Don’t Mess With Forex Robot Set Instructions

I have a little piece of advice for those who are just starting to trade forex using the AutoPilotRobot. Short and simple it is don’t mess with the forex robot set of instructions and recommended settings that you receive with the software package.

At least until you have a good understanding of the forex robot’s trading habits. 

For me, at least so far, better results were obtained by using exactly the set up recommended in the package of instructions (actually PDF files that you download).

As reported yesterday the first three trades were all $100 winners for a total of $300 in demo mode profits. I then thought that I could go for a bit more profit on each trade. So I changed the setting for profit target. This turned out to be a mistake as I left a zero out of the setting.

Unoh, I must have really confused the little warrior as the next two trades were fairly big losers. One trade at five mini contracts (50,000) lost just over $500. The next trade, after I changed the amount traded to 30,000, lost just over $300.

After these losses I checked the settings again and found my mistake. I changed my settings back to those recommended in the instructions and had three winning trades again for a total demo profit of $575.

I did manually take over from the robot on the third trade today as it just missed the profit target and the Euro started to sell off again. This trade would have eventually been made by the robot at the target price but I wanted to see how going manual would work.

So all in all I am pleased with the robot’s performance to date. Without my “error” trades the robot is up $875 on six trades. About thirty minutes ago I went live with a real money account. Let’s hope that I have the discipline to just let the robot do it’s thing and that the little fellow keeps doing the right thing.

More to come soon.
There is more info on the robot at Robot AutoPilot

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!