It's one of the most popular forex terminals ever created. DO NOT send me your credit card info. All you need a stop loss at the correct level!
The Stop-Loss Watch Dog™ EA
I buy a robot because I want peace of mind. I don't want a ticking time bomb in my account. And I don't care if my profit margin is low. As long as it is a safe system. However both these reasons seem dubious to me, firstly, because of that pip drawdown position and secondly, because I'd rather have a pip stop loss hunted down by the broker than lose my account to a margin call. To be fair — after contacting their support department the pip loss was investigated and attributed to an internal system error which was promptly fixed by them and a free update was issued to patch up this problem.
I have never seen anything like that since then. However, the system remained unchanged in that it still uses only internal stop loss values and quite big ones at that. It can easily allow a pip loss trade to hover for days before it recovers of before it is stopped out. Some may be ok with this style of trading With a system as profitable as Forex Autopilot, risking your account to squeeze in one more pip winner trade by waiting on a pip loss to turn into profit is simply stupid.
Yah, yah that bug is fixed now but, ya know For those who decided to keep reading - let's look at our report involving a 3-month trading record, which occurred between March and July and see what we can make of the robot's performance. As was mentioned in the beginning — we buy a Forex robot or any automated system for that matter because we are lazy.
We don't want to do the job ourselves. Instead we would rather sleep, watch TV, play beach volleyball or do whatever else we might find amusing and entertaining. It's obvious then, that one of the most important characteristics of our chosen system should be reliability. I can do the allnighters on my own, without the need to buy no goddam robot Reliability is one of the most important characteristics of an Automated Trading System!
I have tried playing wise guy. That turned out to be a bad idea read below , but then - hey Or should I say "that's how I learn".
Luckily for you, since you are reading this report you will be able to learn from my mistakes instead of your own. After reading this report you should be able to choose the perfect settings for your FAPS trading account, settings which will let the robot reap maximum profits while at the same time cutting losses dead in their tracks. Not only that, but if you decide to buy it and email me your receipt I will send you absolutely FREE, a special robot which should help you automate this whole process.
Here's a summary of all my trades you can see details here:. The Total Pips value also speaks for itself. Don't screw around with the system. I did and it obviously cost me money. So don't do it. I understand the temptation to "diversify" your portfolio but the idea behind diversification is to minimize the risk and it works well in systems which allow for diversification. The following tables shows the distribution of winning trades and their drawdowns.
Although it may be an interesting exercise I am not trading it anymore so I feel there is no point wasting my time on the analysis. Drawdown or Potential SL pips — what maximum draw down did the trades in this row reach?
I split the drawdowns into groups of 10, e. Potential SL means that if we set a Stop Loss at the level all the trades in this row and all the preceding rows would still remain winners, whereas all the trades in the row below this one would become losers loss would be equal to the Stop Loss of course. Trades - How many trades reached this drawdown level before turning around and becoming winners. There were 27 trades which had less than 10 pip drawdown and then quickly turned into winners and 13 trades which had between 10 and 19 pips drawdown.
Profits At this Stop Loss Level — this is the most interesting column of all. What it means is: As you can see, at 10 pips stop loss which of course is ridiculous but we'll look at it for the sake of example all of our trades except for the 27 trades in the first row would have been losers, because all the other trades except these ones had a drawdown greater than 10 pips and so they would have hit our Stop Loss level at 10 pips.
Cumulative of trades at this SL. Profits at this SL pips. AND we wouldn't have to worry about how the system is doing! A quick glance at the bar chart shows us that there are 2 peaks in the profit values — the first one around the pip Stop Loss where our profits would have been pips and the second one around the pip Stop Loss where our profits would have been around pips. Indeed the question now is — How Greedy Are You? And when I say "greedy" I mean that in a good way.
But don't forget that at the end of the day the idea is to make money on autopilot, not drinking countless pots of coffee, pulling all-nighters, and staring at the charts. I don't know about you but I would gladly sacrifice 50 or 70 pips a month only to know that my account and profits are safe!
Eventually I wrote a nifty litle helper robot which would apply a stop loss value to all of Forex Autopilot's trades! I set it and forget it!
