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The Forex Robot World Cup was shut down on Friday, but if you were interested in the product and didn’t get a copy I wouldn’t be too worried. I’m quite sure that this product will launch again in a couple of months time and you will probably get access to the original winning robots again, so just be glad that you saved $999 for now and use this time to watch the results that others are getting. I’ll keep on testing it and report on my own results on a weekly basis.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

I didn’t spend a lot of time in front of the computer this week and only saw one setup that I was really happy about..this resulted in a small 20 pip profit and a gain of about 1% for the week. This means that I made a profit of around 12% in my second month of manual trading and an overall profit of 7% since I started 2 months ago. I’m very happy with my second month of trading and hope to continue this in month 3.

2. Robot Testing in Live Accounts

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

Fap Turbo (Using Gallant FX and Settings From Fap Turbo Expert Guide): Made a 3.68% profit for the week and the account is now 15% in profit after 3 weeks of live trading. My $500 account has grown to $575

Forex Megadroid (Using Alpari UK): Made no trades last week and the account is still 32% down after 3 weeks because of the two big losing trades in the first week.

3. Robot Testing in Demo Accounts

Forex Robot World Cup (LMD Multicurrency): Made a loss of 4.1% for the week and the overall gain is now down from 8% to 4%. Still too early to make any conclusions about this one.

Forex Robot World Cup (Hirider): Made a net profit of 2% for the week, putting the overall account 3% in profit after 2 week. This robot seems to be a very consistent scalper and it has made 32 winning trades in a row since I started testing it.

Forex Robot World Cup (Fusion-V): So far I haven’t had great results with this robot. Last week it made a loss of 4%, which means that overall it is now just under 5% in red figures. A new version with some fixes and new settings were released last week, so I’ll set that one up and see how it goes.

Forex Godfather: Made no trades last week and the overall account is still down by 8.5%.

USDBOT: Due to its Martingale trading strategy and the fact that their website is shut down, I’ve decided to stop testing this robot.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on all the robots that failed the test.

The biggest news I have today is that I purchased the Forex Robot World Cup. I’ve had many requests for this and I decided that there is no use in delaying the inevitable..this product is not going away and we just have to test it to see if it’s worth the $999.

As an initial test I’ve only set up 3 of the FRWC robots – LMD Multicurrency (the winner of the competition), Hirider (the runner-up) and Fusion-V (the FRWC inhouse developed robot). If none of these produce good results, then it’s kind of pointless to test the rest, because this is the core of the product. I’ve only been running these robots since Wednesday, but there are some interesting results already. See the report below for more details.

Here are my trading results for last week. 

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

I only took 1 trade this week, but it was a big one. Half my lots were closed at 60 pips profit and the other half were closed at 115 pips. I only risked 3% on this trade and because my stoploss was fairly big, this only made me a profit of 3.2%, but if I can do this every week I would be very happy. Just a quick summary of what has transpired so far – I’ve been trading this strategy on my live account now for 1 month and 3 weeks. In the first month I made some classic trading mistakes and ended up with a loss of -5.2%, but with 1 week to go in month two I am already up by 11%.6%, so overall I am just about 6% in profit.

2. Robot Testing in Live Accounts

Fap Turbo (Using Gallant FX and Settings From Fap Turbo Expert Guide): Made a 2% profit for the week and the account is now 12% in profit after 2 weeks of live trading.

Forex Megadroid (Using Alpari UK): Made a 4% profit for the week, but the account is still 32% down after 2 weeks because of the two big losing trades in the first week.

3. Robot Testing in Demo Accounts

Forex Robot World Cup (LMD Multicurrency): Made 1 winning trade an 1 losing trade for a net profit of 8.8%. This robot is off to a good start, but it’s only been trading for 2 days, so we’ll see how it goes from here.

Forex Robot World Cup (Hirider): Made a whole bunch of small winning trades for a net profit of 1.25%. The results so far seem fairly similar to what it did during the competition.

