Anyone try this ForexAutoPilot EA?

Beginner Questions
1

Hello Everybody. Has anyone tried that ForexAutoPilot EA ?? I have been looking at them for a couple weeks now and I keep showing up at their website for whatever reason. I am just starting in Forex (taking the classes right now) and I think I have a humble goal of 10-15 pips/day or 50-75/week. I honestly don�t care if these are made from Scalping (which my broker allows), or if its 1 good trend a week, just looking for a very low risk system.

I use the new tools I learn everyday and I have found that when I make my own trade I make an average of +5 pips every 30 min. or so…(I prefer to use SAR and Bollinger Bands for my Day Trading) not too bad because I could sit in front of my PC for a couple hours a day and probably hit my goal, but I am very interested in these EA’s.

If anybody uses, or has any first hand experience forward testing, with ForexAutoPilot, please share if its worth the money to buy the program…other wise any trading plans that fit my goals would be appreciated.

Thank you All very much…and I end with my favorite quote of all times…

“Be a leader, be a follower, or get the He__ out of the way”
-Vince Lombardi.

2

Been using it for about 3 weeks. has done 6 trades 5 170 to 190 profit one 920 while I was sleeping.This was on a demo account. Im taking it live in the next week on a mini account.

Rich

4

Thank you for the reply.

I have done some backtesting, and it shows good results, average of around 200+ Pips / week.

I am going to start live testing w/ demo to see if this trend continues. I must admit that I would like to see it make money in a time when the there a longer downtrend in the market, but we shall see what we see. If i get the same results for 2+ weeks of demo I will also take it live w/ a small account.

5

Ive tried this robot on an account with 1000 in it to see how it would do. In a demo account with 3000 in it it did wonderful.
but would not work in the 1000 dollar account as I continually got the message that there was not enough money when ever it went to enter the market.
I wrote to the guy that made this robot and asked if I needed to change any setting to run it on a mini account.I got a message back telling me NO. So I tried it in this account and thats what happened. I am writing him again with my results will let you know what he says. Other then that I have no complaints other then this makes it so I cannot use it for a while.

Richard

OK got an answer here is what was said and what I got back.
> Hello
> > I recently asked you via support if the autopilot would work on a mini
> > account with out changing any settings and was told that it would work and
> > no I did not need to change the settings.soooooooooooo I tried it on a
> > 1000.00 mini account and got the message there was not enough money to trade
> > in the terminal.
> > so what do I do to correct this.

The answer I got is as follows.

If you are using small deposit under 2000 usd use 0.1 lot to trade or even less

If you use 5000 usd deposit � set 0.5 lot.

For deposits over 10,000 you can use 1lot and more.

On Mon, Mar 10, 2008 at 11:12 AM, Forex AutoPilot Support

Happy hunting
Richard

6

Starting live testing using the following adjusted sets:

Lots: 0.1
T/P : 20
S/L : 0
Trailing Stop : 1

Woke up this morn. w/ 2 trades that ended in +1 … I am going to change the Trailing stop to allow for better gains…but right now I am follow a trade that is sitting at -40…going to be hard to make up those points…but we will see what happens.

7

My understanding from the guy that created this little robot is your not suppose to mess with the settings. Except to change the lot size in a mini account. So my fiend let me know what happens with the iner working of this little toy as you mess with it.
Rich

8

hey… i dont get something. the Trailing Stop is 1? as in 1 pip???

9

Yes, I did the trailing stop as 1 pip…rookie mistake and I see the error in my ways, i have already seen 2 trades that would have went for +20 if I left it alone…so my fault (live and learn).

As of right now…I am having a “test of will”. The Trader made a trade for me early monday morning. did a .1 lot of EUR/USD at 1.5383, then the market did a sky dive. I watched all day as my price was all the way down to -50. It has made a good comeback and seems to bounch between -30 and -20. I see 3 options at this point.

1 - (What I should do, considering this is a test) Do nothing and let the Trader figure it out.

2 - (What my impulses tell me). When it hits a -20, take the loss so the system can find me another trade (I have it set to do 1 trade at a time)

3 - (Be a bit Proactive) Make a few of my own trades, try to recover so I stay even, then it would hurt less to take that -20 or -30 loss…

Ohh what to do…what to do… (FYI, I am tring to run this the same way I would when I do a live account…I even get the jitters when its loosing money) ha-ha.

10

Its a robot if you close the trade it does not think its done its still in the trade. let it run out… its a demo account right?If its your own money well you decide…but I bet you will close the trade and it will go the way you want after and really piss you off. The robot seem to make a bad trade every once in a while but mostly it wins a lot.If you noticed there is no stop loss on this robot.

11

Yeah, I noticed the no stop loss…and I am going to let it run. I have messed with the setting a bit…are you set up with the T/P as 20 and the Trailing Stop as 15 ?

