Forex Maestro

Secret Forex Club's Stolen Program

Summary: Launched 17th February, 2009 it has now been embroiled in huge controversy as it has been found to be stolen, copyrighted code from a very private and secret club of Forex traders/programmers. Does it work? Yes most definitely! Does the vendor legally own it to sell? No way.

In the expert advisor Forex trading robot World, there are many professional traders who not just trade Forex, they program and build their own robots for their personal and professional use.

When they develop trading strategy, they will build a robot to test it better than a human can. In fact this is where the whole concept of forex Robots and Expert Advisors came from - the elite players trying to make life easier for their own trading.

And there are some "secret clubs" where these top end Forex pro's get together to share and collaborate trading strategies to outperform others in the market. Large money is at stake. they guard the membership and secrets closely.

Forex Maestro's original and true name is FireBird. Developed by a guy called

The Forex Maestro is actually the work of one of these "secret think tanks" - and the author of the program never gave his consent for it to be sold. It was made available and circulated within the private members of the club, but no one had permission to sell it, or rename it or to do anything with it other than private use and testing.

But amid a huge Internet launch and much public fanfare - the Forex Maestro was launched. It has been sold widely, and it now boasts a sizeable user base. Does it work? Most definitely. It was crafted by some of the Forex industry's most elite traders who still use it today.

I will not be doing my most indepth review on this product. By knowing its history and controversy - I can say categorically that the product does work as stated. Just know that the vendor did not develop it himself.

I will quote 2 independent posts I found on a serious Forex forum site by some very experienced players:

• I got Maestro on Tue and on my Demo acct, it had 19 winning trades and 1 loser on the 4 recommended pairs, with EUR/GBP being the best and EUR/USD being the worst. I've got about 10 open trades hanging over the weekend so we'll see if any gaps kill them.
  
  Like any EA, you have to keep an eye on things to make sure you don't get killed. I would never have let that 1 losing trade go that far on my live account.
  
  I finally went live for the last day and I made 15% ROI on 4 winning trades with conservative lot sizes.
  
  15% ROI per day, compounded = double your account each week. I can live with that.
  
  I think the key to this EA vs other scalper types, is that, if it can consistently win 30 PIP trades, you can keep the risk low and get 15%-25% per day. With scalpers, you have to have a higher risk because they only get 5-8 PIPs per trade.
  
  One thing that concerns me is that the examples on their website show other currency pairs than the ones they recommend trading, and the wins are much more than 30 PIPs. In most cases the big dollar winning trades are hundreds of PIPs. There's no mention of that in the manual, which is very poor. It gives no insight whatsoever into the settings.

• I was one of the first to download and run this Maestro robot after it went public.

I immediately put it on the IBFX Demo, and left it all in default settings EXCEPT I changed it to 5 min chart from 30.

Results? It has posted 36 consecutive wins at 30 pips each. That's just over 1,000 pips in about 3 days.

Not suppose to run on Friday, but I did, and there's a couple of the last trades ailing, but I can't worry too much about that even if they both tanked.

Then I set it up on my FXOPEN demo at 1 lot trades, and it doubled that account in about 10 hours. It made $2983.00 USD on a few trades.

I felt confident enough then to put it on the REAL account, and in about half a day it made 210 pips profit on 7 trades, and I closed the last two positions about 2 hours into the final session knocking off some pips.

My conclusion? If you can't find a way to make money with this thing, you gotta be hopeless...LOL. I've got snapshots of all three accounts, but don't know how I can post them on this site.

If you do buy it - don't have any trades open on Friday. This is fairly standard advice for all expert advisors - Friday is too erratic a day to trade reliably, as many institutional investors close out their position with large swings as a result.

Conclusion

Should you buy it? Totally up to you. It's a moral decision - not a legal one. You didn't steal it. You cannot be held to account because it is stolen. I suspect like all these situations that the vendor the Maestro will have to negotiate a settlement in the millions with the owner of the programming code.

Given who did write the original code, it is a ridiculously cheap product for the $197. A robot of this calibre would normally sell for several thousand dollars. Don't forget it comes with a 60 day money back guarantee.