Forex Newsletter – 4 October 2010

It’s been a fairly busy week on my side. I firstly received an email from the creator of Forex Combo System, asking me to test his forex robot. The sales page looks professional and the proof of performance they provide certainly seems impressive, so I decided to add this robot to the testing portfolio.

I am also working with a programmer to add some new features to my FXTradingReviews website, which will enable visitors to view and compare the performance of all the robots that I test in a much more user friendly way. I am also considering setting up a, forum where my subscribers can meet to discuss forex robots and all things forex related in friendly atmosphere. More about these new features later.

For now, here are my trading results for the past week:

1. Manual Trading

After spending some time with Hector Deville’s Intraday strategy I realized that I just don’t have enough time for intraday trading at the moment, so I decided to start testing his Part Time Trading method instead. This method uses price actions and support/resistance on the daily charts and it only requires 20 minutes in front of the charts each day. I have no doubt that this will require some practice, but I trust the strategy and look forward to testing it. You can see a sneak preview of Hectors Part Time Trading course here.

2. Robot Testing in Live Accounts

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

Forex Megadroid (Using Alpari UK): Had 1 breakeven trade for the week so the overall profit is still 34.3% after 7.5 months.

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

Forex Crescendo: The commercial version of Forex Crescendo hasn’t closed any trades since I started testing it last week. There are currently some open trades that have a combined profit of 49 pips, so by next week there will hopefully be a lot more to report.

Fish Forex Robot: Made a profit of 5% for the week. Unfortunately the overall account is still down by -19% after the stoploss that was hit on the adjustment order last week, but Rita Lasker promised me that they are working on ways to improve the EA and get rid of the Martingale like component that causes these occasional large losses. For the moment it seems that her Forex Greenbot is a better product from a risk/reward perspective.

Forex Greenbot: Continued its good form and made a profit of 8% (or 75 pips) for the week. There’s a few days to go before the 1 month testing mark and this robot has already made an overall profit of 29.7%. Version 1.11 of Greenbot was released a few days ago and the risk/reward ratio is even more impressive with the new settings.

Probability EA: I’ve been testing this robot for 3 weeks and so far I’ve really been impressed by what I’ve seen. It made a profit of 6.7% for the week and the overall profit for the account is now at 9.50%. Little is known about the stoploss/takeprofit or overall strategy of this robot, but I’ll see what I can find out from the owner.

Forex Bulletproof: Made a profit of 0.54% for the week, which puts the overall profit at 1% after 2 weeks of testing. I don’t have enough information yet to make a final judgment one the risk that this robot presents, but for now I would say it’s safer to stay clear of this one until we have seen what its worst case scenario is.

Forex Supersonic: Had another bad week and made a loss of -4.9%. This robot has shown absolutely no signs of the amazing performance promised on their website. It doesn’t trade often enough and when it does trade it’s simply not profitable, so I’m afraid Forex Supersonic is going to the failed list for now.

Forex Combo System: I installed this robot on Wednesday after the owner asked me to test it. This robot contains 3 trading strategies and if the performance is as good as the live statements on their homepage show then we can look forward to some interesting results. It’s off to a good start with 1% profit in its first week.

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.