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Last week I finally funded my two live accounts and started the real money testing of Fap Turbo and Forex Megadroid. Unfortunately, my timing on this could not have been worse.. About an hour after I activated Megadroid, it made it’s first losing trade in months, followed by another losing trade the next day…this reduced my account by 35% over night. Most Megadroid users (including demo accounts) experienced these losses, so overall it was a very bad week for this robot. Luckily Fap Turbo was off to a better start..see more details below.

After careful considering I’ve decided to purchase a copy of the Forex Robot World Cup after all. I believe that this product will be around for a long time to come and while the price is quite high, I don’t think any testing portfolio would be complete without it. I’ll set things up over the next couple of days and report back by next Monday.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

Due to other commitments I only took 2 small trades last week, but they were both profitable and I ended up with a profit of 1.5% for the week. At the moment I am about 3% in profit after 7 weeks of live trading with this method. This is not a fantastic result, but better than expected if you considering all the mistakes that I made in the first 2 weeks. Manual trading just takes a bit of practice, no matter how simple the system you are using.

2. Robot Testing in Live Accounts

Forex Megadroid (Using Alpari UK, with Aggresive=False and RiskLevel=0.30): After 1 week of trading with real money, this account is down by -35%.. very disappointing. Based on past results Megadroid will recover from this, but it will take quite a while. The $490 starting capital is now down to $318.

Fap Turbo (Using Gallant FX and Settings From Fap Turbo Expert Guide): Fap Turbo had a much better start than Megadroid and ended up with a profit of 10.47% in it’s first week. The $500 account grew to $552.35 and the commission based price feed from Gallant FX seems to work really well for the scalper. I decided to not use the long term Fap Turbo strategy until I have built up some more capital.

3. Robot Testing in Demo Accounts

Forex Godfather: Made 2 winning trades this week for a profit of 300 pips and 11%. This takes the overall account 0.5% into profit for the year. I’m glad it recovered it’s previous loss, but it’s still hard to draw any conclusions about this robot.

FX Broker Buster: Finally had a profitable week and made 11 proitable trades in a row for a profit of 5.8%. The overall account is still down by -5%, so we will see if it can recover from this.

USDBOT: Made a profit of 3% for the week. The overall account is 11% in profit after 2 weeks, but due to its risky Martingale strategy I would not recommend this robot to most traders.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each of the robots I have stopped testing.

The big thing happening this week is the launch of the Forex Robot World Cup tomorrow at 9am EST. There is no doubt that this launch will make the organizers and their affiliates an obscene amount of money, but whether it will be the product that customers hope it to be still remains to be seen. Personally I’m a little sceptical and don’t feel comfortable with the $999 price tag, but I’ll make up my mind when they launch tomorrow.

A number of people have asked if I’m going to offer a bonus to customers who buy the Forex Robot World Cup via my affiliate link. Originally I did not intend to do anything special for this launch, but I won’t say no to some extra commissions, so I’ve decided to put together the following offer. If you buy the Forex Robot World Cup via the link below, I will use part of my commission and buy you a copy of Forex Godfather OR the new GBPBot that launches next week (it’s your choice). To protect myself, I will give you this bonus only after your FRWC refund period has expired. Use this link to qualify for this bonus: Forex Robot World Cup Special Offer. Just forward me a copy of your receipt and I will contact you with further details.

Apart from all the excitement around the FRWC, there are also many rumors going around about USDBOT being a scam. According to reliable sources, the original USDBOT was a ripoff of some free expert advisor and when they were confronted about it they quickly changed to a different system to avoid copyright issues. This latest version USDBOT supposedly uses a Martingale trading strategy (which should usually be avoided at all costs). I can’t confirm if all of this is true or not, but I have noticed signs of Martingale in the trades this past week, so it probably is. Should you get a refund? It’s up to you, but I guess a refund would be the safest option considering the risks of Martingale trading. Despite all this it made a 7% profit this week, so I decided to continue testing it for now and make up my own mind about this product, just in case things are not as bad as it seems. There’s still about 6 weeks to go before my guarantee expires, so I might as well use it.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

Last week was the best manual trading week I’ve ever had. I made 4 winning trades for a total of about 120pips and a profit of 8% for the week. I’m refining my Trading in the Buff strategy as I go along, but it seems that the method I’m currently using to identify the best setups is working very well. Within the next few weeks I hope to write a “Forex Trading in the Buff Advanced Guide” that will go more in depth into the way that I trade this strategy. I’m doing so well with this method that I decided to stop testing the daily pin bars and focus more in depth on this for a while.