Forex Robot World Cup (Fusion-V): This robot made no less than 21 trades in its first 2 days and it ended up with a small loss of 0.18%. All the losses came from the GBPJPY currency, which is not traded by the above 2 robots, so this must be part of one of the other top 5 robots.

Forex Godfather: Made another big losing trade and ended up 9% down for the week. The overall account is now 8.5% down and I”m quickly losing faith in this robot..it’s just going nowhere at the moment.

FX Broker Buster: Another losing week for this robot. 5% Down for the week and 10% down overall since I started testing it a month ago. I’ve given this robot a month to prove itself and it failed..I see no reason for testing it further.

USDBOT: Made a gain of 8% for the week and is now 25% in profit after 3 weeks of testing. Once again I have to mention that due to its risky Martingale strategy I would not recommend this robot to most traders, but I’ll keep on testing it for those that are interested.

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.

Last week I finally funded my two live accounts and started the real money testing of Fap Turbo and Forex Megadroid. Unfortunately, my timing on this could not have been worse.. About an hour after I activated Megadroid, it made it’s first losing trade in months, followed by another losing trade the next day…this reduced my account by 35% over night. Most Megadroid users (including demo accounts) experienced these losses, so overall it was a very bad week for this robot. Luckily Fap Turbo was off to a better start..see more details below.

After careful considering I’ve decided to purchase a copy of the Forex Robot World Cup after all. I believe that this product will be around for a long time to come and while the price is quite high, I don’t think any testing portfolio would be complete without it. I’ll set things up over the next couple of days and report back by next Monday.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

Due to other commitments I only took 2 small trades last week, but they were both profitable and I ended up with a profit of 1.5% for the week. At the moment I am about 3% in profit after 7 weeks of live trading with this method. This is not a fantastic result, but better than expected if you considering all the mistakes that I made in the first 2 weeks. Manual trading just takes a bit of practice, no matter how simple the system you are using.

2. Robot Testing in Live Accounts

Forex Megadroid (Using Alpari UK, with Aggresive=False and RiskLevel=0.30): After 1 week of trading with real money, this account is down by -35%.. very disappointing. Based on past results Megadroid will recover from this, but it will take quite a while. The $490 starting capital is now down to $318.

Fap Turbo (Using Gallant FX and Settings From Fap Turbo Expert Guide): Fap Turbo had a much better start than Megadroid and ended up with a profit of 10.47% in it’s first week. The $500 account grew to $552.35 and the commission based price feed from Gallant FX seems to work really well for the scalper. I decided to not use the long term Fap Turbo strategy until I have built up some more capital.

3. Robot Testing in Demo Accounts

Forex Godfather: Made 2 winning trades this week for a profit of 300 pips and 11%. This takes the overall account 0.5% into profit for the year. I’m glad it recovered it’s previous loss, but it’s still hard to draw any conclusions about this robot.

FX Broker Buster: Finally had a profitable week and made 11 proitable trades in a row for a profit of 5.8%. The overall account is still down by -5%, so we will see if it can recover from this.

USDBOT: Made a profit of 3% for the week. The overall account is 11% in profit after 2 weeks, but due to its risky Martingale strategy I would not recommend this robot to most traders.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each of the robots I have stopped testing.

The big thing happening this week is the launch of the Forex Robot World Cup tomorrow at 9am EST. There is no doubt that this launch will make the organizers and their affiliates an obscene amount of money, but whether it will be the product that customers hope it to be still remains to be seen. Personally I’m a little sceptical and don’t feel comfortable with the $999 price tag, but I’ll make up my mind when they launch tomorrow.

A number of people have asked if I’m going to offer a bonus to customers who buy the Forex Robot World Cup via my affiliate link. Originally I did not intend to do anything special for this launch, but I won’t say no to some extra commissions, so I’ve decided to put together the following offer. If you buy the Forex Robot World Cup via the link below, I will use part of my commission and buy you a copy of Forex Godfather OR the new GBPBot that launches next week (it’s your choice). To protect myself, I will give you this bonus only after your FRWC refund period has expired. Use this link to qualify for this bonus: Forex Robot World Cup Special Offer. Just forward me a copy of your receipt and I will contact you with further details.

