Forex Confidant And Forex MegaDroid Questions Answered
Welcome back!
I got an email today with some questions about some of the systems I have been testing, so I’m going to answer them here so everyone can get the benefit.
Here is a copy of the email…
“Dear Sir,
I just want to know about your latest findings among the system & EA that
is listed in your testing or backtest product..
for now, i just wish to know what have you found out on 2 systems…
1st is Forex Confidante
2nd, is Forex Megadroid..
now, my question is simple..
how are they doing now?
now, as if now’s NOW…”
Let me answer your questions…
About Forex Confidant
As you know, Forex Confidant is a trading philosophy and system by Thomas Strigano. It consists of an Instruction Manual and option videos (which I suggest because I am a visual learner).
The fact is, I’ve read the material and watched the videos, but I have not had time to test the system yet.
Over the past couple of weeks I’ve been doing an in-depth case study of another Forex trading system. I used a Forex testing software to test Forex Avenger for the entire year of 2008… and then made some changes to increase profits from 83% up to 279% and then 789%. You can see the full case study here: ForexAvengerCaseStudy.com
So, you can imagine I’ve been kind of busy.
However, some of the most valuable information in Forex Confidant is Trading Mindset and Money Management. Tom gives an account of how trading is as a professional… and how you need to abide by strict trading rules and money management principles if you want to survive as a pro.
How does this apply to “now”? Well, this information is EVERGREEN, it is for all trading times. But I think it is of specific importance with the state of the world economy today. Sticking to your plan and risk management is what is going to always separate the consistent winning traders from the losing traders.
Forex MegaDroid Results
Since there have been some wild differences of backtesting results with Forex MegaDroid, I’ve decided no to put too much emphasis on these results. The creators, John and Albert have addressed this issue in a recent email to customers. It has to do with properly setting the GMT offset (something you don’t have to do when DEMO testing or LIVE trading because the EA does this automatically).
As you probably already know, Forex MegaDroid does not trade Friday, Saturday or Sunday… so I haven’t been testing it long enough to get any concrete results. But here is what has happened so far…
7 Trades… 6 Winners. (4 Winning trades last night alone!)
Showing a small profit so far.
My Impression? John and Albert claim this robot is very accurate. I agree. They also claim there is not a lot of occurances of back to back losses. I agree… both from my DEMO acount and from looking over the statements on their site.
So far, my experience has been exactly what they claim on their website… which is rare. If the robot keeps trading like this, I’ll be very excited about it.
Final Thoughts…
While doing the Forex Avenger Case Study, I was able to trade an entire year manually in about 3 hours using Forex Tester. This volume of trading is such a short time period teaches som great lessons.
Here’s one…
Be careful of making your decision on just a snapshot of performance. Forex trading systems and Expert Advisors should be profitable over the long run… and losses or losing periods should be expected. If your first trade is a loss, that does not mean the whole system or robot is a failure.
For example, during the test there were time periods where the system lost 6 trades in a row. If I was testing in real time I probably would have stopped testing because of the effort and time involved. But I kept going and the results were PROFITS in the tune of 83%, 279% and 789% for the same year of 2008.
I think you can learn something things from Forex Confidant that will make you an overall better trader. And “so far”, Forex MegaDroid is performing as advertised. Time will tell… but so far I excited about the results!
Hope these answers help.
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