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KenL
2008.10.12 10:03
Changing the risk setting wont change anything except the position size. This will affect your gains, but only as a result of trading a larger position. It wont affect the number of pips captured, and this, along with the stop level, and the odds of a bad trade, are the only measurments that matter. Well sort of, if you set the risk allowance to high and get a bad trade you could exhaust your account before you hit your stop, in which case the brokerage would give you a margin call and close your positions.
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KenL
2008.10.12 10:35
5674 wrote >>
Thank you Bill, I"ll try that! My Wednesday GB traded twice within minutes of each other for a more profitable result. I've also been reviewing the forex-killer....not a robot but so far it's very excellent with calculating the signals. I'm amazed. Kent, I found that Steinitz robot the other night too from another review site.... http://forex-systems-reviews.com/index.html he's added some video commentaries too. Have a great weekend everyone Lori Thanks, great review site. I especially like that he accually uses many of these on his own accounts with real money. |
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5674
2008.10.12 14:43
KenL wrote >>
Thanks, great review site. I especially like that he accually uses many of these on his own accounts with real money. Yes, I agree. He is giving honest reviews and he's not an affiliate of any of them so I truly believe he is unbiased. In the meantime I've done more researching and found some more very interesting sites and have learned more about the programs out there and the brokers to use and not use. The largest site I found is the http://forexpeacearmy.com ! It's a huge forum with comments on literally every program out there! I found it last night and I'm still reading and reading. I found it from yet another interesting forum at http://babypips.com . There are alot of people out there screaming scam about alot of programs but honestly the Auto Cash Robot that I purchased has been constant. I have a profitable result every day, though it may be small, it's still a profit! I'm not in forex to get rich quick and even small gains are so much better than huge losses! I had some problems with my brokerage account though and have decided to switch to another one and now reading all the comments and reviews has me dizzy! So much to learn! In the meantime, Have a great day! Lori |
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KenL
2008.10.13 23:30
This is a great review of the Auto Cash robot. It explains many of the flaws inherent in this style of robot, and asks the most important question, could you trade this with real money. Also a great list of articles and reviews of other robots. This robot has been a great introduction for me, but it would be imposible to safely put enough money behind this robot to make any profit worth the effort. Its always about the risk and the potential for a devastating loss. http://fxreviews.blogspot.com/search/label/forex%20autocash%20robot |
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5674
2008.10.15 01:33
KenL wrote >>
This is a great review of the Auto Cash robot. It explains many of the flaws inherent in this style of robot, and asks the most important question, could you trade this with real money. Also a great list of articles and reviews of other robots. This robot has been a great introduction for me, but it would be imposible to safely put enough money behind this robot to make any profit worth the effort. Its always about the risk and the potential for a devastating loss. http://fxreviews.blogspot.com/search/label/forex%20autocash%20robot hi Kent, Thank for your the link! I might agree that the robot has some flaws but I can only report that every time it trades, it ends in the positive. So no matter now small the end result, it does work. I'm also doing my own testing of the FAP and the ForexKiller. The FAP is wild! It trades several times a day for larger profits. Today I had 5 positive results and 3 negative. So I ended in profit. I'm still playing with the stop/loss and tp amounts but so far, so good. I let it just play by itself while I was at work today....but in honesty if I ever use it to trade a real account, I think I would want to over see it, just in case! The Forex Killer still blows me away. No losses as yet and I got an email with an updated version out today. So I'll report my test results as I go. Happy trading everyone! Lori |
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KenL
2008.10.15 14:35