Apart from all the excitement around the FRWC, there are also many rumors going around about USDBOT being a scam. According to reliable sources, the original USDBOT was a ripoff of some free expert advisor and when they were confronted about it they quickly changed to a different system to avoid copyright issues. This latest version USDBOT supposedly uses a Martingale trading strategy (which should usually be avoided at all costs). I can’t confirm if all of this is true or not, but I have noticed signs of Martingale in the trades this past week, so it probably is. Should you get a refund? It’s up to you, but I guess a refund would be the safest option considering the risks of Martingale trading. Despite all this it made a 7% profit this week, so I decided to continue testing it for now and make up my own mind about this product, just in case things are not as bad as it seems. There’s still about 6 weeks to go before my guarantee expires, so I might as well use it.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

Last week was the best manual trading week I’ve ever had. I made 4 winning trades for a total of about 120pips and a profit of 8% for the week. I’m refining my Trading in the Buff strategy as I go along, but it seems that the method I’m currently using to identify the best setups is working very well. Within the next few weeks I hope to write a “Forex Trading in the Buff Advanced Guide” that will go more in depth into the way that I trade this strategy. I’m doing so well with this method that I decided to stop testing the daily pin bars and focus more in depth on this for a while.

2. Robot Testing in Live Accounts

I finally managed to get the tax clearance and wire transferred the money to fund my new live accounts on Thursday last week. Of all goes well I will start Fap Turbo and Forex Megadroid on these live accounts by tomorrow. I’m quite excited to do a head-to-head test of these two products with real money and hope to have some results to report by next week.

3. Robot Testing in Demo Accounts

Forex Megadroid (With Aggresive=False and RiskLevel=0.30): Made only one trade last week for a profit of 2.36%. Megadroid hasn’t had a losing trade so far this year and has made a profit of 6.4% since I restarted my demo tests 4 weeks ago. This demo test will be replaced this week by the real money test mentioned above.

Fap Turbo (Using Settings From Fap Turbo Expert Guide): Made a number of winning trades, but a stoploss on USDCAD erased most of the profits and the account ended up on breakeven for the week. This demo test will be replaced this week by the real money test mentioned above.

Forex Godfather: Closed no trades this week, but there is an open trade that is currently 100 pips in profit, so hopefully there will more news on by next week. So far it has only made the one losing trade in 2010 and the account is still at -9.4% at the moment (pending the outcome of the above trade). I really like the longer term nature of this robot, but unfortunately it also takes a bit longer to get results.

FX Broker Buster: The only thing this robot is busting at the moment is the demo account it’s running on. With another losing week of -6% and an overall loss of -10% I’m very close to writing this one off, but I’ll give it another week.

USDBOT: Apart from all the rumors, USDBOT actually had quite a good week and made a profit of 8%.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each of the robots I have stopped testing.

I’d like to start today’s newsletter with some more information about the “Forex Robot World Cup”.

Based on the affiliate information I was given, this product will launch on 16 February 2010 and the price of it will be $999. For that price you will get the top 5 robots from the competition, together with detailed instructions etc. Do I think this is worth buying? I’m not sure yet..they claim that only a limited number of copies will be released, but I’m fairly certain that the best approach would still be to wait a few days and see what others think of it.

I’ll send some final comments about this next Monday before they launch, but in the meantime you can grab a copy of the 40 page pdf they are giving away on the Forex Robot World Cup Homepage. I just read though it and it contains some very interesting insights into this competition and the history of Forex robots.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

I had 2 very succesfull trades with the Trading in the Buff method this week and made a net profit of about 100 pips. I’m slowly learning to resist the urge to over trade and only take the very best of setups and I’m very impressed by the reliability of this system so far. I’m looking forward to trading this method in the future.This week I also took 2 trades using the daily Pin bar strategy from Hector Deville’s

Learn Forex Live Course. Both trades works out perfectly, but due to poor money management I ended up making a net loss across the 2 trades. I personally believe that this is one of the best ways to trade “end of day” charts, but it will definitely take some practice.Overall I am about 5% in the red with my manual trades after the first month, but I’ve made a ton of mistakes and learned a heck of a lot in the process, so I’m actually very happy with the results. My plan is to keep testing and develop a detailed manual trading strategy using the above systems that I can give to my subscribers to reduce the learning curve they have to go through themselves.

