forex auto pilot

heredusty

Newbie
1 0
Have been trading futures for awhile with moderate success. Was wondering about a forex system called forex auto pilot. Has anyone had sucess with this or not?
 

nine

Senior member
2,038 506
A friend tried it - and found it to be a disaster. He didn't find any "real" people who were successful with it.
 

rnicoll

Established member
501 14
Have been trading futures for awhile with moderate success. Was wondering about a forex system called forex auto pilot. Has anyone had sucess with this or not?
Sounds interesting... *looks at website* No, on second thoughts, I wouldn't touch that with a barge pole.

If you want automated Forex trading strategies, I'm posting NinjaTrader scripts over in Free Systems - T2W Day Trading & Forex Forums - they're not complete and ready to roll, you'll need to figure out stop loss/profit targets to optimise them, do your own backtesting, and generally polish them a bit, but they are at least free.
 

£10kLoser

Established member
648 64
If anyone had an EA that really made money, don't you think they could sell it to the institutional traders for a million dollars, not try and flog it to suckers for for couple of hundred?
 

rnicoll

Established member
501 14
If anyone had an EA that really made money, don't you think they could sell it to the institutional traders for a million dollars, not try and flog it to suckers for for couple of hundred?
No?

Okay, lets take what I'm working on for example. Firstly, you have too many people trying to trade it, or even just trying to trade too much at once, the market will notice and start fighting it. That makes it probably unsuitable for the institutional trader except as a curio. Secondly, if (and I do, on Collective2) you feed people trades off your trade confirmation step, you can both sell it for a decent profit and not screw up your own trades.

That said; Forex auto pilot's entire site looks like half the spam I get day to day. To me, it sounds desperate, if that makes sense. I'd try Collective2, where you can see their own forward testing of systems, rather than having to trust the system developer's.
 

£10kLoser

Established member
648 64
?

No?

Okay, lets take what I'm working on for example. Firstly, you have too many people trying to trade it, or even just trying to trade too much at once, the market will notice and start fighting it. That makes it probably unsuitable for the institutional trader except as a curio.
Surely when many people trade in one direction the market joins in, not fights it? That's the whole principle of how the market moves for most of the time and how big players can move the market.

Given the extremely large number of EAs on Collective2, it would be surprising if some didn't make a steady profit but that can be a result of pure luck. Given a roughly 50:50 chance of a randon win, you could take 1,000 coin flippers and one of them would be a winning trader every month for a year. But would you therefore place your life savings with this surviving guy?
 

Magos

Established member
911 23
If anyone had an EA that really made money, don't you think they could sell it to the institutional traders for a million dollars, not try and flog it to suckers for for couple of hundred?
I agree :smart:
well explained
 

rnicoll

Established member
501 14
Surely when many people trade in one direction the market joins in, not fights it? That's the whole principle of how the market moves for most of the time and how big players can move the market.
On an individual trade, yes, which is why I'm feeding out of the order confirmation stage. However, it also discourages (by taking money from people who do) certain types of trading (in this case, too far outside the Bollinger bands, with some tweaks here and there). Do that too often, you'll lose the people you're making money from.

Given the extremely large number of EAs on Collective2, it would be surprising if some didn't make a steady profit but that can be a result of pure luck. Given a roughly 50:50 chance of a randon win, you could take 1,000 coin flippers and one of them would be a winning trader every month for a year. But would you therefore place your life savings with this surviving guy?
Decent point; to be honest, I think with the right risk management, it might even be possible to consistently break even on coin flippers. It's on my "to try" list. Somewhere a long way after sleep :-D
 
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