Hi Glenn,
I have been using Forex Funnel on my Live account at IBFX with decent and consistent results since June 2009, after using it on a demo since May 2009. I would, however, recommend increasing the equity, i.e., $3,500 per mirco lot (0.01 lots) to be on the safe side - you will not regret this decision.
So far, Forex Funnel has twice exhausted their own suggested equity ratio of $2,500 per micro lot. And some members here will testify that their accounts were blown - see the comments about the July 23rd trades, and more recently, a couple of weeks ago - it did the same thing.
It appears that the EA can handle up to 140 pips of movement at a time, no more. If there is no retrace within this move to get you out of your trades, you may be in trouble.
I found the best thing to do, if you face a large move of 140 pips or more, is to shut down the EA but ensure that you have spare equity to carry the DD until such time as the market to comes back, which it will (and has done so repeatedly). The USDJPY pair is very fibo sensitive, therefore a 20 - 25 pips retrace is very consistent with this pair. I have noticed that a non-stop move of 140+ pips peaks at 160 - 175 pips, and then it always comes back to the 50% fibo line on the last move - it may take a day or so, but it does come back.
I actually adjust the take profit level on all open orders to close at the third-from-last order. So that would equate to 60 pips on the last entry, 40 pips and 20 - 25 pips on the third-from-last, not to mention that there is a reduction in the loss on the other open trades - 20 pips on each of the remaining orders too.
The other alternative is to hedge against the EA with the total of open lots, and simply allow the market to go as far as it will, and place your Stop loss to protect 2 - 10 pips on the the hedged amount.
This move will accomplish two things:
- It will protect your equity from further drain, and you can let it run for as long as it takes the market to come back;
- It will add a little more profit, very little, but at 1.24 lots x 2 pips (or more if you want), that will add to your equity.
Good luck
Hello
Has anyone used the funnel? keen to here from someone as i will be putting in $2,500 on a live account please i would like advice
Thank you