*Click here to read my concluding review of this product*
Greetings everyone, and especially fellow Forex traders. You know, I really love Forex trading robots (aka Expert Advisors). There are numerous benefits that automated trading systems have to offer, but I think the number one benefit for me is that they take the frail human emotions out of the trading equation. There are of course other more obvious benefits but I shan’t get into that in this posting. I’m constantly on the lookout for profitable mechanical trading systems, and while working on something for this blog one of my google AdSense banners featured this tantalizing advertisement which for some reason sparked some impulse in me to scroll a bit more downwards to see the whole thing. Immediately after I read the “trade robots” my curiosity peaked. I immediately opened a new Firefox tab and typed in the URL at the bottom of the banner and investigated further. As you can see from the picture above, the name of the site is Forex AutoPilot.
The Forex AutoPilot System promo page has a very “marketing” feel to it, and I got the impression that it’s kind of hyped up in a sense. But, curiosity got the best of me and scrolled down even more. I came across the video testimonials which I found mildly amusing. The funniest one is where this “overhead stocker” guy says that “while you’re at home…these auto trading robots make moves on the STOCK markets for you.” Could such a monumental show of ignorance be proof that the video testimonial is genuine? Hmm, I wonder. Well, anyways, let’s move on. So I scroll down even more, going through each video testimonial and reading the marketing spiel, then I get to the bottom where the all important price is finally revealed.
Apparently the complete Forex Auto Pilot expert advisor package retails for $399.50, BUT they are giving 75% discounts which expire 3 days past Feb 14,2008. The funny thing is that today is the 17′th and I was still able to get the 75% off discount - so much for “hurry act now cause this offer expires blah blah blah.” So with the 75% discount my final price was around $99. I guess it’s not that much to pay to satisfy my curiosity. Maybe this one will prove to be a winner, then I can stop hunting through the forexfactory and forex-tsd forums for profitable expert advisors (EAs).
The package includes 8 Expert Advisors in total and two bonus items: a NFP (Non-Farm Payroll) trading robot & “Ultra Trend” indicator
Well folks, as of today I am officially starting the demo testing period. I will report my findings here on this blog as well as on my forex blog. Those of you who wish to join me in testing this “AutoPilot System” and can still get the package for $99 may wish to do so, or you can always wait for me to complete demo testing. In either case I am quite curious to see how these trade robots perform.
For more details please click this link.
To those of you who end up purchasing these commercial expert advisors, I would really appreciate it if you were to leave a comment or two letting me know how your testing is going or if you found some settings that are really profitable :) - you can even e-mail me if you’d like (click the “about” link at the top).
Cheers, and many pips to you!
Alan
February 17th, 2008 at 12:26 pm
[…] TopForex.info wrote an interesting post today onHere’s a quick excerpt Greetings everyone, and especially fellow Forex traders. You know, I really love Forex trading robots (aka Expert Advisors). There are numerous benefits that automated trading systems have to offer, but I think the number one benefit for me is that they take the frail human emotions out of the trading equation. There are of course other more obvious benefits but I shan’t get into that in this posting. I’m constantly on the lookout for profitable mechanical trading systems, and while working o […]
February 17th, 2008 at 3:33 pm
That’s nice, Alan. I would be interested to hear your further impressions after you try it
February 17th, 2008 at 4:33 pm
Hello Shark Investor. Yes I most certainly will announce my results to the world.
I’m going to be testing each EA on a North Finance demo account. The EAs showed very impressive results in backtesting, but you all know how unreliable MT4 backtesting can be. The best I was able to get out of it was 98%, and even that is not good enough in my opinion. So, it’s on to extensive demo testing I go.
Btw, keep up the good work on your blog.
Cheers..
February 23rd, 2008 at 9:27 pm
[…] day everyone. As I mentioned in my Forex AutoPilot introductory post (available over here), I started testing the forex trading robots on demo accounts. Even though it hasn’t been a […]
February 23rd, 2008 at 9:28 pm
[…] Comments Forex AutoPilot Performance Update #1 | Alan’s Forex Blog on I started testing the Forex AutoPilot Systemadmin on New Affiliate Program: Forex-AffiliateGray on New Affiliate Program: Forex-AffiliateWant to […]
March 11th, 2008 at 2:19 am
Hi Alan,
If you go back to the Forex Autopilot download page you’ll notice that they did away with the 8 EA’s and now only have one EA that is supposed to do everything. Apparently there were some issues with significant drawdown on the original 8. I began running the new EA 24 hours ago and haven’t entered a trade yet. I’m anxious to see how it works.
