Forex Peace Army Members Forums>

[bako45]

Originally Posted by Doug Reo-Cocker

Got your point, I also believe that. Nevertheless I think that is safe to add that choosing a proper broker like Duskacopy doesn't necessarily mean that a particular robot will work (even if it has a better than average strategy). In fact FAPTurbo made a high roller version for the Duskacopy platform, and as fart as I know it's a total loser.

I agree with you , I guess you may have misunderstood me here , I don't believe in robots my self and I agree with you no matter which broker you use the result will be the same , when you use the robots , but if you are well skilled manual trader then the Dukascopy is the broker to consider. where lot of traders fail in making money out of forex is lack of skill and patience ,money management and most important , PLANING YOUR TRADES, it takes aprox 1/2 hour to plan your trades for the day , another thing most traders fail to see the BIG PICTURE when placing trades , this is where they lose , I have done a chart of hove to plan the trades I hope it can be uploaded here for all to see , it is simple and effective , I do scalp also but the planing is the most important part in trading , and money management .see the chart that is if it uploaded ok .

[yuji8114]

I have purchased fxgenius. It compares price between 2 brokers so robot
knows which way thye price is going from faster broker.
I am making profit stedily.

[Doug Reo-Cocker]

Originally Posted by bako45

I agree with you , I guess you may have misunderstood me here , I don't believe in robots my self and I agree with you no matter which broker you use the result will be the same , when you use the robots , but if you are well skilled manual trader then the Dukascopy is the broker to consider. where lot of traders fail in making money out of forex is lack of skill and patience ,money management and most important , PLANING YOUR TRADES, it takes aprox 1/2 hour to plan your trades for the day , another thing most traders fail to see the BIG PICTURE when placing trades , this is where they lose , I have done a chart of hove to plan the trades I hope it can be uploaded here for all to see , it is simple and effective , I do scalp also but the planing is the most important part in trading , and money management .see the chart that is if it uploaded ok .

I understand you now, and I do really agree with you mostly. Nevertheless, I really do believe on forex robots, I think that something really good can be accomplished there, once we get rid of the hype surrounding that area.

For those reasons, I love this site Forex Robots Competition Trading Real Money , as they do Real Money accounts tests and they do present their results with no HYPE at all, just facts. Check it out, and let me know what you think.

[Music Man]

I have 2 bots that I mainly use, both with indicators I wrote and integrated into Funyoo's advanced EA template from TSF. One is based on an enhanced Bollinger Bands strategy for range trading. The other is based on a modified Heiken Ashi indicator, for trending markets. Both are great, so long as the market matches the bot strategy. Both suck, if the market does not match the bot.

I have gotten better at telling the difference between those different market conditions, although at some considerable cost.

Because Funyoo already has a working order management system in his template, creating EAs that trade a given system is relatively easy. Still, trading systems based on technical indicators are NOT universal money making machines. Either they range trade, or they trend trade. I haven't found one (or written one) that can do both. I can do both.... but I can't seem to be consistent enough. Bots are very consistent.

What I can do consistently is look at the market, check the news calendar, and say "This is a ranging market!", or "This is a trending market!", and select the matching bot. Then, when the market shifts and the bots trades go sour, I can turn off the bot and trade my way out of the woods... usually.

This morning I had one of those incidents. My Bollinger Band bot was scalping USDJPY on the M5 chart, selling the tops and buying the bottoms. A little before the London fix, I got distracted. What I usually do is turn off the bots before things like the fix, or a big news event, but this time I returned to the computer to find that the bot had been selling into an uptrend that developed after the London fix. Ouch! I turned off the bot and took over.

At first, my thought was to start buying the trend. If the trend continues, I could trade higher lots and make up the losses on the short positions the bot had taken. As it turned out, the trend began to weaken, so I abandoned the buy strategy and started selling the tops of bullish candles. By the time I was done, I had taken the same range of pips out of the market several times. In the end, the trend retraced until the bot positions were also into profit -- just a little excitement for my morning trading session.

It's been a good 2 days -- about 600 pips, and all from the bots except for this morning. I can't wait until after New Years!

MM

[Jason Cribes]

I would only choose to go with Forex-Megadroid.com , they are the sole and only forex bot who provided me with consistent winners and I'm in the GREEN!
Cheers!

[Doug Reo-Cocker]

Originally Posted by Jason Cribes

I would only choose to go with Forex-Megadroid.com , they are the sole and only forex bot who provided me with consistent winners and I'm in the GREEN!
Cheers!

