Forex Newsletter – 19 April 2010

I’d like to start by saying thanks to everyone who emailed me suggestions of robots to add to the testing. I’m still busy investigating all of them, but have already found some promising ones that I would not have known about otherwise. This is an ongoing invitation..if you learn of Forex robots that are producing good results, don’t hesitate to notify me so that I can investigate.

Secondly, there’s a lot of hype at the moment about the new Delphi Scalper system. I haven’t followed all the emails and don’t know much about the system, but if you are interested in learning scalping it might be a good product to check out. You can get a free report here or register for their free webinar happening on Wednesday.

Here are my trading results for the past week:

1. Manual Trading

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

Last week I had my first losing trade for a while, but I recovered this loss with 2 winning trades and ended up with a profit of 1% for the week. My overall profit with this system is now 18% after just more than 3 months and I’m very happy with the performance so far. Unfortunately this strategy is not the “10 Minutes a Day” mechanical system that most people are looking for, but with just a little practice it can be extremely reliable.

2. Robot Testing in Live Accounts

Note: you can view the live account statements on the Live Testing Page.

Fap Turbo (Using Gallant FX and Settings From Fap Turbo Expert Guide): I’m not sure why the broker spreads are suddenly a problem, but I’ve had no Fap Turbo trades in the last 3 weeks. I’ve received similar reports from other Fap Turbo users, so at least I know it’s not just me. I’m changing my account back to their low-spread, commission based feed today and I hope that this will improve things. Rob Casey released new settings for the latest version of Fap Turbo over the weekend, so I’ll also implement those today.

Forex Megadroid (Using Alpari UK): Made one winning trade last week for a profit of 2%. It still has a long way to go to get the account back to breakeven after the unfortunate losses of the first week, but it’s slowly getting there. Megadroid is still one of the best performing robots out there..as long as you disable it on days when major news announcements are made.

3. Robot Testing in Demo Accounts

Forex Robot World Cup (LMD Multicurrency): I’m not sure how this robot won the competition, because I haven’t had any promising results with it at all. I’ve been testing LMD Multicurrency for 7 weeks and the result so far is a loss of 7%.

Forex Robot World Cup (Hirider): Hirider had its first losing week since I started testing it 7 weeks ago and ended up with a loss of 4.2%. The overall account is still 8% in profit, but there are 5 open trades in drawdown and if these also close with a loss there is a risk that all the gains from previous weeks will be wiped out.

Forex Robot World Cup (Fusion-V): After another big loss of 20% last week, this account is now down by 50%. Fusion is a combination of the top robots from the competition, so this gives you a good idea of the overall performance of these robots.

Robovore: This robot only made a few small trades last week and ended up at just about breakeven. I’m a little disappointed with the performance of Robovore so far, but let’s see how it goes from here.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each of the robots that failed the test.