Forex Newsletter – 17 May 2010

Posted by Chris | Posted in Automated Forex Trading Systems, Manual Forex Trading Systems, Newsletter | Posted on 17-05-2010

Here are my trading results for the past week:

1. Manual Trading

(Using the 1 Minute Daily System on my LIVE Account)

Due to requoting, the 1Minutes Daily EA did not manage to place any trades last week. The current version of the EA does not retry failed orders, so when a requote occurs (which is very common), it simply doesn’t try to trade again for that day. The developer assured me that they are releasing an updated version that will fix this problem sometime this week.

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): Made another loss of 10% this week (excluding commissions). The balance of this account is now down from $500 to $388, which is an overall loss off 22% over a period of exactly 3 months. I’ve wasted enough money on Fap Turbo for now, so I think I’ll put this account on hold until further notice.

Forex Megadroid (Using Alpari UK): Megadroid only made 1 breakeven trade last week, so things haven’t changed much since the previous week. The overall account is down by 4% after 3 months of trading, but it has recovered almost all the unfortunate losses it had in its first week, so things are looking much more positive than in the Fap Turbo account.

3. Robot Testing in Demo Accounts

Forex Robot World Cup (Hirider): Made a profit of 5.5% for the week, but the overall account is still down by 20.5% after just less than 3 months of testing. I’ll let Hirider run for a full 3 months and then make a decision about it, but so far it’s not looking good.

Robovore: Made a small profit of 0.5% for the week and the overall account is now just under 1% in profit. My refund period on Robovore expires today, but I think it’s worth testing this one a little longer. I’ll send an email to the Robovore support staff this week and see if they can help me achieve the same results that they display on their homepage.

Forex Enforcer: Made a nice profit of 7% for the week, but the account is still down by 3%. I’ve only been testing Enforcer for 3 weeks now, so it’s still too early to draw any conclusions.

Aeron EURUSD Robot: It seems that my excitement about this robot was premature, because last week it took my account from $7773 to $1. That’s right, it completely wiped out the account in 1 week. It looks like the Martingale strategy it’s using is no different to what we have seen with products like USDBOT, Forex Hacked and others. I’ll send them an email about this, just in case I did something wrong, but at the moment it looks like Aeron is another big disappointment.

Forex Harvester: This gap trading robot only trades once a week when the market opens. Last week it made some good gains trading gaps on 3 of the major currencies, but unfortunately gave all those gains back later in the day and ended up just under breakeven for the week. There are solid trading principles behind this robot, so I am still very positive about it. I can already see that it banked some profits early this morning, so the account is back into profit as I write this.