any one use a forex Bot?

[^eagle^]

I am looking for a savings vehicle that will earn more than a paltry $1 a month I'm earning in my savings account.

I have been looking at forex bots, specifically forex auto pilot. Has anyone had any experience witht hese things and can give me an honest review without affiliate marketing?

 

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[cmartin371]

Most Bots are programmed for the MT4 platform and I don't like most brokers that use it. If you are looking for something simple and want all emotions out of trading, why don't you look at weekly or daily breakouts. Find a system that suits your lifestyle then back test and forward test to see if it has an edge. When it comes down to it proper money management will also be very important as well.

I have never used a bot and probably never will. And if I did it would only be used to manage the trade while I was away (ie trailing stop...etc). But my primay trading systems don't need a bot and I only place one trade daily, one weekly breakout, and one breakout that runs into Sunday.


If you absolutely need a bot, don't by from an affiliate. There are plenty of freebies out there that will do just as badly as the ones selling for lots of dough:smilielol:. Or, if you develop a system, hire an MQL programer to make one for you and your system.

 

[^eagle^]

Most Bots are programmed for the MT4 platform and I don't like most brokers that use it. If you are looking for something simple and want all emotions out of trading, why don't you look at weekly or daily breakouts. Find a system that suits your lifestyle then back test and forward test to see if it has an edge. When it comes down to it proper money management will also be very important as well.

I have never used a bot and probably never will. And if I did it would only be used to manage the trade while I was away (ie trailing stop...etc). But my primay trading systems don't need a bot and I only place one trade daily, one weekly breakout, and one breakout that runs into Sunday.


If you absolutely need a bot, don't by from an affiliate. There are plenty of freebies out there that will do just as badly as the ones selling for lots of dough:smilielol:. Or, if you develop a system, hire an MQL programer to make one for you and your system.

I guess I need a bot because I don't want to be sitting in front of the computer all day. I like the idea of multiple conservative trades with conservative stop losses. I understand the numbers and this is nothing but a numbers game so why not let a bot run it? As long as you set your profits and stop losses at a conservative level the compunding should increase the value of the account. AM I missing something?

BTW I bought Auto pilot for $79. It has an eight week money back guarantee so I got nothing to lose. I'm using it on a demo account to see what it generates.

 

[cmartin371]

I guess I need a bot because I don't want to be sitting in front of the computer all day. I like the idea of multiple conservative trades with conservative stop losses. I understand the numbers and this is nothing but a numbers game so why not let a bot run it? As long as you set your profits and stop losses at a conservative level the compunding should increase the value of the account. AM I missing something?

BTW I bought Auto pilot for $79. It has an eight week money back guarantee so I got nothing to lose. I'm using it on a demo account to see what it generates.

I dont sit in front of a computer all day long. For 79.00 it is worth a try.

 

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[^eagle^]

I dont sit in front of a computer all day long. For 79.00 it is worth a try.

LAst night the eauusd had a good run. I set my bot at the default parameters. I made $594 OVERNIGHT on $3000 . so far so good..:chatter:

 

[^eagle^]

Bot did two more trades while I was at work.

each trade netted $200.

Now up just under $1000 profit.

Bot did a sell as the market trended downward as one of its profits.

I think its time to invest in real dough.

:fastlane:

 

[^eagle^]

played around with the bot and it started making bad trades. tried it in multiple pairs and it started performiong horribly. I have now lost half my profits and its holding sell right now on the eau/usd at a 900 usd loss. I dumped onne of the pairs at a loss to get it back to focussing on its primary pair. The one its built for. the guide says it can be used for any pair but it was designed for eau/usd. I'm keeping it on this pair now and it looks like I could recover my sell soon. It missed a buy it should have taken a few hours ago. so this program so far has been mediocre in its performance.

It's only play money and It hasn't blown out the account. so that is good. I'm surprised it hasnt hedged its bet on a buy.

