Forex Newsletter – 27 June 2010

Over the past weekend I did a lot of thinking about the future of this website and newsletter..

On the one hand I want to test as many products as possible in order to help my subscribers find the ones that show promise, but on the other hand I have learned from experience that 99% of the robots that are launched in the market are just garbage, no matter how good the sales letters are. This is the reason why I look for robots that appear to be different to the rest instead of just testing everything that is launched.

Unfortunately the Forex robot market has been very disappointing over the past year. Apart from Forex Megadroid there hasn’t really been any robots that delivered consistent results in demo testing, let alone with real money. For this reason I’ve decided to start looking a bit more in depth at other products like signaling services and managed accounts and other ways of automated trading. I will still spend most of my time searching for profitable Forex robots, but from now on I will definitely spend more time looking for alternatives as well.

I appreciate the fact that you are still subscribed to my mailing list and I hope to bring you some interesting info going forward!

Here are my trading results for the past 2 weeks:

1. Manual Trading

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

Due to other commitments I could not monitor the trades of the 1 Minute Daily EA these past 2 weeks and because this is still a very new EA that could possibly have bugs I decided to switch it off during this time. I’ve also received some new settings that I would like to use, so I’m restarting this test on a clean slate this week. Based on my early test results on a live account I still think that this is one of the best products out there at the moment.

2. Robot Testing in Live Accounts

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

Forex Megadroid (Using Alpari UK): Placed only 1 trade in the past 2 weeks for a profit of 2.4%. Users who are new to megadroid may be alarmed by this lack of trading, but there are always good reasons for this and it’s normally best to just wait out the quiet periods. Megadroid has been trading on this live account for 4 months and so far it has turned my starting capital of $490 into $690, which is a profit of 40% and an average of 10% per month.

Fap Turbo (Using Gallant FX and Settings From Fap Turbo Expert Guide): For the moment Fap Turbo is still disabled

3. Robot Testing in Demo Accounts

Aeron EURUSD Robot: Performed well over the past 2 weeks and generated a profit of 12% over 26 trades. The overall profit is now 22% after 3 weeks of trading, but their is one large negative trade that has been open since 11/06 that could change the overall result. This trade worries me a bit, so I’ll investigate during this week to see if the Aeron Robot team has the same trade in their accounts.

Forex Harvester: Had 2 good weeks and ended with a profit of 9.5%. The overall account is still 3.5% in the red, but it recovered most of its losses from the first week or two and since I haven’t tested this robot for 2 months yet I’ll give it some more time to prove itself. I really like the support that the creators of Forex Harvester provide..there are weekly updates, webinars and lots of other things they share on a regular basis. There is also a new, safer version of the robot being released soon.

Robovore: Since I restarted my Robovore test just over 2 weeks ago, this robot has placed a total of 12 trades and ended up with a profit of 0.65%. There are some negative open trades as well, so things are not looking good so far, but I’ll give it the benefit of the doubt and run this new test for at least another month.

Forex Enforcer: Made a loss of 10% over the past 2 weeks. I have tested this robot for exactly 2 months now and it has taken 35 trades and made an overall loss of 44% over this period. Forex Enforcer has not had a single profitable week since I started testing it, so based on these results I see no reason to test it further. This one is going to the failed list below.

4. Robot That I’ve Stopped Testing

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