Forex Newsletter – 30 May 2010

Posted by Chris | Posted in Automated Forex Trading Systems, Manual Forex Trading Systems, Newsletter, Uncategorized | Posted on 30-05-2010

It’s been 2 weeks since my last newsletter and there’s been quite a lot of action in my Forex accounts. Forex Megadroid and the 1 Minute Daily System were the only winners over this period and the rest all struggled. See below for more details. There’s a lot of talk at the moment about Ron Carter’s Pro Forex Robot. I haven’t had a chance to check it out yet, but if you have, could you please send me your comments on it? I’d appreciate some feedback.

Here are my trading results for the past week:

1. Manual Trading

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

The new version of the 1 Minute Daily EA took a number of trades in the last 2 weeks and made a nice profit of 6.5%. This basic EA seems to be outperforming the professional robots at the moment. Many people say that a simple Forex system is the best, so we’ll see if this holds true over the next couple of weeks.

2. Robot Testing in Live Accounts

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

Forex Megadroid (Using Alpari UK): In the past 2 weeks, Megadroid has made an impressive profit of 30%. It has now recovered all its previous losses and the overall account now shows a profit of 5% after 3.5 months of trading. Things started off very badly in this account with 2 big losses in the first week, but since then it has made 20 winning trades in a row to get the account back into profit. Megadroid still seems to be the only robot that consistently shows a profit.

Fap Turbo (Using Gallant FX and Settings From Fap Turbo Expert Guide): Over a period of 3.5 months, Fap Turbo has made a loss of 41% and reduced my $500 account to only $292. To protect the little capital that is left, I have switched of Fap Turbo on this account for now. I hope it won’t take too long to find a suitable replacement.

3. Robot Testing in Demo Accounts

Forex Robot World Cup (Hirider): Over a period of 3 months, Hirider has made a loss of 36%. This robot is just not performing as expected and I don’t see the point in testing it any further. Unfortunately all of the FRWC robots have proven to be a disappointment, but I’ll keep my membership to see if future competitions reveal anything promising.

Robovore: Has not closed any trades in the last 2 weeks, but there are 3 open trades that are all in profit. After 1.5 months this account is showing a profit of 1%.Still too early to make any final decisions about this one.

Forex Enforcer: Forex Enforcer made a series of losing trades the past 2 weeks for a loss of 29%. The overall account is down by 31% after 1 month of testing, so I’m afraid things aren’t looking good for this robot either.

Aeron EURUSD Robot: After my test account was wiped out by a margin call 2 weeks ago, I was asked by the developers of this robot to restart my test with much smaller lot sizes. They have also released a new version of this robot, which I will start testing with the new settings this week.

Forex Harvester: Made a number of winning trades over the past 2 weeks, but unfortunately gave it all back with 2 big losers, resulting in a loss of 14% for the account. The overall account is now down by 15% after 3 weeks, but I’m still very positive about this robot, because it’s the first time in many months that they have experienced such a big loss. The owner of this product is also showing a lot of transparency and support for his product, so I definitely won’t write this on off just yet.