The Forex Noob

Wow! it was an exciting night for the robots. Not sure if they were well rested avter the weekend or just felt like some real action but we have some uncharacteristic trading to report.

As you know both FAPTurbo and Forex MegaDroid are not normally active traders. FAPT tends to make 2-4 trades per day, sometimes fewer. MegaDroid usually makes 2 or fewer, usually fewer, trades per day. Last night was a surprise.

First up my  LiteForex (REALForex) demo account.  Forex MegaDroid (highlighted) made two trades for a profit of $64.8! WOW! FAPTurbo made eight trades, all positive, for $66.14. This is more like it.

ForexMeta,  Forex MegaDroid made two trades for a total of $80. FAPTurbo made one trade for $3.55.

FxPro demo account had one MegaDroid trade (green highlighted) for a profit of $60.80. FAPTurbo made 7 trades one with a minor loss for a total profit of $42.78. The two yellow highlighted trades were ones I made while playing with an indicator. I try to remember to use a non typical lot size to distinguish between my trades and the two robots running on this account.

Last night was what I expected from these robots. Maybe more trades form Droid, and I realize that it’s not the number of trades but the end results but with the amount of hype following these forex robots and others we as consumers expect more. More profit. More quality trades (please don’t read that more trades).

Light bulb moment – I think I can do better than either of these EA’s. I’ll set up a separate demo account and over the next month see who has the most profit. I’m a noob, I know little but am continually educating myself. What I have learned thus far is that it appears that robots like FAPTurbo and Forex MegaDroid, London Forex Rush, Triad Trading Formula….are marketed with me in mind. Forex beginners buy them mostly. The long time pro forex traders I communicate with and read reports from generally have their own system and trade themselves. They don’t depend on a robot.

I don’t have hours each day to trade live but I’ll get going. Now, what broker to use……

Thanks for your time,
The Forex Noob

In the previous post Ben referenced Kreslik. That is The Rumpled Ones Kreslik Traders Community forum.

I stumbled on Kreslik Traders Community last week and started playing with TRO’s Drain the Bank system. I don’t get it entirely but apparently if you do get it, you can win big. Problem is I’m a noob and TRO’s instructions are less than explicit.

Apparently The Rumpled One is often banned from forums for “sharing too much information“. I have mulled over starting a forum here so we can have dialogues going instead of me just spouting off but have yet to take the leap. Now I’m interested in doing a forum to get TRO info flowing. It would include other stuff as well of course.

Any interest?

Check out Kreslik Traders Community and let us know what you think about TRO’s systems. Do you fully understand them? If so please, please help!

Thanks for your time,
The Forex Noob

I had asked Ben Jaspers to report on London the Rush system. He has purchased it and I felt it would be valuable for readers to hear his experiences. Ben was reluctant to post his thoughts knowing that I had an affiliate relationship with London Rush. Thank you Ben for your concern but to me truthful reports about real life experiences far outweigh any relationship I have with a product. So, here is Ben’s report in his own words.

Hello Jeff,

Here are my final thoughts about the “London Rush”.As tomorrow, Monday, I am going to ask for a refund.

I did not want to send this DIRECTLY to your site, it is up to you if you want to use itor put some “revised version” on the Noob.

London Rush is very “very simple”, a nice looking but expensive indicator, not more notless than that.

But what is very ….., really very bad about it:it is indicating trades after Tokyo closes and the London market opens.

As everybody knows the first 2 (maybe 3) hours in London are very volatile.The London Rush however is still following “the trends” (in 6 GBP currencies) from Tokyo.

For example: “the trend” in Tokyo was Long and in London at first this continues.Then the London Rush indicator will tell you:

LONG TRADE and tell you to enter at a lower level, when it will get there again !!(that can still be okay of course)

Some days: (for example) it indicates 2 Long and 2 Short Trades in GBP, just after London opens.

So ………. we follow the Rush ………BUT…… MOST IMPORTANT …….. the London Rush doesn’t give a  sh …. about all kinds of very volatile UK economic news, what is going to be announced 1 hour or 2 hours later !!!