Also, if you’re interested in EA’s check out Pipforia. The support is awesome and the hedge grid strategy seems to make sense. I really wish Forex Autopilot had a support forum.
Craig
March 11th, 2008 at 2:28 am
Yep, I know. I already made a posting about it. Yes, there former 8 advisors produced MASSIVE drawdown. I especially did not like that ProfitStream martingale advisor as it loaded my account with a floating loss that can only be described as dangerous and scary.
I too started demo testing the new EA and will be releasing performance results in about two weeks time.
By the way are you testing the new EA on a live account? If so would you mind sharing your results after a while with the readers of this blog?
Pipforia eh, interesting, I’ll have to check it out. I’m already using a “grid” trading expert advisor with great success on a live account. E-mail me for details. I will be letting the world know about it really soon too - just give me a week or two max.
You know about the forex autopilot forum if you want to collaborate with me and be a forum moderator I’d be glad to put up a simple SMF forum for everyone to use. I’m already doing this for the “grid” trading robot I just mentioned above.
Give me a shout via e-mail (click on About at the top to find out my e-mail)
Cheers,
Alan
March 11th, 2008 at 4:26 am
Hi Alan,
I couldn’t seem to find your email. Can you email me and I’ll respond?
I am running Autopilot on a live account with default settings (0.1 lots). I will be glad to share once I have some history with it. Like I said, 24+ hours and no trades yet.
I am interested to learn about your grid strategy. Pipforia netted me about 7% return my first week. I have been in the same trade now for a week with significant drawdown (due spike down then uptrend in Cable). I’m currently sitting on 17 open buys and 7 open sells; however, I could close at breakeven with a strong breakout.
March 11th, 2008 at 4:39 am
lol..really..the e-mail is spelled out to stop spam bots and I’m very sure it is in the “About” page at the top.
But anyways, yeah, not bad performance if you got 7% already with Pipforia.
As for Forex Autopilot I’ve had 3 trades on my Demo InterbankFX account, all in profit (24 pips). I optimized my settings a bit so I’m not using the default settings. You can find the details by reading this post:
http://alansmoneyblog.com/2008/03/09/the-new-forex-autopilot-trading-robot/
My grid trading robot netted me 240% return from Feb 14 until now, taking my $228 account to $540
But I’m getting off-topic here. I’ll e-mail you the details.
March 11th, 2008 at 6:40 am
Alan, could you send me info on your “grid” trading expert advisor; did you develop it, and/or is it available for purchase? Do you have performance data you would be willing to share? I’d love to give it a try if possible.
March 11th, 2008 at 7:18 am
Hi Norskee. I see there is some pent up demand here.
I will e-mail you with the details (including a copy of my performance statement).
No, I did not develop it myself, although I wish I did :) The system was developed by an Englishman I believe. Yes, it is available for sale.
Guys, once you get the product I invite you to join the robot’s forum which happens to be hosted by me. There you can find out other users’ settings and in general discuss all things related to grid trading/the product itself/ or some forex chit chat.
March 11th, 2008 at 7:43 am
Alan, thanks!!!
I’ve already spent a bunch of $$$$ on EA’s and will be glad to share my experiences. Nice to find someone to share info with :-) Once I get the grid EA up and running, I will join the forum and share my experiences as well.
Maybe with like minded people sharing information we can isolate true performers from the scams. I’m also curious about the Forex AutoPilot EA (that’s how I came across your blog), so I’ll be looking forward to your comments on that forward test as well.
I really appreciate you sharing your findings and comments!! THANKS!!!!!!!
March 11th, 2008 at 8:11 am
Yeah, no doubt there is a lot of garbage out there, and yes even some outright scams. I’ll be looking to seeing you on the forum. By the way, my nickname there is “alan”
As for the Forex Autopilot EA, well, so far it’s still doing okay. I’ve got one positions open right now. It’s a bit in the minus but it looks like the EUR/USD may start another uptrend (right now it’s stuck in a range) so it may be closed with a profit.
