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January 2010 Update: Read my full reviews of the top 5  Forex Trading Robots here.

After some more research I decided to purchase both the Forex Autopilot and Forex Funnel products. These products have both showed promise in backtesting, but they focus on different currency pairs and employ entirely different trading strategies, so it would be interesting to see how each of them perform in forward testing under current market conditions. I have spent most of the weekend playing around with the software, reading the documentation and making sure I understood how both worked.

I also had a quick look at the two bonus indicators, namely the Ultra Trend Indicator that comes with Forex Autopilot and the Gold Miner Indicator that comes with Forex Funnel. Both of these indicators seem to be very effective at first glance and I would definitely like to look into them more carefully at a later stage.

For the purpose of initial testing I’ve registered a $5000 demo account with Interbank FX, because this is realistically what I would start with if I ever move this to a live account. In this demo account I’m running both of the expert advisors simultaneously - Forex Autopilot on the 1 Minute EUR/USD chart and Forex Funnel on the 1 Hour USD/JPY chart.

One interesting thing I noticed immediately is the difference in recommended lot sizes. For an account of $2000, Forex Autopilot recommends a lot size of 0.1, while Forex Funnel only recommends a lot size of 0.01 for an account of $2500. I’ve used these values for my $5000 test account and I am looking forward to see how this affects the performance of each system.

I will write full reviews of Forex Autopilot and Forex Funnel over the next week or so and hope to post some detailed trading results from my demo account soon.

January 2010 Update: Read my full top 5  Forex Robot Reviews here.