2. Robot Testing in Live Accounts

I finally managed to get the tax clearance and wire transferred the money to fund my new live accounts on Thursday last week. Of all goes well I will start Fap Turbo and Forex Megadroid on these live accounts by tomorrow. I’m quite excited to do a head-to-head test of these two products with real money and hope to have some results to report by next week.

3. Robot Testing in Demo Accounts

Forex Megadroid (With Aggresive=False and RiskLevel=0.30): Made only one trade last week for a profit of 2.36%. Megadroid hasn’t had a losing trade so far this year and has made a profit of 6.4% since I restarted my demo tests 4 weeks ago. This demo test will be replaced this week by the real money test mentioned above.

Fap Turbo (Using Settings From Fap Turbo Expert Guide): Made a number of winning trades, but a stoploss on USDCAD erased most of the profits and the account ended up on breakeven for the week. This demo test will be replaced this week by the real money test mentioned above.

Forex Godfather: Closed no trades this week, but there is an open trade that is currently 100 pips in profit, so hopefully there will more news on by next week. So far it has only made the one losing trade in 2010 and the account is still at -9.4% at the moment (pending the outcome of the above trade). I really like the longer term nature of this robot, but unfortunately it also takes a bit longer to get results.

FX Broker Buster: The only thing this robot is busting at the moment is the demo account it’s running on. With another losing week of -6% and an overall loss of -10% I’m very close to writing this one off, but I’ll give it another week.

USDBOT: Apart from all the rumors, USDBOT actually had quite a good week and made a profit of 8%.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each of the robots I have stopped testing.

I’d like to start today’s newsletter with some more information about the “Forex Robot World Cup”.

Based on the affiliate information I was given, this product will launch on 16 February 2010 and the price of it will be $999. For that price you will get the top 5 robots from the competition, together with detailed instructions etc. Do I think this is worth buying? I’m not sure yet..they claim that only a limited number of copies will be released, but I’m fairly certain that the best approach would still be to wait a few days and see what others think of it.

I’ll send some final comments about this next Monday before they launch, but in the meantime you can grab a copy of the 40 page pdf they are giving away on the Forex Robot World Cup Homepage. I just read though it and it contains some very interesting insights into this competition and the history of Forex robots.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

I had 2 very succesfull trades with the Trading in the Buff method this week and made a net profit of about 100 pips. I’m slowly learning to resist the urge to over trade and only take the very best of setups and I’m very impressed by the reliability of this system so far. I’m looking forward to trading this method in the future.This week I also took 2 trades using the daily Pin bar strategy from Hector Deville’s

Learn Forex Live Course. Both trades works out perfectly, but due to poor money management I ended up making a net loss across the 2 trades. I personally believe that this is one of the best ways to trade “end of day” charts, but it will definitely take some practice.Overall I am about 5% in the red with my manual trades after the first month, but I’ve made a ton of mistakes and learned a heck of a lot in the process, so I’m actually very happy with the results. My plan is to keep testing and develop a detailed manual trading strategy using the above systems that I can give to my subscribers to reduce the learning curve they have to go through themselves.

2. Robot Testing in Live Accounts

I’m still waiting for my tax clearance to go through and will hopefully start my real money testing of Fap Turbo and Forex Megadroid sometime this week. The amount of red tape required invest $1000 overseas is rather shocking in this country.

3. Robot Testing in Demo Accounts

Forex Megadroid (With Aggresive=False and RiskLevel=0.30): Made 2 winning trades and no losers last week for a profit of 1.80%. The overall profit is now just under 4% since I restarted my demo testing 3 weeks ago. This robot is still as consistent as ever.

Fap Turbo (Using Settings From Fap Turbo Expert Guide): Made 6 winning trades and 1 losing trade last week for a profit of 2%. After 3 weeks of testing for 2010, Fap Turbo is now 6.75% in profit.

