Forex Autopilot
Overview
| EA Name | Homepage | Pair | Timeframe | Takeprofit | Stoploss | ECN | 5-Digits | Comments |
|---|---|---|---|---|---|---|---|---|
| Forex Autopilot | Click Here! | EURUSD | M1 | 20 | - | yes | manual |
Forward Test (Demo)
Status: stopped (stopped out)
Last update: 2009 (GMT)
| EA Name | Statement | Weekly Net P/L [Pips] | Weekly Profit | Weekly Trades | Winning Trades | Max/Min [Pips] | Closed P/L [Pips] | Open P/L [Pips] | Total Profit | Max. DD [%] | Weeks in Test |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Forex Autopilot | Statement | -414 | -86% | 3 | 83% | 20 / -1071 | -991 | 0 | -99% | 99% | 2 |
Backtest
| EA Name | Statement | Period | Pair | Closed P/L [Pips] | Open P/L [Pips] | Trades | Winning Trades | Max/Min [Pips] | Max. DD [%] | Comment |
|---|---|---|---|---|---|---|---|---|---|---|
| Forex Autopilot | Statement | 2008 | EURUSD | 3339 | -1484 | 303 | 96% | 20 / -1484 | 42% | |
| Forex Autopilot | Statement | 2007 | EURUSD | 221 | -36 | 97 | 89% | 20 / -459 | 36% | |
| Forex Autopilot | Statement | 2006 | EURUSD | 376 | -157 | 116 | 91% | 20 / -546 | 39% | |
Homepage / Vendor
The homepage of Forex Autopilot is full of quick money making promises. Forex Autopilot was among the earlier released trading robots and is fronted by Marcus Leary. The trades shown on the home pages are from 2008 and not updated with live results.
Delivery
As owner of Forex Autopilot you get:
- the Forex Autopilot Expert Advisor (compiled .ex4 file)
- a 40 page PDF user guide
- a 74 page PDF E-Book
- some bonus material
Forex Autopilot comes with an instruction manual, an advanced e-book about forex automated trading systems, day trading and money management. It also includes an ultra trend indicator and non-farm payroll robot.
License
Forex Autopilot must be activated on the website’s member area.
Installation
As for all single file robots the installation is simple (except for the activation) and the user guide is helpful.
How does it work ?
Forex Autopilot opens a new trade based on a combination of indicators such as Alligator, Fractals, Demarker and William’s Percent Rate. The system detects a trend and confirms it using the indicators.
Settings
By default the system does not use a fixed stop loss parameter to prevent losing trades. The exit criterion for the trade is a profit target of 20 pips. The number of trades can be changed but one trade is the recommended setting. Open trades will be closed at the end of the month.
Money Management
The standard version does have a built in money management. It is recommended to use lot size 0.1 for accounts below 2000 USD and 1 for accounts above 10000 USD. The lot size can be chosen automatically by using the default risk factor of 1% (percentage of deposit is risked). This makes no sense as it will never work as expected as there is not predefined SL used.
Broker Requirements
In the standard version the settings must be manually adapter for 5 digit price quotes. The robot supports ECN brokers.
Conclusion
The robot promises over 90% winning trades but the use of no stop loss (by default), makes the risk-reward ratio relatively poor. It seems to have performed relatively well in back tests for 2006 and 2008 but experiences large draw downs.