Lori, All my trades with the AutoCash robot have been positive as well. But they were all done on a demo account. When trading for such a small margin of profit many things can effect the results, for example, my standard size gain has been 5 pips, barring various disturbances in the entrys and exits. Others have claimed 6 pips, the difference is the 1 pip difference in the spread. ForexMeta generaly charges 3 pips on the EURUSD, FXDD generally charges 2 pips. This difference can have a great effect on the cumulative gains. Further when live trading with real money there is a great chance of slippage that doesnt necessarily show on a demo account. A demo account usually gives you the price shown, whereas a real account gives you what is accually available. If the market is moving a slippage of a pip or two is common enough, and this program allows for up to 5 pips slippage, and doesnt adjust the target accordingly, so the slippage, like the spread, comes out of your profits. Also, this program runs a 650 pip stop and therefore requires a $650 account balance to trade 1 mini contract. The possibility of losing the entire amount is real. It would take apoximately 130 trades, with no losses, to make 650 pips, and depending on how many bad trades it takes, that could take a while. Bad trades dont always show up as dollar loses in the account, rather they show up as time loses, and the missed trades this produces. You would need anouther $950 balance to trade 1 mini on the GBPUSD Wednesday blaster. These kind of balance requirements tie up a lot of capital. I suppose you could turn off the AutoCash program on Wednesdays and run both on the same balance, as long as neither had an open trade. The bottom line is it remains to be seen whether this program can be profitable with real money. There is evidence that programs like this are not profitable in real trading. To find out it requires the willingness to stake $650 for a $5 gain, over and over again. I am very interested in the ForexKiller and the AutoPilot programs. I've read different reviews on both. I'm also still very interesed in the Steinitz HAS robot. |
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Fabio
2008.10.15 15:38
KenL wrote >>
Lori, All my trades with the AutoCash robot have been positive as well. But they were all done on a demo account. When trading for such a small margin of profit many things can effect the results, for example, my standard size gain has been 5 pips, barring various disturbances in the entrys and exits. Others have claimed 6 pips, the difference is the 1 pip difference in the spread. ForexMeta generaly charges 3 pips on the EURUSD, FXDD generally charges 2 pips. This difference can have a great effect on the cumulative gains. Further when live trading with real money there is a great chance of slippage that doesnt necessarily show on a demo account. A demo account usually gives you the price shown, whereas a real account gives you what is accually available. If the market is moving a slippage of a pip or two is common enough, and this program allows for up to 5 pips slippage, and doesnt adjust the target accordingly, so the slippage, like the spread, comes out of your profits. Also, this program runs a 650 pip stop and therefore requires a $650 account balance to trade 1 mini contract. The possibility of losing the entire amount is real. It would take apoximately 130 trades, with no losses, to make 650 pips, and depending on how many bad trades it takes, that could take a while. Bad trades dont always show up as dollar loses in the account, rather they show up as time loses, and the missed trades this produces. You would need anouther $950 balance to trade 1 mini on the GBPUSD Wednesday blaster. These kind of balance requirements tie up a lot of capital. I suppose you could turn off the AutoCash program on Wednesdays and run both on the same balance, as long as neither had an open trade. The bottom line is it remains to be seen whether this program can be profitable with real money. There is evidence that programs like this are not profitable in real trading. To find out it requires the willingness to stake $650 for a $5 gain, over and over again. I am very interested in the ForexKiller and the AutoPilot programs. I've read different reviews on both. I'm also still very interesed in the Steinitz HAS robot. Hi KenL, I'm also interested in the Steinitz HAS robot. Did you buy it already ? It looks that there is a good strategy behind isn'it ? Ciao Fabio |
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5674
2008.10.15 16:05
Fabio wrote >>
Hi KenL, I'm also interested in the Steinitz HAS robot. Did you buy it already ? It looks that there is a good strategy behind isn'it ? Ciao Fabio Thank you for your input Kent. It is ALWAYS appreciated and I do agree with you with trading the autopilot on a real account versus the demo. That 650 and 950 scares the **** out of me! I'm not sure I would have the guts to try it on a real account! In the meantime, I too am interested in that Steinitz robot. I haven't purchased it as yet since I am still testing the Forex Killer and FAP. This morning I had a profit of $706 with 6 trades. I used Forex Killer, input the signals and when it started going into profit I modified my order so my stop/loss would be in the positive if it started dipping again. (With market volilitiy, we never know what is going to happen!) So I can say that all of my trades using the Forex Killer were profitable. For the FAP,I initially changed my s/l and t/p to 30 each. It was originally set at 20 and 40 so yesterday when they did have a loss, it took two trades to balance out and I wasn't happy with those odds. So now with the 30/30 setting if I lose a trade, it will only cancel out one win. I sat here and monitored the FAP trades and when it started climbing into the profits, I went in and manually changed the stop loss so I can say that all of my morning trades were in the green with no loss! I'm going to let the FAP ride while I'm at work today to see what happens with my new settings. I'll report back tomorrow! So far, I am still very pleased with the Forex Killer signals. With the testing I've been doing, as long as you place the trade when it signals a good trading probability of 70% or higher, it is very very accurate! If the signals are not good, the program tells you not to trade. And if the signal is weak, I've tried it anyway, and the profit rarely reaches the mark so I close out manually with a small gain. Have a Great day everyone and happy trading! Lori ps. I may purchase the Steiitz robot next week after I've tested these other two a little bit more! |
