Forex Autopilot Review
Posted January 8, 2009 – 3:58 am in: forex autopilot, forex trading robotsForex Autopilot (F.A.P) is a revolutionary automated expert advisor/forex trading robot unlike most expert advisors. Featured in Business Week, CBS News and NBC and developed at a high cost by a team of professional traders led by Marcus Leary, a experienced forex trader, this software imbues some of the top forex trading strategies and advanced mathematical algorithms. In other words, it is built to maximize profits for forex traders.
Backtesting results from 1999 – 2008 revealed 96% of all trades are profitable.
What Forex Autopilot can do:
1. Autopilot Trading
It works on complete automation if you want it to. This means that you can turn on your computer and let it run on its own without any interference and you still make money.
2. Advanced Technical Indicators
Forex AutoPilot makes use of more than 20 advanced technical indicators for analysis. To name a few, William’s Percent Rate, DeMarker, Fractals, Alligator are some of the indicators used. If you wish, you can develop your own system using Ultra-Trend. Whether it is trend, strength, support levels, Elliot waves, Fibonacci levels, it can easily detect and analyze them.
3. Profit under Unfavorable Conditions
Some forex trading robots have been programmed to avoid unfavorable market conditions. This simply means that they keep out of the markets when they detect certain pre-determined conditions. While this is “good” in ensuring a complete safeguard against losses, it literally wipes out any chance of profiting if the unfavorable market conditions persist. Forex Autopilot is however configured to be able to turn a profit even when the market is down.
Forex Autopilot can trade any major currency pair successfully but we found that most users, including ourselves use it for EUR/USD most of the time. In fact, you will soon discover that it is optimized for best performance on EUR/USD M1.
From what we understand, F.A.P seems to use 20 Pip as the maximum profit limit. There is also no predefined stop loss strategy but rather, it appears to depend on internal indicator signals to close losing trades.
This probably explains why the percentage of winning trades is so high since there is no stop loss strategy. Further investigation and backtestings reveal that Forex Autopilot’s decision to close losing trades is guided by a set of configurations to prevent high drawdowns. This being the case, it is not perfect for forex traders who are sensitive to risk. That said F.A.P still scores much better in this area than many expert advisors since the drawdown exposure is low.
I guess there is always a dilemma here. On one hand, trading aggressively without a stop loss strategy can maximize profits. Yet, it exposes the account to higher risks. But if you do have a risk appetite or some spare capital, Forex Autopilot can do an excellent job in growing that portfolio.
More Details about Forex Autopilot:
1. 74-Page Forex Trading Guide
A report is provided that takes you through what you know about setting it up to profit and other forex trading strategies like Martingale, Scalping, etc.
2. MetaTrader 4 Platform
Forex Autopilot is built to run on the MT4 platform.
3. 60-Day Full Money Back Guarantee
There is a money back guarantee for 60 days. This should give you an assurance that your purchase will be risk-free.
5. Bonuses
Trend Indicator, Nonfarm Payroll System, Ultra Trend Indicator. These are all useful software that can help you to improve your bottomline.