FXTradingReviews Forex BlogReal Reviews of Forex Trading Systems

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.