As I mentioned in the latest post regarding the new Forex Autopilot EA over here:
http://alansmoneyblog.com/2008/03/09/the-new-forex-autopilot-trading-robot/
I should have the test completed in about two weeks. That should be plenty of time to give me at least a somewhat good idea of its performance. I’ll be keeping a close eye on it.
You’re welcome Norskee! Thanks for visiting my blog.
Cheers,
Alan
March 21st, 2008 at 5:42 am
Hey, Alan,
How is the Forex Autopilot EA forward test going? Any results yet? Looking forward to hearing how you’re making out and if you think it’s worth investing in. Are you running it 24/7 5 dys/wk or are you stopping/starting around economic reports?
hope you are doing well and making lots of pips!!
March 21st, 2008 at 6:14 am
Hi Norskee. It is going a LOT better than with the previous Forex Autopilot EAs. The only that sorta bothers me is that this system has a tendency to carry large floating loses. According to the FAPS blog if the trades do not turn around they are closed at the beginning of the next month or when the internal indicators dictate that the trade should be closed.
I’ve released my latest performance statement on my forum. Check out this link:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/6089-forex-autopilot-system.html
March 21st, 2008 at 6:21 am
oops..my bad, I forgot to answer one of your questions…yes I’m running it 24/7. I am making lots of pips, but consistency is the most important thing! I am yet to be convinced that the system is consistent. Patience is a virtue when it comes to Forex, and a bit more testing is needed. I’d like to see how it closes losing positions and at what price and maybe I can also figure out under what conditions.
As I promised I will write a full post once I’m done testing this trading robot. I will also include 4 years backtesting data and my optimized settings.
March 22nd, 2008 at 12:34 am
Alan,
Thanks! Interesting statistics — unless the USD strengthens significantly against the EUR, the system will have a difficult time closing out the floating position without a significant account loss, although it may still be in a net profit position. Not a very likely scenario with the Fed’s recent and whopping 3/4 point reduction in the US discount rate. Well, time will show!
Have you tested any other EA’s that you think are worthy of consideration? You seem to be very serious and diligent about evaluating what’s out there, so your opinions would be weighty indeed! I’d love to hear what you think may be worthy of pursuit!
Happy Easter!!
March 22nd, 2008 at 2:06 am
Actually it is the other way around, the EUR has to strengthen against the USD in order to avoid a rather large loss.
Yes, I do have other EAs that I think are worthy of consideration, some of them are free some of them are commercial products like this Forex Autopilot EA.
For a potentially good free EA you may wish to search for “Phoenix EA”
As for commercial EAs, right now I’m using another EA that I’ve had good success on a live account. I’ve been sort of keeping it to myself for a while as I need to put it through more live testing before I feel comfortable letting everyone know about it and basically putting my reputation on the line by recommending it.
Indeed, I try my best to be very diligent and precise in my testing. Essentially what I do test these things for fun :) Well, I do get something in return though. Sometimes once in a while someone uses my “affiliate” link to purchase one of these EAs to test/use. That’s about it. I mostly do it for the fun of it and because I am looking for a good consistently profitable EA just like the rest of you.
The search continues….
Happy trading to all of you.
March 22nd, 2008 at 6:06 am
Have you tried the PIPforia.com EA? Their posted performance records are pretty good and decently documented. I’m taking advantage of their 1-weak Free Trial. I’ll know more by the end of next week.
I’ll let you know how it goes.
March 22nd, 2008 at 6:14 am
I did not try it yet, but another visitor to my blog told me about it, and I just may give it a shot later on. For now I’m a bit busy trying out one other EA and a commercial manual trading system (trend following system).
If you decide to use PIPforia for more than 1 week you’re more than welcome to post your thoughts and feeling or a mini-review on this blog’s forum at:
http://www.moneyguruforum.com
Go check out the FOREX section.
March 22nd, 2008 at 2:13 pm
While the traffic leaves quickly I’ve gotten some good links out of it from some other sites who were interested in my site. I’m testing it out now to help promote a contest I’m having next month.
