Posts Tagged ‘Expert Advisor’
Forex Autopilot System – The Best Way to Use This Forex Software
For those of you not familiar with The Forex Autopilot System, this is a forex trading software with the ability to analyze the market trends and place trade orders all on its own.
This software is usually categorized as an expert advisor, since this software not only renders advise but instead runs the trading operation, I like to think of it more like a virtual trader rather than an expert advisor. Anyway, these are technicalities which are not really that important, as long as you get an idea of what the Forex Autopilot System is about.
Now, the idea of these few lines is to share with you a personal experience using the software, so whether you already have it or you are about to get it, I invite you to try a couple of new setting I have been using to trade with it, which has delivered better results for me.
Here the story, and why I am making this suggestion:
When I first downloaded the Forex Autopilot System, I did what anyone else would do, I opened a demo account and I started testing the software. At that time, just by chance I decided to fund the demo account with $3,000 of paper money and put the system to work.
When configuring the system, I carefully followed the instructions in order to set it up correctly. Among the parameters you are asked to set are the lot size and the maximum number of orders.
These two parameters limit, on one hand, the value per pip of your trades (for example: if you set the lot size to 0.1, then each point of variation -pip- in the market will translate into 1 dollar of profit or loss) and number of trade orders that you will allow the software to place simultaneously.
These settings are important because you must trade paying attention to the size of your account, and therefore, the margin you have to manage your trades safely. This is probably the single most important factor to consider when trading within the forex market.
The creators of the software advise you to use a 0.1 lot size ($1 per pip) and a maximum of 1 trade order at a time, as this is deemed by them as the safest approach. However, in my opinion, those setting will not always be the safest approach, as that will depend of the amount of money you are investing.
Anyway, at that point those were the settings I started using in my paper money account, but after a few days using the system with great results, I realized that at $1 per pip and using a $3,000 margin, I could take almost 3,000 points of variation before having my trade closed due to stop out, so this meant that I had a very comfortable margin.
I then figured, why not set the Forex Autopilot System to open a maximum of 3 trade orders at a time, as this will still allow for a safe margin -$1,000 per trade-, and then see what happens?
I thought this would be a good idea because I had seen that the software rarely needed more than a $200-$300 margin before closing a trades for a profit, so with a 1,000 points of variation margin per trade and 3 trades at a time, I would be able to pull more profits while still playing it safe.
The result: simply astonishing, because when I first started at 1 trade at a time the Forex Autopilot was placing 1-3 winning trades per days depending on the market conditions, so you can imagine, with the limit of trade orders set to 3, it began to place 3-9 trade orders daily, which in turn grew my paper money from $3,000 to $6,154 in just over two weeks. And again, the software rarely used more than a $200-$300 margin in order to close each trade for a profit.
So, when I switched to real money, I followed the same pattern, that is, I set the Forex Autopilot System to trade a maximum of 3 orders at a time, but -and this is important- since I did not start with $3,000 but with $500, I changed the lot size from 0.1 ($1 per pip) to 0.01 (10 cents per pip). That way I was giving the software a over a 1,000 point of variation margin to place each trade order safely, allowing my account to grow proportionally without the risk of blowing it due to a lack of margin.
This approach accelerated my performance while keeping me away from loss. Therefore, I would advise anyone to tweak a little bit these settings, taking into consideration the amount of money you are investing, so if you are starting small, maybe with $300, set the lot size at 0.01, and no more that 3 trades at a time; if you are starting with $1,500, then you could set the lot size to 0.05 and no more than 3 trades at a time.
Using a small lot size with a higher number of trades at a time, is also a good way to split your risk and increase the chances of growing your account, because the Forex Autopilot may get it wrong at times, and if you have it set to place only 1 trade order then you could spend days waiting for it to close it while you are probably losing opportunities for good trades, whereas if you allow the system to place several orders at a time -always with a safe margin-, maybe it will place a bad trade that will get stuck for a day or longer, but in the meantime the Forex Autopilot will remain placing winning trades and growing your account while you wait for the that bad trade to be closed.
Check this strategy on your demo account first and see for yourself how it can help the little robot perform better while keeping your money safer.
By: Alex Cadens
Forex Tracer Review – Is This Forex Expert Advisor a Scam?
Does the Forex Tracer expert advisor really work to make money automatically? The currency market that was once only accessible by large central banks and institutional investors is now becoming readily available to small investors.
However, it is by no means easy to make money from it, despite its large size and the leverage one gets from his broker. One of the most interesting tools that I discovered was the expert advisors. It seemed like an amazing concept (that trading logic could be programmed into a software to trade automatically) to me, and I was really eager to test it out.
