Shark 7.0 EA review

This is a review by a trader of the Shark 7.0 EA.

Pros:

+ Though I didn’t figure out what activates the logic, I like the idea behind. As it places orders only when the market moves quickly, there is a great probability given that either a sell or a buy order will close in profit.

(It is not possible to figure out the logic if it uses Artificial intelligence algorythms)

+ It uses pending orders only. I consider it to be an advantage, as it decreases slippage greatly.

(That is not necessary some brokers still have slippage on pending orders.)

+ trades two currency pairs.

+ It does not open more than one trade at a time.

                                               Cons:



- As SL is placed very close to the market price, dishonest brokers may play dirty games.

(That is important as it is about very close orders to the price. Choose carefully the broker and always always monitor the execution. That is why you need to backtest with your broker tic by tic.)

(And of course you can't have something for nothing everything has its cost, here as thestrategy seeks for the tightest stop loss, that necessarily comes with costs: extra care and control over the execution).



- I am certain that Shark 7.0 will not work with market makers, and results will vary from broker to broker.

(I agree on this, but I would add some market makers not all market makers, I think if you play with 0.01 lots as basic lot instead of 0.1 lot you may have less problems in the first time)



- The final version input parameters are limited to money management settings only. Other parameters are not accessible by the user and can’t be changed. To my mind that’s a bad thing for experienced traders as they don’t have much “space” to maneuver with their settings. Who knows, maybe they change that after seeing this post.

- The user manual does not include any information regarding broker and VPS requirements. That’s not a big deal for experienced traders but clearly, a disadvantage for newbies.



That EA has potential but extreme care need to be used when implemented.

I would add that the quality of the code is guaranteed as the EA is done by experienced traders and programmers.



We would negotiate for EA Shark 7.0 discount coupons for our members even one evaluation copy may be available to one of the most serious contributors on www.beathespread.com.

It is recommended to buy this EA (is someone is interested) and not to search free copies because of the support. The support is a critical feature and without support do not even think to let it trade for you. (Personnal opinion).