After trying out for another hour today (may be still too early to judge?) using Strategy Tester - the BACKTESTING feature of the METATRADER platform, I have some uneasy feelings about those 8 robots (EAs) with fancy names due to their backtested results !
I have HIGHLIGHTED in RED some of the so-called IMPORTANT advices (as seen in the pic. above) in order to alert users NOT to take them too SERIOUSLY !!! They (i.e. EAs, instructions, and advanced ebook) are probably good EDUCATIONAL MATERIALS with SAMPLES for helping users to learn or get used to the concept of auto-trading in Forex market using expert advisor program.
In my opinion, we probably WON'T understand how they really work or which market conditions they excel, unless undertaking HUGE TASK to find out, i.e. many man hours to observe on our own, or may be even better, ask directly for more information from the developers.
The EA in the name of ProfitStream Advisor looks impressive at first glance by generating streams of profits, i.e. booking small and consistent profits as promised. However, users could end up with a large unrealised drawdown in the most unfortunate circumstances, which do happen quite often when dealing with a volatile forex market.
Therefore, I would suggest you to learn the BACKTESTING function first before strapping the EAs onto a demo or real account. Unfortunately, no detailed instructions are given for this purpose in the the instruction PDF -the only missing info in a clear instruction guide. Here is one useful document I found for you on Strategic Tester to get you started.
P.S There is actually another two more robots being thrown as ForexAutopilot EA's bonus ! The NFP (for trading non-farm payroll job report !) and UltraTrend EAs. They have more detailed instructions than that of the 8 EAs combined. I would probably pay more attention to those two EAs for now. Please share your backtesting or any results with me if they happen to be CONSTRUCTIVE !
P.S.2 My FORWARD test results coming soon..
P.S.3 Andreas just informed me (his words) that Marcus Leary plans to introduce new EA this week with stable results instead of his current set of 8 EAs. We got RESPONSIVE actions from the program developer - via the power of blogs ! Stay tune for more updates as we will ride this EA robot-trading learning progress together, thus making sure that our money is well spent.
See also:
Forex AutoPilot Review part 2: This Could Be The Real Deal ?!
Technical Help: Forex AutoPilot EA
23 comments:
Thanks Llyod for your test. Appreciate your comments. I also tested this system on an hourly chart for EURUSD, GBPUSD and EURGBP and unfortunately, got stopped out from all three positions. I must say that, when I was trading using that system., my own strategies told me not to trade with any pairs! I still gave benefit of the doubt to the system and hence suffered (albeit on a demo).
I don't know which EA's are you talking about as I never received any of them for my meta trader. I only received a standalone software utility which has the ability to extract hourly / daily data from a meta-trader exported file. Please email me at rmsuleman@gmail.com and I will send you the utility that I got.
Cheers!
I am confused, forexT. Are you testing 'forex kiiler' or 'forexautopilot'? I just sent u an email.
Thanks for clarifying. For more info on how to best use fk software, pls visit my fk trading review blog. They do help.
G’day Lloyd Mates,
I was going to ask, Has anyone here tried ForexAutoPilot? But I see a number of people have tried it. ForexAutoPilot was recommended to me by Andy from Forex Killer and I bought a copy on Andy’s recommendation.
I opened a demo account for $5000, fired-up MetaTrader4, set-up ForexAutoPilot on Friday (in Australia) and configured ForexAutoPilot to work in/with MetaTrader4 but after running the program for ten hours on Friday, then starting the program for the start of trading on Monday morning and leaving MetaTrader4 running full time to do it’s thing...With ForexAutoPilot plugged-in, after a further four days and three nights of continuos trading, I have not made a cent in profit...Nor have I lost a cent! I still have the same amount of cash I started with!
When I email ForexAutoPilot support centre...Well they say they have a support desk when you buy the program but I think they’re joking as they are in Andies league when it comes to answering requests for help!
It’s unfortunate but the people behind these programs seem to forget, most of the people who buy or would be interested in buying their programs will know little or nothing about Forex Trading! I only purchased the two programs, FK and FAP, to help me safely work the Forex Market but, at my age and in my condition/position in life I have no wish to spend hours on end learning how to work a program on my PC, I have much better and more important things to do with my time.
You see at 65 years of age I’m retired, I spend my time caring for my dear wife who is not 100% in good health, so we spend a fair amount of time at her doctors and other medical appointments. I’m getting over a massive heart attack that almost ended things for me and I too have doctor appointments to keep...to many for my liking:) I enjoy getting out fishing, fossicking for gold, 4x4 driving and a bit of bow hunting for feral pigs and goats...when I have the time. So when Andy from Forex Killer tells me his mate and a mathematician have developed a program that will, in safety and "automatically" (Hands Free:), work the Forex Market for me, then yes, I’m interested.