 

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[cmartin371]

played around with the bot and it started making bad trades. tried it in multiple pairs and it started performiong horribly. I have now lost half my profits and its holding sell right now on the eau/usd at a 900 usd loss. I dumped onne of the pairs at a loss to get it back to focussing on its primary pair. The one its built for. the guide says it can be used for any pair but it was designed for eau/usd. I'm keeping it on this pair now and it looks like I could recover my sell soon. It missed a buy it should have taken a few hours ago. so this program so far has been mediocre in its performance.

It's only play money and It hasn't blown out the account. so that is good. I'm surprised it hasnt hedged its bet on a buy.

I don't know the theory behind the bot and why it works on that one pair. But just keep in mind that things change over time and that pair could act much differently 3 months, 5 months, or a year from now.

 

[AlwaysCurious]

I'd be extremely cautios with bots or experts that are optimized for one single pair. Several of this bots are trained neural networks that perform incredible well during backtesting the past, simply because they were trained with that data. But there is absolutely no guarantee that this will also be the case in the future. Quite on the contrary, the further they are used for actual trades without the ongoing training phase, the less they perform.

This is the reason why I would never trust my money on bots that don't come together with their source code. I for myself learned the MQL4 language for Metatrader the last months, so I am able to watch for those otherwise unexplainable, trained and mostly hidden parameters.

Anyway there are some good information sources for programming, testing and evaluating forex bots. I am member in http://www.forexfactory.com and http://www.forex-tsd.com and find lots and lots of information in it but most important there are many people willing to help testing and analyzing strategies and bots.

 

[cmartin371]

I'd be extremely cautios with bots or experts that are optimized for one single pair. Several of this bots are trained neural networks that perform incredible well during backtesting the past, simply because they were trained with that data. But there is absolutely no guarantee that this will also be the case in the future. Quite on the contrary, the further they are used for actual trades without the ongoing training phase, the less they perform.

This is the reason why I would never trust my money on bots that don't come together with their source code. I for myself learned the MQL4 language for Metatrader the last months, so I am able to watch for those otherwise unexplainable, trained and mostly hidden parameters.

Anyway there are some good information sources for programming, testing and evaluating forex bots. I am member in http://www.forexfactory.com and http://www.forex-tsd.com and find lots and lots of information in it but most important there are many people willing to help testing and analyzing strategies and bots.

I don't use bots and don't claim to know a lot about them, but you explained the point I was trying to make a lot better then I was explaining. Back testing is ok as well, but it never determines the future on a pair. Rep + for the post!

 

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[^eagle^]

The theory on this bot is that it bases its signals on the Fibbonacci (sp?) sequence. It was developed by a mathmetician and a forex trader.

The premise behind it is that is set up to take a profit at 20 pips and cut it's losses imediately (zero stop loss) if the trend reverses These parameters can be changed if one desires. It is a very conservative trader from what i have gathered.

The manual says it was designed for the eauusd m1. but could be used on others. Due to the lower volitility of the M1 I think the bot will serve well.

Looking back almost every loss was a result of my error except for a $6.00 loss in the beginning..

Since this morning the bot now is reset to its original installation and has recouped all my losses. i am now back to $3100.


I tried to back test but cant figure out how to do it. But forward tests seem to be going great.

I have applied for a live account to be ready when I am completetly satisfied with this test.

I'm not looking to make millions. Just to replace my income and this little gem just may be it.

 

[AlwaysCurious]

Backtesting is quite easy. If it is a Metatrader Expert (File with ex4 or mq4 extension), I could help you with that. I do this quite frequently on a AplariUK demo account, that allows to backtest such experts for a lot of pairs on many timeframes back to the 90s. Of course the results will be just hints, no real performance measurement or even outlook for the future.

 

[MJ DeMarco]

Please keep this thread updated, it is very interesting!!! Speeded everyone!

 

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[^eagle^]

forex closed down and I am at 3300. I once again tried a sell and the ticker went up twenty points before the bell. When will I learn? :nono: After the 20 pip gain my bot did another buy. I expanded out to the H1 and saw the trend rising. I got to learn to trust that bot. If I had kept my hands out of this thing I would have been ~ $5000.

