*Click here to read my concluding review of this product*
Greetings my dear readers. As some of you may or may not know, I’ve been testing the Forex Autopilot System for a month and a few days. Initially when I purchased it I was highly skeptical but extensive backtesting and demo forward testing convinced me that the latest Forex Autopilto expert advisor is indeed profitable. It certainly is no holy grail, but so far it has performed superbly, and with this in mind I decided to place the Forex Autopilot expert advisor on my LIVE (yes real money!) InterbankFX forex brokerage account.
Now as far as what settings I’m using, I thought it best to stick with the default settings. I’ve noticed some odd behavior with my heavily optimized settings. Compared to the default settings the optimized ones oddly enough trigger substantially less short positions. This comes as a result of changing the “aaa” and “bbb” settings which according to the Forex Autopilot manual we are not supposed to change. The only reason I did even considered changing those two variables is because doing so substantially improved performance in my backtests. I am not going to take any chances when real money is at stake so I will stick with the recommended settings which as also very profitable in both backtesting and demo testing scenarios. Also having my trailing stop loss at 20 isn’t really such a good idea because I’ve found out that had I not set such a tight trailing stop loss the trade would eventually hit its defined profit target.
If you need to reference my previous posts regarding the Forex Autopilot System visit the following links:
http://alansmoneyblog.com/2008/03/09/the-new-forex-autopilot-trading-robot/
http://alansmoneyblog.com/…/forex-autopilot-performance-update-for-april-06-2008/
Now some of you may know that there is a slight difference between a demo and a live account so it will be interesting to see how the Forex Autopilot expert advisor fairs on a live account.
I will probably continue to run the two demo accounts for a little longer alongside the live account so I can see if there is a difference in performance or if I can gleam any other bit of information. At the end of this testing period I will write a final review post in which I will either recommend or not recommend this product. So far I am heavily leaning towards recommend, but this opinion may change as I continue to test this product.
That does it for this post. Happy trading everyone!
Cheers,
Alan
April 16th, 2008 at 7:09 pm
Thanks for the update, Alan. I’m anxiously awaiting your live results because I’ve seldom had a Bot prove worth the risk in demo trading. I lean toward thinking all Bot sellers exaggerate (to put it kindly) their performance claims.
April 16th, 2008 at 7:22 pm
Exaggerate is putting it mildly :)
Well so far I’ve a bit of rough ride with Forex Autopilot. Being that it’s real money I got a bit fidgety and manually closed out a trade which I thought would never reach the profit target and low and behold due to poor US economic news releases the EUR surged and had I left the trade alone it would’ve hit its profit target.
Right now RT is sitting on a short from 1.5837 once again in my opinion another bad trade as the EURO is due to test the 1.60 psychological resistance level. It is already 160+ pips against me. I don’t feel too comfortable with the huge floating loss FAPS typically carries.
So as it stands I’ve had 3 winning trades and 1 loss (the one I closed out manually). Hopefully this short is going to turn out to be a winner too . The only way I see that happening is if the EUR/USD retraces 100+ pips to below the daily pivot level at 1.5806
Funny enough my demo accounts are doing much better. Lol no doubt that’s because I don’t touch those :p
I still cannot fathom how FAPS opens trades. It’s alsmost as if it just flips a coin and goes in whatever direction comes up and just hopes the daily range will cause the trade’s take profit to be hit.
In either case I have a psychological stop limit at $200.
I’ll keep everyone update on my performance.
Wish me luck :)
Cheers,
Alan