I do have money invested earning me 10% plus per month on the Forex Market and I’m quite happy with my return but I’m just like the next bloke! If I see a way to make an extra dollar...Well offcourse I’m interested and want to check it out:) If I can buy a program that has been designed by two experts (one being a mathematician) to help me make money, hands free, then I want to check it out.
I just wish these experts would think back to when they first got started in whatever field they are in! They knew nothing about their chosen field and...I bet they found things difficult to say the least. I know I did in engineering! But they, and I, had a mentor or a teacher to seek help from! Then as they learnt more and more about their chosen field, I bet they said, Heck! It’s easy! And just like riding a bike or anything else...it is easy...When you know how!
If these people, program creators, are not prepared to accept request for help and advice from people who have bought their products/programs and are having problems running the product/programs, then I don’t believe they should be selling those products or programs!
I sell my own software programs, (PC security programs) and business scripts. I seldom receive requests for help with my programs and/or scripts but when I do, I make it a point to answer every email "myself"; I do not leave it up to a third party to answer emails about my products on my behalf!
But then I only have the following things to do in my days:
Look after my sick wife. Drive her to Doctors and hospital appointments. Keep appointments with my own Doctors. Do the shopping. Do all the housework. Do all the other little things that need doing around a home every day to run a home. Exercise my two little dogs. Webmaster several sites and keep them up to date. Answer email queries sent me via several sites. And...get away to relax for a bit, fishing, fossicking for gold, 4x4 driving or a bit of bow hunting for feral pigs and goats...But that's only when I have the free time.
Heck! I’m glad I’m not "real busy" like Andy and his mate, the developer of ForexAutoPilot, those poor blokes don’t have the time to reply to email queries from people who paid good money for their programs! Perhaps if they eased back on the champers they could find the time to answer an email or two seeking help with "their" programs themselves!
What do you think?
Cheers mates,
Bill from Auss
Bill,
You are the second one who made a report to me regarding the 'INACTIVITY'of the forexautopilot EA script. I have no answers for you right now but last time i checked on its strategy tester report (its backtesting results), it should be very active. It managed to execute many trades and scored quite a long consecutive winnings in yesterday's market (Wed, 27 Feb), right now in a small drawdown mode.
I have to check again. I will let you know as soon as I have the answers. To my other readers who might have purchased the forexautopilot EA, do you have similar problem - no executed trades all this while?
Lloyd
Bill,
Thanks for letting me know about your problem. I just forward your concern again, hopefully to the right channel.
I have to agree with you about their poor response and customer support.
Lloyd
Bill, here is the latest response from the program developer. Not sure it will help though.
Lloyd
Good day Bill. In my opinion, ea trading is not suitable for everyone since you need to switch on your comp around the clock 24/5. I feel a little sick after watching my own EAs for days...
Tell me about your new forex trading venture. Simply write me an email. It's good to hear from you.
Lloyd
G'day Lloyd,
Doesn’t everyone run their systems around the clock 24/7?
I honestly thought everyone did that! My PC has been running 24/7 since I built it back in 2005, the only time it was down was the time I was in hospital, once I got home and felt up to it, it was back to 24/7 and later 24/5! Now that I don't need to check on the forex market, my system is back to running 14/7! (I have other things to keep an eye on:)
As for "my" forex system! Well Lloyd mate, it's not my system but I've been using it for a while now (I jumped onboard back in January 2008) It was the thought of having experts look after my investment while I go fishing:) Plus receiving 10% per month return on my investment (I get 11% per month as I have invested my money for six months) Bloody Ada mate! I’m half way through my six months now!:)
Okay! So let’s talk about the company? What follows are “my” views, not some mass letter put out by any company?
With FinanzasForex.com I have found a true “do nothing and make money while doing it” opportunity. I simply invest my money, a $100US minimum one-of investment is required, (you can invest more to make more if you like...I did) and that investment goes to work for you, it makes you an investor with FinanzasForex.com!
FinanzasForex.com offers you the chance to be part of their business; this is your chance to join the best financial opportunity and to make big profits with “their” investment strategy which are based in the Forex Market, the major foreign exchange market.
Don't let the banks make billions of dollars in profits with "your" money! Join me in http://www.finanzasforex.com/BillWhiteside and you can have your money working for "you".
FinanzasForex.com goals are:
(1) Safety: we want to keep your money safe.
(2) Profitability: we want to maximize your profits.
(3) Long term: we want a stable and durable business.
FinanzasForex.com want to fulfil "your" financial aims and have you stay with them for a very long time.