March 24th, 2008 at 6:47 pm
Hi Alan from a fellow canuck. I know nothing about forex but belong to an international credit union that uses forex among other investments to generate the interest on our money.(doubled our investments in 6 months)I tripped over the “Forex Autopilot System ” ad on a forum and was intrigued , then googled and your blog came up. I really appreciate the info you are providing on this and look forward to your final analysis on the product, and any viable automated alternatives that are layperson , and lazy person friendly . Thanks..Glen in Ont.
March 24th, 2008 at 8:20 pm
Greetings my fellow Canadian. I will be releasing some preliminary performance results most likey by the end of this week. Once I’m done with this product I have another expert advisor that I’ve been using on a live account with success and I’ll be finally letting out my secret to the world.
Cheers..Alan, in Ont :)
March 26th, 2008 at 8:05 am
Oops. I overlooked your 3/11/08 post where you referenced your grid trading EA. Can you also email me info on it? Sorry to get off-topic.
March 26th, 2008 at 8:37 am
No problem. I’ll send you an e-mail with my latest performance statement and where you can get this grid EA.
Btw, If I’m not mistake you said you purchased the Forex Autopilot system too, so I’m curious to know how that’s working for you. Any big floating drawdowns like on my account?
March 27th, 2008 at 6:08 am
No, I’m demo-ing PIPforia EA. After one week I have substantial drawdown (-67%). Although on PIPforia’s live results page they post a 6% profit. Always seems to be the case with commercial EA’s.
March 27th, 2008 at 8:40 am
Yeah, it doesn’t surprise me. After all, they’re trying to pitch a product. It’s just that some of them are less scrupulous and sometimes sugar coat their performance results. This is a sad fact, but such is the nature of things. The only way to know for sure is to try it yourself, but as I’m sure you know this takes money and time.
March 27th, 2008 at 7:31 pm
HI, I am trying hard to have the AutoPilot to open more than one trade at a time. Sometimes it is stuck on a losing trade and it would be nice if it would open new trades to compensate for the loss.
I tried, of course, changing the MaxOrders to all kinds of numbers, but nothing happens.
Thanks
March 27th, 2008 at 7:33 pm
I am using the AutoPilot, but it does not open more than one order at a time, even when I change the MaxOrders to high numbers. PLEASE HELP.
I want to be able to open different orders at the same currency pair (chart) or different charts.
March 28th, 2008 at 8:49 am
I noticed that too in my backtesting. I think that’s because it waits to close the existing trade according to its internal rule set. From what the Forex Autopilot support crew told me, you just have to let the trade ride and the robot will close it when it becomes necessary. Also if the trade has not reached the point where it must be closed AND the next month rolls around it will forcibly close the trade. The only downside to this is that you may have at times a large floating loss. However, I’ve noticed that the robot does make winning trades the majority of the time (the FAPS guys tout 96% win rate).
You should be able to have the robot trade other currency pairs easily but I would recommend you stick with the EUR/USD on the M1 chart.
I was going to release my performance results but lately I’ve been busy with a managed forex account venture of mine. Hopefully maybe over this or the middle of next week I should have some preliminary performance results for everyone to see.
Alan
March 30th, 2008 at 12:07 am
Hi Dynamos - I had the same problem. I think the max lot feature simply doesn’t work. I was also told by support that I could run the EA on another chart and have multiple trades going. That didn’t work either. I have had some decent results. They’re posted here: http://craigsmoneymakingblog.blogspot.com/2008/03/forex-autopilot-independent-review.html
Hi Spikey - I subscribed to Pipforia for a month+. Their support is tremendous; however, I found the drawdowns to be significant. One thing I don’t like about their live results is that they actually manipulate the trades (entries, settings,etc.). So your results will not match theirs. I cancelled my membership to test the Forex Autopilot but may go back later.
May 2nd, 2008 at 4:01 pm
Alan,
Can you give me some feedback on the Forex AutoPilot NFP Robot. Have you used this and what chart timeframe do you recommend?
Thahks for any information
May 2nd, 2008 at 4:10 pm
Sorry Steve, but I have not had a chance to use it. I am a bit disappointed with its poorly written manual though. A few people have complained that they don’t know how to use it and that the manual is of no help either.