I don't like to use only one EA as the Forex Market is a much changing market and so all of your account could easily be wiped out if the robot doesn't work anymore. I prefer to use several each managing a small percentage of my account.

On the other hand, your choosing is fine, the Megadroid is very solid and is actually second at ww.forex-robots.com competition.

[fxvoilaaa]

Originally Posted by Jason Cribes

I would only choose to go with Forex-Megadroid.com , they are the sole and only forex bot who provided me with consistent winners and I'm in the GREEN!

Megadroid? i'm sure some people said it bust their account.

[TheBluePrince]

The question at the top of this thread is "Are there any robots that make profit? ". The answer is "No, not consistently". That's because the markets move in a random walk. I don't like that answer, and nobody else here will like that answer, but it is the truth. Some of the systems will make a profit for some weeks or months. Odds are that will happen if you have enough systems being tested. If they are tested long enough, at least 6 months, they will return to approximately 0 gain.

I've been trying to build a successful system for years without success. I'm a computer programmer and a former CPA. I have tested everything from swings to whipsaws, moving averages to volume indicators, and most every other technical indicator invented. 90% of them tell you the same thing. As the auhtor of one trading book wrote, "How many ways do you want me to tell you that the stock is oversold/overbought".

I know that some posters will say they are making money consistently, and some probably do. If you have 10 million people trying to make money on a random system some small percent will consistently make money and it's human nature for them to believe that it is because of their superior skill. Let them believe what they want. I've done the testing. Hundreds of hours of testing. That said, statistically all markets do go through conditions of oversold/overbought and it's possible to make a small profit on those swings. The average amount of that profit is about the same as the average spread plus commissions. Surprise!

Still the idea of being able to be your own boss and making more money that an employee could ever hope for is a very sexy idea and I still keep looking. I think I will try the systems which are testing well here. FAP Turbo is the most famous and it is scoring well. FX Chimp and FX Godfather are even higher with more weeks. Maybe running several of them with each handling a small portion of my account would actually work. That´s something I've never tested.

[Music Man]

Many folks say the market is random and tout the efficient market hypothesis. They are factually incorrect. The market is not random, it is dynamical. These are not the same thing. I have wealthy quant friends who have been using non-linear, automated methods to consistently win in equities for 15 years, beating all the indices handily the whole time. That's highly unlikely in an efficient market, random-walk universe.

BTW, your idea of using multiple strategies is exactly the answer you have been looking for. What you need are 2 winning algos -- one that plays the "overbought/oversold" bounce game, and one that knows how to follow a trend. Then, you need to apply your TA and market-awareness skills to know when to enable which one on what currency pairs. That way, while not 100% automated, you are semi-automated enough to take many human errors off the table and have consistent money/order management, courtesy of the bots.

You still have to watch it, because you have to be on hand if the market turns. That is hard to do in a bot, but not so hard for a human. While I am working on the automatic-regime-change detector, in the meantime, I'll just eyeball it. That is way easier.

Take this morning, for example. I had been running my BB-based bot on the EU H1 chart, where it does very well. As the bot took a mess of pips profit at the bottom of the range that has been in effect, it placed long positions expecting the bounce up. Instead, I hear a raft of negatives for EUR in the news, plus rumors of Goldman placing some big bets on a downward trend for the pair. Where I would normally let some drawdown occur, knowing that the bounce will come, I realized the risk of a bearish breakout was elevated. Plus, I was already out of the money on those longs.

Did I cut my losses and run? Not exactly. I dropped my enhanced BB indicator on the M1 chart and picked a good short entry point. I took a short position larger than the outstanding longs. This allowed me to ride it down until the net EURUSD position was in the money, at which point I got out. (Yes, I get to ignore NFA anti-hedging rules, which would force me to lose money for no good reason.) Now, I'm going to wait until NFP tomorrow morning and see what develops.

Actually, I'll probably collar NFP with opposing stop orders and grab a quick 50 pips or so. Then, I'll see if a trend or more ranging develops and turn on the appropriate bot.



MM

[Awais Rasheed]

Well i haven't tried any robot or known any person that earn his living in forex by just relying on robots. On the other side individuals and organizations around the globe are trading on the technical or fundamental basis and are successful.

And this is too harsh to quit the forex just because you are on a loosing streak. Better money management and good training and study will soon convert this loosing streak in the winning one.

Wish you best of luck...