FXTradingReviews Forex BlogReal Reviews of Forex Trading Systems

1. Manual Trading

After announcing that I will test both the Trading in the Buff and the Black Dog Forex systems, I soon realized that testing two new systems at the same time can be quite confusing. I really want to keep things as simple as possible, so I decided to start with the Trading in the Buff method (which is the one I’m most excited about) and leave the Black Dog system for a bit later.

For the Trading in the Buff method things were off to quite a good start. I took 2 trades so far and made a profit of 90 pips for the week, resulting in a 4.5% gain for the account. This was in my live account, trading with real money. Both trades worked out exactly as planned, so I’m very happy with the progress so far. I’ve had some questions about how exactly I trade this method, so here are some basic details for those who are interested:

I like to trade the hourly chart and 4 hour charts, because this gives me a couple of good setups every week. Once a valid 1-2-3 formation is formed according to the rules in the course, I wait for price to return to the area where the support/resistance is expected to be and then enter the market. My profit target is the other side of the “black hole” as defined in the e-book and my stop loss is on the other side of the first bar of the 1-2-3 formation. I don’t use a fixed stop loss, but wait for price to actually close below or above these levels before closing a trade with a loss. Please send me an email if you need any more information on this.

2. Robot Testing in Live Accounts

This week I opened two live accounts to begin the real money testing of Fap Turbo and Forex Megadroid. For Fap Turbo I opened an account with Gallant FX (the broker that Rob Casey has a special relationship with) and for Forex Megadroid I opened an account with Alpari UK (where I’ve done most of my Megadroid testing). In order to compare the two robots head-to-head, I’ve decided to fund each account with $500 of starting capital. This is about double than I initially intended to start with, but it’s the minimum that Gallant FX requires and I really wanted to start the two robots with the same amounts.

Both of the accounts have been approved already, but unfortunately it’s a bit of a lengthy process to fund the accounts from where I live (South Africa). It will take another 7-10 days before any live trades can be placed, so please bear with me while I go through all the red tape required by the banks. Hopefully my account will be funded and ready to go by next week. I would be lying if I said that I wasn’t quite excited about this live testing project.

3. Robot Testing in Demo Accounts

Forex Godfather is the only robot that I’m currently testing in demo and since it hasn’t traded yet this year, there isn’t much to report yet. I’ve had a number of requests to test some of the new robots that was recently launched and while I can not test all of them, I will definitely add at least 1 new robot to the testing profile over the coming week. Over the next few days I will sift through all the robots that were released in the last month or so and see if I can find anything that really stands out from the crowd.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on all the robots that I’ve tested in the past.