But hey … don't let me tell you what to do! I just give you some food for thought — how you want to use the results of my findings is of course entirely up to you. If you feel bold and want to go for the pip stop loss — by all means, go ahead. Nothing wrong with that. Even at this SL level it's still a better setup than trading with no stop loss at all! By the way, I lied that I settled for the 80 pip stop loss I told the truth, but not the entire truth. I do use the 80 pip SL most of the time but I also use the pip one but in a special, clever way ;.
That's a little secret and I will keep it a secret for now. You won't need it if you don't decide to buy the Forex Autopilot system anyway and if you do — I will send the details to you along with my helper software ;. First of all you will need to decide which Stop Loss level you want to use. As pointed out above, I myself use mostly the 80 pip stop loss.
You may want to experiment a little and see which value gives best results with your broker. Of course if the robot opens a trade while you are away and you come back 3 hours later and the trade is pips down then this won't help you much. Plus you will have to deal with the nuisance of calculating the exact Stop Loss value manually and run the risk of calculating it wrong. How about a better way of doing this! Why not automate this process? Then you will have a truly automated system which you don't need to baby sit all the time!
You click on the "download" link below and buy the Forex Autopilot. I get a nice commission from the sale Don't worry it does not cost you more to buy through me. The commission is paid by the developer and not by you so your price is always the same. Of course I will also send you detaled instructions on how to set it up. Do not drop it into the same chart as the Forex Autopilot as you can only have one robot per chart and if you drop the SLWD EA onto the same chart it will terminate the Forex Autopilot!
Once dropped onto a chart the robot will ask you what is your desired stop loss level the TrailingStop parameter — enter it. The other two parameters will be covered later, leave them as they are for now. If the trade goes bad then the Tr.
Stop Loss behaves as a regular Stop Loss. You see, in MT4 all trailing stop losses are client-based, i. What this means is that if your connection with the sever is interrupted internet connectivity problems, power failure, computer failure your trailing stop is no longer active. Open a couple of trades, play with different Stop Loss values, notice how the robot adjusts the Stop Loss level as sson as your account gains pips, etc.
If you want to use your account with some other robots or trade manually then we have a slight problem. This may not be what you want. Don't mess around with the account that you're using for your Forex Autopilot trading. Open another one for manual trading. That's the best solution. You see, if you have 2 orders opened by the robot and 3 more opened by some other robot or by yourself it will very soon turn into one big mess. It will quickly become very hard to calculate your available margin and your allowed level of risk when opening new trades.
It will be hard to keep track of your trades visually. You may accidentally close one of the robot's trades thinking it is one of your own. In short — you can easily lose control of the situation and that's why my best advice is — don't do it. Better open another account for manual trading. If you absolutely insist that you want to trade manually or with another robot in the same account. Enter something there, e. From now on, whenever you enter your manual orders enter the same string as a comment.
It handles all aspects of forex trading for you. From start to finish. It will do the rest. Finding signals, opening orders, managing profit, and trade closure are all automatic.
Works on small and large accounts alike. The free bot will choose the best lot size for your account. Our support staff is happy to help you get started. Even for this free robot. Go ahead and talk to us. One of the hidden expenses of forex trading is time. All the hours needed to research, test, and master new forex strategies adds up.
Our free forex robot lets you skip straight to the fun part; executing a profitable forex strategy on your charts. No wait, no delay. Your free bot will watch the markets day and night. Cover those early market hours without losing sleep. Your free forex robot has unlimited processing power and concentration to handle multiple pairs at once. Entering a trade is only half the battle. Proper money management and knowing when to exit are just as important.
Trailing stops make sure your trades stay profitable even when the market turns. And auto lot sizing make sure you don't over trade your balance. Your free forex robot will calculate a safe SL and TP for every order. The way it should be.
The safest lot size for your account balance is calculated automatically. Micro, mini, and full lots are all included. No need to tinker or adjust any settings. Your free forex EA ships with the best settings you need to run it. Your free robot runs inside the MetaTrader 4 forex terminal. It's one of the most popular forex terminals ever created. Most brokers offer instant MT4 demo accounts for free. Simply drag and drop the robot into your MT4 terminal and attach it to any forex chart window.
Install is quick and takes less than 5 minutes. The robot handles everything for you once it is installed and attached to your charts.