Forex Autopilot Independent Review

I have been testing the Forex Autopilot EA by Marcus Leary. I was drawn to Forex Autopilot (FAP) for a few reasons. One was the price- it's a one-time $89.50 charge for the program and there's a money-back guarantee. I heard rumblings that it had some potential so I thought I'd check it out.

My first impressions were not great. The marketing is definitely cheesy (click above, you'll see). The manuals seem to have been quickly put together and are fairly sparse in details. Some questions sent to support were not answered or took too long to be answered. But then again, this is an $89.50 one-time purchase. I was also testing Pipforia which is an $89 per month subscription. Many other EA's cost over $300. Just because the support is weak doesn't mean that the program is, so I put the EA to work on my account.

The settings are not difficult like some EA's (ahem..Pipforia). The only thing you really need to set is your lot size. I started with only 0.3 mini-lots as I am always skeptical at first. (This is probably the part where I should recommend that you only test it on a demo account until you're comfortable; however, if you're like me you can't stand to see your demo account make play money so I'm testing it on a live account of $3,000. ) The directions included are good enough for a complete newbie to get the EA running on their MT4 platform.

Forex Autopilot runs only on the EUR/USD 1 minute chart. The EA will enter trades (both buys and sells) when the internal indicators find an entry point. This can take hours but usually less than an hour. The default profit setting is 25 pips ($25 if you're using a 1 lot setting on a mini account, $250 if you're using a 1 lot setting on a standard account). Once the trade hits a 25 pip profit it will close and search for the next entry point. The default settings do not include a stop loss.

According to the creator, the EA will close a losing trade that hits certain exit indicators. If it never hits those indicators it will automatically close on the 1st of the month. Last week my EA placed a buy at the height of the fall of the dollar vs. euro. The FED dropped interest rates by 0.75% and gas prices dropped significantly overnight. The dollar surged and the price plummeted to a point where I was facing a 400 pip floating loss. I was extremely disappointed that the EA didn't exit the trade. A few days later I manually closed the trade with a 240 pip loss, feeling fortunate not to have lost 400. The next day the dollar dropped like a rock and I would've closed with a profit had I not interfered - lesson learned.

I decided to fine tune the settings with a 100 pip stop loss. If I had this in place last week I may have taken a 100 pip loss but hopefully the EA would have placed sell trades to make money on the way down and buy trades on the way up. I'm not saying that the stop loss is the way to go, but I'm testing it and feel better knowing that my losses are limited.

So what's the bottom line after less than three weeks of trading and a super volatile period - a net profit of 255 pips! That's $255 if I'm using 1 mini lot or $2,550 if I'm using 1 standard lot! $255 is an 8.5% return on my investment in less than 3 weeks. Not bad when CD's are paying 2% and money markets are paying 4% at best.

Below is an actual trade detail statement from my live trading account from 3/12-3/27. Please note that I was using different lot sizes so I handwrote the amount of pips gained/lost on the right side. Also, please note that my 241 pip loss would have been a 25 pip gain had I left the EA alone. That would have resulted in a 521 pip gain over the same period - a 17%+ return!

My current settings are as follows: Lots: 1 ; LRR: 1 ; MO: 1 ; ML : 100 ; aaa: 9 ; bbb:10 ; TP: 25 ; SL: 50 ; TS: 20 ; SG: 0.5 ; SP: 3 ; SGD: 0.2 ; SGW: 0

I'm going to continue testing and will update this weekly so bookmark this blog. It would be irresponsible of me to risk a significant amount of money on this EA or to recommend that you do the same without more testing; however, I do think that this EA is worth the $89.50 to buy, test, and potentially profit. The money-back guarantee is through Clickbank so you can feel confident that it will be honored. Feel free to make comments and ask questions. Please click below to see the website:

Forex Autopilot





Forex Autopilot Performance Update 4/4/08