Really !!  How possible ??

It does not care of any news at all, from whatever country !! Not only the U.K.Every trader knows, that he or she should wait until AFTER the announcements, but the London Rush ……… ??  (is sending you to hell).

You can imagine what can and will happen when you follow this London Rush indicator?You will blowup a 10K account easy in less than 1 month time.

Of course, I myself know about the exact time of all the important news-announcements, but I thought let’s give the London Rush a try / chance.Well ……, I saw already enough, just after using it for one week.

Yes, the London Rush of course is not some EA and is not a scalper, but nobody needs to buy a  $ 97,00  luxury indicator !! (and even a bad one).Some of the free indicators from “Kreslik” are even much and much better.

Jeff, you can really waste a lot of time with things like this, first you think ……. yes, can be good,and SOON you find out that it is Bull ….

Anyway, for me the London Rush is history.Still I hope some of this information is usefull for you (and maybe some other people are CRAZY about the London Rush, but I cannot imagine that).

Okay Jeff, later,

BEN

If you use the London Rush let us know your experiance. If you have a favorite system, EA or site please share.

Thanks for your time,
The Forex Noob

Did you purchase the Triad Trading Formula? If you did we’d love to hear how it is working.

I realize Triad has probably not even shipped but once you have it in hand let us know and keep us posted. Shoot, if you’ll report on it regularly we can probably get you set up as a contributor.

Thanks for your time,
The Forex Noob

Late yesterday i realized I did not post my morning update. I just got busy with work and since forex is a side thing for me my main business comes first. There were trades with both FAPTurbo and MegaDroid, small, the usual. Even Mig FX followed it’s trend with no trades. I deleted the account. I don’t have time to mess with something that is not doing it’s job.

The one thing that stuck out was a $100+ loss with FAPTurbo that killed all profits. With goth robots my experience is two steps forward and one back, one step forward and three back. At the end of the week you are back where you began.

If you are having success with either FAPTurbo or Forex MegaDroid PLEASE let us know. We’d love to know what broker you are using, what settings you are using and what your results are.

Because I am learning and because I have an attention span the length of a blade of grass I search for other EA’s, systems and such.  Wednesday I ran across one that I used last night. I have it loaded on my FxPro demo account but used the signals it gave to make trades on my live account. Something I learned is that FxPro quoted 5 digits while my live account only has four. I can often see a move on FxPro before it moves on my live account (is that a valid tactic?)

In a few hours of playing with the system I lost only one trade, of course it was on my live account. Ihad to leave the computer for a half hour or so and set my SL as tight as possible. I came back to find the SL had triggered but the pair went into positive money. Had I left the normal SL I would have had about 15 pip profit.

Here’s what the trades look like. First the FxPro demo account.

Next my live account.

**Reminder, placing the actual charts in this blog makes IE go nuts so I cut and past the results as an image. I do not alter any fugures. The live numbers above came from two statements, they were over two day periods.

Now back to the show.

The -$16.65 was when I left and had set the SL closer. I was more conservative because IT WAS REAL MONEY, mine, and I was unsure of the system. The other trades I set conservative TP and ran with a few bucks.

The first statement was a demo acocunt so I entered the trade and set SL & TP and let it run I even went to bed when many were still open. THis morning I was happy to see them all profitable.

Thus far the system seem to work well. It’s for scalping, period. The developer lives on taking 5-10 pips per trade.

The drawback for me is that it’s an indicator system. You wait for the go signa nd buy or sell based on that it tells you. That gets tiring.

The good news is that it is dumbed down so much that all you have to do is follow the signals. And the sigmals are as weasy as OK To Go Short, and OK to Go Long. It also can be used on any pair!

More good news is that it seems to work very well and it’s free.

If you have experiance with any forex EA’s, systems or indicators, good or bad please share them. We have a growing readership of experianced and new traders and with your help we can all become more profitable.

Thanks for your time,
The Forex Noob