1. My Experience with Expert Advisors
I soon began testing free and paid expert advisors that have amazing back-tested results, only to see them fail miserably when tested on a live account! One of the most recent ones that I tested is called the Forex Tracer, and I will tell you about my experience with it below.
2. How Does The Forex Tracer Software Work?
When you download this software, you will put it into the “experts” folder in your MetaTrader directory, after which you must drag it onto your trading charts. Once it is activated, you simply leave the machine on and running and it will trade for you automatically based on the rules programmed into the system.
3. Does the Forex Tracer Really Work to Make Money?
After analyzing the behavior of this software and how it finds its trades for a few days, I think I have somewhat figured out what kinds of indicators it uses, based on my own technical analysis. I personally have experience trading the Forex and I use a number of indicators like candlesticks, the Bollinger Bands, Support and Resistance levels and Moving Averages to find my entry and exit points. The Forex Tracer seems to find many similar trades derived from those indicators, and has been able to find many profitable trades in both consolidation and breakout patterns.
By: Curtis Laforrestt
Best Forex Software, Performance Wise
The forex software and service industry has literally exploded in the last few months and there is a lot of junk being thrown out at consumers to see who falls for it. Therefore, the task of assessing which forex software works best can be a daunting one.
The problem with most forex software, particularly those within the “expert advisor” category, is that they simply do not adapt to market conditions well enough to handle sudden and unpredictable movements caused by external factors.
It is a fact that the markets, whether stock or forex, behave according to certain patterns that tend to repeat themselves over time thus making it possible to somewhat predict what is going to happen next, being this the science -if you will- behind the numerous forex software available.
However, these patterns are not constant, they evolve, and this demands that traders do the same or at least use a strategy suitable for any market condition. Most forex software do not have the ability to evolve, nor they have a trading strategy capable of facing an ever changing market.
This is why you often see great results in back tests, but when you go ahead and download and use many forex software -each one claiming to be the best- you find yourself wiping out your equity in a matter of days, because the fact of the matter is that what worked in the past will not necessarily work today or tomorrow.
Therefore, in order to make sure you are getting the best forex software based on performance, you must look for alternatives that have been proven to work not only in the past, but in the present time. This will tell you that they are adaptable enough to make them profitable today and tomorrow.
Very few forex software and services have dared to take the step of showing how they work in live trading accounts that show the performance of the software on a daily basis, because doing this obviously poses a great risk for the developers, who would have the inadequacy of their product openly exposed in case that the results are not what people expect.
Therefore, the best forex software definitely have to be the ones capable of showing real live results and not only back tests, because the quality of these products can only be measured by their performance.
By: Alex Cadens
Forex Terminator Review – Is This Forex Trading System For Real?
Forex Terminator is a trading system used by a professional Forex trader to make extremely accurate and profitable trades. And as everyone knows who trades currency, you must have a system and stick to it to be successful. I’ve tested FX Terminator and was very impressed with the manual trading system (to the tune of 822 pips in 3 days), but left wanting on the automatic trading option. Read the rest of my Forex Terminator Review to find out more about this exciting currency trading system.
What Exactly Is Forex Terminator?
There are really two things you get with this Forex system: A template for the Metatrader4 trading platform with the rules to make manual trades and an Expert Advisor to put your trading on autopilot. Having a template is great because all you have to do is put the files in your Metatrader4 platform files and then simply attach the template to the 4 hour chart you are monitoring. So instead of having to set up all the indicators manually, you just load up the template, which is very convenient.
You can also chose to set up the Expert Advisor to have your trades placed on autopilot. I have tested this option both with the indications given and with my own setting and have found this option to be less profitable than manual trading. But when you see the results of manual trading below, I’m sure you won’t mind having to put in the trades manually. (And if you are like me, you probably don’t want a robot playing around with all your money).
Example Of Using Forex Terminator
Setting up the template takes all of about 1 minute. Understanding the trading rules is very simple as well, and only needs about 1 page of instruction. Then it is just a matter of waiting for the indicators to point to a trade opportunity. For example, while I am writing this review I am waiting for two currency pairs to present a trade.
Once you place the trade, you need to set a Stop Loss. Since this trading system uses a 4 Hour Chart, the Stop Loss should be 100 or 150 pips, depending on your risk tolerance. You have the choice of setting a profit target, or keeping an eye on the trade and exiting when you get the next signal. This really depends on your trading style, but I have not been setting the Take Profit and have have some great trades so far.
