The statement ends on 06.28. Probably the account was depleted at this time.

I’ve been trading for some time now. though I’m looking to change my broker. I’ve heard some positive reviews towards IamFx, though I believe 500$ as the minimum is a bit too high. also, couple of my friends have bought forexlegend package. they are are a having it on a 14 day trial still, but they told we they were pretty satisfied with the results. I’m actually thinking about that too now. What EA would U recommend?

Hi Jack,

Read the reviews about IamFx on FPA:
http://www.forexpeacearmy.com/public/review/www.iamfx.com

Off course your friends are happy for while until their account is depleted in one single trade.
At this time the refund periode is already over.
Think for yourself:
The EA (low risk setting)opens a buy trade @1,3000 with 0,10 lot, after the price go down for about 10 pips it opens a second buy @ 1,2990 with 0,14 lot (40% lot increasing every time). After the price was down 100 pips, there are 10,18 full lot opened. Every pip is about 100$ at this time. That means a 3.000$ account is depleted if the the price move down just another 30 pips. In reality it goes much faster, because the EA opens every 10 pips a new trade with a 40% higher lot size.
Now do the math – it will work well as long as the price do not go down more than about 40 to 50 pips.
The average 700 pip SL what they use will never be hit,
because every account was already depleted a long time before.
That is the reason why they opened so many demo ( not live!!!) accounts and most of the statements end after a few weeks.
No one would close an account if it still makes profit.
There are some free EA`s what are using the same extrem risky Martingale strategy. A few of them have a equity protection feature, what allow to protect xxxx% of your account. Means if your account is down xx% all open trades will be closed.
You do not need to buy a stolen EA for destroying your account fast.
I tried a lot of EA`s, but I can not recommend a single one.
BTW – it is very difficult to get a refund from Plimus.

Thank you all for your posts I have made my Constructive decision NOT TO BUY

and thanks again to Forex Machines for saving my money again

harry

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.

Guys,

This is the most serious EA and professional website that i have seen for a long time. I think this one worth to try.

Yes! very professional site LOL :)))

Ive bought Forex Legend, as I see its still ok, bring me a profit almost has covered its price :) .. I’ll see what will be further ..

The only way to teach Plimus a lesson is to boycott it. Do not buy a product through Plimus. This has been my policy for some time.

I’ve tried. results are not as expected and I’ve asked for a refund. but refund process is very long and not finished yet

Hi Guys,

Quick check I have been running back tests on this software for the past couple of days – Back tests for the past year so aug 09…… If I had laid $500 down I would have a good turn arounf on all curencies traded. Looking at the stats Im looking around 500 down 6000 back. For me thats a good return. I will be going lie in about a week and will let you know more then but at the mo this is looking like a good EA, with good support and good back tests.

My 2p’s worth

Mr C

My advice….leave this one well alone. Both Legend Scalper and Legend Trend Follower are losing big time on my demo accounts. I have requested a refund and so far, apart from requesting a copy of my statement, I have heard nothing from ForexLegend support. Furthermore, Plimus seem to be about as useful as tits on a bull for resolving these kind of disputes. I wouldn’t touch it with a barge pole if I were you!!

If you paid using PayPal, put in a dispute thru them.

You will have your money back in 12 hrs

I did

Gil

Gil, did u provide them with your statement?

I had Very Bad Experience with this Robot. First i purchased and used with my demo account for one week it was good. Then i used with my Real Account on the First day itself it made 5 trade with loss of -142 on each trade. It Busted my Accout. FOREX LEGEND IS THE WORSE ROBOT IN THIS UNIVERSE. DON’T LOOSE YOUR MONEY.

Ok – I did purchase and never recieved.,
Plimus – as you are aware made all the wrong moves and provided absolutely NO HELP.
I did purchase with PAYPAL – lodges a dispute and they eventually CLOSED the dispute because it was an online product and PLIMUS did not respond so no proof of problem.
FOREX – say I must provide a trading account with 14 day action on something I have not recieved – ie, I have no robot.
Now what we all need to do 0 Is let the trading world know loudly about the dodgy setup.
I have in my countray lodges formal and fraud notices with the apropriate authorities

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