Friday, May 2, 2008

Forex Autopilot Expert Advisor, Unbiased Review

A few weeks ago, I started to feel curious about this new expert advisor everyone seemed to be talking about. I went to it's cheesy marketing web page filled with marketing tactic ( where they say things like "75% discount, prices will come back to normal in three days!", date which always seems to be the same one after three days) and I took a try for this expert advisor which sells for a mere 89 USD.

At first, let me say the things that attract forex autopilot customers. It is a very cheap expert advisor compared to most of the profitable ones, which usually cost between a 250 one time fee and a 90 dollar monthly subscription. The webpage is also filled with unneeded ways to shove the idea of richness and desire into people's minds, you see champagne, cars, etc.

When it comes to putting their money where their mouth is, they still have a long way to go. I must say, I still don't have enough testing data to ensure whether it is a profitable system or not, what I can tell you is why I would never trade this expert advisor in my live accounts.

First, there is the way this expert trades. It opens roughly two trades per day, which seems normally selective, and trades on the EUR/USD one minute timeframe. It then opens orders based on some indicators and lets them run after they either hit the take profit or some indicator based exit signals. This is where we have a conflict. Indicator based exit signals ? As I have seen in forward testing, this expert advisor is comfortable with a 400 pip draw down, as seen before last week's FOMC meeting. If you put a stoploss on the expert advisor, it fails dramatically.

I am very skeptical about expert advisors which tolerate open draw downs like this, specially this ea. It is reasonable when you have pyramiding expert advisor like Pipforia or Pointbreak that close profits at the end of market cycles, and even these expert advisor have never actually seen an open draw down above 20%. The fact that the autopilot expert advisor doesn't use a stoploss and is quiet conformable with a 400 pip draw down without showing exit signals gives me the creeps.

Well, I have given you the facts I have experienced with this expert advisor. An expert which is tolerable to large open draw downs and that also lacks a consistent money management system. I would have to say, I would never trade it in a live account. Would you ?

4 comments:

Toluwase Olaniyan said...

Thanks for your advice. I'll love to know if I we shouldn't trade using this Expert Advisor at all?

John Smyth said...

Hi, can you/anyone recomend any Forex 'autopilot' system that would turn a good profit for a complete beginner to forex? thanks

Short14 said...

I have been trading with Forex Autopilot since 9/28/2008 it has taken a $1500.00 to $3800.00 in 22 days. If you want to see my FXDD broker statements feel free to e-mail me at shortlinet@aol.com

durham.bubb said...

Try fiddling with the settings, like inserting stop losses and trailing stops, also change Max Orders to 3 or 5, it will produce the Pips, you just have to control the losses.

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