Alan’s Money Blog

*Click here to read my concluding review of this product*

Good 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 while I thought I’d at least give you a feel for how one of the trading robots is performing so far.

The name of the first expert advisor I’m testing is “ProfitStream,” and here are some early testing results (I do stress EARLY):

North Finance statement:

Pairs used: EUR/USD & EUR/GBP

Settings used:

TakeProfit = 10, Step = 12 Slippage = 3

Click here to download the html statement (zip format)

Total Performance: +$484.63

InterbankFX Statement:

Pair used: GBP/USD

Settings used:

TakeProfit = 10 Step = 30 Slippage = 6

Total Performance: +$2.08

Click here to download the html statement (zip format)

(Yeah I know what you’re thinking, but the system did get it self out of $400 drawdown. I may have some issues with the settings that I need to adjust which may give me better performance)

I think with the GBP/USD pair I need to adjust the TakeProfit a tad bit and generally play around with the settings. The settings I used there are the DEFAULT settings. On the EUR/USD and EUR/GBP pairs I adjusted the Step to 12 as I’ve learned from testing another expert advisor that this seems to be a good number to use – EUR/USD doesn’t make such big moves as GBP/USD.

One thing you may notice is that – especially with the North Finance statement – the statements are quite fresh. Like I said I just started testing this package and it will be some time before I can come to a more solid conclusion. I may give it a week or two and then adjust the settings on the GBP/USD InterbankFX demo account. So far I am not happy with its performance. If any of you have any tips as to what settings I could use I would gladly welcome them. One thing in particular that I am not sure of is if the Step (the number of pips until it opens up another trade) variable should have a higher value or not. I may try lowering a bit to get more of a “scalping” type of effect and see what happens.

I now have reliable backtesting history data (thanks to Alpari’s databank) so I will play around with doing some MT4 backtesting, but as I said in my previous post, I still don’t trust it even with 90% modeling quality.

I will keep you folks updated as my demo testing progresses.

Cheers!

Alan out.

Related posts:

1. Forex Autopilot Performance Update #2
2. Forex Autopilot Performance Update for April 06 2008
3. I started testing the second Forex Autopilot expert advisor
4. The new Forex Autopilot trading robot
5. Forex Autopilot On a Live Account