2. Robot Testing in Live Accounts

I’m still waiting for my tax clearance to go through and will hopefully start my real money testing of Fap Turbo and Forex Megadroid sometime this week. The amount of red tape required invest $1000 overseas is rather shocking in this country.

3. Robot Testing in Demo Accounts

Forex Megadroid (With Aggresive=False and RiskLevel=0.30): Made 2 winning trades and no losers last week for a profit of 1.80%. The overall profit is now just under 4% since I restarted my demo testing 3 weeks ago. This robot is still as consistent as ever.

Fap Turbo (Using Settings From Fap Turbo Expert Guide): Made 6 winning trades and 1 losing trade last week for a profit of 2%. After 3 weeks of testing for 2010, Fap Turbo is now 6.75% in profit.

Forex Godfather: After sorting out my Forex Godfather setup it finally made its first trade, but unfortunately this trade made a loss of 140 pips, so the overall account is now in the red by -9.4%. Based on its past performance, this robot can be back in profit with just one 200 pip winning trade, so I definitely won’t write it off just yet.

FX Broker Buster: Made 6 winning trades and 1 losing trade to end up at roughly breakeven for the week. After 3 weeks of demo testing this robot is now -4.7% in the red. The results so far has been unimpressive, but I’ll give it some more time to prove itself.

USDBOT: My USDBOT setup at FXDD wasn’t trading, but after installing the update that Mark Trenton sent out on Wednesday it has made 2 profitable trades and the account is now just under 2% in profit. Mark and his team have been very supportive and they definitely seem to be committed to the long term success of their product.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each of the robots that I have stopped testing.

Before I give you the results for last week, I just want to make some comments about the Forex Robot World Cup, something that I’m sure you have heard a lot about.

Like many others, I have followed this competition with interest over the past 2 months and while the performance of the winning EA seemed a bit too erratic to me, there were some contestants that really impressed me (like the HiRider EA that came second). The important thing to note about this competition is that it was no charity event for the benefit of traders..the sole purpose of the Forex Robot World Cup was to make a lot of money for it’s owners. The competition created a LOT of hype and expectation and they will now sell the winning EA’s to thousands of eager traders. I don’t want to sound negative, but I had to mention the reality behind all this hype. I’m not sure when they will launch the product and what the final price will be, but I will definitely let you know if I hear any news.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

On the manual trading side I had a much better week than the previous one. I only took two Trading in the Buff setups on the 4Hour charts and both worked out perfectly. Overall my manual trading account is still in the red by about 5%, but it’s been quite a learning curve and I’m happy with the results of my first 3 weeks of trading. I knew the first month would be a bumpy ride, but if I can be consistently profitable by month 3, I will be very excited.

I also started trading with the daily pin bar strategy that Hector Deville teaches in his Learn Forex Live Course, so there will hopefully be some results on this one by next week as well. Hector is a brilliant coach and if you are looking for a comprehensive Forex course that teaches you a number of trading strategies, then I’nn definitely recommend this one over anything else that I’ve seen on the market.

2. Robot Testing in Live Accounts

I’m still waiting for my tax clearance to go through and will hopefully start my real money testing of Fap Turbo and Forex Megadroid in the 1st week of February.

