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January 2010 update : Read my full Forex Megadroid Review here.

I had some problems with the desktop pc I do my Forex trading on over the past few weeks, but this has been sorted out and I hope to start posting weekly updates again soon.  I’m still running my Forex Megadroid tests and so far the results are looking very good.

Since I started the Forex Megadroid robot it has performed 12 trades for a total profit of 115 pips. The success rate was 100% and all 12 trades were profitable, so their claims of a 95% success certainly does not seem false at this stage. Setting up Forex Megadroid is much easier than Fap Turbo, because things like the GMT Offset is detected automatically and there are no long list of parameters to worry about. All you need to do is specifiy your desired risk percentage and activate the robot. The stealth mode or “Anti Broker” mechanism appears to work as advertised and the robot also has an interesting “aggresive mode” setting that effectively doubles the lot sizes after a losing trade to ensure that losses are recovered quicker. I have yet to see how this works, because there has not been a single losing trade so far.

The Forex Megadroid system appears to be very careful in its selection of trades and normally only trades once per daybut never on Fridays or Sundays. So what you end up is roughly 4-5 trades per week, with about 10-15 pips of profit per trade. See the statement below for details of the trades that were performed so far. Please Note: I had a problem with my desktop for about 3 weeks, hence the gap in trading between 2009.04.08 and 2009.05.04:

January 2010 Update: Read my latest Fap Turbo Review here.

It has been 2 weeks since I installed Fap Turbo and even though I expected good results, I have to admit that I am blown away by what this robot has achieved so far. In fact, I have decided to stop trading in a demo account and switch over to my newly opened live account today. I will post more details about this once everything is up and running. In the meantime, here is a detailed report of the performance of Fap Turbo over the past 2 weeks.

My $5000 demo account has almost doubled to $9466 over the 2 week test period. A net profit of +1818 pips were achieved, consisting of +1468 pips from the long term strategy and +350 pips from the short term strategy. At first glance the long term strategy of Fap Turbo seems a lot more profitable, but it is important to note that the short term strategy is incredibly safe and has a very high success rate, so it’s a much more conservative strategy. The long term strategy of Fap Turbo has bigger profits, but also bigger drawdowns and ultimately presents more risk. Both strategies have a success rate of roughly 92% so far and there has only been 7 losing trades out of a total of 91.

January 2010 Update: Read my latest Fap Turbo Scam review here.

January 2010 Update: Read my latest Fap Turbo Review here.

There’s been some requests for testing results, so I decided to post the results for week 1 a bit early and then maybe post an update after the end of the week. I installed Fap Turbo on a $5000 demo account on 25 October 2008 and let it trade using the default settings. I enabled auto lot management, but apart from that all other settings were left on the defaults.

Over the past 5 trading days the Fap Turbo robot has made a number of profitable trades using both the short term and long term strategies and the account has grown to $6940. The detailed statement for this account can be seen below. As you can see, there is 1 big losing trade of $598 at 2008.12.01 00:00. This trade was closed as a result of the setting that specifies that all losing trades should be closed at month end. This setting can be disabled, but I’m not sure if this is a good idea yet.

As of yesterday, the long term strategy shows a status of “NO Trade Today”, which means that according to the internal indicators, the market is not safe to trading. This is a good example of how Fap Turbo is different from the original Forex Autopilot.

I have decided to take my testing of Fap Turbo to the next level by opening a live account with InterbankFX. This will take a few days to process, but if all goes well I will be live trading with this system early next week. More detail on this later.

January 2010 Update: Read my latest Fap Turbo Scam review here.

Forex Autopilot started the week with its first real losing trade, making a loss of -234 pips on Monday. As I explained in another post, Forex Autopilot closes losing trades at month end in order to have a “fresh start” in the new month. The above trade was still open at month end and closed accordingly. After that the system has made 16 winning trades of +20 pips in a row, resulting in a net profit of +86 pips for the week. Here are the current totals:

Week 1: +409 pips
Week 2: +100 pips
Week 3: +86 pips
Total: +595 pips

In the 3 weeks that Forex Autopilot has been running in my demo account, it has executed 47 trades, of which 44 were winners and only 2 were losers, including a trade that I closed manually when I switched accounts. This is a success rate of 95.7%. Considering the current worldwide economic volatility, I am very pleased with these results so far. It seems that many users are seeing excellent results with the new Forex Autopilot that was released in September.

Over the last 5 days I’ve spent a lot of time learning the Forex Avenger and 10 Minute Forex Wealth Builder trading systems and I’m going to start trading with both of these systems today in a seperate demo account, dedicated for manual trading systems. The two systems are completely different, but I’m very impressed with both so far and will post full reviews of them over the next couple of days.

Firstly, I purchased 2 manual trading systems to test today: 10 Minute Forex Wealth Builder and Forex Avenger. I’ve always wanted to test 10 Minute Forex Wealth Builder, but there’s been so much hype about Forex Avenger this week, that I decided to buy it as well out of pure curiosity. These will be the products that I use for my initial case study of manual trading systems. I can’t wait to start reading the ebooks to see what these systems are all about. More details about this soon..

