Category Archives: Expert Advisors

expert advisors

Attention Forex Autopilot users – Stop using the old trading robots

Hi everyone. I just thought I’d send out this friendly warning to those of you have the old Forex Autopilot Expert Advisors (trading robots) to NOT USE THEM anymore. The Forex Autopilot people have introduced a new “all in one” expert advisor. Go log into your members only section and download the new zip file. By the way, I am currently testing this new expert advisor as I type. The other expert advisors are excessively dangerous to use on a live account. Just look at this nice equity graph and how it blew the hell out of my demo account in a matter of minutes. TWO of the expert advisors managed to do this, both the ProfitStreamAdvsisor and the StrongTrendAdvisor.

Check out this beautiful equity graph produced by the “StrongTrendAdvisor”:

forex_autopilot_crash.gif

I guess I now know why they call it a “StrongTrend” advisor, because it strongly trends towards blowing up your account. By the way, this was a $5000 Demo account with North Finance. The other trading robot called “ProfitStreamAdvisor” destroyed my demo account too. Esentially a big move in the EURO just pulverized my open positions, and seeing as how this expert advisor operated without a Stop Loss AND it just kept on pilling up bigger and bigger lots when it found itself in a losing trade it successfully managed to bring my account down to $650 from a starting balance of $5000 – just brilliant!

Those of you eager to try this new expert advisor I would strongly recommend you wait until I release my demo testing results. I hope this one won’t destroy my account as the previous two.

So once again existing Forex Autopilot owners I strongly advise you to stop using the “ProfitStreamAdvisor” and the “StrongTrendAdvisor” and download the new “all-in-one” ForexAutoPilot Advisor.

The new Forex Autopilot trading robot

Forex Autopilot System

You may remember my previous posts about the Forex Autopilot System and the 8 trading robots included in the package. I was in the process of testing all eight of them and I got as far as the second expert advisor called “StrongTrendAdvisor.” However, to my surprise the people behind Forex Autopilot decided to scrap all the previous expert advisors! I just found out about this sort of by accident when I decided to visit the members download section. To my surprise the zip file they distributed before now contains only one expert advisor. Unfortunately I did not receive any e-mail regarding this change so for me that’s a sign of poor customer service. All new customers will be downloading this new expert advisor but the old ones will have no clue unless they just happen to browse on by the download section and download the robots zip file again, and realistically how likely is it that they will do that . I won’t speculate as to why the dumped the former expert advisors but I kind have a hunch. Anyways, since there is no way you can own the previous trading robots I’m going to stop releasing demo & forward testing results for them and I will instead concentrade on testing the new trading robot.

On a first impression basis the new advisor seems impressive. At least when compared to the “ProfitStream” advisor I tested (which was a martingale type system) it is way better. It has a smaller drawdown, it doesn’t trade like mad, it seems to generate a very smooth equity/balance curve, etc. When I tested it with the MetaTrader 4 StrategyTester it showed some very impressive results. I took it upon myself to optimize the settings and using one of the optimized settings I was able to achieve some pretty impressive results. Keep in mind this was all in a backtesting environment. The real test will come when I put it on a demo account.One striking feature about this new expert advisor is that it trades on the M1 chart (1 minute time frame)

For the curious folk here is my backtesting performance chart (click the image below) :

forex-autopilot-m1-03-09-08.gif

For this I used settings obtained using the MetaTrader 4 Strategy Tester optimization function.

Here are the settings used:

Lots 0.1
LotsRiskReductor 1
MaxOrders 1
MaxLots 100
aaa 9
bbb 10
TakeProfit 25
StopLoss 0
TrailingStop 20
SpanGator 0.5
SlipPage 3
SafetyGapDemarker 0.2
SafetyGapWPR 0

The maximal drawdown using these settings was 28.46% – acceptable to me. You can achieve even better results if you fine tune the settings but the drawdown will be even greater.

I should also mention that my starting balance was $1000. The reason I used such a small deposit is because I wanted to get an idea of how it would perform on a “tiny” live account (what I usually do with trading robots that show promising results).

Anyways, that does it for this introduction to the new Forex Autopilot expert advisor. Stay tuned to this or my forex blog as I will be releasing performance results later on. Just give me about two weeks to see how the robot performs in a demo environment.

Until next time,

Alan

I started testing the second Forex Autopilot expert advisor

Forex Autopilot System

Greeting my fellow Forex traders. This is just a quick post to let you folks know that my testing of the Forex Autopilot System is progressing quite nicely and that I’ve now moved on to the second out of a repertoire of eight expert advisors (trading robot in Forex jargon.) This one is called “StrongTrendAdvisor” and as you can tell by the name it is basically a trend following system with an advanced money management system slapped on.

