Tag Archives: EA

Forex 1000 Pips EA Review

forex 1000 pips

Hi everyone. A while back I wrote a post saying that I started testing the Forex 1000 Pips EA. So after some time testing the EA I think I can confidently come to a personal conclusion regarding this EA. I say “personal conclusion” because I was not able to test it for an extended period of time. On the date of 04-14-2013 I set it up on a demo FXCM mt4 account with a starting balance of $5000 (USD). My demo account expired on 08-02-2013, and at that point my account balance was at $5093. There was a floating trade on the GBP/USD pair that at the time the account expired was at -167$. However the good news is that this gbp/usd position was opened at 1.55xx so had the account not expired it would’ve hit take profit for sure as gbp/usd is not at the 1.60xx range.

So, basically this EA works somewhat but given that after several months I barely made much profit I’d say it’s not an ideal performer to put it politely. If you go to this EA’s homepage it appears it’s no longer  available for sale. Instead its creator (a supposed “Rita” woman) is selling some scalper EA. I’m not sure if it’s worth spending more money to test her newest creation. Since it’s no longer available for sale I can’t give a definite buy or not buy recommendation. I would just say “move on” is the best review conclusion.

For now I think I will look for other EAs to test.

Happy trading everyone, and thanks for visiting my blog.

Alan

Started testing Forex 1000 Pips EA

forex 1000 pips

Hi everyone. It has been such a long time since I’ve taken upon myself to test a commercial expert advisor (aka forex robot), but recently as I was helping a client of forex vps nirvana (a perfect place to host this and other EAs)  setup a forex robot called “Forex 1000 Pips” and I got this flashback of when I used to play around with EAs like some obsessive compulsive treasure hunter. Back then I used to have a lot more spare time – these days not so much (you could probably tell by the sad fact that I don’t update my blog so often). Sorting out the good from the bad is not easy and very time consuming. I came across a few good EAs, but the majority were junk.  Anyways, before I go on a rant I can probably boil this story down to the following steps:

1) I noticed this oddly named Forex 1000 pips EA

2) Did some googling

3) Become curious to see how it performs

4) Grabbed a copy

5) Slapped it on a demo account.

The rest is essentially only a matter of time. For now I’m running Forex 1000 Pips on a demo FXCM UK account. This EA runs on the EUR/USD and GBP/USD currency pairs – both on the H1 time frame.

I will continue testing it and report my findings here. If it works out ok on demo I got a modest live account I intend to use it on.

Wish me luck!

Oh, and if you have some opinions about this EA you’d like to share feel free to leave a comment.

Alan out.

Top 3 Expert Advisor Design Tips

forex robot

Almost nobody turns their first EA into a winning strategy. Like any new task, you’re more than likely going to fumble the first few attempts. It takes time and experience to anticipate design mistakes that may lead to trading losses.

I cannot promise that following this guide will turn your expert advisor into a winning strategy. But, what I can promise is that you’ll be less likely to lose if you following these three simple tips.

Time of Day

The forex market has a personality. Each currency pair also acts somewhat differently from all the others.

We’ve all seen the warnings to never trade the Asian session, but sometimes it makes sense. Australia shares that time zone. It’s one of the most liquid times of day for AUD/JPY.

You shouldn’t avoid sessions just because they are generally bad. On the other hand, you shouldn’t be trading all time sessions either.

Adding time restrictions is one of the simplest and easiest ways to only trade when it makes sense.

Choose the right currency

A strategy is more likely to outperform on one currency over another. So, it makes sense to focus your limited trading capital where it stands the best chance of suceeding.

EAs fall into one of of two categories: range trading or trend trading. Forex pairs fall into the same categories, too. Make sure thee currency pair that you’re trading matches the expert advisor’s style.

The GBP/JPY is among the most notorious trending pairs. The EUR/GBP is a total snoozefest. Trying to trade a trending EA on the EUR/GBP is a surefire loser.

Stop trading so much

Everyone wants a scalper EA. Unless you have a compelling reason to scalp, it’s not a good idea. Trading costs a lot of money.

Consider a strategy that trades 1 standard lot once per weekday. That’s about $20 per trade in spread costs on the EURUSD for most brokers. Multiply that by 260 (the number of trading days per year) and you come out with an annual cost of $5,200. That is a steep hill to overcome.

It makes a lot more sense to kick back and let your expert advisor do what it needs to do.

Conclusion

Trading is hard. Making an EA that earns a profit over the long run is even harder.

My advice is to focus on doing the big things right and worry about the little things later. It may seem obvious, but forcing a trend trading method onto a range bound pair is something many people try. As my old boss loved saying, “Remember the 40,000 foot perspective.”

You have to fit the expert advisor into the general environment. Only once that’s done will you be able to start tweaking the finer details.

Author: Shaun Overton

Shaun Overton writes a forex blog on trading with expert advisors for his company OneStepRemoved.com. The company specializes in building automated trading strategies with a particular emphasis on MetaTrader.

Forex Demolition Performance Update #2

forex demolition

Hello fellow traders. This is the followup to my first performance update (available here) of the Forex Demolition EA. I will keep this brief as there isn’t much to discuss. The gist of it is that Forex Demolition is still making me money. The market has been a bit rough lately so I haven’t had as many trades as I would like but the at least I’m not losing money. Like I said previously this EA trades with the trend so if the market is choppy it’s just not going to trade at all. It plays it safe and that’s fine by me.

So now my live test MB Trading account has so far a total profit of 184%. The monthly return for this month is 3.48%.

Now considering the good performance I am thinking of opening an account with a different broker and see how that one goes. So far it’s between MIG Bank or FinFX. As to which I’ll choose I’m not sure yet, but eventually I’ll make a decision.

