I promised in my previous post that I’d keep you all up-to-date on how the testing of the “Forex Over Drive” forex robot progresses, so here I am with the first update.
After attaching this EA on to the EUR/USD and GBP/USD charts it did not take too long before it fired off some trades. So far only EUR/USD trades were opened but I’m sure eventually I’ll start seeing some GBP/USD trades. Here are the positions Forex Over Drive closed thus far:
173022800 2010.05.05 02:22 balance Deposit 10 000.00
173067304 2010.05.05 15:00 buy 11.65 eurusdm 1.28670 1.28900 1.29220 2010.05.05 16:06 1.28900 0.00 0.00 0.00 267.95
173088231 2010.05.06 01:40 sell 11.99 eurusdm 1.28330 1.31610 1.28230 2010.05.06 04:54 1.28230 0.00 0.00 0.00 119.90
0.00 0.00 0.00 387.85
Closed P/L: 387.85
And here is a screenshot of the EA in action. Note though that the second trade does not show up since it occurred after the screenshot was taken.
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As you can probably see the first trade was closed with a 23 pip profit while the second one was closed at a 10 pip profit. The first trade was getting close to the take profit (TP) level which is set by default to 25 pips and thus the trailing stop kicked in . What’s odd is that even though in the EA’s properties window the TP is set to 25 the second sell trade you notice in the trade record I pasted above was clearly closed at the same level at which the take profit was set – ie 10 pips. On the Forex Over Drive homepage it says that the EA is designed to stop brokers from stop hunting so what I’ve observed may have been caused by this feature kicking in. I’ll have to e-mail the Forex Over Drive support crew and bring this to their attention. Once I have an explanation I’ll report back here.
Until next time, I wish you all happy and profitable trading!
Cheers,
Alan
Thanx for this information
I’ve never dealt with FX robots before due to the mixed reviews I’ve read about so many of them, however this one caught my eye. It wasn’t so much about how much I can make in 1 month or 1 year with this EA, but it was the fact that it was consistent. I must say, after trying it for 2 months, it definitely is consistent. The trade sizes are a bit smaller than I thought it would be but when you consider 1) the 350+ pip stop-loss order it places and 2) the high frequency of automatic trades, the smaller than expected lot sizes aren’t really that big of an issue. I have only experienced 1 loss, but it was because I decided to close the trade early at 200 pips, however, I think if I let it run, it actually would have turned out positive, another plus for this EA! You can let this EA run on its own, but I would still suggest monitoring it, esp if you are running it on multiple currencies like I am. It does work well outside of EURUSD and GBPUSD.