Forex Quattro and Forex Gap Robot Started

It’s been 2 weeks since my last newsletter and I have quite a few things to report on.

Firstly, I’ve finally decided to set up a Twitter account to update my subscribers with news throughout the week. I’ll tweet my thoughts about new products that are launched and other things that I don’t normally write about in the weekly newsletter, so it would be great if you would join me at: www.twitter.com/fxtradereviews

I also purchased 2 new forex robots last week – Rita Lasker’s new Forex Quattro and a little known product called Forex Gap Robot. Forex Quattro supposedly consists of 4 distinct robots working together to create a very profitable portfolio, but only time will tell if it really works as well as they claim on the sales page. Forex Gap Robot trades the weekend gaps like Forex Harvester, but it seems to have a very different strategy with much tighter stoplosses. I think this type of gap trading can be profitable in the long term, so I’m interested to see how this one performs.

Thirdly I think it should be noted that Forex Megadroid has officially doubled the $490 live account that it started trading with 9 months ago. The account balance is now $998 and it took 267 days to make a profit of 104%. I know that Megadroid is due to make one of those big losing trades one of these days, but I still think that this is quite a momentus occasion.

1. Forex Robot Comments

Forex Overdrive: I’ve been testing this robot for only 20 days and it has made an impressive profit of 39% so far with 31 consecutive winning trades and no losers. Unfortunately there’s always a catch somewhere and the catch with this robot is that it uses a large stoploss to achieve these profit. The average stoploss is around 300 pips, while the average take profit is only about 15 pips, so one losing trade wipes out 20 winning trades. So far it does seem to have an extremely high success rate, so we’ll see how it performs over a longer period.

Fish Forex Robot: After the unfortunate loss at the end of September this robot has been recovering steadily and it is now finally back in profit. The Martingale like adjustment order is still the only drawback in this robot’s strategy, but the good news is that Rita Lasker will soon be releasing a new “Fish Forex Robot Version 2″, which according to her has a much safer strategy. I’ll definitely start testing this new version as soon as it’s released. I still think this could be the best robot out there if they can sort out this one problem.

Forex Crescendo: Has made 10% profit in the 20 days since I restarted my test, but the open trades are currently in a fairly big drawdown, so I don’t feel uite comfortable with this robot yet. I’ve had some problems with this specific instance of Metatrader crashing intermittantly and I’m not sure how this affects the trading.

Forex Greenbot: This robot has been struggling to make a profit lately, but it also hasn’t really lost any money. Winning weeks are followed by losing weeks and overall the account is not really going anywhere. It’s still 36% in profit after 2 months of testing, so I’ll definitely give it the benefit of the doubt at this stage.

Note: Please visit the Robot Performance Page for more detailed statistics

2. Performance on Live Accounts

Forex Megadroid (Weekly): +14%
Forex Megadroid (Overall): +104%

3. Weekly Performance on Demo Accounts

Forex Combo System: -1%
Probability EA: +4%
Forex Crescendo: +0%
Forex Greenbot: +3%
Fish Forex Robot: +4%
Forex Bulletproof: +0%
Forex Overdrive: +8%
Forex Signal Safe: +0%
Forex Gap Robot: +0%
Forex Quattro: +0%

4. Overall Performance on Demo Accounts

Forex Combo System: +6%
Probability EA: +14%
Forex Crescendo: +10%
Forex Greenbot: +36%
Fish Forex Robot: +3%
Forex Bulletproof: +9%
Forex Overdrive: +41%
Forex Signal Safe: +0%
Forex Gap Robot: +0%
Forex Quattro: +0%

5. Robots That I’ve Stopped Testing

Please visit the Robot Performance Page for more details on robots that I’ve stopped testing.