3. Robot Testing in Demo Accounts

Forex Megadroid (Using default settings with a RiskLevel of 0.30): Had only one breakeven trade last week and the overall profit for 2010 is still at 2% after 2 weeks of testing. New users were dissapointed with the lack of trading last week, but there were a lot of high impact news last week and I’m sure that Megadroid stayed out of the markets because of the high volatility. This is what makes this so safe to use.
Fap Turbo (Using Settings From Fap Turbo Expert Guide):It looks like I made a mistake when I stated that Fap Turbo made a 0.5% profit last week..it actually made a loss of 5%..not sure how I made such a big error. However, this week Fap Turbo traded no less than 43 times and it made a profit of 11% for the weel, so the overall account is now 4.63% in profit for 2010. I’m not even trading USDCHF yet, so this amount of trading activity is quite impressive.

Forex Godfather: So far I’ve had no closed trades for Forex Godfather in 2010, but I found out last week that this was because of an error in my Metatrader setup. The EA is running again and it is currently in an open trade, so hopefully I will have some results to report on next week.
FX Broker Buster: Had its second losing week in a row with a loss of 3.19%. This puts the overall account at a loss of 4.48% after 2 weeks of testing. It’s still too early to make any conclusions about this robot, so I’ll give it at least another 2 weeks to prove itself.

USDBOT: Since installing USDBOT on Tuesday I’ve only had two very small winning trades, so there is not much to report on yet. They did release a new version today, so I’ll try that for a day or two and if I don’t see some action I will consider switching over to the hourly charts or a different broker (as recommended by Mark Trenton). I’ve had a lot of good feedback from other USDBOT users though, so things are looking quite good for this robot so far.

4. Robots That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each robot that I’ve stopped testing.

Before I give you the results for last week’s trading, I’d like to mention a new robot that I’m very interested in. It’s called USDBOT and it’s launching tomorrow morning at 9am EST. Like me, I’m sure you have already received a number of promotional emails about it. I promised myself that I won’t buy Forex robots on a whim this year, but there’s a couple of things that I really like about this launch so far..

The first thing I like is the fact that they show real live accounts on the USDBOT Homepage. This is already a good sign to me, because it shows that the creators have faith in their product (provided that the statements are not faked of course). The second thing that I really like is that you can also buy the actual trading strategy that this robot uses and manually trade it if yourself. They don’t advertise this yet, but the creator of the system (Mark Trenton) told me that this will be one of the optional addons when you buy the robot. If this is true then it’s definitely a first..that level of transparency is highly unusual when it comes to Forex robots.

I’ll send another email after I’ve purchased my copy tomorrow, but in the meantime you can get more information about this robot on the USDBOT Homepage.

Here are my trading results for last week.

1. Manual Trading

(Using the Trading in the Buff the method on my live Account at IBFX)

It’s been a tough week for manual trading, mainly because of my own poor decisions and trading mistakes. I seem to have violated every golden rule of trading last week, including over trading, letting my emotions influence my decisions and just plain bad judgment. Just because I was eager to trade I took a number of trades that I shouldn’t have taken and when those didn’t work out I took some more to try and make up for the losses. I ended up wiping out all my profits from previous weeks and my overall manual trading result is now at -10%. The good news is that I’ve learned some valuable lessons in the process and I’m eager to start fresh this week with a new plan of action. I’m still happy that the Trading in the Buff method is very accurate, so I’m not discouraged at all. It’s been a long time since I’ve traded manually and I didn’t expect things to go smooth from the start, so we’ll see how it goes from here.

2. Robot Testing in Live Accounts

I’m still waiting for my tax clearance to go through and will hopefully start my real money testing of Fap Turbo and Forex Megadroid in the 1st week of February.

3. Robot Testing in Demo Accounts

While waiting for my live accounts to be funded, I decided to restart my forward tests of Fap Turbo and Forex Megadroid, just just to see what the current performance is like.The results for last week were as follows:

Forex Megadroid (Using default settings with a RiskLevel of 0.30): Made 2 profitable trades last week for a profit of 2%.

Fap Turbo (Using Settings From Fap Turbo Expert Guide): Made a number of great trades last week, but a stop loss that was hit on USDCAD wiped out most of the profits for the week and the account ended up only 0.5% in profit.