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KenL
2008.10.15 21:15
The Steinitz robot seems quite complicated compared to the others I've seen. This could be both a plus and minus. The one review site I mentioned the other day comented on this. His opinion was that it was too complicated, and he already had easier robots that worked well. He did acknowledge that the Steinitz had better results so far in the live tests on forex-robots.com, but his approach was to build a portfolio of capable robots and average the results. In his case simplicity was more important. It seems that this robot has a lot of user adjustable variables, its capable of trading on multiple time frames and across multiple pairs, and its inner workings are very transparent. The number of choices can be confusing, but I think they may also allow it to be tuned for different market climates and for different results. I need to get a copy, or write to Don Steinitz about this. I have quite a few questions. While I'm at it. Do you plan on running all these robots on your home computer? It may turn out to be too much of a load. I havent checked them yet, but there are a couple of sites that will host your robots for you on a secured server. I'm not sure how much they charge, but it may be the best way to run multiple robots without interference from other work. I'll check into them further as I get deeper into this. Don Steinitz has a couple of video clips on Google that are worth watching. Mostly he's showing his results, but it also shows the robot in action and how his Heiken Ashi indicator works. |
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5674
2008.10.16 01:46
KenL wrote >>
The Steinitz robot seems quite complicated compared to the others I've seen. This could be both a plus and minus. The one review site I mentioned the other day comented on this. His opinion was that it was too complicated, and he already had easier robots that worked well. He did acknowledge that the Steinitz had better results so far in the live tests on forex-robots.com, but his approach was to build a portfolio of capable robots and average the results. In his case simplicity was more important. It seems that this robot has a lot of user adjustable variables, its capable of trading on multiple time frames and across multiple pairs, and its inner workings are very transparent. The number of choices can be confusing, but I think they may also allow it to be tuned for different market climates and for different results. I need to get a copy, or write to Don Steinitz about this. I have quite a few questions. While I'm at it. Do you plan on running all these robots on your home computer? It may turn out to be too much of a load. I havent checked them yet, but there are a couple of sites that will host your robots for you on a secured server. I'm not sure how much they charge, but it may be the best way to run multiple robots without interference from other work. I'll check into them further as I get deeper into this. Don Steinitz has a couple of video clips on Google that are worth watching. Mostly he's showing his results, but it also shows the robot in action and how his Heiken Ashi indicator works. Hi Kent, Yes, I saw those videos the other day. Keep us posted on your progress with it. In the meantime, I've decided that the robot should not be left alone! Since I left for work this morning the FAP robot went bonkers. It had 9 losing trades and 8 positive trades today. There are still 2 open as I'm typing this, in the green so far. So apparently my changing the stop loss only resulted in basically a 50/50 day except for the two trades that are open right now. So I have a gain! The Cash Pilot has 1 losing trades open right now down about 17 pips.... since this is the first lose and its a substantial one, I may just close it out before it gets worse. I'll keep an eye on it for a few minutes. The Wednesday auto pilot made no trade today at all. Last wednesday it had 2 postive trades. Regarding your question about running the robots on my puter. I'm running them on my laptop. I don't really like leaving it on all day but while I'm testing it, I will. I checked my task manager and with the robots running, my CPU usage is very small, and I haven't had any problems running any other programs while the robots are working so for now I'll leave it at that. But.... I was out shopping the other day and thought about buying a new laptop just to do my forex trading.....or....I may just buy a new flatscreen so I have one screen set up just for the trading window to keep an eye on it while I'm doing other work. Just my thoughts. My consensus right now is to continue testing the Forex Killer and only run the robots when I can keep an eye on them! :-) Gee, they're just like having to watch children! hahahaha! Have a great night! Lori |