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.

I’ll get right to the part you are wondering about. I traded this on a demo account on the default settings for the past month and managed a profit of 29.32% on my account. I consider that impressive!

Now that I have your attention, I’ll give you a few more details. Forex Set and Forget is a trend-trading robot that bases its trades on the AME Support Resistance Custom Indicator, another of Tony’s creations, which he also includes as part of the package when buying the robot. The robot trades on five different currency pairs: EUR/USD, USD/CHF, EUR/GBP, GBP/JPY, and CHF/JPY and averages one to two trades per day.

The thing I like most about this robot is that it uses something almost no other robot uses: a proper risk-reward ratio! It actually only won about 50% of its trades, but because it uses a proper risk-reward ratio, it was able to make an excellent profit for the month. It achieves this nice ratio by opening up three positions. Once the trade has reached a certain level of profit, one of the positions is taken off the table and banked. The stop loss is then moved to ensure a profitable trade no matter what occurs from that point forward. If the trade reaches the next take profit level, the second position is removed and banked and the stop loss is once again moved to lock in profits. The third and final position is closed out once the final target is reached. That is outstanding trade management, my friends.

My goal for the longest time has been to find one or more EAs that would allow me to consistently make around 20% on my account per month. While I have only tested it one month, I am optimistic that Forex Set and Forget could be one of the few EAs out there that can accomplish such a goal. At this point I am going to add it to the official recommended EA list. We will continue testing at least for one more month. If it still does well, we will consider opening a live account with it.

For more information or to purchase: Forex Set and Forget Website