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I’ve been investigating some new products over the past couple of days and one that I found that looks quite interesting is Forex Samurai. It’s a signal service and a forex robot combined into one. From the end user perspective it’s an expert advisor that runs on Metatrader like any other Forex robot, but instead of making trading decisions based on a fixed set of mechanical rules, this EA only trades based on signals provided by a real human trader. I like this concept, because it addresses a lot of the disadvantages of signal services and Forex robots.

I’ll do some more digging to see how this service compared to others on the market.I also found at least one new Forex robot that I’m going to add to this post, but more about this next week..

Here are my trading results for the past week:

1. Manual Trading

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

For those who don’t know, the 1 Minute Daily system is a manual trading system, but they also provide an EA that automatically trades according to the exact rules of the manual system, which is what I’m using in this account.

I restarted the 1 Minute Daily system on Wednesday morning and not long after that it closed a trade for a profit of 35 pips. This was smaller than its average trade, but still not a bad way to start. On Thursday things looked good for another trade, but for some reason the EA stayed out of the market. It opened another trade on Friday, but that one is still open, so I’ll report on it next week. Reporting percentage gains or loss for this system is a bit difficult because I also trade and experiment with other methods in this account, so from now on I’ll just report the weekly results in pips.

2. Robot Testing in Live Accounts

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

Forex Megadroid (Using Alpari UK): Completed 1 trade last week for a profit of 1.65%. I started this account 4.5 months ago with $490 and the balance is now just over $700, which is a profit of 43%. Some people say that Megadroid is old news, but to be honest I have yet to find another product that works as consistently.

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: Made a small loss of 1.6% for the week. Unfortunately my trial copy of Aeron Robot expired in the middle of the week, so it only traded until Wednesday. I organized a new trial with the developers and will get that up and running again today.

Forex Harvester: Things were very quiet for Harvester last week and it only placed one trade that ended up on breakeven. After 2 months this account is 3.33% in the red, but according to other users of this robot it was the worst 2 months that Harvester has ever had, so I won’t write it off just yet.

Robovore: Closed a bunch of losing trades and ended up with a loss of 2.9% for the week. As in my previous test of Robovore, it seems to be going nowhere, but I’ll let it run for another couple of weeks before making a decision about it.

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.

January 2010 Update: Read my full 10 Minute Forex Wealth Builder Review here.

During this week I made contact with Dean Saunders, author of the popular 10 Minute Forex Wealth Builder system and he agreed to answer a few of the questions that I had about his product. See his responses below.

• Are the techniques taught in 10 Minute Forex Wealth Builder effective under all market conditions, including the current economic crisis ? In other words – is 10 Minute Forex Wealth Builder a good long term strategy that can withstand the type of volatility we are seeing in the markets today? Answer: Yes it is performing better than ever right now, especially the swing system. Stops have to be larger at the moment but it’s just a case of controlling the risk on each trade by using the correct lot size.
• What are the advantages of using a manual trading system like 10 Minute Forex Wealth Builder over an automated system like Forex Autopilot? Answer: One thing a Trading robot will never get is experience and a feel for the markets. Nothing can substitute real trading experience, it gives you a further edge on your trading system.
  
• Do you still personally trade with the techniques taught in 10 Minute Forex Wealth Builder on a daily basis? Answer: Yes, I have been trading them for many years.
• Besides the 10 Minute Forex Wealth Builder, do you use any other trading systems on a regular basis? Answer: Apart from the 10 Minute Forex Wealth Builder strategy, I also do day trading with my Blade Forex system.
• Lastly, do you have any advice for new Forex traders? Answer: Make sure you demo trade until you are consistent for at least 3 months. Focus on daily time frames and stick to only the best setups.

I did some trades with the 10 Minute Forex Wealth Builder system this week and so far this really looks like a very solid system. I’m only about 20 pips in profit at the moment, but I made some mistakes and really should have been up by at least 150 pips.

I’ve done 2 Breakout trades and 2 Swing trade so far and I have to say that the swing trade is my favourite so far..it occurs lesss often, but it seems to be a very accurate trading technique and the logic behind it makes a lot of sense. The mistakes I’ve made so far have been with my money management – Dean suggests spesific stop loss and take profit values for each currency pair, but I’m already learning that common sense should always prevail.

For example, in a Breakout trade on the USDCHF, I placed my take profit target 100 pips away at 1.2001. The price moved up by 99 pips to 1.2000 and then hit strong resistance, because 1.2000 is a signififcant round number that the USDCHF hasnt broken since 2007. Instead of expecting the price to break through 1.2000 to hit my target at 1.2001, I should have just put my target below 1.2000 at maybe 1.1999, but instead I was later stopped out by my trailing stop and made 50 pips profit instead of 99.

The 10 Minute Forex Wealth Builder system definitely requires a bit of practice before you go live, but after working with it for a week I really have high hopes that this is a very effective part time strategy. Next week I will start posting some trading logs and results for this system.

January 2010 Update: Read my full 10 Minute Forex Wealth Builder Scam review here.

January 2010 Update: Read my full 10 Minute Forex Wealth Builder Review here.

As I mentioned in an earlier post, I recently purchased the 10 Minute Forex Wealth Builder product in order to test its profitability as a part time trading strategy. I finished learning and back testing this system and started forward testing it yesterday. Unfortunately there has been no trading opportunities so far, so I have nothing to report on yet. In the meantime I have written a detailed review on the product, which you can find here:

http://fxtradingreviews.com/10-minute-forex-wealth-builder-review/

Reviewing a manual trading system is not easy, because you can’t reveal much information about the product itself, but I hope that the above review will be helpful to anyone that is interested in this system. Please leave a comment here or sent me an email if you have any questions about this system at all.

January 2010 Update: Read my full 10 Minute Forex Wealth Builder Scam review here.