About this Review:
After roughly two months using the IvyBot, I considered important to share in this review not only details about the performance I have experienced so far, but also some technical information that might tell you a bit more about this forex software.
A look at the IvyBot Claims:
The creators of the IvyBot launched the product with a basic claim consisting of three different real money accounts that basically tripled their equity over a three month period.
They focused on showing live statements of these accounts, instead of throwing bold claims about people becoming instant millionaires with IvyBot. This approach makes this software stand out from the crowd, and was one of the reasons I had better expectations about the IvyBot when I first got it.
What is in the box?
* You will get the IvyBot which is small file that will work as an expert advisor in a Metatrader4 trading platform. Within this file you will find what some consider a refined version of the FAPS which trades only in EUR/USD and scalper that trades on several currency pairs.
* The IvyBot manual.
* Access to the IvyBot members forum.
* Monthly updates of the software, which are critical for you to have.
About the IvyBot creators:
Although I cannot 100% confirm this, the word is that Ulrich is an open source programmer, Mike is a some sort of complex number wizard, and Steve Carletti is the lead developer of the IvyBot, and some say that this software is based on the FAPS source code from which it was enhanced and rebuilt to be more adaptive and also to trade on multiple currency pairs through what is called the IvyBot Scalper.
The IvyBot provides a phone number and an email address. As for the phone number, do not even bother, as you will get an answering machine that cannot take more messages. With regards to the email, be prepared to wait a few days for an answer (at least that was the case at the launch phase, maybe it has changed).
Your best bet for quick and effective support is the IvyBot support forum, which is very active and you will often see the developers stepping in answering questions and helping with any issue.
The internal logic behind the system is proprietary, so an inside look on how the IvyBot works is basically impossible.
However, let us have a look at what I think is the most innovative and interesting part of the IvyBot: the Scalper.
* The IvyBot scalper trades only on EUR/GBP, EUR/CHF, GBP/CHF and USD/CAD on a 15 minute chart (this cannot be changed).
* The scalper will usually attempt about 6 trades per day (depending on the market conditions it may trade just once). The profit range used by the software is around 6 to 15 pips.
* It will usually enter the market from the close of the New York session going into the Asian session, opening trades in the direction of the trend, which basically means it follows a known patter of the forex market.
* The stop loss parameter ranges from 50 to 100 and it is presumably determined by the IvyBot scalper depending on the currency pair used and recent price movements. Also, there seems to be some sort of time limit for closing trades.
* The IvyBot has a “stealth” feature that I first saw in the Forex Autocash robot, which is the ability to hide the read stop loss and take profit from the broker, to avoid price tampering and adjustments by some unscrupulous brokers that are believed to engage in this practice.
The IvyBot is probably the Best EA to publish real money statements in its website, and the performance displayed in those statements closely resembles that of other statements published by some users around the web.
Among friends and family I have my brother who has traded a $5,000 up to $19,758 in two months, but a friend of mine who recently purchased the IvyBot traded a $1,000 account up to $1,230 in one week and over the last three weeks he is back to $1,097. My personal account so far has taken me from $500 up to 1,954. The results vary depending on the settings you use, that is why it is very important to test the IvyBot on a demo account first, so you can adjust your risk parameters according to your own preferences. This will have an impact on the growth of your account, so make sure your read the pdf manual.
August was a particularly rough month for those trading with the IvyBot, because although it did not end up with an overall loss for the month, its performance slowed down considerably compared to the previous months. In September the software seems back on track but we will have to see how it ends by the end of the month.
Despite the August setback, the IvyBot remains the most reliable and profitable EA I have owned or reviewed, so if you are thinking about using an automated trading tool I think this is the one to look at.
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