I don’t know about you, but my Forex Autopilot EA (expert advisor) is kicking the forex market’s ass and chewing bubblegum. I’m extremely impressed with the performance of the latest version of this EA. Since I activated it on my account I’ve had only 1 losing trade - and that was due to the end-of-month equity close feature (protective measure).
I installed the latest version on the date of 2008-09-01. If you look at my performance statement below you’ll notice that at that date I’ve had a $300 loss. That was me manually closing the trade before installing the new version. From that point onwards its been nothing but profit after profit. I should note that I am using the DEFAULT settings.
Here is my performance statement (pdf format):
I believe this graphical example best illustrates my enthusiasm (click thumbnail to view):
My account has been through quite a journey. After being heavily bruised by the old version of this EA it came back with vengeance right after I installed the latest version. My account is a true champion now; a lean mean pip hunting machine!
By the way folks, if you’re an existing Forex Autopilot owner or are new to it you can get help & support as well as view other people’s performance records and settings over at a forum that I put together specifically for this purpose. I call it the “The Forex Autopilot Forum” (aren’t I a creative genius?)
http://www.forexautopilotforum.com
That’s it for now. Stay tuned to this blog for regular performance updates.
Cheers,
Alan
October 23rd, 2008 at 11:25 am
Mine has got near 20% profit in less than 2 weeks but now it´s holding a buy in eur/usd with losses, hoping eur/usd will come back some day…
Congrats Alan!
October 23rd, 2008 at 12:03 pm
On my other account I too had a buy position that was going nowhere. Turns out the SL that I’ve set got hi (300 pips), and now I’m back in action with sell positions. The difference between the two accounts is mainly TP and TS levels. On the other account i use a TP of 35 and TS of 15 with a SL of 300
At what level is your position?
October 23rd, 2008 at 12:07 pm
err I should’ve said at what price did it enter the buy position
October 23rd, 2008 at 7:38 pm
Hi Alan,
How is your other account performing? The one with TP of 35, TS of 15 and a SL of 300.
October 24th, 2008 at 12:30 am
nearly identical, except due to the trailing stop I have quite a few trades that were closed by the trailing stop and are thus small winning trades.
The 300 pip SL is something that I’m a bit concerned about. I’ve already had one loss and it looks like I’m pretty damn close to another one (-239 pips) so I dunno, perhaps I’ll widen it to 400 or perhaps take it off altogether….
October 29th, 2008 at 12:30 am
Alan,
I read your comments on FAPS. Wonder if you 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?
I am currenlty using the default settings, no st op. Should a have stop on, what level, Can you share your settings with a newbie? Also, what is your take FAPSWINNER?
October 29th, 2008 at 8:34 am
Hi Mark. Sure, I’ll do my best to help a fellow trader out.
32K? :o wow damn…that’s some pretty amazing account growth. But I’m curious what lot size you were using.
Now when you say 2 massive drawdowns I immediately start to think that you’re trading with more than one position. Is this the case?
I think it’s both a reflection of the market and FAP. Once in a while FAP does get itself into some bad trades. Sometimes you just have to swallow those loses and move on. At the end of the month all losing trades are closed that’s one way to “move on” Another way is to set a reasonable stop loss.
I now trade with a stop loss of 400 pips. Previously I had 300 but I upped it as I noticed that recently the EUR/USD has been making even wilder swings than before. The trade that closed at a loss would have recovered if I had my SL above 300 pips.
So to recap I’m using the default settings but with a SL of 400 pips.
As for FAPWINNER I don’t know much about it and I very much doubt there is any substance to it. You don’t have to pay someone to find out good settings for your FAP. Some knowledge of how to use the MT4 backtester is all you need.
Of course you can also come to my blogs or my forums (especially forums) where you will find advice & settings for free - never one penny will be asked of you.
