A rough couple of months for Forex Set and Forget

I started Forex Set and Forget on this account a few months ago and it immediately went into drawdown for the 2nd half of November and most of December. This might seem discouraging at first, but when you look at the backtest reports on the web site, you'll notice that even though some months show losses for the month, in the long run the robot shows a nice profit. This is not unlike a professional trader's results, which will show ups and downs with the ups being bigger (in general) than the downs.

As you can see in the chart above, the robot has fully recovered from the drawdown and is now in profit. Nearly 10% profit, which is right on track for 60% annual gains. My research has shown that with the right settings, Forex Set and Forget can easily produce 5% gains per month on average.

Other robots claim to be able to double your account every month, or some other ridiculous claims. However, I am under the belief that a good trader can outperform even the best robots. And I don't see any traders bragging about how they have consistently doubled their accounts month after month. My AME Cross Trader generated 700% gains in 1 week in the 2008 Automated Trading Competition! But I have no right to say that it can do that on a regular basis. Forex Set and Forget can be configured to double your account in a month or less, but it's not worth the risk. At least not for the long term.

Anyway, I lost my chain of thought. Sorry. Bottom line is if you want a nice cash flow or steady, predictable growth, then a robot like Forex Set and Forget is what you need. If you like gambling, then there are hundreds of commercial (and free) robots that will gladly drain your entire account while you shoot for the stars.

Forex Set and Forget v2.00 the excitement is building!

So far I am pleased with the performance and reliability of Forex Set and Forget version 2.00. I'm talking about

• New entry logic
• New trailing stop logic
• New currency pairs
• More consistent results

Just click on the screen shot below to see the results of a three year backtest on AUDUSD. Even just looking at the screen shot you can see a nice profit graph. That is over a three year period. Not many EA's can show that kind of result.

This backtest was run with a $300 starting balance and no money management. In other words, every trade was the same size. The ending balance after 3 years was over $1300. That means a person could have withdrawn 10% of their initial deposit every month from the account and after 3 years still have their initial deposit! Imagine being able to withdraw $5000 per month out of your MT4 account that only has $50000 in it. Yeah. That's what I'm talking about.

Incidentally, I ran the same backtest with money management enabled, so the trades were at no less than 1:10 leverage, and it still survived the full 3 years, AND had an ending balance of nearly $7000 (2233% profit). Of course the drawdown was insane but even so, it recovered fully and survived the entire testing period.

Anyway, at this time I am tying up loose ends such as packaging, documentation, sales page, ordering page, etc. and I'm close to releasing it to the public.

Get on my mailing list if you want to be notified when the new version is released. OR you can simply purchase the current version and upgrade for free when the new version becomes available. Here's why doing this makes the most sense...

Version 2.00 and higher will be on a subscription basis. You will be able to run on a demo account unhindered. But to run on a live account you will need to pay a monthly subscription fee. HOWEVER, if you buy the current version and upgrade, you will simply pay the $117 one-time and will never be charged monthly fees for your first live account. Most people never use more than one live account

New EA Reliability Spreadsheet

I have been using this spreadsheet to determine the best combination of parameters to use with Forex Set and Forget. So yesterday after an optimization for version 1.09, I decided to make a video of part of the process that you can use with any EA that requires optimization.

--> http://forex-set-and-forget.com/spreadsheet/

I am also giving away the EA Reliability Spreadsheet for you to use with your own EA's, or with Forex Set and Forget or AME Cross Trader. Check it out. I think you'll like it.

New videos and a free MT4 Indicator

I just posted some new videos on the Forex Set and Forget web site, and am giving away a free MT4 Support Resistance Indicator on the site. Definitely worth having. Videos are informative too! :-)

http://www.Forex-Set-and-Forget.com/indicator/