Next week I will test the bot bell to bell unintterupted. I have reset the account and the only thing I changed is the leverage.
It will now be 200:1 Instead of 100:1

If I raise the leverage but lower the T/P to 15 How will this affect my profit? Currently at 100:1 and 20 pip T/P I net $200 per trade.

would this new set up net me $300 per trade and offer a lot more trades? I figure that the smaller pip value would be more conservative to obtain and the bot could make more trades as each trade was executed. I saw that many times the Pip level would rise and fall just short of 20 Pips but would often hit 15. I figure this would cause more trades to execute. But my thinking seems to get me in trouble here.

 

[^eagle^]

Backtesting is quite easy. If it is a Metatrader Expert (File with ex4 or mq4 extension), I could help you with that. I do this quite frequently on a AplariUK demo account, that allows to backtest such experts for a lot of pairs on many timeframes back to the 90s. Of course the results will be just hints, no real performance measurement or even outlook for the future.

I use forex meta trader free account. I can pull up the tester but can't find where to input the dates.


Edit: I found out how to input the dates but when I test it the tester makes this "squeaky toy" noise and No results show.

 

[^eagle^]

The theory on this bot is that it bases its signals on the Fibbonacci (sp?) sequence. It was developed by a mathmetician and a forex trader.

The premise behind it is that is set up to take a profit at 20 pips and cut it's losses imediately (zero stop loss) if the trend reverses These parameters can be changed if one desires. It is a very conservative trader from what i have gathered.

The manual says it was designed for the eauusd m1. but could be used on others. Due to the lower volitility of the M1 I think the bot will serve well.

Looking back almost every loss was a result of my error except for a $6.00 loss in the beginning..

Since this morning the bot now is reset to its original installation and has recouped all my losses. i am now back to $3100.


I tried to back test but cant figure out how to do it. But forward tests seem to be going great.

I have applied for a live account to be ready when I am completetly satisfied with this test.

I'm not looking to make millions. Just to replace my income and this little gem just may be it.

Here's the math behind the bot.

Fibonacci number - Wikipedia, the free encyclopedia

 

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[AlwaysCurious]

And here is what it's got to do with Forex trading: Fibonacci Who? | 3rd Grade: Fibonacci | Learn Forex Trading

But that in itself does not say anything about your bots' strategy, nor about entry points, exits and money management. Do you know about this or is it secret?

 

[^eagle^]

And here is what it's got to do with Forex trading: Fibonacci Who? | 3rd Grade: Fibonacci | Learn Forex Trading

But that in itself does not say anything about your bots' strategy, nor about entry points, exits and money management. Do you know about this or is it secret?

It doesnt give you much more information than that. I've been watching it looking for patterns and it usually does the opposite of what i would do just by analyzing the chart patterns. So , No, I do not know its entry and exit strategy.

As far as money management I think it obnly allows you to lose a certain amount of equity before it takes a loss. On the last test I noticed a lot of zero net trades where it bought in and saw that it was a mistake and sold out with a zero T/P.

On this test I set it to T/P at 15 instead of twenty becasue I saw it bouncing more in that rage than the 20 pip range. I thought I changed the leverage to 200:1 but I've only been netting $150 per trade. I can't figure out how to change the leverage.

I changed it when I opened the account but would that not net me $300 If I leveraged 200:1 on a 15 pip move per lot?

So far I am up $450 in 17 hours of trading. with no losses. And yes it is still play money!

 

[AlwaysCurious]

So far I am up $450 in 17 hours of trading. with no losses.

This is quite remarkable. That's more than 10% within one or two days! But you have to admit that just few trades have no statistical relevance.

Looking at your figures, your risk per trade seems quite high. If 150$ are the result of 15PIPs you made, and given that for a 1:1 ratio you also set S/L level to 15PIPs, that's 150$/3000$ = 5%. These 5% risk per trade is quite high. Most people recommend to limit this to 2-3% max. Even if you are successfull at the moment, I'd suggest to reduce your position size to reduce the risk. And I definetly wouldn't increase leverage even higher, as this would increase the risk again. Otherwise within few but unevitable consecutive losses your account would shrink too fast.

