Forex Newsletter – 14 November 2011

Posted by Chris | Posted in Newsletter | Posted on 14-11-2011

I’ll start today with another update on the live test we performed with the Scalping FX Robot. As you my recall from last week, we opened a $500 live account with a broker recommended by the creator of the EA and allowed it to trade for 2 days on a number of currency pairs without any interference. We used Oanda for the master feed and ILQ as the slave. The EA made dozens of trades over this period, but the end result was a loss of about -9% on the account, so the test was unsuccessful.

I discussed this with Craig and after he examined the logfiles he concluded that it’s “game over at ILQ” at this broker, meaning that his EA does not work with this particular broker anymore. He recommended that we try some other brokers, but I really don’t know if this is worth it. I think the strategy that this EA uses can be extremely profitable, but to be able to use it you will have to test it with a variety of brokers to find one that works and be prepared to change brokers regularly into the future. This is not the type of strategy I’m looking for, so I probably won’t test this one any further, but it could be worth looking into depending on your personal situation.

Here is the rest of today’s newsletter…

1. Other New Products Worth Checking Out

The following new forex products could be worth checking out:

News Trade Sniper
A specialized news trading service that includes a live trading room, automated trading tools and much more. I’ve received a lot of email about this product the past couple of days and it seems like a very interesting service.

Haru EA
A new forex robot by professional trader Haru Miyagi that supposedly made more than 1600% profit in 18 months.

2. My Current Top 5 Forex Robots

My current Top 5 Forex Robots are still as follows:

1. Wallstreet Forex Robot
2. Shark EA
3. Forex Combo System
4. Kangaroo EA
5. Forex Growth Bot

3. Live Account Performance

Active EA’s: Wallstreet Forex Robot

See more detailed performance stats through MT4i here.

Weekly Performance: +5% (73 pips)

Starting capital: $500
Current Balance: $678
Overall Profit: +36%
Active Days: 167

Overall profit includes trades that have been closed in this week.

4. Weekly Performance on Demo Accounts

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

I’m unfortunately having some probems with the MDP statement not showing all trades, so the weekly and overall stats are not correct.

Forex Combo System: +15%
Shark EA: +0%
Paraswing EA: -1%
Wallstreet Forex Robot: +0%
Million Dollar Pips: -6%
Forex Growth Bot: +7%
Kangaroo EA: +1%
Forex Goldtrader: +0%
Forex Morning Trade: +3%
FX Steady Growth: +0%
Forex News Trader: -1%