Don't waste your money

S

seanc

Save your money and don't use FX-Auto. My account was wiped in 3 weeks!!!

The equity curve showed my account would have increased by over 100% from 1/1/06 to 1/2/07, that is until i put my money in on 2/2/07!!!

Of course they'll argue that past results are no gurantee of success.

I say at the very least past results should give some indication of how you might go in the future. From a supposed 100% + return to my account being wiped out in 3 weeks is pathetic.

Avoid at all costs.

:mad:
 
Hi Sean,
What risk to your account did you expect to take to achieve 100% over a month?
For example, using leverage 100:1 it only takes 50pip movement on your account to trigger a margin call on your account and 100pips movement to wipe it out.

This is the realism of FX Trading, whether auto or manual the rules are the same.
 
Quote from fx-auto:

Hi Sean,
What risk to your account did you expect to take to achieve 100% over a month?
For example, using leverage 100:1 it only takes 50pip movement on your account to trigger a margin call on your account and 100pips movement to wipe it out.

This is the realism of FX Trading, whether auto or manual the rules are the same.
More...

I think he claimed 100% in a year, not month.
 
So please tell us which signal providers you had selected?

I try the DEMO for almost 1 month and found out that if you pick up the signals which shows great profit in last week or last 2 weeks, they will start losing a large amount in the next week. Also some signals shows always increasing for more than 3 months and there's a high possiblility that they will decrease in the next 1 or 2 months. And it is really hard for us to select the right signal providers at the beginning. So what we should do right now is selecting the lower Max DD and lower SL signals, we should also decrease our leverage as low as possible. But sometimes a few good signals will keep losing for 1 to 2 days, at this time you could try to add them to your protfolio, maybe you can skip the losing time and make a good profit. But because of the less time, I still can not sure which signals are a little safer to do this. And because we can not know the principle of the signal's entering and closing rules, this makes the analysis much harder now. So what we can do right now is lower our leverage and monitor the signals everyday to find the behaviour of them. This FXAuto system is not so easy as we thought!
 
I used the following systems:

TFS.com GBP/USD -
absolutely useless stop-and-reverse system. Save the one pip spread and just open a chart and put a SAR indicator on it, thats all they are doing

OMI-FX GBP/USD - useless, if you want to make money do the exact opposite of what they do, if they buy, you sell

Quants BabyBear EUR/CHF - did not implement a stop-loss, and ended up losing over $1,500 on one trade alone!

EnterpriseForex - lots of trades, it lets the losers run and stops the profits, instead of the otherway around

Of the systems i used, i thought the following had potential:

Dreammachine EURUSD
CriticalMass FX USDJPY
ForexGear USDJPY
Ubertrading EURJPY
 
Dear Fx-Auto

The 100% profit was over a year, not a month.

I choose a portfolio that was biased towards the less risky systems, with low drawdowns, high % winning trades and a good risk-adjustment factor, and only traded 0.1 lots per trade. Not much more i could have done really!!! except not bothered, which is what i recommend to everyone else.

Personally, i am going to learn to do it myself, at least then i will only have myself to blame.

Don't get sucked in by the so-called good returns that these auto-trading systems show.
 
Hi Sean,
0.1 lots is substantial sizing when you apply it over many currency pairs.
A month is very short time to assess a system, with a highly leveraged portfolio your equity curve will not be able to absorb even minor losses.


The 100% profit was over a year, not a month.

I choose a portfolio that was biased towards the less risky systems, with low drawdowns, high % winning trades and a good risk-adjustment factor, and only traded 0.1 lots per trade. Not much more i could have done really!!! except not bothered, which is what i recommend to everyone else.

Personally, i am going to learn to do it myself, at least then i will only have myself to blame.

Don't get sucked in by the so-called good returns that these auto-trading systems show.
 
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