I'm very curious about your further proceedings!

 

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[cmartin371]

Curious is correct. If you want to increase how much you are making per trade, it has more to do with position size. But Right now your risk to reward ratio could wipe out your account quickly and 5% per trade is a lot. When you start playing with real dollars, emotions tend to set in and crazy things happen. Like oh man I just lost 5% of my account on that trade. I need to make this up and get my 5% profit on top of that. So let's increase the lots..........

 

[^eagle^]

After holding onto a long for 7.5 hours the bot finally released it at a $250 loss. I'm still up $335. That's about what i make in one day at my job so all is not lost.

What makes me mad is right after that buy It went up 14 PIPS! Just 1 PIP short of the T/P! I saw it go up to $140 and thought about closing it but I didn't want to tamper with the experiment.

Oh well, It's only play money.

 

[^eagle^]

Now up another $950 with no losses.. I have sent in my paperwork to open a live trading account. Should have it open in about two more days. Then chill throiugh the weekend and start freash on monday. I'm pretty happy with this bot.


In the meantime I'm learning all about the FOREX thanks to always curious' links.

Thanks.

 

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[randallg99]

keep us in the loop. I am interested.

 

[^eagle^]

Bot made another $800 with no losses.

that's nine positive trades and one negative.

This bot is aledgedly trades between 85 and 95%.

So far that is accurate.

 

[Yankees338]

I don't know anything about FOREX, so I won't comment about that side of this, but have you searched Google for any opinions about the bot?

 

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[^eagle^]

Mostly affiliate marketing sites but i found a few ezine articles that i believe to be unbiased.

No out right opinions saying it was a scam which prompted me to buy it.

The site has many typos which can lead some people to think it is a scam.

I've even look at it with forexbastards.com which is a review site. They do not have any scam alerts.

I found the trading platform , FXDD,that auto pilot reccommends to be a little lacking in customer service though. I have experienced a little of this myself but nothing that raises flags. Just slow response times setting up my live account and not friendly customer service. But the actions get done. I have found bad reviews with them but Not outright scams from what i would consider reliable sources. i found just as many positive reviews of FXDD as negative ones.

 

[^eagle^]

Wow! 200 PIP drop and my bot didnt catch it. I lost 75% of my proffits!

Next week I'm adding a stop loss of 5 PIPS and see what happens.

Man that is disheartening.

What news prompted THAT freefall?

Good thing I'm still testing

here's what prompted the free fall I bet

Any of you pros ride this wave?

http://www.thefastlanetomillions.com/economy-finance-news/14776-ecb-raises-interest-rates-4-25-a.html

 

[^eagle^]

found a lot of useful unbiased info here The Forex Autopilot System - Page 22 - The Money Guru Forum - Money Making Discussions


I'm going to try out a new setting I learned here. I also found out that you can set it to open more than one trade with the newest version to speed up recapturing losses an a losing Hold like I currently have. You cant lose until you trade so I changed the setting to open more trades during this loser period and see if I can recoup quicker.

Next week I will set up a 10 pip trailing stop and a 50 PIP stop loss.

 

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[MJ DeMarco]

Is this real money? Execution in real time and demo accounts are like apples and oranges. Many demo accounts make money ... which is the hook, then you open the account and the execution isn't the same and there is slippage.

And yes, the dollar rally today was due to the ECB raising rates.

 

[AlwaysCurious]

Well it's been the ECB rates and "Nonfarm Employment Change" which is normally every first Friday in a month, but this time on Thursday due to 4th of July. I'd advise to stay out of those days since volatility is usually much higher leading to unpredictable jumps.

From what I read in the link you provided, this Autopilot Bot would be much too risky for me and as MJ stated thing are less smooth on real accounts. So I'd expect the losses to increase there.

This is a good advise from the review:

please make sure you DO NOT overleverage your account when using this EA - don’t get greedy or you’ll regret it