12

The data I got from the creator of this robot is leave the Flipin setting alone it is set up perfectly the way it is. The only thing that changes is lot size on a mini account. Depending on the amount of the account. Another thing about this robot is you have to leave it running… don’t turn off the computer.Minimize it and go watch TV,talk to your wife or go to bed. The Idea of a robot is to take the human element out of the equation. Whats the point if you are sitting there raptly
watching the monitor.you may as well do the trading your self
and forget the robot…LOL

13

yeah, the 1 pip stop loss will probably get hit every time.

now, the system does not have a stop loss?? i couldnt sleep at night knowing my trades didn’t have a stop loss :stuck_out_tongue: , but that’s just me. one bad trade and it could wipe out an account, you know.

good luck. keep us updated on how it does.

14

I hear ya. When you have a chunk of cash in your account its easy to be a little more liberal with it. LOL I believe thats how accounts get depleated. Stay diligent and frugal its a good way to grow an account.

Rich

15

I put all Settings back to default…have completed 3 trades
+20/+11/+10 (pips of course)

and have 1 open trade sitting at -160 right now.

What I dont understand is under the default settings it has a T/P of 20, S/L 0, but the Trailing stop is 50…whats the idea behind a 50 Trailing stop w/ a T/P of 20…

Any Ideas ?

16

To answer your Question…What I dont understand is under the default settings it has a T/P of 20, S/L 0, but the Trailing stop is 50…whats the idea behind a 50 Trailing stop w/ a T/P of 20…

I have no Idea and Ill bet the guy wont tell me. I’m trying to get this robot thing to work on a 1000 account.
Just To see how it does at building it up. I was planing to just set it up and leave it running on an extra laptop I have kicking around.
Just sort of forget about it. Orrrrrrrrrrrr at least trying to for a while any way.
The robot did the same with me a few times where the trade went in the opposite direction and I thought I was going to have to close it out (BECAUSE I HAVE A BIG
PANIC BUTTON) but the thing turned around and came out with 170.00 and I didn’t have to take a val um lol
Have a good one
rich

17

Hey Rich,
I am running this on a 300 Demo account right now, so I am tresting w/ with a very very low starting point. (probally too low to actually open a live account) but thats what testing is for :slight_smile: I keep it running at my home PC and check it on my PDA during the day. I will keep you posted on how this works for “building” an account.

And I am not going to touch the settings or take any action till I am satisfied with the results or I am at a $0 balance :slight_smile:

18

Hey if you can get this thing trading on a 300 demo account
I want to know how. I’m having a problem getting this thing to even consider a trade at 1000.00 I just fired off another email to the guy asking what to do about this.

rich

19

are you getting any error messages ?

If you have a 1000 account and keep the lot setting to 1.0 it wont trade (not enought money) so if thats the case switch it to a lower lot size.

It didnt make a trade for me for some time, then I went back to the website, and rather that using the “bundle” download, I downloaded the EA on its own…now its working fine.

20

Hi, I was having trouble running backtesting with MetaTrader 4. I’m really new to this and am having trouble with finding decent results with the backtester with Metatrader 4 (the recommended platform for trading by FAPS). I was wondering since you said you were successful if you could please give me some pointers? Maybe I’m just doing this wrong or I screwed up the inputs??

Please advise! Thanks

21

I’ve tested this extensively and found it to make profit, but how it makes profit is what needs to be asked.

I urge anyone who has this product to backtest with the actual chart opened, you can speed it up with the sliderbar in Tester, investigate when and why it opens a trade, to me personally, it has no real reason.

The most important statistic you must look at when running any EA is to look at the drawdown.

If you are a small time investor (less than 5,000), then you would not want a drawdown of more than 10-15%.

An example test;

Date Range: 2008.01.01 to 2008.03.16
Lots: 0.10
Total Profit: $31.00
Drawdown: 85.00 (16.93%)

What all this means is it went 85 pips in the opposite direction to get a gain of only 31 pips, thats totally crap for three months.

If I had let it go to the current date, it went 300+ drawdown.

OK, so it made profit, but ask yourslef this, what if the market did not bounce back?

That’s a loss, and a big one at that.

I’ve created a simple script that will show you how a simple script can make anyone money if they are willing to have a large drawdown, find it below.

5000 starting balance, try different date ranges, examine the drawdown, you’ll see that it makes money, but look at the script, the only condition it has is that it does not make more than 1 trade in any period.

Use EUR/USD, will work with most currencies though.

Conclusion? If an EA has a large drawdown, then it’s nothing more than game of chance, plus what do you expect from something thats being sold for under $100?


extern int TakeProfit = 100;
extern int StopLoss = 100;
extern double Lots = 1;
extern int Slippage = 3;
extern int MagicNumber = 12345;



int LastOrderTime = 0;
int OpenTicketNumber = 0;

int start() {
       // Check if we can make another Order
    if(LastOrderTime + (Period() * 60) < TimeCurrent() && OrdersTotal()==0) {
      LastOrderTime = TimeCurrent();
      OpenTicketNumber = OrderSend(Symbol(), OP_BUY, Lots, Ask, Slippage, 0, Ask + (TakeProfit*Point), "", MagicNumber, 0, Green);
    } else {
        // No trade yet
        int TimeLeft = LastOrderTime + (Period() * 60) - TimeCurrent();
        Comment("Time to next order - Hours:", TimeHour(TimeLeft), " Minutes: ", TimeMinute(TimeLeft), " Seconds: ". TimeSeconds(TimeLeft));
    }
   return(0);
}