I decided to test this expert advisor on the EUR/USD and GBP/USD pair. I did some MT4 backtesting and optimization and came up with the following profitable settings:

For the EUR/USD:

StopLoss=74
TakeProfit=112
Slippage=5.00000000
MaximumTrades=5
TakePips=9
FixLotMM=0
FixLotSize=0.10000000
RiskPercent=11.00000000
MA_Period=32
DeltaMA=2.04000000

For GBP/USD:

StopLoss=84
TakeProfit=151
Slippage=5.00000000
MaximumTrades=5
TakePips=9
FixLotMM=0
FixLotSize=0.10000000
RiskPercent=13.00000000
MA_Period=32
DeltaMA=2.04000000

Just for kicks here an equity graph showing backtest performance of the EUR/USD settings. Note I started with an account size of $667 and by the end of the testing period (Jan-01-08 to March-03-08) the account balance rested at $117063. Yeah I know, pretty crazy. My modeling quality was 90%. I strongly doubt that in demo testing or live testing it would achieve these results but I guess you can never know. It did use some pretty big lot sizes at times so this result could probably be attained in a forward testing environment such as on a demo or a live account.

Here is the equity graph:

strongtrend_graph1.gif

Stay tuned here as I should have some preliminary test results in about two weeks.

Forex Autopilot Performance Update #2

Forex Autopilot System

Good day folks. This is a continuation of my last Forex Autopilot performance update available over here. I completed testing the “ProfitStream” robot on the GBP/USD pair because, well, basically it blew my account up! However I’ve had much better results with EUR/USD & EUR/GBP but I’m jumping ahead here.

First off let’s start with the robot’s performance on the GBP/USD pair:

profitstream-gbp-usd_performance.gif

Take a look at that equity graph. Doesn’t look too good, right? Exactly. I know exactly what killed the account. I believe two factors contributed to this. The first factor being the massive sell-off of the USD, and the second being the Martingale nature of the ProfitStream robot. What essentially happened is the GBP/USD pair swung against the short positions the robot had opened and upon seeing this it just kept on doubling the lots (how Martingale systems work) until the size of the negative float got so large that it just blew the account to hell. Lesson for you folks should be to very very careful with ANY martingale based trading system or trading robot (aka EA – expert advisor) !! I think also the settings I used weren’t particularly suited for the GBP/USD pair, but I really am not going to test it anymore on this pair – or any pair really. So, on to the next pairs I go.

Click here to download my detailed GBP/USD performance statement (zip file)

Now let’s talk about EUR/USD & EUR/GBP performance:

Now with these two pairs I’ve had substantially better performance. I started with a $3000 demo account and it’s now at $7105. Check out the equity graph below.

profitstream-eur-usd_graph.gif

By the way this is on a North Finance demo account.

For a detailed statement please click here (zip format)

The profitable settings for the EUR/USD & EUR/GBP pairs are the following:

EUR/USD:

TakeProfit=10
Step=12
Slippage=3

EUR/GBP:

TakeProfit=10
Step=8
Slippage=3

Conclusion:

I will stop testing the ProfitStream advisor and move on to the next one. I will release performance results after about a week or so. To be honest folks, I did not like this first advisor that much. I am not a big fan of martingale systems. I think they are too risky and for the most part what happens in the end is they blow up your account. This ProfitStream advisor can be profitable if tweaked and ran on a pair that does not have a tendency to make big moves and also if the currency pair is not strongly trending. Since it opens a buy and sell position at the same time if for whatever reason the pair moves your biggest position be it short or long it will just open up trades with bigger lot sizes until either the robot will close trades with a massive loss or even worse you get a margin call. So in conclusion it is my opinion that this particular ProfitStream advisor is only for those with a very HIGH risk tolerance and a BIG account size. I’m serious! Don’t even think about running this thing on an account below $10,000 or more. Don’t say I didn’t warn you.

Now time to move on the trading robot #2. Thanks for your attention and happy trading!

Forex AutoPilot Performance Update #1

Forex AutoPilot System

Good day everyone. As I mentioned in my Forex AutoPilot introductory post (available over here), I started testing the forex trading robots on demo accounts. Even though it hasn’t been a while I thought I’d at least give you a feel for how one of the trading robots is performing so far.

The name of the first expert advisor I’m testing is “ProfitStream,” and here are some early testing results (I do stress EARLY):

North Finance statement:

Pairs used: EUR/USD & EUR/GBP

Settings used:

TakeProfit = 10, Step = 12 Slippage = 3

Click here to download the html statement (zip format)

Total Performance: +$484.63

InterbankFX Statement:

Pair used: GBP/USD

Settings used:

TakeProfit = 10 Step = 30 Slippage = 6

Total Performance: +$2.08

Click here to download the html statement (zip format)

(Yeah I know what you’re thinking, but the system did get it self out of $400 drawdown. I may have some issues with the settings that I need to adjust which may give me better performance)

I think with the GBP/USD pair I need to adjust the TakeProfit a tad bit and generally play around with the settings. The settings I used there are the DEFAULT settings. On the EUR/USD and EUR/GBP pairs I adjusted the Step to 12 as I’ve learned from testing another expert advisor that this seems to be a good number to use – EUR/USD doesn’t make such big moves as GBP/USD.