Forex Godfather: Still no trades since I switched it back on 2 weeks ago. I’ll double check my settings, but this is not necessarily a problem, because as we have seen last year, this robot goes after large moves of up to 200 pips.

FX Broker Buster: Placed 8 trades in its first week of testing and closed the week with a loss of 1%. I’m quite impressed with the way this robot trades and I look forward to seeing what the next couple of weeks will deliver.

4. Robots That I’ve Stopped Testing

Please visit the Live Testing Page for more details on each robot that I’ve stopped testing.

1. Manual Trading (Using the Trading in the Buff the method on my live Account at IBFX)

I learned a valuable lesson this week – never ignore the news! On Monday I entered a trade on USDCAD without first checking the Forex calendar and this turned out to be a big mistake. A major announcement affecting CAD was made soon thereafter and the USDCAD price whipsawed all over the place, resulting in a 50 pip loss for me. Luckily I had some good trades the rest of the week and recovered most of those losses. If I had been more careful I could have easily had another 5% week, but because of my own mistakes I ended up making a 1% loss. Despite of the losing week I am still 3.5% in profit after 2 weeks and the 10% profit target is definitely not out of reach. I am still developing my own strategy with this method, but once I have some more experience I will put together a bonus guide with my exact entry and exit strategies etc.

2. Robot Testing in Live Accounts

It’s been a frustrating week for me in this regard. Due to what can only be called a “series of unfortunate events”, I won’t be able to start my real money testing of Fap Turbo and Forex Megadroid before the 1st week of February. The reason for this is simply that it will take 2 weeks to get the tax clearance in place that my bank requires before they will do an overseas wire transfer to fund my accounts. For now I guess I’ll just have to be patient with this.

3. Robot Testing in Demo Accounts

On the demo testing side things didn’t go much better last week, because all my Alpari demo accounts were deactivated for no apparent reason. I’m not sure if this is something they do every new year, but I’ve lost all my demo account statements and had to re-start my robot testing in brand new accounts. So as of today we are starting with a clean slate, which is perhaps not such a bad thing. For the moment, I have Forex Godfather, Fap Turbo and Forex Megadroid running on demo accounts and none of them have made any trades yet.

This week I spent a lot of time researching new robots and after a lot of consideration I have decided to purchase FX Broker Buster. I have had some good feedback about this robot and the results reported by their customers seem to match the live accounts that they display on the FX Broker Buster homepage, so I am interested to see how this one performs. If you have purchased this robot, please let me know how you have found it. I’ll postpone this purchase for a day or so, just in case I receive different information in response to this.

4. New Products

There has been a number of big launches the past week, but the one that really caught my eye was the Powerband Dominator System by Dean Saunders. I’m a fan of Dean’s systems and I know him personally, so I’m always curious when he launches something new. I don’t think I’ll be able to do extensive testing with this system soon, but I had a quick look at it and it definitely looks very good.

5. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on all the robots I have tested so far.

1. Manual Trading

After announcing that I will test both the Trading in the Buff and the Black Dog Forex systems, I soon realized that testing two new systems at the same time can be quite confusing. I really want to keep things as simple as possible, so I decided to start with the Trading in the Buff method (which is the one I’m most excited about) and leave the Black Dog system for a bit later.

For the Trading in the Buff method things were off to quite a good start. I took 2 trades so far and made a profit of 90 pips for the week, resulting in a 4.5% gain for the account. This was in my live account, trading with real money. Both trades worked out exactly as planned, so I’m very happy with the progress so far. I’ve had some questions about how exactly I trade this method, so here are some basic details for those who are interested:

I like to trade the hourly chart and 4 hour charts, because this gives me a couple of good setups every week. Once a valid 1-2-3 formation is formed according to the rules in the course, I wait for price to return to the area where the support/resistance is expected to be and then enter the market. My profit target is the other side of the “black hole” as defined in the e-book and my stop loss is on the other side of the first bar of the 1-2-3 formation. I don’t use a fixed stop loss, but wait for price to actually close below or above these levels before closing a trade with a loss. Please send me an email if you need any more information on this.