Since this Robot is price driven and dependent upon a specific time it really does not matter what time-frame you put it on. For cosmetic purposes I would place it on the H1 time frame.
As far as how to use I can’t say for sure as I haven’t given it a try but I believe you input the time which corresponds to the release of the NFP report. I believe you will have to calculate the difference between your broker’s server time and the EST time zone as the NFP report gets released in that timezone (it’s a US report after all).
A few of us Forex Autopilot users are discussing this very issue over here:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/6089-forex-autopilot-system.html
You are more than welcome to join the discussion.
Wishing you the best and happy trading!
Alan
May 15th, 2008 at 1:18 am
Alan,
Which EA advisor have you found to be most successful? ForexAutoPilot?
May 15th, 2008 at 3:11 am
Hmm, to be honest I have yet to find a “most successful” EA. They all have their flaws and none of them perform well under all market condition. For example in the beginning due to the strength in the EURO forex autopilot was performing excellently. Now that the USD has taken back a bit of the EURO’s territory FAPS ins’t performing as well because I’ve noticed that the majority of its positions are long (buying EUR selling USD).
However, having said that both my demo accounts are still in profit. My suggestion is wait a bit until I finish my demo testing before you make your decision whether it is worthwhile to purchase this product or not.
Also checkout this blog’s forum as I’ve uploaded several free EAs that I believe have some potential:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/
But back to Forex Autopilot I think my biggest concern with this EA is the lack of a stop loss and the huge floating losses you can have using this EA. The Forex Autopilot crew will say somethign like “yah but it isn’t a loss util the trade is closed” But just how long can you hold on to a losing position. Are you going to let the trade ride and hope that several months down the road you’ll close the position with a 20 pip profit? I don’t know.
I’ll keep you all posted. Hopefully within the next week or two I’ll post my latest demo testing results.
Happy trading to you all!
May 15th, 2008 at 7:01 pm
i need this forex autopliot trading robot. i need to buy it from ur hoplink in click bank can u do dat for me. i dont av mor than $50 thank s i need ur urgent reply
May 15th, 2008 at 8:28 pm
Hmm, well my opinion is that if you don’t have at least $2K spare cash when/if you decide to go live with it you shouldn’t be playing with this product.
However, I would strongly suggest you wait a bit until I finish testing this EA. Patience is a virtue in the forex world :) It just may turn out that the EA will not be worth your $50 so once again, back to that patience thing.
Checkout some of the free forex forums where you can find plenty of EAs that won’t cost you a penny. Some examples are:
http://www.forex-tsd.com
http://www.forexfactory.com
http://forums.babypips.com/
http://www.fxfisherman.com/
http://elcactus.com/
and yes even my forum has a few free EAs for your testing pleasure.
http://www.moneyguruforum.com/expert-advisors-metatrader-4/
May 25th, 2008 at 7:37 pm
To those who seek a system to trade for them: Do not, I repeat, do not buy a robot unless and until you see results audited by a know auditing firm. Even that does not guarantee results, BUT anyone can write anything, post an equity curve and you are none the wiser as to whether this is reality.
The forex market depends and thrives on new, ignorant traders coming in. Do you want to be part of that group?
’nuff said.
May 25th, 2008 at 7:58 pm
True enough, but I think if a product is good eventually a “consensus” amongst its users will develop. It’s not as if all users of such a product would be conspiring to misinform the newbie traders.
The reality is that no automated trading system is perfect and I have no doubt that maybe later on FAPS will cease to be effective. Whatever it is it does to remain profitable for now will cease to work later on - I can nearly guarantee this. It will no doubt lose its edge unless the developers continually refine and adapt it to prevailing market conditions.
I for one would love to see the Forex Autopilot system audited by a competent and respected firm which specializes in auditing forex system - do you know of one? However, I doubt the FAPS developers would submit their system to such a thorough scrutiny.
June 1st, 2008 at 5:36 am
I have been trading Forex for over 4 years and looking for a Robot for over 3 years. It took me about 6 months to discover that there are Bots that will trade for you… however I’ve yet to find one that works for an extended period. They all stumble when the market conditions change… usually the major trend changing wrecks most EA’s.
