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Forex Autopilot

Posted by on Feb 20, 2010 | 3 Comments

We haven’t had a chance to review Forex Autopilot. If you have used this Forex EA then please post your review below, make sure you give it an overall star rating also.


3 Responses to " Forex Autopilot "

  1. Fraser says:
    June 17, 2010 at 12:42 am

    I’m a FAPTurbo owner and thought I’d give Forex AutoPilot, the predecessor to FapTurbo, a try on the back of the success I’ve had, to date, with FAPT. Plus, I had seen a couple of good reviews about AutoPilot, so thought it sounded like a good EA to have in my repertoire.
    After using AutoPilot for a few weeks successfully (no losses whatsoever but only small wins, around $5 each time, and a couple of drawdowns that lasted 1-2 days) the market turned while I was in 1 trade which left me with a drawdown of at one point $100 for almost 5 weeks. As the market started to swing around again it finally made its first loss of -$24. That was when I decided to stop running AutoPilot.

    All in all, it works but it’s just not the right EA for my trading preference.

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  2. Marshal says:
    June 17, 2010 at 12:46 am

    I purchased Autopilot on a recomendation, I heard it was created by the same people that made FAP Turbo.
    Initially I was very happy with the EA as it tends to trade rapidly sometimes 50 times in a day and only closing profit trades (it doesn’t us a stop loss function). As always there are a few catches:

    It trades on EURUSD and/or USDJPY pairs. The robot enters a trade looking for a small profit before closing out. The is effective if it picks the correct direction of the market, however if the market surges in the wrong direction it can take a while to come back to profit and the draw downs (negative trades) can be open for long periods of time. One way to maintain profits while your trade is in a big draw down is to increase the max orders input, so instead of having the default set to 1, increasing it to 2 or 3,4 depending on how many large draw downs you have.

    For me this is where the problems started, I had a couple of large draw downs, increasing max orders every time a trade would go -150. So although the profits kept rolling in, the draw downs grew at the same rate but with the added swap rate (interest).

    I am sure it will produce good results in the right market conditions but I am ideally after a robot that is selective in its trades getting in and out quickly and taking a profit/loss without longterm draw downs, like Megadroid or EA Shark.

    Overall in 3 weeks Autopilot delivered profit of $1317.23 with draw downs of $1434.08, so an overall loss of -116.85.

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  3. Mikky says:
    June 17, 2010 at 1:07 am

    The Autopilot is one of the first Expert Advisors I bought, as I had made myself an automated system before and wanted to see if I could add to it. The backtest performance as appeared in their site was impressive. Nevertheless they did not declare plainly what parameters they used, and the size of the opened orders compared to the size of the account. By coincidence when I bought the autopilot at chrismtas time, they blocked its trading for a couple of weeks (I assume to re-adjust it). I tried to use it again during March 2009 but compared to the results I was getting with the Forex MegaDroid it didn’t compete. If autopilot and fap turbo (it’s successor) had “locked” their parameters, I would have been able to make a consistent assessement of the backtests performance. Otherwise, because it looks like they adjust the paramaters for different time intervals, you could find one combination of parameters would produce spectacular results which does not give a realistic view of the results future paramerter updates will produce.

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