Forex Terminator Results
Over the first 3 days of trading I’ve made 5 winning trades for 822 pips in total, and 1 losing trade for 50 pips. I’ve also missed some trading opportunities that would have been successful, and on the losing trade I tried to push the limits of the rules and get into a trade late, which resulted in the loss. Overall, my results have been nothing short of fantastic with room for improvement.
While the FX Terminator trading system is completely mechanical, you just follow the rules and set your trades accordingly, I still think I can do better with practice. It is just like anything you learn for the first time – practice is necessary. And while I don’t expect any Forex trading system to be perfect, I am very excited about the results so far.
Every Forex trader needs a system to follow. And in my opinion, FX Terminator is a trading system with great promise. Again, I don’t recommend the autopilot trading option, but I do recommend using the manual option. If my huge success testing this system so far is any indication of how well it performs long term, I’m looking forward to accumulating a lot of pips (and profits), with Forex Terminator.
By: Edward Lomax
Forex Funnel Software Review
Many people are put off by the fact that the Forex Funnel trading system is new to the market. However, this Forex trading system has actually been used for years as a private trading system and it was just recently made available to the general public. In the private sector the Forex Funnel trading system made its users large profits, but can those successes be seen by the average trader?
The Forex Funnel trading system is rather easy to set-up. Once you purchase the system, you download the program and open an account. Then, all you need to do to get started is run the automated trading robot and it trades on your account for you. There is no need to watch over your trades with this system because the system uses an expert advisor to monitor your trades for you and the system functions 24/7.
The Forex Funnel system is designed to minimize your losses. It does this by creating more limit orders than open orders. This ensures that regardless of where the trade goes your loss is locked because of this when the exchange rate reaches the limit order you garnish a much higher profit. As the Forex Funnel system trades the gap between the limit orders and the open orders will grow but the principle remains the same.
The Forex Funnel trading system also allows users to set-up a demo account using virtual money. This is a good way to practice when you have little experience in Forex trading. It is also a great way to get acclimated with the system without risking your own money. It may be a hard pill to swallow when you see how much money you would have made if you were using real money, but it ensures that you take no losses should you make a mistake initially.
The Forex Funnel is widely regarded as one of the best auto Forex trading programs available and once you use it you will know why. The program is easy to use, requires absolutely no intervention and most importantly it works. The system is appealing because it can be used by both novice and advanced traders with little to no hassle.
This isn’t just another new system entering the market, the algorithms used in the Forex Funnel are tested and extremely accurate. The only draw back to this system is that you don’t need to do anything. So, you can’t take much credit for your success, other than the fact that you were smart enough to invest in the Forex Funnel.
By: Marc Schwartz
Forex Expert Advisor – What is a Forex EA?
From the beginning of time man has seeked to use automation to simplify his life. The financial markets and Wall Street have been major beneficiaries of automation. The most high profile market in the world right know is overflowing with man made robots that are used to do the trading that men used to do. The market I am speaking of is the Forex Market. The Forex traders have created Forex robots or Expert Advisors (EA) that they use to trade currency pairs on autopilot. Forex Expert Advisors such as Fapturbo, Forex Megadroid, Forex Ambush, Forex Godfather and many others saturate the market and promise to make money for its users. Before you go and buy one of these expert advisors it would be beneficial to learn al little about what a Forex Expert Advisor is.
A Forex Expert Advisor is automated Forex trading software. It is a strictly mechanical trading system designed to trade Forex currency pairs automatically without any human intervention. These EA’s are written in a programming language called MQL-4 and are mostly used on what is called MetaTrader-4 platform. This platform enables the EA’s to run and trade currency pairs. These robots can be programmed to provide alerts when a hot trade is coming up or they can be programmed to fully trade and mange all of your trading activities and send orders to your broker. It can even be programmed to adjust stops and to take profits. Awesome right!
Expert Advisors are programmed using rules that tell the EA when to enter and exit the market. Expert Advisors remove emotions from trading and force traders to stick to the trading system. The major downfall of many new traders is trading on emotion and not following the system. It is this consistency that makes EA’s very useful and attractive to Forex traders. Forex is a volatile market with many highs and lows and without a solid system you will be out of cash before you know it. EA’s can be programmed to analyze many parameters simultaneously, which is something that is almost impossible for a human.
Technical indicators are the lifeblood of EA’s. EA’s are programmed to evaluate technical indicators such as moving averages, Bollinger Bands, Fibonacci, etc. and use this information to enter trades, exit trades, set stops and take profits. It is also possible to create a custom indicator to utilize. Many experienced traders hire programmers to automate their systems so they do not have to sit in front of a computer all day. Automate and make profit is the goal of all expert advisors.
By: William A Rice
