Just upgraded my FRWC

An upgrade was available for the FRWC Fusion, so I had to close all currently open trades (most of which were in profit WOOHOO!) and shut down my Metatrader in order to upgrade the robot. So far it is the only time I had to interfere with the robot's trading. There were no stop-loss or take-profit on any of the open trades, so I don't know how they would have ended if I hadn't interfered with them.

FRWC Fusion? Failing?

Well, I have been running the Forex Robot World Cup Fusion EA for about a week now and it was off to a good start. However, in the last 2 days it lost all of its previous gains and the account is down more than 3%. Of course one week is not enough time to measure the true performance of a robot (I wish some of my EA customers knew that).

Like I said before, I will let FRWC Fusion run for one month before making any judgements. After all, 3% drawdown on an account is not a bad thing if the losses can be recovered. Here is a simple formula that I use to determine if a robot is worth investing money into...

1. Let the robot run for at least 1 month (or backtest for 3 to 12 months).
2. Calculate the maximum drawdown on the account during the testing period.
3. The account profit at the end of the time period (or backtest) must be at least 3 times the amount of the maximum drawdown.

If you want to be even more aggressive in your testing...

1. Run 12 1-month backtests for the past 12 months, noting the max drawdown and ending balance for each month.
2. Calculate the average ending profit of all 12 months.
3. The AVERAGE ending profit must be at least 3 times the HIGHEST max drawdown.

I would imagine that most EA's on the market today will not pass the aggressive test. But if you find one, you should really take advantage of it and use it for a nice additional cash flow. I myself am working on an advanced version of Forex Set and Forget that can easily pass such aggressive testing. I am also working on a new version of AME Cross Trader that can be used with any of the money management strategies in my book, The Forex Millionaire Maker, to enable you to become wealthy in a matter of a few years.

Sign up for the mailing list now to be notified when these new versions of my robots become available.

Ever Heard of the Forex Robot World Cup?

Ok, I'm gonna keep this as short as I can...

In case you don't know about the Forex Robot World Cup (FRWC), it is an automated trading competition. As you probably already know, I love to compete in trading contests, especially for trading robots. I'm pretty good at it too! However, the requirements to qualify for the FRWC are so tough that I couldn't even get my robot into the competition. In fact, only 24 out of nearly 400 people were able to qualify. There was a backtest you had to pass with profit and no errors, followed by a forward test on a demo account. If your robot survived those then it was placed on a live account. The robot with the highest balance after 2 months earns it's creator a big pile of money. In fact, the top 3 prizes totalled 150 THOUSAND dollars. Ok, enough about that. Go to the site to learn more.

--> www.ameLabs.com/recommends/frwc.php

So, knowing that these 24 dudes could get into the contest and I couldn't, I thought it would be cool to get a hold of any of the 24 robots. Then the contest creators did something really cool; they combined the top 3 robots into a single robot and made it available for download! I'm sure you can guess what I did next... I BOUGHT IT!

--> www.ameLabs.com/recommends/frwc.php

Now anyone who knows me knows that I have never purchased a trading robot before. I write my own and the ones that work best become products that I sell. That's how it's always been. Anyway, to keep this short, I have the robot now (called FRWC Fusion) running on a demo account for the next 30 days. If it does well then I will drop a small pile of money into a live account and run it live. I am monitoring the demo account on MyFxBook.com. Click the chart below for full stats.

Yet another account running Forex Set and Forget

I added a new account to MyFxBook.com...

This is a demo account that I started in December with just $300 to prove that Forex Set and Forget does work on an account that small, provided the broker allows trading of micros (0.01 standard lots).

--> Forex Set and Forget on MyFxBook.com

Incidentally, it is running Version 2.00 of Forex Set and Forget, which isn't available to the public yet. Version 2.00 will be available in early March or maybe even sooner. Join my mailing list (use the signup form on this page) and I will notify you when Version 2.00 becomes available for download.

Upgrades are free for life, so if you order 1.09 now (or already have 1.09) then you will be able to upgrade to the new version automatically.

Look what I found!

I totally forgot about this account that I set up in August for the Surefire Trading Challenge. I opened it with $1000 and it has been running pretty much unattended since August. Just this morning as I was doing some maintenance on my VPS, I noticed that this account was still running and is up over 200% since I opened it.

Anyway, I couldn't pass up the opportunity to put it on MyFXbook.com since it goes back 4 months and looks so good. Now for some disclaimers...

• I opened that account with $1000 and used risk levels much higher than what I recommend for Forex Set and Forget (FSaF). The reason is because this account was used for a contest, which means using very aggressive settings for trading.
  
• Once I lost the contest (can you believe it? I doubled the account and still lost the contest), I put FSaF on a safer pair and used the included Preset File for that pair. Even so it was still running with only about $2000, which is $1000 LESS than the recommended minimum deposit.
• Almost as soon as I changed the settings, I completely forgot about the account and never looked at it again until I accidentally noticed it this morning.

Anyway, check it out. This is kinda like finding a bunch of coins under your sofa cushions! :-)

New forward test added to MyFXbook.com

I started a new forward test on MyFXbook.com. I took the 7 pairs that ended the month in profit from the test I started a month ago and put them on a new account. I also made sure that I had allocated $3000 for each pair (for a total of $21000) so that FSaF will run at the minimum risk level, which I failed to do in the previous test.

--> 7 Pairs on FXDD

My experiment of Forex Set and Forget running on 15 pairs ended the first month in a 9% loss on the account. I didn't expect much as far as gains but I did learn alot about the robot during that time. Version 1.10 will have improved exit logic that protects gains and minimizes losses. It should be available around Christmas. Even so, version 1.09 works very well on certain pairs and can be used for a nice cashflow.

AME Support Resistance: New video posted

I just posted a new video on youtube that shows some uses for the AME Support Resistance Custom Indicator for MT4.

--> AME Support Resistance

The video is very informative and hopefully has information that can help you with your trading. Check it out and let me know what you think. I'm hoping to have a whole bunch of these videos over the next several weeks.