Forex Autopilot / Wizard / Sports Betting Champ Update 10/11/08

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.

Forex Autopilot and The Wizard Performance Update

Hi All,

I'll start with my weekly update of the Forex Autopilot. It is running on an IBFX demo account with default settings, 2 max trades, since 9/4/2008. The good news is that the FAP has closed 800 pips. The bad news is that it is floating 2 losing trades totaling 630 pips. Net result is +170 pips for the month. Interestingly only 3 of the 40 closed trades were buys. It is definitely picking up on the downtrend; however, both my losers are short (1.3902 and 1.4104).

I am also testing The Wizard signal provider for stocks. I have used it for a week now and have done fairly well. I had one losing trade that I closed out for a 6% loss but 4 other winning trades. One of my trades was actually up 27% in one day! I sold half of the position at a 12% profit as the system instructed. It's way too early to make a recommendation on this system. With a $99/month cost it has to perform well to make it worthwhile. I will say that I feel there are some bugs in the portfolio feature. This allows you to track your open and pending trades. I had one trade close out although the position should have really stayed open. The support person has been responsive but is basically claiming that it's working as intended, although I know that it's not. Oh well, I bought it for the signals anyway.

Until next week,
Craig

New Forex Autopilot Results 9/11/08

I've been running the new Forex Autopilot EA on a demo account since 9/4 with default settings. On 9/8 I changed the max trades setting to "2". Here are my current results.

As you can see it closed an amazing 660 pips between 9/4 and 9/11; however, floating losses total 424 pip. Although the net is still a very respective positive (+236 pips) I still feel that trading without a stop loss is a scary venture. I for one am not convinced that this EA is totally "fixed". I am going to continue to run this EA on the demo account and will update you when I have more info.

I have decided to take some time away from Forex trading. I've been trading since the beginning of the year and have found Forex to be an extremely difficult market. I have made nice profits, only to give them back to the market just as quickly as they came. I have decided to go back to my first love, stock trading.

I am testing a new (in '08) service called The Wizard. The site offers specific entry and exit signals for stocks, futures, ETF's, and even Forex. The site is more of a tool than a stock picking site. Their proprietary trend indicators pick the direction of specific industries and then recommend stocks within those industries. The idea is always to trade with the trend. As far as I can tell the results have been great. This week's results are always posted on the homepage. The site was created by Gene Stunkel, who from a quick Google search appears to be a legitimate trader/speaker/banker/real estate investor. You pay a monthly fee for each product. The stock site is $99/month, so you probably want to have at least $5,000 to trade with to use this product. I will begin picking stocks this week and will update my blog periodically. I would love to hear if anybody has used this service and if so, what the results were. I have not found much in the way of reviews as this was launched in spring of '08.

Til next time,
Craig