Forex Set and Forget

It appears that the GoMarkets demo accounts are only good for 30 days at a time. I found this out the hard way, as my Forex Set and Forget robot stopped working a few days ago. That said, it did very well in the first month, grabbing a profit of 27.61%. This was version 1.09 of the robot. It is my understanding that version 2.0 will be released very shortly with several improvements. Tony Manso (the developer) has kindly agreed to forward us a demo copy to test and review once it is available. We will then put that version to the test and see if it can do as well or even better over the course of a month’s trading. If you are wishing to purchase this robot, you will need to wait, as Tony has temporarily made it unavailable until version 2 is released. We will let you know as soon as it is available once again.

EuroBlaster

The EuroBlaster demo has gotten off to a shaky start. It has won 73% of its trades, but as mentioned previously, because of the still less than ideal risk-reward ratio (6:1 in my demo), it must have a greater winning percentage than that (over 85%) to be profitable long-term. In several instances, the robot has entered its trades at the worst possible times (very top of an uptrend or very bottom of a downtrend). The account is currently down about 15%. I will just let it continue to run and see if it can trade its way out of the hole it has created. This demo is on IBFX, so I will have more than 30 days to see what it can do.

Forex Overdrive

Forex Overdrive has done very well thus far, winning all 28 of the trades it has taken. It is up 28.9% in just about two weeks of trading. The thing to keep in mind with this EA is that when it does finally get a loss (and it will), it will be a large one and will knock the equity level down a ways. I am currently running it at the 5% risk level, which I consider a prudent level. The key will be avoiding too many losses in row or getting into a trade that won’t hit TP or SL but just languishes for days or a week or more with no end in sight.

Forex Revolution

I was approached by the Forex Revolution team about testing their robot, which I agreed to do. But I have had the robot set up properly for two weeks and have not seen it take one trade. The manual says to be patient, but I have no interest in an EA that trades that infrequently. You do have to be in the market some to make money, after all.

New Grid-Based Bot

I am in the process of testing a new version of an existing grid-based robot that may very well be the most powerful and capable EA I have ever worked with. I have been very impressed with it so far and have gotten excellent results. I will be introducing this EA to you probably by this weekend sometime, so keep your eyes open.

The first thing I noticed is that from a settings perspective, it reminded me a lot of the early Euro-Blaster versions. I asked the author about this, and he said it is indeed similar. Specifically, it has a default take profit level of 25 pips and a stop loss level of 328 pips. These can be modified, of course, but that would likely take a bite out of the robot’s winning percentage. With such a poor risk-reward ratio, the robot has to win around 93% of the time just to break even! That’s awfully high, and I have my doubts as to whether that could be sustained for any substantial length of time.

Just like the early Euro-Blaster versions, my guess is that this robot can occasionally churn out some very impressive results, maybe winning 20, 30, or even 40 or more trades in a row. That makes for a nice looking chart. But then comes the dreaded loss. In an early test, my demo account made a 15% gain in about 15 days before it hit a stop loss sending it back to about a 1.5% gain. Unfortunately that is just the nature of the robot. There is a chance that you could run off an impressive streak of wins and build up your account quickly, but there is equally a chance that you could hit two or three (gasp) stop losses in a row and really do some damage to your account.

The risk can be lowered via the settings so that it trades smaller lot sizes, but of course that limits the amount you will make during the stretch of wins. Like all robots, you would need to find a risk level you are comfortable with.

I’ve begun another demo account on GoMarkets. I am trading on the EUR/USD and GBP/USD pairs, which is what the creator recommends. I have set the risk level to 5% (the default is 15%). Let’s see how it does…

For further information: Forex Overdrive Website