I’ve learned to control my emotions to a large degree and as a result have been increasing my account each month.
If you want to win at trading stop looking for a shortcut, a “youbeat” system or EA. Just get control of your greed and your fear of loss… it’s that simple.
June 1st, 2008 at 6:46 am
I agree with the statement that no EA is successful under all market condition. However, I do not agree that all the people who use EAs are looking for a “shortcut” or a “youbeat” system as you call it. Although the mass marketed EAs such as this Forex Autopilot are specifically targeted at such an audience there are exceptions of course.
If you’ve been in the forex market for over 4 years I’d expect you to know the benefits and disadvantages of automated trading systems.
As for the “learn to control your greed and fear” statement, I agree to the extent that trading is largely psychological and learning to master your emotions plays a very important role in success in this business. However, it is not so simple as your statement makes it appear to be.
June 20th, 2008 at 9:11 pm
Tried FAPS, the Marcus one, not the Goldman Sachs guy one.
THey just handed out an update that allows for more than one trade. I was making 20 pips per day and then the system went a bit haywire. I got the update and the robot opened one long, which went was under water about $2000. I installed the “new” update, and the robot opened a short position, which is now also down. On a $5000 demo account, at one point, I think the account was down $3500 on one position. So, the drawdown is big. At least they update their system and have some support. I tried the other Forex Autopilot system, from the guy who was supposedly at Goldman, and it broke the bank twice. It kept selling the GBP until the account was zero. They have zero support and as far as I can tell, this robot is a disaster.
July 9th, 2008 at 10:15 am
Thanks for sharing your opinion Scott! I can’t comment on the other Forex Autopilot as I don’t own it, but I do have the Marcus one and so far it’s working out okay, but as you say the drawdowns are big, so I always recommend that people use very small lot sizes - well, as much as you’re prepared to risk. Don’t even think of using $1 per lot if your account size is below $2000 else you’re asking for trouble.
I’m currently demo (and live) testing the new version of the Forex Autopilot and I will most likely formally announce it with a blog posting pretty soon.
If you have performance records you’d like to share visit the Forex Autopilot thread on my forum:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/6089-forex-autopilot-system.html
July 16th, 2008 at 6:48 pm
Hello,
i have buy the Forex auto pilot too,
but if it open a trade, and the t/l is green, the robot dont close it.
What can i do?
Have someone good settings for a miniaccoutn for the roboter?
July 17th, 2008 at 1:17 am
ummm…well it closes the trade when it hits the Take Profit..not only just when it is green…
July 17th, 2008 at 9:27 am
But if the take profit is green, it is hited, or not?
July 17th, 2008 at 10:00 am
Are you referring in the trade history? If so, then yes, all trades that show as highlighted in green mean that TP has been hit.
In the open trades window a trade “turns green” when the current price is very very close the the take profit price.
August 12th, 2008 at 4:48 am
Dear Everyone…
after reading all the comments…..
I still didn’t see what i wish to see..
” How does Marcus’s FAP doing, right now?”
I hope someone out there can let me know about it
thanks
Regards,
Thierry
August 12th, 2008 at 4:59 am
For me not so good. My current demo account is heavily in drawdown and is now holding on to a -700 pip floating loss. WTH! -700 pips. When are its internal indicators going to kick in and close the trade is what I ask myself all the time.
I stopped trading this EA live as I’ve been busy testing two other EAs.
I was planning on writing another update letting everyone know of my latest performance results, but I have stopped trading it live and I polluted the performance data by loading other EAs on the account.
I’ve given up on this EA to be honest. Maybe I’ll reconsider running it live once they update it or some changes are made. The recent performance is nothing like what I’ve had when I first wrote this post.
August 25th, 2008 at 4:09 am
The forex autopilot system paid for itself on my demo account overnight….tomorrow I will use it on my live account…I will keep you guys posted
August 25th, 2008 at 4:17 am
Yah, right John. You’re just trying to promote forex autopilot, admit it ;)
If you’re really honest about keeping us guys posted do us a favor and go to this thread:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/6089-forex-autopilot-system.html
And after a while please post your live account performance statement.
Thanks.
