Forex Autopilot Review

Update – 15 March 2011

Please note: Forex Autopilot is not one of my recommended forex robots anymore. It still performs quite well in demo testing, but most people are struggling to make a profit with it on live accounts and there are much better products on the market today. See the Top 5 Forex Robots page or sign up to my weekly newsletter to the right of this post for my latest recommendations.

My Original Forex Autopilot Review

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Let’s get one thing straight before we start – most of the Forex Autopilot reviews you read online are absolute lies. These reviews are written by internet marketers who don’t know a thing about Forex trading..they only want you to buy Forex Autopilot so that they can earn affiliate commissions. I spent hours searching for an honest review of Forex Autopilot and when I couldn’t find one I decided to buy the product, test it for myself and write this review to help people like you find some real answers. Back to the burning question – Is Forex Autopilot a Scam ? The short answer is no. Read my full review below to see why I say so.

Forex Autopilot

Forex Autopilot was one of the first commercial Forex Trading Robots to come onto the scene and it was by far the most popular product on the market before the launch of Fap Turbo. The Forex Autopilot system uses various different indicators to identify trends on the EUR/USD currency and the result is an an extremely accurate system that has a success rate of more than 90%. But does it really work or is this all just a big scam ?

Forex trading systems can cost thousands of dollars, so the alarm bells immediately went off when I received 75% discount and paid only $99 for the whole Forex Autopilot system. However, I have been pleasantly surprised with the quality and profit potential of this system. In the following sections I dig deeper into the system to see if Forex Autopilot can really deliver on its promises.

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What’s Included in The Package?

Once you purchase Forex Autopilot, the following components are available for download in the members zone:

The Forex Autopilot Robot
According to the manual, the trading system used by Forex Autopilot is based on more than 20 forex indicators such as Alligator, Fractals, DeMarker, William’s Percent Rate, etc. Based on what I’ve seen so far, the system always uses a 20 pip Take Profit limit, but it does not implement a stop loss strategy and uses its internal signals to close losing trades. More on this later.
The Bonus Non Farm Payroll Robot
I haven’t tested the Non Farm Payroll Robot yet, but I am looking forward to do so. The monthly announcement of non farm payroll figures is one of the most volatile moments in the Forex market and you can make hundreds of pips within 1 hour if you trade it correctly. An Expert Advisor is perfect for this because it can make decisions in an instant, which is exactly what you need in order to make profit from Non Farm Payrolls.
The Bonus Ultra Trend Indicator
The Ultra Trend indicator is a combination of indicators that seems to be very accurate in finding the direction and strength of the trend, as well as key support and resistance levels. The indicator comes with a detailed instruction manual and sample trading setups that you can use to trade with. I haven’t traded with this indicator yet, but it seems quite accurate.
Documentation
WIth the Forex Autopilot package you receive detailed documentation for each of the above 3 systems, as well as a 74 page advanced Forex trading guide for those who wish to learn more about things like Scalping, Martingale, Money Management and many others.

Both of the Forex Autopilot robots can be configured to simply generate trade signals and not perform any actual trades if this is what you would like to do. The two bonus components alone can be used to develop a profitable trading strategy, so they really add value to this package.

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Is Forex Autopilot Profitable ?

The first thing I’d like to see is a good backtesting report against historical data. Backtesting is very easy with the Metatrader Strategy Tester, so I ran a quick test for 2008, to see how Forex Autopilot would have performed from January 2008 until now (October 2008). The result were as follows:

As you can see, the equity graph for 2008 is not exactly a smooth, straight line, but the system made a lot of profit and there are 2 very positive things about this report -

Over a 10 month period the system had 229 winning trades and only 9 losers, a success rate of just over 96%. This indicates that the system is very accurate in it’s trading decisions.
The maximal drawdown over the whole period was only 13.96%. This indicates the risk involved in trading with this system and anything below 20% is usually a very acceptable number.

The second part of profitability testing is always forward testing. To accomplish this is quite easy – set up a demo account with any Metatrader broker and let the Forex Autopilot system trade in this account to see how it performs using current and future market conditions. I traded with Forex Autopilot in my demo account for a month and it performed exactly like it did in backtesting. The system made only 2 losing trades out of 58 and made a total profit of +815 pips for the month.

What I don’t Like About Forex Autopilot so Far

One of the reasons why Forex Autopilot have such a high percentage of winning trades is because no stop loss is implemented. The system closes losing trades based on a number of rules that is specifically designed to prevent large drawdowns, but this still introduces some level of risk that might not be acceptable to all traders, especially if you are not able to monitor its trading activities. For this reason I probably would not allow Forex Autopilot to trade with my life savings while I’m sleeping, but I would definitely let it trade with a limited amount of capital for me in a controlled environment.

Conclusions and Recommendations

Forex Autopilot was the best Forex trading robot available for a long time and as you can see above it can still deliver good results, but if you are really interested in automated Forex trading I suggest that you consider Fap Turbo instead. Fap Turbo was designed specifically to address the shortcomings of Forex Autopilot and the result was a system that is safer and more profitable than the original Forex Autopilot. >> [Read My Full Fap Turbo Review Here]

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