Happy Saturday Everybody!
I have an exciting progress report from my Forex Autopilot demo account. The account is set up with default settings (2 max trades). Take a look. Yes, you read it correctly, 2,060 pips from 9/4/08 to 10/10/08 with only one 60 pip losing trade! Your first thought might be "Craig, it's time to close the blog because you just found the Holy Grail!"; however, there's one important tidbit that you can't see from the statement. At one point, the FAP was floating two losing trades with total negative pips of roughly 1,500. That's an amount that could blow out an account that isn't using proper money management! I thought the FAP would close out a huge loss at the end of September but thanks to the crumbling U.S. economy, the trend reversed and the month was saved. So here are my thoughts: You can't take away the fact that the EA closed an astonishing amount of pips in just over a month; however, I do think these are extraordinary times. Just look at the stock market and the insane volatility. I feel that this run might have been a stroke of good luck for the EA. Time will tell. My only advice is that if you do decide to use the EA on a live account, make sure you could weather a 1,500 pip drawdown OR set a high stop/loss.
My Wizard testing has come to a standstill thanks to the crazy stock market. The first week or so of trading was good but then everything came crashing down and I stopped trading. I don't think anybody can predict the markets from one day to the next at this point. Once things calm down and are a bit more predictible I will definitely try The Wizard again. Right now I feel like my best financial move is to use cash to pay down line of credit debt and just sit on the sidelines. If you're like me and still need to get a little action, here's something I've been doing. Check out the top day's losers on CNBC about an hour before market close. Find out why each stock is down significantly. Most likely there's a news story that preceded the drop. Today's market is driven by fear. It is very likely that the stock was oversold and there will be a bounce in the near future. Take a look at the company's fundamentals as well as the gravity of the news. Pick up some shares if you determine that this stock was oversold. Your goal is to sell it in the near future when the stock rebounds and cash in your profit. This is risky so don't commit too much of your portfolio. I'm sure there are plenty of deals out there for those willing to buy and hold.
I would like to remind everybody to check out my past posts about the Sports Betting Champ System and the Betting System Maximizer. The NBA season is fast approaching. Last year's record was an impressive 71-1.
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