Back to Forex Autopilot. I’ve reached the end of week 2 of my Forex Autopilot forward test and while it’s been a much quieter week, the results are still looking positive -

Week 1: +409 pips
Week 2: +100 pips
Total: +509 pips

I decided that I will only include closed trades in my result posts to avoid confusion. I manually closed the open trade there was at the end of week 1 for a loss of -71 pips, because I wanted to create a fresh demo account that was dedicated to Forex Autopilot. This trade would have been a winner if I left it open till Monday. Out of 30 closed trades to date, there has only been 1 losing trade – the one that I closed manually. Very Impressive results so far.

This week I also saw the first thing about Forex Autopilot that I didn’t like. The week started good with 5 winning trades in a row to make the 100 pips profit by Tuesday, but then it entered a short position on Wednesday that it hung onto for the rest of the week. At one stage this trade was -400 pips in the red, but it recovered a lot towards the end of the week. I’m not entirely sure what to do with open trades on Fridays, but the manual doesn’t say anything about this, so I guess I should just let this trade run its course and see what happens.

Being in a trade for 3 days is not such a problem for me, but the fact that it only opens 1 trade at a time is, because during those 3 days there would have been numerous other trading opportunities missed. I did some research about this and answer to this seems to be in the Forex Autopilot configuration parameters, but I will make a detailed post about this tomorrow.

It’s the end of my first week of demo trading with Forex Autopilot and Forex Funnel and I’ve already seen some very interesting results. Here is a quick summary of my trading results so far:

Forex Autopilot Result: +409 Pips
Forex Funnel Result: +407 Pips
Total Profit: +815 Pips

Forex Autopilot has made 24 winning trades of 20 pips in a row this week, but it had an open trade that was -71 pips in the red by market close on Friday. This trade might well end up in profit, but for simplicity sake I decided to count this trade as a loser for now. It is too early to make any conclusions after 1 week, but so far I am very impressed with the high success rate and trading decisions of this system.

Forex Funnel on the other hand has made 250 trades in the past 5 days of trading. It uses varying lot sizes, which I’ve taken into account when calculating the net pip values above. The key to this system’s success definitely seem to come from a high risk, high reward Martingale strategy.

The following trades on Thursday illustrates this strategy very well:

A short position is entered at 95.96 based on the system’s internal indicators. The price goes up and the trade starts making a loss. Another short position of double the lot size is entered at a higher price. The principle is quite simple – if the price retraces slightly at this point, the second, larger trade makes enough profit to cover the losses of the first trade. Both positions are then closed and no losses are made. However, if the price continues to go up, another short position of double the second position’s lot size is entered, etc..

As you can see in the example above, the first losing position was entered with 0.01 lots, but it took another 9 trades until a retracement occurrred that could make up for the losses. At one point, there were 10 open trades with a total of 10,23 lots in the market. If this losing streak continued for just a while longer, my account would have been wiped out by a margin call.

I also found a rogue Forex Funnel trade that was open for 4 days and then closed out by a stop loss for nothing less than a 1000 pip loss. Most of the Forex Funnel trades seem to have stop losses around the 1000 pip level, which is another big risk.

For these reasons I’v decided to stop testing Forex Funnel for now and focus more on Forex Autopilot and other products that don’t use Martingale strategies. Perhaps I will revisit Forex Funnel again later.

It’s been roughly 2 full days now since I switched on Forex Autopilot and Forex Funnel in my Interbank FX demo account and I already see some interesting results.

Firstly, I made a mistake with the Forex Autopilot setup and only found out that the expert advisor was complaining about the activation key last night, so this system has only been trading for 24 hours now, while Forex Funnel has been trading for almost 48 hours.

In terms of trading results there is only good news so far. In the past 2 days I have made +410 pips net profit using these 2 systems. This consisted of 140 pips from Forex Autopilot and 270 pips from Forex Funnel.

Here are some more details of what has been happening with each system so far:

Forex Auto Pilot

Forex Autopilot has made 7 solid trades on the EURUSD over the past 24 hours, of which 100% were winners. Each trade made 20 pips, for a total of 140 pips profit.  See the diagram below for some of its winning trades today.

Please Note: For these tests I am using the new version of Forex Autopilot that was released in September 2008.

The one thing I noticed immediately about Forex Autopilot is the fact that it does not use any stop losses. According to the manual it closes losing trades based on it’s internal indicators.

While this plays a part in the large percentage of winning trades, it can also result in large drawdowns, so this is something to look out for over the coming weeks when some losing trades start to appear.

Overall I am very impressed with Forex Autopilot’s performance so far and look forward to seeing how it does throughout the rest of the week.

Forex Funnel

I have mixed feelings about the Forex Funnel system so far. It has made 270 pips from the USDJPY from 24 trades in the last 48 hours, so the overall results are very good so far, but the trades just doesn’t make enough sense to me to be able to comment yet. One thing I do notice is that there seem to be some kind of Martingale strategy at play in this system, which could be very risky, but this will become more clear over the next couple of days as more trades are performed.

All in all I am very happy with my testing results so far and I hope to post some more positive results in another 2 or 3 days. In the meantime I am looking into some manual trading systems to test..more on that later.