There has been a talk going in the media buzz and circulating around the traders’ circle about the Forex Magic Machine’s refusal to share the default settings of their software. There were actual complaints from their members who would want to know the default settings of their Expert Advisors. Since I am on the trading industry, I took it upon myself to find answers to these questions and try to come up with an unbiased answer about it. I did a research and talked to several makers of the Forex Magic Machine and personally asked them why they refuse to share the default settings of this forex trading robot. After all, the Forex Magic Machine has been very successful at transparency ever since its launch with its live trading and back testing result always accessible to the trading public. Let us look at what the creators were thinking as they continue to keep the Forex Magic Machine’s default settings.
One concrete answer that I got from them is the fact that they want to protect themselves from other software developers who may want to reproduce a forex trading robot that is similar to the Forex Magic Machine, particularly now that the creators are raking in a lot of money as the Forex Magic Machine’s sales continually increase daily. They have some of the default settings posted on their website, however, they will be unable to post everything up on their site in order to hide critical information that would have lead to a massive reproduction of the Forex Magic Machine other than those coming from authorized creators. In hindsight, their reason makes sense, it would be just like giving out McDonald’s recipe for its spaghetti.
Another major reason is because they aim to keep the neophyte entrants and prevent big losses if the default settings for robots gets reproduced. Remember that there are settings for newbie traders for their stop loss settings, especially suited for live trading accounts with minimal money in it. Of course, the outputs of the default settings have always been displayed on their site and these specified settings work with varying market conditions and trends and these may seem complicated to a newbie trader. This explains why there are preset settings for newbie traders so they will not have to copy all the complicated settings that would have generated the same steady stream of profits for their live trading.
Please note all it takes for profit in trading is to have the right settings at all times. If you plan to tweak any of these, then you will have to worry about whether or not these tweaking will work with the ever changing market conditions and trends. If you ever get confused about the Forex Magic Machine’s setting, maximize the support groups on standby for all of their members.
Or (alternatively) you can use forex managed accounts service where other currency traders will take care of managing the trading process on the forex market.