One thing you may notice is that – especially with the North Finance statement – the statements are quite fresh. Like I said I just started testing this package and it will be some time before I can come to a more solid conclusion. I may give it a week or two and then adjust the settings on the GBP/USD InterbankFX demo account. So far I am not happy with its performance. If any of you have any tips as to what settings I could use I would gladly welcome them. One thing in particular that I am not sure of is if the Step (the number of pips until it opens up another trade) variable should have a higher value or not. I may try lowering a bit to get more of a “scalping” type of effect and see what happens.

I now have reliable backtesting history data (thanks to Alpari’s databank) so I will play around with doing some MT4 backtesting, but as I said in my previous post, I still don’t trust it even with 90% modeling quality.

I will keep you folks updated as my demo testing progresses.

Cheers!

Alan out.

Want to learn to code your own forex trading robot?

mql_course.jpg

Greetings fellow Forex traders! Just thought I’d let you all know that Al Parsai, the coder of the wildly popular expert advisor Pipboxer, will be going on a global lecturing tour. He will be teaching people how to write forex trading robots with the MQL 4 (MetaQuote’s Language Version 4) programing language used by the MetaTrader 4 platform.

Mr. Parsai will be offering 20 training courses in 7 countries and 18 cities. The courses will be conducted in the following countries and cities:

* Australia: Sydney
* Canada: Calgary, Hamilton, Montreal, Toronto (3 sessions), Vancouver
* Indonesia: Jakarta
* Malaysia: Kuala Lumpur
* UAE: Dubai
* United Kingdom: London
* United States of America: New York, Orlando, Seattle, Dallas, Las Vegas, San Francisco, Los Angeles, Chicago

The tour will begin on March 28, 2008 and end on December 9, 2008.

All aspiring superstar EA coders please click this link for more details.

*The first course will be held in Toronto, Ontario (Canada)*

I started testing the Forex AutoPilot System

forexautopilot.jpg

Greetings everyone, and especially fellow Forex traders. You know, I really love Forex trading robots (aka Expert Advisors). There are numerous benefits that automated trading systems have to offer, but I think the number one benefit for me is that they take the frail human emotions out of the trading equation. There are of course other more obvious benefits but I shan’t get into that in this posting. I’m constantly on the lookout for profitable mechanical trading systems, and while working on something for this blog one of my google AdSense banners featured this tantalizing advertisement which for some reason sparked some impulse in me to scroll a bit more downwards to see the whole thing. Immediately after I read the “trade robots” my curiosity peaked. I immediately opened a new Firefox tab and typed in the URL at the bottom of the banner and investigated further. As you can see from the picture above, the name of the site is Forex AutoPilot.

 

The Forex AutoPilot System promo page has a very “marketing” feel to it, and I got the impression that it’s kind of hyped up in a sense. But, curiosity got the best of me and scrolled down even more. I came across the video testimonials which I found mildly amusing. The funniest one is where this “overhead stocker” guy says that “while you’re at home…these auto trading robots make moves on the STOCK markets for you.” Could such a monumental show of ignorance be proof that the video testimonial is genuine? Hmm, I wonder. Well, anyways, let’s move on. So I scroll down even more, going through each video testimonial and reading the marketing spiel, then I get to the bottom where the all important price is finally revealed.

 

Apparently the complete Forex Auto Pilot expert advisor package retails for $399.50, BUT they are giving 75% discounts which expire 3 days past Feb 14,2008. The funny thing is that today is the 17’th and I was still able to get the 75% off discount – so much for “hurry act now cause this offer expires blah blah blah.” So with the 75% discount my final price was around $99. I guess it’s not that much to pay to satisfy my curiosity. Maybe this one will prove to be a winner, then I can stop hunting through the forexfactory and forex-tsd forums for profitable expert advisors (EAs).

 

The package includes 8 Expert Advisors in total and two bonus items: a NFP (Non-Farm Payroll) trading robot & “Ultra Trend” indicator

 

Well folks, as of today I am officially starting the demo testing period. I will report my findings here on this blog as well as on my forex blog. Those of you who wish to join me in testing this “AutoPilot System” and can still get the package for $99 may wish to do so, or you can always wait for me to complete demo testing. In either case I am quite curious to see how these trade robots perform.

 

For more details please click this link.

 

To those of you who end up purchasing these commercial expert advisors, I would really appreciate it if you were to leave a comment or two letting me know how your testing is going or if you found some settings that are really profitable 🙂 – you can even e-mail me if you’d like (click the “about” link at the top).

 

Cheers, and many pips to you!

 

Alan