This is a network marketing business system, using an unlimited first line membership potential and a limited 7 levels deep. It's simple and easy to make it work!
http://www.finanzasforex.com/BillWhiteside Marketing plan terms:
(1) Commissions: from the deposits of your team’s investors.
(2) Commissions: from the reinvestments of interests of your team’s investors.
You will receive commissions from the investments and reinvestments made by your organisation from:
(4) Your first line: Promoters and investors sponsored by you.
(5) Your downline: Promoters and investors sponsored by your members.
Your first line is unlimited. You can sponsor as many people as you want.
Your downline is limited at 7 levels deep.
To get your commissions from your downline, you must have a minimum "personal investment" and a minimum total investment on your first line.
For further information, please visit: http://www.finanzasforex.com/BillWhiteside and select the language of your choice.
This is the most honest and transparent forex Investment Company I have ever seen! Meet the principles in real time! Let the pros trade your money and you make money while you sleep:
http://www.finanzasforex.com/BillWhiteside
Thare you have it Lloyd, my idea of working the Forex Market...while I sleep, go fishing, Bow hunt feral pigs or go 4x4 driving!
I hope this email is not too long for your liking Lloyd mate but you did ask :)
Cheers mates,
Bill from Auss
Bill, your 'e-mail' is indeed too long ! And no more promotional links next time round. Anyway, you definitely open my eyes into this new type of forex investment model with its company registered in Panama. Probably not regulated?
Not sure I'll 'risk' myself into it, since the 'promised return' are too good to be true. Forex is a risky business. Do you dilligence before investing for real. I trust myself better at present.
G'day Lloyd,
I'll remember that. As for:
Not sure I'll 'risk' myself into it, since the 'promised return' are too good to be true. Forex is a risky business. Do you dilligence before investing for real. I trust myself better at present.
End Quote:
That's okay Lloyd mate, as the man says...Different strokes for different folks :)...I'm happy with the 11% return per month I get on my investment...Offcourse to get that 11% I have to invest my money for six (6) months! So I can't withdraw anything for six months but, as I have stated...At present, that suits me just fine mate!
I fully agree with you Lloyd, People can't be too careful in life and as this business opp' has only been operating for a little over 12 months and have regular meetings around the world, investors with principles, and as FFX only have 19,216 Investors around the world, having a Total Active Capital of 115,372,706.79 U$S and a further Capital with Pending Activation of a further 17,633,429.12 U$S giving a TOTAL of 133,006,135.91 U$S...Welllll mate, who can blame anyone for being doubtful...I must point-out that the figures above have changed quite a bit in the few months I have been investing with the company.
BTW, Here is the February 2006 Results for the investors:
----------------------------------
Dear investors,
we are happy to announce you that we have been able to pay maximum scheduled interests in Regular Plan.
In variable Plan, interests reached 16.3%.
These excellent results are benefits of a great work done by the traders and the Company.
Greetings.
FFX Admin.
***********************************
As I have stated Lloyd, I'm not greedy so as FFX look to know what they're doing...They'll do for me:)
Cheers Lloyd mate,
Bill from Aus'
PS: Sorry Lloyd mate, That report should have read February 2008! Not February 2006! My typing mistake mate :(
Bill from Aus'
Hi,
Nutty site.
I would like to make exchange links.
My blog is http://foreignexchange-atushi.blogspot.com/
Thank you
Dear Friends
I started using forex autopilot on 15/05/2008 I am having incredible results It made until today 21/05/2008 21 trades all winning trades with 0 losses.I am running it 24 hours per day from monday to friday and only using it for eur/usd 1 minute.I started with a 5000 usd demo account and I am now at 9200usd.
Just to tell you that this system is awesome.
I will start in a real account next month hopping to have very good profits.
Roberto
Spain
Interestingly, I can't find any audited results of this "fantastic" Forex Auto Pilot anywhere. Caveat Emptor mates! Testimonials are so easy to write.....
Hey all, I am brand new, and am searching for the right answer. Watch out for Forex Autopilot. Yes it has a lot of winning trades. But the drawdowns are incredibly high. I had one demo account go from $5k to $6.3k the first week. Then on the second week it made a trade on Sunday evening, and it drew down all week, to finally be losing about $1800 by close on Friday. Whatever the stop is on that software is not good. I may continue to play with it, by entering my own stops, or taking its trades as suggestions. But I would not let it loose on my own live account.
I am going to be playing with Forex Killer this week
Thanks
Ed
Lets be honest here, marketing misinformation is rife in regard to new forex trading robots - That's not to say that MT4 EAs are not a great concept as they most certainly are, but they can be a loaded gun and very dangerous in / programmed the wrong !
Black box systems will continue to plague the Internet continually; most will be programmed by marketing teams looking to generate a fast buck and not by experienced successful traders!
