Week 2 Forex Autopilot Results
Posted by | Posted in Automated Forex Trading Systems, Forex Autopilot, Trading Results | Posted on 01-11-2008
Firstly, I purchased 2 manual trading systems to test today: 10 Minute Forex Wealth Builder and Forex Avenger. I’ve always wanted to test 10 Minute Forex Wealth Builder, but there’s been so much hype about Forex Avenger this week, that I decided to buy it as well out of pure curiosity. These will be the products that I use for my initial case study of manual trading systems. I can’t wait to start reading the ebooks to see what these systems are all about. More details about this soon..
Back to Forex Autopilot. I’ve reached the end of week 2 of my Forex Autopilot forward test and while it’s been a much quieter week, the results are still looking positive -
Week 1: +409 pips
Week 2: +100 pips
Total: +509 pips
I decided that I will only include closed trades in my result posts to avoid confusion. I manually closed the open trade there was at the end of week 1 for a loss of -71 pips, because I wanted to create a fresh demo account that was dedicated to Forex Autopilot. This trade would have been a winner if I left it open till Monday. Out of 30 closed trades to date, there has only been 1 losing trade – the one that I closed manually. Very Impressive results so far.
This week I also saw the first thing about Forex Autopilot that I didn’t like. The week started good with 5 winning trades in a row to make the 100 pips profit by Tuesday, but then it entered a short position on Wednesday that it hung onto for the rest of the week. At one stage this trade was -400 pips in the red, but it recovered a lot towards the end of the week. I’m not entirely sure what to do with open trades on Fridays, but the manual doesn’t say anything about this, so I guess I should just let this trade run its course and see what happens.
Being in a trade for 3 days is not such a problem for me, but the fact that it only opens 1 trade at a time is, because during those 3 days there would have been numerous other trading opportunities missed. I did some research about this and answer to this seems to be in the Forex Autopilot configuration parameters, but I will make a detailed post about this tomorrow.
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Hi,
Thanks for the helpful information. Is it possible to set your own stop loss with the autopilot? Being down 400 seems a bit risky when you are only making 20 pips/trade. Some day, that 400 could be over 1000. Besides the 400 and 71 which you were down, what was the most you were down on the others? Thanks for your help.
Hi Joe,
Forex Autopilot has a number of parameters that you can set, including the stop loss, trailing stop loss and take profit. I’m currently using the default settings for these, which has no stop loss specified, with a take profit of 20.
According to the manual, Forex Autopilot has an internal stop loss and they strongly suggest that you don’t specify a static stop loss of your own, but unfortunately they don’t give more details about how and when the system decides to close a losing trade.
While not having a stop loss is concerning, it’s also very impressive to see how well this system reads the market. It’s executed many trades where I thought “This one is definitely going to be a loser” and it proofs me wrong every time. Whether this has been pure luck so far remains to be seen.
The above trade has had the biggest drawdown so far. When the market opened on Monday it started recovering, but the trade was closed by Forex Autopilot at -273 pips because of month end. I learned this week that the system closes all losing trades at month end. Since then it has made 15 winning trades in a row, without another loser.
I agree that there could be large drawdowns in a single trade, but if you take into account that there has only been 2 losing trades out of 45, I think it’s worth testing further.
Personally I believe the answer to the drawdowns lies in some of the parameters mentioned above. I will post more thoughts on this later today.
Thanks for your comments.
Chris