2. Robot Testing in Live Accounts

This week I opened two live accounts to begin the real money testing of Fap Turbo and Forex Megadroid. For Fap Turbo I opened an account with Gallant FX (the broker that Rob Casey has a special relationship with) and for Forex Megadroid I opened an account with Alpari UK (where I’ve done most of my Megadroid testing). In order to compare the two robots head-to-head, I’ve decided to fund each account with $500 of starting capital. This is about double than I initially intended to start with, but it’s the minimum that Gallant FX requires and I really wanted to start the two robots with the same amounts.

Both of the accounts have been approved already, but unfortunately it’s a bit of a lengthy process to fund the accounts from where I live (South Africa). It will take another 7-10 days before any live trades can be placed, so please bear with me while I go through all the red tape required by the banks. Hopefully my account will be funded and ready to go by next week. I would be lying if I said that I wasn’t quite excited about this live testing project.

3. Robot Testing in Demo Accounts

Forex Godfather is the only robot that I’m currently testing in demo and since it hasn’t traded yet this year, there isn’t much to report yet. I’ve had a number of requests to test some of the new robots that was recently launched and while I can not test all of them, I will definitely add at least 1 new robot to the testing profile over the coming week. Over the next few days I will sift through all the robots that were released in the last month or so and see if I can find anything that really stands out from the crowd.

4. Robot That I’ve Stopped Testing

Please visit the Live Testing Page for more details on all the robots that I’ve tested in the past.

This is my first post for 2010 and I would like to start by wishing everyone a very happy new year. I hope that I can assist you in your quest to find profitable Forex systems this year and I always welcome your questions or suggestions. I would like to kick off with some detail of my Forex plans for this year:

1. Manual Forex Trading Systems

Many people prefer manual trading over forex robots and because I have had a lot of requests I’ve decide to include some manual systems in my testing. These systems require a lot more time and attention and I can only test one or two at a time, but I’m sure that we can still discover some very profitable strategies this year.

To get started with this I spent the whole of December evaluating a variety of manual Forex systems. I purchased more than 10 manual trading systems, including Forex Rebellion, Forex Pip Snager, the Forex Cobra System, Forex Trading Made EZ, the Fiby Day Trader System, Forex Trading Machine, LMT Forex Formula and many others. After studying each system, I also spent some time back testing it and after many hours of evaluation I ended up with only two, systems that really impressed me: Forex Trading in the Buff and the Black Dog Forex System.

I tested the Trading in the Buff method for 2 weeks over December and was so impressed with the results that I decided to start testing it this week in my LIVE account. The Black Dog system showed very promising results in backtesting and will be tested in a demo account for now. I will start trading with these systems tomorrow morning and report the results on a weekly basis as always.

2. Forex Robots

Another new thing that I would like to introduce this year is live testing on real money accounts. Once a robot consistently performs well in a demo account, I will open a live account with a broker and start testing it with real money. Out of all the robots that I tested in demo accounts last year, Fap Turbo and Forex Megadroid were the only ones that showed consistent results, so for now these will be the only robots that will trade with real money. I will spend the rest of this week setting up live accounts for these and will hopefully be ready for live trading by next week.

Apart from the above two, Forex Godfather is the only other robot from that I am going to continue testing this year. For poor performance and various other reasons, I have eliminated various Forex robots from my testing portfolio by the end of 2009. (Please visit the Live Testing Page for more details on each of these.)

3. Forex Signalling Services

Forex signalling services are somewhat popular and while it is not something I am personally interested in, it is a concept that I receive many questions about and definitely the 3rd piece of the Forex puzzle. These products can have costly monthly subscriptions and I may not be able to afford many of them, but I will definitely investigate this over the next couple of weeks and see how I can evaluate them in a practical manner.

I look forward to sharing my Forex result with you and I hope that 2010 will be a prosperous year for all of us. Please use the subscribe form below this post to receive my weekly newsletter and follow my trading results.