Forex Autopilot Performance Update #2

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:

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.

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!