Forex Godfather: After sorting out my Forex Godfather setup it finally made its first trade, but unfortunately this trade made a loss of 140 pips, so the overall account is now in the red by -9.4%. Based on its past performance, this robot can be back in profit with just one 200 pip winning trade, so I definitely won’t write it off just yet.

FX Broker Buster: Made 6 winning trades and 1 losing trade to end up at roughly breakeven for the week. After 3 weeks of demo testing this robot is now -4.7% in the red. The results so far has been unimpressive, but I’ll give it some more time to prove itself.

USDBOT: My USDBOT setup at FXDD wasn’t trading, but after installing the update that Mark Trenton sent out on Wednesday it has made 2 profitable trades and the account is now just under 2% in profit. Mark and his team have been very supportive and they definitely seem to be committed to the long term success of their product.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each of the robots that I have stopped testing.

Before I give you the results for last week, I just want to make some comments about the Forex Robot World Cup, something that I’m sure you have heard a lot about.

Like many others, I have followed this competition with interest over the past 2 months and while the performance of the winning EA seemed a bit too erratic to me, there were some contestants that really impressed me (like the HiRider EA that came second). The important thing to note about this competition is that it was no charity event for the benefit of traders..the sole purpose of the Forex Robot World Cup was to make a lot of money for it’s owners. The competition created a LOT of hype and expectation and they will now sell the winning EA’s to thousands of eager traders. I don’t want to sound negative, but I had to mention the reality behind all this hype. I’m not sure when they will launch the product and what the final price will be, but I will definitely let you know if I hear any news.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

On the manual trading side I had a much better week than the previous one. I only took two Trading in the Buff setups on the 4Hour charts and both worked out perfectly. Overall my manual trading account is still in the red by about 5%, but it’s been quite a learning curve and I’m happy with the results of my first 3 weeks of trading. I knew the first month would be a bumpy ride, but if I can be consistently profitable by month 3, I will be very excited.

I also started trading with the daily pin bar strategy that Hector Deville teaches in his Learn Forex Live Course, so there will hopefully be some results on this one by next week as well. Hector is a brilliant coach and if you are looking for a comprehensive Forex course that teaches you a number of trading strategies, then I’nn definitely recommend this one over anything else that I’ve seen on the market.

2. Robot Testing in Live Accounts

I’m still waiting for my tax clearance to go through and will hopefully start my real money testing of Fap Turbo and Forex Megadroid in the 1st week of February.

3. Robot Testing in Demo Accounts

Forex Megadroid (Using default settings with a RiskLevel of 0.30): Had only one breakeven trade last week and the overall profit for 2010 is still at 2% after 2 weeks of testing. New users were dissapointed with the lack of trading last week, but there were a lot of high impact news last week and I’m sure that Megadroid stayed out of the markets because of the high volatility. This is what makes this so safe to use.
Fap Turbo (Using Settings From Fap Turbo Expert Guide):It looks like I made a mistake when I stated that Fap Turbo made a 0.5% profit last week..it actually made a loss of 5%..not sure how I made such a big error. However, this week Fap Turbo traded no less than 43 times and it made a profit of 11% for the weel, so the overall account is now 4.63% in profit for 2010. I’m not even trading USDCHF yet, so this amount of trading activity is quite impressive.

Forex Godfather: So far I’ve had no closed trades for Forex Godfather in 2010, but I found out last week that this was because of an error in my Metatrader setup. The EA is running again and it is currently in an open trade, so hopefully I will have some results to report on next week.
FX Broker Buster: Had its second losing week in a row with a loss of 3.19%. This puts the overall account at a loss of 4.48% after 2 weeks of testing. It’s still too early to make any conclusions about this robot, so I’ll give it at least another 2 weeks to prove itself.

USDBOT: Since installing USDBOT on Tuesday I’ve only had two very small winning trades, so there is not much to report on yet. They did release a new version today, so I’ll try that for a day or two and if I don’t see some action I will consider switching over to the hourly charts or a different broker (as recommended by Mark Trenton). I’ve had a lot of good feedback from other USDBOT users though, so things are looking quite good for this robot so far.

4. Robots That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each robot that I’ve stopped testing.