Forex SB is a collection of software for creating and analyzing trading strategies. The forex trader is expected to use the tools available in these software to create his own robots according to his trading style or strategies. The vendor of these software is “Forex Software Ltd”, a Bulgarian company founded by Miroslav Popov in 2006. The two major software are:
The Expert Advisor Studio
This software is used to create Expert Advisors (EAs) and analyze them. This software works for the MT4 and MT5 trading platforms. You can create your own strategies that work for your broker. It has various tools for advanced analysis and testing. The price of this software is $1,290 for a full lifetime license.
The Forex Strategy Builder Professional
This is a professional platform for creating and analyzing advanced strategies. It has complex design tools which includes over 100 indicators. These tools can be used to build trading strategies and Expert Advisors that work on different levels. It is compatible with the MT4 and MT5 trading platforms. The cost of this software is $1,290 for a lifetime license.
The two software utilize the same procedures. First generate or create a strategy, analyze it, customize, test it rigorously and then export it to either MT4 or MT5.
The ‘Expert Advisor Studio’ and the ‘Forex Strategy Builder Professional’ is available for sale together for a discounted price of $1,490. There is a suite comprising of 2 lifetime licenses of the Forex Strategy Builder Professional and one lifetime license of the Expert Advisor Studio, bundled together for a discounted price of $1,990.
Everything looks good for these professional and advanced software. But, the major questions are: How effective are these software, given the extremely high cost of acquiring them? Are we to trust the Forex SB?
Forex SB: To Trust or Not to Trust?
These forex software are complex and may be highly effective but there are problems that we have found with these software. These issues border on the following:
Lack of a Vendor Trading Account
Difficulty in using the software
Lack of a Trading Account from the Vendor
The vendors seem to be developing and updating their software for traders to be creating EA’s and making money from the sales of these products, as opposed to actually using their own system to trade. Where are their own trading results? This argument is premised on the fact that such a “successful” product should have made billions of dollars for Miroslav Popov and his team. However, Popov and his team of vendors never even mentioned whether they are trading or not using their system and software. They do not have any trading results that could be used as reference and one is therefore left to conclude that this software only makes money for Popov and his team via sales and not via forex trading.
Difficulty with the Software
The software that are sold on the official website (www.forexsb.com), the strategies, technical analysis etc, are only understood perfectly by advanced and experienced traders. In fact, these software are only useful to advanced traders who are also geeks. Otherwise, most beginner traders prefer to buy an indicator that tells them when and how to place trades. Most reviewers found the software and strategies interesting but also found it difficult to generate a perfect EA that would produce profitable results. Furthermore, there is no allowance for EAs to be able to respond to market news, which renders many EAs produced with the Forex SB software unprofitable and unusable.
Conclusion: Forex SB Cannot Be Trusted
Do not trust the Forex SB and their software as the vendors are not trading forex with their perfect tools and packages. Many traders have found it very difficult to use the software and have abandoned the product. Please, avoid the Forex SB as it cannot be trusted.