Testing A Forex Robot
I previously posted about how to get your start into Forex. Some people will tell you that robots are the easiest way. Some people will tell you to avoid them like the plague. I sit somewhere in the middle. I think it is critical for someone to know how the market works before trusting their hard earned money with a robot. You really need to know how things work before a robot can help you out. The marketing pages always play these things up as something that requires no experience. That is a load of bullshit. There are many customizations you can make to a robot and unless you have experience trading you won’t know what to do. Hell, if you aren’t used to manipulating charts you probably will have problems even getting the robot up and running properly. Used properly, these robots can be a huge help in your trading. I am the perfect example of someone to benefit from a robot. I know how to trade. I know how to trade successfully. Unfortunately, I am not able to trade as often as I would like. Having a disciplined system running for me 24/7 can be a massive boost to my income. The key is finding, and tuning the right robot to fit my needs and goals. I am testing out a free robot from Expert Advisors. Yes, FREE! You can download the thing yourself and give it a try. As always, you should thoroughly test a robot on demo before risking real money. It uses the Metatrader4 platform, so you can use any compatible broker you want. I just want for the easy setup for FXDD on a demo. I have been running the thing since the night of March 3rd. This robot appealed to me because it’s risk/reward ratio is 1:1. Meaning the target is 40 pips and the stop is 40 pips. You would be surprised at how many strategies have a small profit target but have a massive amount of risk. Who cares if you win 10 trades but then wipe out 20% of your account on your first loss! So far this system seems interesting. I would prefer a smaller profit/loss level of maybe 25 pips, but I am not sure that is realistic. I will run it as is without any tinkering for a while. As of right now it has lost 5 trades and won 4. I still have one trade open. This means I am sitting at a loss of about 40 pips. Not enough time has passed for me to make some accurate assessment, but so far this thing has not done well during the day. All losers have been during the daytime and the winners have been at night, including 3 winners last night! This is where knowing about the market helps. I didn’t agree with any of the trades this robot made yesterday during the day and sure enough they lost. There were some news announcements and a weird chart pattern and the Euro was trading fairly low. Difficult time to get in on a sell trade. Had this not been a test I would have shut down the robot until things calmed down. These robots are powerful weapons. When used properly, along side your own trading, they can help you make a lot of money. If relied on blindly, you will lose your money. It is that simple. Here is the summary of what the robot has done for me so far…
Tags: expert advisors, Forex & Money, Forex blog, forex day trade, forex robot, Forex strategy, forex trading, free robot, fxdd, metatrader, robot, trading robot
[...] I mentioned that I would be posting the results of the Forex Robot I was testing. I mentioned in this post last week that Expert-Advisors has a free robot to test out. I figured I might as well give it a [...]
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