If you're an avid reader of my blog you know I haven't had much confidence in the new version of Forex Autopilot. I was burned on the original version and brushed the new one off as more of the same. I have now compiled over 2 months of demo data and am compared to make a prediction: The new Forex Autopilot ROCKS!! From 9/4/08 to 11/11/08 the trading robot racked up over 4,400 pips. Here is the actual demo statement.
Here are a few tips to keep in mind if you plan to run the FAP on a live account:
1. Practice proper money management. My maximum drawdown has been 1,500 pips on a 1 mini-lot per trade, 2 max trades, account. I would recommend a $3,000 starting balance for a 1-mini lot setting. If I started with a live account of $3,000 on 9/4/08 my current balance would be $7,366, a 146% ROI.
2. Let the EA do its thing. Once you tamper with trades you are undermining the purpose of having a trading robot. If you're like me you'll check your trades about once an hour and freak out at the first sign of a loss. You need to keep a cool head. I don't recommend checking your account more than a couple times a week.
3. Don't trade with money you can't afford to lose. None of us can predict the future so be prepared to lose a substantial amount and if you can't handle that concept don't risk it.
4. Use a Virtual Private Server for trading. This ensures that you don't have to worry about your computer crashing.
Til next time,
Craig
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3 comments:
Hello Craig!
Im reading your blog for soem time now and it's Great! Can you please tell me if you have some update on Forex Autopilot you are testing?
Best regards
LEon
Craig:
In the past I've watched you review several EA robots. I'm convinced that none of them work as good as advertized. They may have some winning streaks but they always give it back when they falter, and they always falter.
I recently stumbled upon a Forex Signal service that I believe is very good. I subscribed just after Christmas and can vouch for their posted results being the same as mine these past two months. They say their signals made 11,000 pips last year and I have no reason not to believe them. They just offered a special one month trial for $25 that you should take advantage of. The trades are sent from a professional that makes his living as a trader. He shows you everything about his system. Check it out at http://udaytrading.com
Could this Forex Autopilot show possibilities of reaping a thousand pips in just a couple of months? Are the results pretty accurate? I am such a frugal trader because right now, I am just taking time to analyze what www.traderush-review.com traderush broker review sites can provide. The information I gather is all about news, market movements (not the actual) but closely related to the result, and most likely I enjoy their graphical analysis. So if you can atest to the result of the Forex Autopilot I guess it won't hurt me if I would try. Right?
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