August 28th, 2008 at 1:11 am
hi Alan,
Did you ever publish your results of the grid system mentioned above?
thanks and i hope the testing is going well!
August 28th, 2008 at 1:59 am
No actually I did not yet. I do intend to soon. I’m both demo and live testing the LATEST version. I’ve had previous versions running on a live account for quite a long time. The grid system in question is this one located at this homepage:
http://www.rangetrader.ca
Jabu, testing is going pretty good so far, I’m in profit. On my demo account I’ve in profit by $3200 roughly on a $50,000 account opened on July, 20, 2008.
I’ve been a bit lazy recently with the forex products testing, but I promise guys I will write a full review of this product soon.
August 28th, 2008 at 12:28 pm
Ah I know of this one, a friend is testing it very passively (i.e. simply running it straight out of the box with no settings changes) on a demo account. It made a steady profit for the first couple of weeks but over the last week it has steadily lost some of this. It will be very interesting to see what results you find. I think the key is to keep optimising it as you have mentioned for the Autopilot system above.
I did notice something though and I wonder if you have any thoughts on it. On the RangeTrader website Peter has put up some results about a quarter way down the page for all three phases (although only the links to phases 1 and 3 actually work….). It appears though that the profit factor for phase 1 was steadily eight times that of phase three (which is worryingly close to 1!) and the drawdown is higher in phase three too. He seems to have taken a step backwards with phase three?
Also, the results don’t appear to be very consistent between June and July, with the July 2008 results showing the account as losing (compared to the month’s beginning balance) for most of the time.
I’m not having a digg at the system, I just wonder if you had any thoughts on this or if you had noticed it? It will be very interesting to see what results you have got (in good time I know…). I think this system has a lot of potential and the key is to keep optimising it for current market conditions. If Peter has successfully traded this way for years then his system obviously works, but I wonder if his manual system was truly as rigid as it has been programmed in RangeTrader?
August 29th, 2008 at 7:55 am
Yep, optimization is important, but let’s keep in mind that it has its limitations.
Well, to be honest I started testing this product when phase 3 was introduced. If I remember correctly the first version that I tested was 3.77. It worked very well for me when the euro was rising. However when it came around to version 3.88 and the eur/usd pair started to become very volatile it started to lose position after position. Put simply it could not handle the volatility as it was designed to get open a grid in the direction of the DAILY trend. Thus if the trend changed often it would get thrashed around by the market. I lost 40% of my account equity this way.
The latest version is a response to this event. Peter designed it to be safer and less prone to these market shifts. It no longer uses the Daily time frame to determine trend. It now runs on the M1 TF and all trend detection is done internally (before it would download the daily trend calculations from Peter’s server)
Yeah definitely I am very curious to see how it performs in the long term. Optimizing the thing is going to become quite crucial. However I hear that Peter plans to offer some sort of optimized settings signal. The latest version of RT has the built-in capability to download optimized settings from Peter’s servers.
September 7th, 2008 at 7:32 pm
I started with a live $500.00 account Monday Sept 1st after having used a demo account a couple months, on Friday sept 5th at 4pm I was down $291.00 now I know that the EUR/USD really took a nose dive but there were no stops or other trades against the downward trent to stop or reverse the downward spiral and now I just have to wait and see if this coming week is better, I’ve been trying to find some input settings changes that might help but apparently no ones talking?
September 7th, 2008 at 8:19 pm
Visit this forum thread:
http://www.moneyguruforum.com/expert-advisors-metatrader-4/6089-forex-autopilot-system.html
We are currently discussing novel ways of using FAP to avoid the huge drawdowns. This involves mainly setting it to trade in only one direction depending on the prevailing trend in the eur/usd
September 19th, 2008 at 10:08 am
I saw one website test this software said 2005 was the lossing year. anybody test the 2005 result
September 20th, 2008 at 6:55 am
I tested from 2004 to 2008, but I did not specifically test 2005. I’d have to run another test and see.
October 16th, 2008 at 9:48 pm
I have been using the Autopilot EA for 2 days now and have a $832 profit on a $3000 deposit Mini account using the optimisations suggested by this blog with a slight modification of allowing 3 orders to be opened at once.
Will keep updated on progress over the next 4 weeks i run it. hope to open a live account soon.
