Greetings fellow forex traders! How has the forex market been treating you lately? Making the big bucks? Good!
For the past 3 months I’ve been putting The Forex Autopilot System through its paces, and alas I think it is time to wrap up my performance testing. I would’ve continued the demo testing were it not for an upcoming trip to Europe which means that I’m going to have to shut down my PC. First let me say that playing around with this EA (expert advisor) has been really fun and being the owner of the previous forex autopilot expert advisors 8-pack I can say with confidence that this single and latest expert advisor is a major improvement – kudos to the forex autopilot crew.
Now let’s talk performance data. I’ve demo tested this EA on two demo accounts, one at North Finance and the other at InterbankFX. The one running at North Finance was setup to use the default settings while the one at InterbankFX was using my own custom settings (aaa = 9 bbb=10 TrailingStop=20 – the rest default.)
North Finance Demo Account Performance:
Click on the PDF icon to download the complete detailed performance statement
As you can see from that performance statement this EA did make some nice money, but it also lost big too. However, the account ended up with a net profit of $455 – not bad for a few months worth of trading. Now let’s look at how my custom settings did.
InterbankFX Demo Account Performance:
With this account I had a bit of a snafu and I accidentally deleted the cloned MetaTrader 4 folder recently so the statement cuts off at 2008-05-01, but that floating negative position had I not killed the account would’ve hit the take profit at 1.5650 (remember the EUR/USD is now at 1.5815) Here is the statement in PDF format:
My custom settings improved performance by a tiny bit. To be honest I have no idea what aaa & bbb really do. In the manual we are told not to mess with them, but since I’m a rebel I decided to do it anyways, and the end result wasn’t all that spectacular. Just to be safe I’d recommend that you stick to the defaults – at least on a live account.
What I like about the Forex Autopilot System EA:
a) It makes money!
b) It makes money!
c) Oh, did I mention it makes money?
What I do not like about the Forex Autopilot EA:
a) No stop loss by default! (danger Will Robinson, danger!)
b) Veeeery large negative floating positions – at times you’ll see this thing carry -400 pips floating loses before it eventually closes the trade with a profit of only 20 pips!
c) Trailing stop loss of 50? What the heck is the point of this? Maybe someone from the Forex Autopilot crew can enlighten me on the rationale behind this setting because I just don’t get it. Why would you set your trailing stop larger than the take profit? To me a more reasonable setting would be at 15 pips seeing as how the take profit is 20 pips.
The interesting thing to note is that if you give this EA a stop loss it starts to become unprofitable. The largest loss I’ve seen it sustain was around the $400 mark so maybe this EA has an internal stop loss? Perhaps this is done to thwart brokers who try to stop hunt (yes folks your broker can work against you). In either case the average max loss has been around the $100 to $400 mark.
The danger of having no stop loss is that if say for whatever reason your PC shuts off or something goes screwy and you can’t log into your account or whatever other calamity may happen your account is going to be going down the toilet. Granted this is not very probable but never say never – all it takes is for it to happen once!
So in light of this I’d recommend the following:
a) Get a battery backup for your PC and networking gear (dsl/cable modem) to ensure that in the worst case scenario if your power goes out for an extended period of time you at least can set a stop loss on a floating negative position and hope for the best (try setting it at a major support level)
OR better yet
b) Run this EA in a VPS (virtual private server) or “virtual computers” as they are often called. Your VPS provider will most likely have solid network connections and ample batter and diesel generator backup. Also they will most likely be running Windows Server 2003 or better which is far more reliable than your XP machine or whatever.
c) If you’re really really worried about the possible implications of having no stop loss – set one up! Just make sure you give the EA ample “breathing room” From my observations the largest loss I’ve seen has been in the -400 pips area, so setting a 500 to 600 pip stop loss may be best. This is absolutely insane in my opinion but hey it buys you peace of mind (hope you catch that subtle joke)
Another thing that intrigues me about this EA is the fact that it runs on the M1 time frame. I was taught to believe that the M1 time frame is full of nothing but market noise. How this EA manages to successfully trade on this time frame is beyond me. Can any forex guru weigh in on this and enlighten me?
My final conclusion is that this product is not a scam or a pure garbage but it sure isn’t the holy grail either. It is somewhere in between as one should realistically expect. It does make money but it also loses it just as easily. According to my demo testing it appears that in the end it makes more than it loses, which is what counts in the end. The profit ratio is pretty high actually. On both my demo accounts the percentage of winning trades has been above the 90% mark – a very respectable achievement. The lack of a stop loss however is a big negative point against it.