That does it for this brief performance update. Stay tuned to this blog (or subscribe) and I’ll keep you up to date on how this EA performs.

Cheers,

Alan

Jane’s EA

Hi everyone. I cam across a new forex robot and I thought I’d share it with you all. The name of this EA is “Jane’s EA“.

So what kind of EA has Jane devised. Well, at first I thought of calling it a scalper, but it seems to hold on to trades for quite some time. It works on the M1 (1 minute) time frame and trades on 14 currency pairs – 14!!

The EA’s website says we can expect a return of up to 100% per month.

I’ve got a copy on a demo MB Trading account and so far I’m in profit. Right away after I attached Jane’s EA on all 14 currency pairs a fire storm of trades started. This EA is definitely a frequent trader, and no doubt for some of you this is precisely what you’re looking for.

I’m going to run Jane’s EA on that MB Trading account for a month or so before I publish performance results, but in the meantime I suggest you view the Jane’s EA live account performance on Jane’s EA homepage.

Btw, I also opened a thread at the forex robots forum if you want to discuss this EA. Here is the link.

PipJet is Now Live – New EA from the Forex MegaDroid Team!

pipjet

Hi everyone. It looks like the Forex MegaDroid team has been quietly working on a new EA and they just officially released it today. Their new EA is called “PipJet” and if I understand their sales page and promo material correctly is basically a Asian session scalper for the USD/CAD currency pair. I must admit that is a pretty neat idea that has crossed my mine on multiple occasions.

Now I’m not going to tell you a load of bullshit how this EA is going to make you rich overnight, all I can tell you is that it warrants a try. The forex megadroid team has had success with their previous EA so it would be safe to assume that they are fairly good at coding a decent forex robot.

So I bet you are wondering why USD/CAD. The Pipjet team says the following (taken from their sales promo e-mail):

a) In the last 36 months the tick volume on the USD/CAD during the Asian session has gone from a paltry 244 to a MAMMOTH 4,324.

b) The average range has gone from 69.63 pips to 27 pips in the last year! If you don’t know what that means, let’s just say that…
…the smaller the range, the tighter your trades can be…so basically you don’t need to do anything risky.

c) The symbiotic nature of the US and Canadian economy means that the USD/CAD does not have acid reflux when news releases come out! It’s STABLE!

d) The spread has gone down from 5.1 to 1.8 pips! Okay, I KNOW I don’t have to explain that one to you!

e) This price channel on the USD/CAD during the Asian session is ACTION PACKED!

I did notice the decrease in spread on this currency pair, but never noticed the increase in liquidity during the Asian trading session. I use another Asian session scalper but that one so far only trades EUR/USD. Maybe PipJet might make a good addition to my EA repertoire. Either way I’m hoping to get a copy to try out either for review purposes or I’ll just outright buy it. I’ll of course report my findings with 100% brutal honesty as I always do.

For now if you’re the curious type and would like to give PipJet a try (it’s sold via ClickBank so you have that 60 day money back guarantee if it turns out it’s not your cup of tea) you can do so by visiting the PipJet homepage.

I’ve created a forum thread at the forex robots forum for PipJet. If you wish to chat and share your experience you may do so here:

http://www.forexrobotsforum.com/showthread.php?t=213

Cheers,

Alan

Forex Demolition Performance Update #1

forex demolition

Hello there.

I’ve been really busy lately with my VPS business so I haven’t had much time to dedicate to my blogging, but let’s see if I can spare a few minutes to write this quick update post regarding my ongoing testing of the Forex Demolition forex robot. As I announced in my last post on this topic  Forex Demolition was recently released to the public. I’ve had a copy all along and have been quietly testing it. So far so good. My live MB Trading account is up by a lot. I started with $400 and I’m now at over $1000

The last few months have been pretty rough for the EUR/USD pair but thankfully this EA has smoothly sailed the turbulent seas of volatility.

So for the curious you can see my live test account’s entire trading history here:

http://www.myfxbook.com/members/fxguru/forex-demolition-live-mb-trading/76744

I’ll try my best to keep you all up to date on the latest happenings regarding Forex Demolition.

Oh, one more thing before I end this post. I spoke with the main developer who told me that they are working on tuning the EA for other currency pairs. Hopefully that will turn out to be a success as it will mean we can extract more pips from the market.

Happy trading to you all!

Cheers,

Alan

Forex Demolition is now LIVE!

forex demolition

Hi everyone.

I have a news announcement to share with you. One of my long time profitable forex robots (EA) has finally hit the market – ie it’s now available for purchase. The name of this EA is Forex Demolition. I’ve been using this EA for a very long time. A good friend of mine is the main coder behind it so I’ve been lucky enough to be able to test it out on a LIVE account.  This is the only EA that I’m  using on a real money account for now. It is not a super frequent trader but when it trades it’s very accurate. My live account performance can be accessed here:

http://www.myfxbook.com/statements/76744/statement.html

This is a MB Trading account. I activated the EA on the account right after that big dip in the account balance. Previously I had some other EA that nearly crashed my account so I manually traded my way back up to the initial account opening balance and placed Forex Demolition on it, and have been happy with it ever since.

I should mention that Forex Demolition is a scalper EA so the broker you use and the spread matters A LOT! If you notice that you don’t get many trades or no trades with a particular broker try another. Some brokers increase the spread during the time when this EA trades and since this EA has a spread protection mechanism it will NOT trade. ECN and STP brokers work best. The lower the spread the better.

So in conclusion I think you definitely want to look into getting your own copy as this is the real deal folks – an EA that makes pips not empty promises and lofty claims.

To find out more or to get a copy you can simply visit the Forex Demolition Homepage.

I would also encourage you to share your experience and performance over at my forex nirvana forum. There is a thread dedicated to this EA over here.

Happy trading!

Cheers,

Alan