Most of the results available will be optimised (Very easy to achieve) and / or use unrealistic staking strategies.
If you are new to forex be very careful, don’t be fooled, learn the basics in order to at the very least make an informed decision in regard to risk versus reward.
Ask yourself - Would you hand your hard earned money over to someone you had just met who told you that he could make you an absolute fortune and charge just $97 for the service - Yes / No?
If your answer is "No" then think carefully about placing your funds at the mercy of an automated script, the strategy of which you don't understand.
The EA’s on offer are being offered for nothing more than sales reward, if they are so good why sell them, I wouldn’t ever consider selling mine! Many traders actually share ideas and logic at the Metatrader forum, head there first before committing money, and get a feel for automated trading. You should also realise that every broker feed is different, even when trading the same currency pair as each broker's feed is made up of different liquidity providers, has it's own independent timestamp, each independent server will offer varying response times, some will be bid based others mid based and of course spreads will vary - There is much more to consider than first appears.
If it seems too good to be true chances are it is too good to be true!
Some valid points above. Perhaps you can consider submitting the expert advisor to the automated trading competition. It would be a great learning experience for designing/ proving a stable and realistic EA.
If you are referring to our EAs Lloyd they are proven over an extended period of live trading and are absolutely reliable and consistent.
As they will never be for sale or offered as demos (All EAs can de decompiled - Which means copyright and intellectual integrity would be lost) the Kudos of winning the competition you mention is of no interest, but thanks for the suggestion.
Happy trading
I would like to comment about the product: Forex Auto Trader.
It has been quite an unfortunate experience for me. I wasn’t going to publically complain. I just wanted to take my losses and just get a refund. But oddly enough it was the people at Forex Auto Pilot that caused me to write this.
I purchased Forex Auto Trader and found that it nearly blew up my account several times. Without a stop loss, it tended to be hanging low and took many days to even get close to recovering the losses.
I put it away and just emailed them for a refund.
Then, about two days ago I get a call from a fellow named Cody, at 800-810-4951 x211 who represented Forex Auto Pilot. He called and left me voicemail. Since I wasn’t interested in the software anymore I let it go. He called again… and again… Finally while on the way home from work I took his third call.
This is where it gets interesting. He began by asking me how the software was treating me. I told him “not too well” and explained how I had been running in a high negative. I mentioned I was over it and just going to ask for my money. Rather then just say “sorry” he decided to argue with me.
Cody begins to tell me it’s my fault. He starts by getting a bit condescending and tells me that people like me don’t know anything about Forex or EA’s. I mention that another EA i use has been working better with little to no loss, as it has adaptive stop loss.
Cody at that point says “it’s a different market.” I say “no, same MArket… Eur/Usd…”
I tell Cody I don’t want to debate it… I just didn’t like it. Again he goes on about how i’m not educated and that I don’t understand how F.A.P. doesn’t work in a market that is driven by fundamentals. He also says I need to be educated on Forex itself… which is odd considering that the website for FAP says you don’t need to know anything about Forex.
At any rate, I tell Cody that while FAP was dragging at the bottom, I made trades on my own, based on fundamentals - as a novice Forex trader and made a couple hundred bucks during those sessions that somewhat compensated for the FAP loss. Cody tells me, “Let me save you some money and give you some education… no EA will work right now. The market is fundamentally driven.” “But,” I reply, “this other EA is working in the same market, while FAP isn’t working for me…” he gets quiet.
At this point I’m wondering why he called me in the first place. AFter all, according to him, no EA should be working in the EUR/USD market… so why would he bother calling people to say “How’s it working for you?”
While I’m in mid conversation with him he hangs up on me.
Throughout the whole conversation I didn’t say one mean thing to him. I was nice. I didn’t want to argue. I just felt if he’s calling me, he should take the comments and pass them along. Instead he got defensive, argumentative and even condescending. Ultimately he hung up on me.
Pretty poor customer service.
I’m still waiting for my refund.
Wonder if someone can help with a FAPS question? I got FAPS 4 weeks ago, set up a 5k demo and let it roll. 4 weeks later 32k, pretty much straight up. Last 3 days, 2 massive drawdowns and I'm under 1,500 total. Lots of steady small profits, but the huge drawdowns? Is this just a reflection of the market, or is this FAPS? Does FAPS work over the long haul?
I also go the call from Cody at 800.810.4951, I believe this is an outside group selling dreams ...avoid at all cost.
Mark,
FAPS has a common drawdown issue since it does not close out losing trade unless it is at the end of the month. It was underperforming during the last 3 months hence the release of new FAP version. It has a record of 6 winning months out 10 so far this year.
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