FX Trading Journal

Forex Ultrabot Review (My Rating 5/5)

2009-11-22T14:07:00.000-08:00

So as I mentioned in my previous posts that I bought a couple of Forex Robots to try out and I've been testing them for a couple of months now. Today I'm going to write about Forex Ultrabot that I bought about a month ago:

After reviewing the results posted on their site, I was a bit skeptical at first. I've never come across any signals or auto-trading product that can show profit month after month and actually replicate the same performance on a demo or live account. So I decided to give it a try and here's what I discovered:

Once I signed up, I was able to log into the member's area right away. The layout of the content is very easy to understand, its impossible to get lost. I downloaded the MetaTrader 4 platform from their site, then downloaded the robot and in a couple of minutes it was up and running.

I attached it onto 2 of the four charts - by the way, it works on eurgbp, gbpchf, gbpjpy and eurjpy. After a few hours, It had started placing trades in the demo account that I had setup.

I left all the settings unchanged, except a broker related settings that is required and the money management setting, which I set to number 1 for adaptive. According to the user guide, this setting lets the robot choose the appropriate lot size according to the account balance. I think it works well because as the account balance grows, it places trades with bigger lot sizes to keep it proportional and growing with compounding.

It's been 4 weeks since I started the demo account and here's what my trading account looks like so far:

You can click the image to view larger size. I am really thinking about trading this thing on a live account now. Maybe I'll start with a $1000 account and see how it goes for a month. I'll keep you guys posted about the live account results. Signing off for now.. back to trading :)

FapTurbo Review (My Rating: 1/5)

2009-11-16T13:42:00.000-08:00

Ok so here we go. As promised, I'm going to write about my experience using these 2 robots that I tried out. First up is FapTurbo:

I bought the FapTurbo robot a few months ago and I lost the excitement a few minutes after purchasing it. The member's area is very cluttered, and its very difficult to find stuff. It took me an entire day to get it working - and believe me, I am no newbie to this stuff. I ran into long page after long page of text that I had to read through to figure everything out. Along the way, they try to sell you other services such as the VPS. I've posted some screenshots here so you can see for yourself.

After I finally got it running, I found out that it requires me to input a whole host of settings that are not only confusing but virtually impossible to get right. Besides, why couldn't they make these settings default so that everyone would trade it the same way and make money. I smelled something fishy right from the beginning.

Anyway, after running the robot on a demo account for several days, not only was I not impressed, I was MAD. It had turned a $10,000 USD balance into $6,890 in just 4 days! WOW. I think the only faster way to lose money is to LOSE it. Lol.

So, since I read somewhere on their site that they have a 60 day money-back guarantee. I figured I'll test it some more. I tried scalper strategy and I tried long term strategy - they DO NOT WORK. After about a month of trying different settings that DO NOT WORK, and losing tons of money (thank god it was a demo account), I requested a refund. As of now, I have yet to receive my money back.

Final word: Stay away from this one. As for my money, I will get it back - through chargeback!

Forex Robots

2009-11-16T12:48:00.000-08:00

As some of you might already know, I trade the Forex market for a living. It's not an easy market to trade because it requires a lot of experience and you must follow strict rules in order to execute your strategies successfully every time. Don't get me wrong, I love trading because of the thrill and the potential of making huge amounts of money in a short period of time (due in part to the leverage and volatility of the market). To alleviate some of the manual work of money management and other useful calculations, I use the MetaTrader 4 platform to run some automated scripts that spit out useful information on the screen that I can use to trade.

Lately however, I've been very intrigued by all the robots that are coming into the market. I wondered if any of these are actually profitable in live trading, so I decided to give some of the top ones a try. I read review after review and finally decided to test these 2: FapTurbo and Forex UltraBot. I've been trading with both of these robots for several months and I will be posting my review of these shortly. So stay tuned...