Since past and present performance does not guarantee future success in the forex world, I’d have to give this EA a tentative recommendation.
BUT I would STRONGLY suggest you take my advice and please make sure you DO NOT overleverage your account when using this EA – don’t get greedy or you’ll regret it.
When I get back from my vacation I will place this EA on an “expendable” mini live account at IBFX, so wish me luck!
By the way if you wish to discuss this EA and other forex related topics join me at my forum. Click here to read the thread dedicated to the Forex Autopilot System.
Well that about does it for my final review. I’ll clue you in on any other profitable expert advisors I may come across – be they commercial or freely available.
The Forex Autopilot System homepage is available over here.
Thanks for your attention and for visiting my blog. Happy trading to you all!
16 thoughts on “The Forex Autopilot System – Concluding Review”
I’m being using this EA for 3 months now and it’s working pretty well, sometime i use manual closing when i see the trade is in red for more than a day. My target is at least one trade a day (open a close).
On your test 454$ that’s good because you’re using lot of 0.1, is you have an account balance of 3000$ try 0.3 lot, when you get to 4000$ switch it to 0.4 lot and so on…
At 0.1 you’re trading only around 157$ from your account.
Did you try Forexte.com? That what i’m using for my demo.
By the way are you Canadian? Me too from MTL.
I got a question for you, most brokers with MTQ 4 are in the state, should we declare the taxes? I got no clue on how it work. Also, do you know a good broker that use Paypal or mastercard transfer?
Yep, I’m Canadian too 🙂
Well Toni, the large floating loses this EA carries scare me a bit – hence the use of a conservative leverage.
I placed this EA on a live account just the other day after I finished writting the review and I’m going to be using 0.10 lots there too. I’d like to see it perform the same on my live account as it has on both my demos, then I’ll slowly increase my leverage as the account size grows.
I think our profit are classified as self-employment or “trading” income so unfortunately we still have to pay income tax on our earnings seeing as how Canada taxes its citizens’ on a world-wide basis (meaning no matter where the source of your income you still have to pay taxes to the Canadian Government).
I know FXDD (American broker – New York) accepts PayPal for deposits only. As far as I know it is the only ‘big’ brokerage firm that accepts paypal AND supports the MetaTrader 4 platform (MT4)
I forgot to add that I’d strongly suggest you consult with a tax specialist in your area – I am by no means a specialist in tax matters.
Oh shoot, I forgot answer one question of yours. Nope I did not try Forexte.com
I wonder though if the performance of the Forex Autopilot varies greatly with the broker you use.
What are your results with Forexte.com?
Till now i got some good returns over 3 months, but still not satisfied enough lol. This EA is powerfull and i’m pretty sure i can crack it for more returnes. Right now i
Glad you got good results. Out of curiosity what is your profit level (percentage) over this 3 month period? Also what broker are you using?
During the 3 month the result was 239%, but i had to close some trades manually, because i target at least 1 trade a day so if a open position is in red for more than 24h a close it manually.
I use the stategy of 0.5 lot for 5000$, 1 lot for 10000$, 1.2 lots for 12000$…
My account is on FXDD.
Thanks for sharing the info Toni. I’m curious though, do you use the default settings and timeframe?
no, changed the setting, but the time frame is 1M. Once i’ll optimise the setting to get the result that i want i’ll let you know.
Ok Toni. I’m looking forward to your results. I’ll be leaving tomorrow so you won’t be hearing from me for 3 weeks. I encourage you to post your findings in the FAPS thread at moneyguruforum.com
I have been using EA for the past 2 months. It is working good. As far as your advice is concerned regarding overleverage, I will definitely follow it.
Hi Sandra. Yes definitely leverage and money management is key to success in Forex. Wishing you the best of luck and many pips to you! Cheers.
hey there bonbon…check out my forex autopilot forum at:
It’s a great place for FAPS users such as yourself and I can exchange ideas and settings. I think the ideas you suggested on your blog postings are very good. I already implement most of them (except trading at specific times only)
Good luck and hope to see you in the forum
Hey all, i use this EA, try my setting..
you can visit my blog
this EA is very POWERFUL indeed!
Comments are closed.