I Started a New Blog

Started a new blog a few days ago. Most of the articles are not mine but they are Forex and income related. New articles will appear there daily. Check it out when you have a minute. Anyway, from now on, anything I write pertaining to EA's, indicators, strategies, etc. will go here. Everything else will go to the new blog.

FSaF 2.00 coming soon!

As you read this I am forward testing Forex Set and Forget version 2.00 on a live account. Version 2.00 should be available in 2-3 weeks. Here are some of the differences that you will encounter.

• FSaF will be running on D1 (daily) charts instead of the original H4 (4-hour) charts.
• Templates will be used instead of Preset Files. Now you just open a chart, set the timeframe to D1, apply the correct template for your chart and everything will be set up for you (EA, indicators, etc.). No more applying EA, loading preset file, applying moving average, applying support/resistance.
• Improved entry logic that so far is proving to be much more reliable, especially on the D1 chart.
• Improved stop loss and trailing stop logic.
• New version of AME Custom Library with improvements and tweaks (more informative email, better ECN broker support and more)
• Brand new pricing model will allow you to obtain FSaF at a much lower price. Upgrades are free for existing FSaF users. Some bonuses for existing users too!

Here's some info about how I chose which pairs FSaF will run on and also how I determine the Parameters Settings for each pair...

1. I run each pair through the optimizer, optimizing for the most influential parameters.
2. Once I have a list of all combinations that end in profit, I run it through an advanced version of the EA Reliability Spreadsheet.
3. Then I start looking for the combination with the highest Reliability Factor that matches the following criteria:
   
   - At least 10% profit per month gains on average.
   - Maximum drawdown of less than one third of the initial deposit.
   - Ending profit of at least three times the maximum drawdown.
   - No less than 12 trades per month on average.

If you want to be notified when FSaF becomes available for download, sign up for the FSaF mailing list (form is on the right of this page) and you will be the first to know.

Do you like contests?

I found this interesting site that lists a bunch of companies that host Forex Contests. Anyone who knows me knows that I love trading contests, especially for Automated Forex Trading. So don't be surprised if a future post to this blog announces my entry into a trading contest. :-)

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.