I recommend you join a forum I’ve setup for the Forex Autopilot community at:
http://www.forexautopilotforum.com
We’ve grown quite a bit there are now a bunch of very helpful and dedicated FAP users. Maybe you can learn a thing or two or share your knowledge. Hope to see you there.
Cheers, and best of luck Mark.
October 30th, 2008 at 6:47 pm
Alan,
thanks for directing me to:
http://www.forexautopilotforum.com
Lots of good postings, very relevent. Yes I grew the demo account very aggressively, the large drawdown was on 5 lots. I was running about 1 lot per 5k. I think the real world calls for 8-10k per lot. I have added the stop, do you have a preference between using the stop loss vs the trialing stop?
Will post on the forum from here. Thanks again
October 30th, 2008 at 6:53 pm
Yes definitely posting on the forum is a better idea as not only I but lots of other FAP users can help you out and share their experiences and opinions.
I prefer to use a stop loss. I used to have a trailing stop as well, but I found out that at times it got me prematurely out what later turned out to be a profitable trade. When you’re trying to hit a TP of 20-35 (typically) pips a trailing stop doesn’t make much sense. Also keep in mind that the minimum trailing stop supported on the MT4 platform is 15 pips. So having a TP of 20 and a trailing stop of 15 isn’t all that good IMHO as you end up with lots of tiny wins. I saw like 7-10 pip wins that would eventually earn the full 20-30.
November 4th, 2008 at 3:44 am
Hi Alan I have been looking at getting FAPS but Im a bit lost regarding the settings.Can you tell me what the recomendations are and what you think are the most suitable. FAPS seems to be fairly popular but dont know of anyone down here in NZ that uses it. Your imput would be appreciated
Cheers
Bruce
NZ
November 4th, 2008 at 8:09 am
I can tell you what settings I use. They are nothing special, just the default settings but with a 400 pip stop loss and the 100 MA set to EMA by modifying the TypeMA_0_3 set to 1
Hmm, checkout the forex autopilot forum as I th ink there is one guy there that is from NZ.
November 5th, 2008 at 5:14 pm
Alan,
I setup my autopilot ea with the same settings as you except I have my max orders set at two and I’m trading eur/usd & gbp/usd on short only and have made a little over $400 in one day. Im new to the forex market and will probably test this autopilot ea for the next 3 months at least and if all is well I will open a live account in Feb 09.
November 5th, 2008 at 5:24 pm
Aaron I’m glad to hear you’re having success :)…just be careful with FAP when trading in only 1 direction. You have to have a good sense of the trend to trade in this manner. What I am saying is be careful so you don’t go against the trend.
November 14th, 2008 at 2:55 pm
hello
i am new to this EA.whenever i do backtest for it, after 10-12 trades the equity gets zero (60-70 usd) left in my account, is it possible that after the FAP has done 2-3 trades i switch it off and then apply it again on currency pairs.
waiting for your reply!
November 14th, 2008 at 3:12 pm
That’s happening because in your backtest you’re using either a) too large lot sizes for your account size b) too small starting account size
Backtest it with $10,000 on a mini account with lot size set to 1 (or 0 if you want FAP to decide the lot size for you)
You should’ve have to “re-apply it” It should be a almost set it and forget it type of affair. You’d still have to monitor it and apply a bit of common sense though.
November 26th, 2008 at 1:36 am
Quoted here is TP=35 with SL=300 as being used by members . This translates to Risk / Reward of 9:1
This is BS !!. General trading risks 1.5 -3 [max]
Sounds like a big con to me .
I would’nt use this EA if you gave it to me
November 26th, 2008 at 7:01 am
I’ve since changed my TP back to the default of 20 but I’ve still kept the SL at 300. I don’t feel comfortable trading without a SL. Technically this EA performs way better without a SL in backtests.
There is a new version of this EA which promises to overcome the shortcomings of Forex Autopilot. Checkout this post:
http://alansmoneyblog.com/2008/11/23/fapturbo-the-super-forex-robot-that-doubles-real-money/