You must read this special report by Tom Flora who is a former fund manager plus the CEO of an FX brokerage firm. He has been trading forex for the past 12 years since 1999. He has been trading his own money plus managing other people’s fund over the years. Whatever he reveals in this report is going to open your eyes on why most forex robots fall flat while trading and how to tell a good forex robot from a bad one before you waste your time and money.
In this Tom’s EA Special Report, Tom Flora speaks out about the forex robot hype and reveals why you are not making money with your forex robots and how you can fix that. In this Tom’s EA Special Report you are going to discover a fatal flaw that almost all the forex robots have that dooms them from the very start. Tom has named this report, ‘Why FOREX Robots Fail to Live up to Expectations, and How to Actually Realize the Promise and Potential of Using Technology to Make Money in the FOREX Markets’. If you are thinking of using a forex robot on your account for trading then you must read this report first. This robot report by Tom is an eye opening candid report that you will love.
Tom’s EA Software FREE Download
But this is not all! In the next few days, you will get full access to Tom’s EA that you can download, install and run it at no cost on your MT4 platform. Once you download Tom’s EA, you can choose the currency pairs that you want to trade with Tom’s EA and then set the risk level to low, medium or high whatever makes you comfortable and let it trade for you. For best results it is suggested that you don’t close the trades manually and let Tom’s EA run without intervention. So, read my post again in the next few days as I am going to update it with the download link to Tom’s EA. You will be able to take a detailed look at the live trading statement of this EA posted on the myfxbook.
Tom started trading with this EA on 11th August 2011 with a deposit of $9,982.87. The gain made in about 2 months of trading is 90.43%. This translates into a monthly gain of 30.69%. The drawdown has been 4.38%. A drawdown lower than 8% is considered to be good. So, you can see this robot has got a low drawdown. It made 844 trades during these 2 months on the four pairs EURUSD, EURGBP, GBPUSD and USDCAD with a risk level set to 2 and 400:1 leverage.
Testing Tom’s EA
Once you download Tom’s EA, the first thing that you must do is backtest with a modelling quality of 99%. If you don’t know how to do a backtest with a modelling quality of 99%, please read one of our earlier posts. This backtest with a modelling quality of 99% will reveal a lot of statisitcs about this EA. Do the backtest on the currency pairs that you want to trade. Change the settings of this robot and see how the backtest results change. This will help you find the probable best settings for max return and lowest risk. For example, you can set the risk level to 3 on the EURUSD, EURGBP and GBPUSD pairs and a risk level of 1 on the USDCAD pair and see how much return it makes and what is the drawdown. Plus you can choose other currency pairs also to trade with this EA. After you are done with backtesting, you should trade with this EA on your demo account so that you can understand the trading behavior of this robot more. Demo trading should be done to find the optimized settings for this robot. Once you find settings that give you the max return with the lowest risk, you can open a mini account with a deposit of $250 and further test Tom’s EA.