Only had one issue when PC shut down overnight leaving me with a $147 loss on one order.
October 17th, 2008 at 5:10 am
Hi William. Thanks for visiting my blog. Join the forum (link a few posts above) for the latest performance results. Or if you need help with this EA you can join a forum I’ve put together that is dedicated to forex autopilot at:
http://www.forexautopilotforum.com
If PC reliability is an issue I’d suggest you look into VPS (virtual private servers). You can get some for $25-35 /month.
November 15th, 2008 at 3:37 am
Hmm Alan, you might wanna point out to “William” , that this is exactly why ForexVPS was started. to bascially get rid of the dependancy’s on home computers.
Plus of course a VPS has enterprise grade security and is an awful lot faster then a home computer ever will be.
November 15th, 2008 at 4:35 am
hey Paul I checked out your website..pretty good prices…
I’m currently with the following company (CNS):
http://www.commercialnetworkservices.com?a_aid=865f8fee
In comparison to your service it seems you offer a lot more bandwidth, but I doubt one really needs 500 GB of bandwidth for just running MT4 platforms. Overall it seems you offer a bit more bang for the buck.
I just may give your service a try.
Another neat thing is that it seems you’ve got an affiliate program too, so those who like your service can refer their forex trading friends and make a bit of $.
Take care and I wish you the best of luck with your company.
November 20th, 2008 at 7:52 am
Hi Alan,
I started using FAP on demo account with some modifications. So far it looks great.
Once I finish testing I will share the set up with you.
One more thing, have you heared of the Legacy Wealth builder, it is an automated trading system (Cost is $6,000), but you can not est it before you buy. Have you ever came across thier web site
http://www.legacywealthbuilder.com ?
Thanks,
November 20th, 2008 at 9:25 am
No sir I have not. I’ll check out their website later on today, but at first sight $6K is quite a lot (too much maybe) to pay for their “automated trading system” It could very well be just a scam.
I’m going to get one of their reps to call me and see what more I can learn.
Good luck with your FAPS testing ayman. Oh btw, don’t forget to visit the forex autopilot forum and share your performance results with the rest of us FAPS users. Link is:
http://www.forexautopilotforum.com
March 20th, 2009 at 2:58 am
I backtested it from 1/1/2008 to 3/17/2009. I lost $3700 out of $10000
The documentation is awful. I’m not sure this is a good deal. Good thing I didn’t buy it!
March 20th, 2009 at 3:35 am
What modeling quality did you achieve? The documentation isn’t all that good - this I agree.
May 28th, 2009 at 12:46 am
I am anew member. There are 2 different Autopilots. One is a Auto-Pilot-_Systoms, the other one is Auto Pilot robot by Marcus Leary. I use the one by Marcus leary (Auto Pilot Robot.) These Auto pilots will not work well with Mtatrader 4 by some Brokers. I found out that mine works GBP/USD real well on 15 minuts time frame. Marcus said in his instruction says that it works well with EUR/USD M1. If anyone having trouble try GBP/USD with 15 minutes or 5 minutes time frame. Also check the prometer.
September 9th, 2009 at 5:08 am
Hello Alan. I’ve reviewed your post and you and the rest of the bloggers seem very knowledgable. I am completley green to forex but very intrested in getting started. I want to learn, make consistent profit and not get swept up in the get rich quick mentality. Can you reccommend how I should begin.
Thank you
uzomaokoro@gmail.com
September 9th, 2009 at 8:50 am
Hi there CaliEngineer!
The forex field is very deep and takes a bit of time to master, but you gotta begin somewhere so here is what I suggest. First go learn the basics here:
http://www.babypips.com/school/
Once you’ve got your basics down and are ready to competently talk forex join me and other traders over here at this forum:
http://www.forexnirvana.com
Hope to see you there. Good luck with your education. If there is anything I can help you with don’t feel shy to ask. Btw, you may wish to visit my forex blog at http://alansforexblog.com
Cheers!
November 21st, 2009 at 1:22 pm
Hi Alan,
Just wanted to ask did this Forex Autopilot System capable to be used in Asia?
November 21st, 2009 at 4:38 pm
Of course! You can use it regardless of what country you’re in.