In my never-ending quest to find expert advisors that actually live up to their advertising and produce real profits, I came across another interesting candidate a few weeks ago. It is an EA called “Forex Set and Forget” by a fellow named Tony Manso.
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
3 Comments until now.
my EA have the same strategy but doesn’t trade automatically.
only works with manually opened trades (pending orders), once they are on trade, the EA will just do exactly what you have mentioned here.
hi again, i tried purchasing the EA but it seems they are no longer selling it and they are working on Version 2.
Would you mind giving me your copy so i can demo trade it myself please?
Thanks
I am sorry, but I am not authorized by the EA’s creator to share our copy with other traders. I did not realize that he was no longer accepting orders for version 1.09. I will contact him and see what he has to say and will let you know. Thanks for the inquiry.
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