ForexRobotTrader.com robot review - BUSTED! -$3,318

[Killer-B]

LOL - I'll quit while I'm behind here... but noooooo - I WANT you to (#1) let it close out per Don's instructions (was asking if you WOULD - or would not since it's month end and in the Red) - #2) Don't kill the E/A just yet! Curious to see if it recovers!

Thanks!

[Fabio]

Hi Ken,
now it's almost 4 weeks that i'm demo testing Steinitz robot ;-)
The first 3 weeks I used the default setting, but I closed manually the open trades that were hanging for long time. Moreover I closed the open trades on friday night. Using this strategy starting from $2000 I could manage to end up at end of 3rd week with $2315 . It's not be 15%.
Last week I want to try another startegy . As you know the EA start from a higher TF (settable) and goes down to the lower TF till it find a counter trend . There is a possibility to set a switch that , in case a lower TF has a different color of the High TF then it start with the so called Set 2 . I.e it take the lower TF (that you can set) as High TF ans start to scan down from this new TF. This is great strategy because it could change from long term trend strategy to short term strategy. Moreover there is another paramater that , if set to "true", it exit as soon as the switched TF turns again in color. Said this I start this week with a new customised setting. i.e. I use for long term the "Month" as Higher TF and I used the H4 as switch TF and I set to true the exitasSwitchTF change color.
I have to say it's going not bad. I started last monday with my $2315 and yesterday eveneing , tuesday it was at equity $2435 . Wow 5% in 2 days . I was thinking to close due to the fact that I did already my 5% in a week and re-open it only next monday. Instead I let continuing running to see what's happen. Well today it went down in equity $2378 .
Now I do not know which it's the best startegy. May be just put a copmpound week target as 5% (very aggressive) and in case the equity reach your target close all the open trade and close the EA.
What's do you think about it ?
Btw it's possible to change the HAS indicator parameters.
If you give me your private e-mail I'll send you the indicators that you want and the EA manual.
I think that with your trading experience and my skill in programming we could make a very nice EA ;-)
Ciao
Fabio

[PipCop]

Fabio,

Can you attach the ex4 and .set files here on the forum which would be nice to share with the entire community. Just click "Reply" then scroll down and click the button that says "Manage attachments".

[Ken Long]

Fabio,

Have you had any more problems running this on your computer?

I'm running the new FAPS Turbo full time on my Forex Meta demo account. Its quickly repacing all the losses from previous EA's. The account was a little under 2500$ yesterday when I started, it now has equity of 3250$ running 0.10 lot size for all trades. It seems to trade very well with no adjustments. I'll know a lot more once it takes a few losses.

The FAPS Turbo has 2 trading styles. A reworked and modified version of the old FAPS, and a short term scalper. It works off a number of interesting indicators, Demark Lines, Fractals, Alligator, and has been very accurate. Not just profitable, but accurate in its entrys.

The designers seem to have taken some of the best features from many commercial robots, such as the stealth mode from the Auto C.r.ash. Its taken that one a step farther and added dummy signals on the scalping program. It advertises a stop and tp that are different from the internal settings. And it adjusts its internal stop and tp settings as needed. It closed one trade at breakeven today that amazed me. The price when a little low, not quite a lower low, and didnt come back fully, posting a lower high. The program got out at breakeven and reentered an hour later.
So far, so good.

And it doesnt tax my computer. Its been running since yesterday and I hardly know its on. I hope to open a dedicated demo account so I can share the results, and possibly move to a live account. I've also given up on the idea of a VPS server for now. Instead I'm looking at new laptops, and turning this one into a dedicated server and backup hard drive.

Inspite of the hype I think this is going to be one of the good EA's, Definately worth the refundable 97$, for a trial.

Ken

[Killer-B]

Hey Ken-

Sounds very promising... As mentioned before, FAPS (original) had a decent few weeks... Been waiting for others out there to do some forward testing... but can only find affiliate sites thus far -

Be that as it may, per your feedback, sounds like they've put allot of thought and utilizing more indicators etc this time around - Of course I'm skeptical but hey, if it works, you may have a great one on your hands! -

That said, my only concern based on their statements, is the HUGE losses they post (back-test statement) - They boast 95% winners for a NET of $49K - but kinda skip over the fact that they also had $23,000 in LOSSES too! So, I dunno if a 1:2 loss ratio is acceptable for your trading style... but is kinda cutting it close, no?

Soooooo - Lets see how it does for several weeks... Maybe PC can get a copy to test/demo here... as I am interested since FAPS (std.) has had its good days (with a S/L in place) -

Good luck and keep us posted!!

KB

[civicsi411]

James,
Since I can't afford to buy you a doughnut and coffee at this time, I'll just keep clicking the Google Ads instead. Ken Long from Cambridge, MA has officially etch into my head, everywhere I go he's there typing up a novel LOL. Post 71 is one of the longest post I have ever read it needed chapters... You ever thought about a profession as a writer? - Eric

[PipCop]

While I appreciate the thought, please don't abuse them - it counts as "Click fraud" and I'll actually make less money. Just check the ads out, and if something genuinely catches your eye, then yeah ... go for it.

But thanks for the thought!

[PipCop]

Thread icon updated to stop sign as this has had 50%+ drawdown for more than 1 week.

[rsmereka]

My first post here.

First of all, what a great site. Thank you for providing this very valuable resource.

I have been running this EA in demo mode for the past month and I had to reduce my lot multiplier to half a percent from the recommended one percent. That helped me stay in the game but I am ending the month with a huge floating loss. True the EA was a good earner during the month racking up in the high 30% ROI for the month but those open trades will cause the profit to be reduced to a mere $150.00 for the month once the trades are closed at the end of the month. I could leave the trades open but I would be inviting even more drawdown .

I also have been running FAP Turbo since it was released on Tues the 25th. It came out of the gate like gang busters and almost doubled the equity in my demo account after two days of trading. The short -term strategy is somewhat accurate but does make some large mistakes. The profit from only this strategy this week for me was only about $30.00. The big wins I had were from the long-term strategy. I accidentally set the EA to use 5% per trade and almost got into trouble after this EA opened 5 separate trades against EURUSD. I noticed some hedging also if the trade starts going against you.

First impressions on FAP Turbo. A really good EA but you have to watch the drawdown on the long-term strategy.

I am also very impression with RoboMiner and have place it as a backup to FAP Turbo.

Rick

[PipCop]

Hi Rick, I am glad you like the site.

I am hearing the same things from many people. In time, I hope to test FAP and other "brand name" robots to see how they handle themselves - and put their numbers up for all to see.

As far as RoboMiner, I've personally never seen a robot make 30 days of profitable trades without one loss. I am sure there will be losses sooner or later, but so far it looks good. In an email sent to me, another member said:

I have GW & Robo, let me tell you, you're in for a B-I-G shock when the big trends happends happen, major DD's up the ying-yang! I and buddy bought one and right after we both got hit, him a little later, so I got hit the most! $400 account down to $200 now, with $100 still open as DD's!!!!!! They say it happens once in 6 doublings of an account.

So I am sure each robot has it's short comings, I just want to see which one has the best possible outcome with the best money management - and best profits, obviously.

Anyway, I am a patient investor, and I will wait for a few more months before I put an EA to use on a personal live account. In the meanwhile, I'll give a few EA's live accounts with a tiny balance and see how they stack up here on the site.