As you may have noticed a number of reviews of Metatrader Expert Advisors have appeared on my site. There is a method to my madness as this is part of my current project: Project 10.

For the last 18 to 24 months in forex I have mainly been focusing discretionary trading using a combination of technical and fundamental analysis.  While I have had some success with discretionary trading, I have always had a wish to go back and revisit my automated trading roots (see my blog entries here and here). Project 10 aims to review 10 commercial expert advisors with the aim of finding a portfolio of 2 to 3 expert advisors to help me manage my money.

Unlike many people who come into the area of automated trading, I have no illusion that I will find a “holy grail” system which will funnel money out of the market in just about any market condition.  My view is that it is quite likely that there is no single holy grail of expert advisors and that most of them will have different strengths and weaknesses.  So therefore, my goal therefore is to build a complementary portfolio of systems that I can build into my trading plan and then adjust the plan to to tell me when to turn different systems on and off, when to increase my risk, know when to decrease risk, know when walk away and know when to run … (more…)

I just passed a major milestone today: 100 posts.   Time for a celabratory beer I think.

Forex Auto Pilot System (FAPS)

Forex Auto Pilot is probably the most popular metatrader automated trading system out there. Like many of the over hyped expert advisors out there, FAPS has its fair share of outlandish claims. I am not sure how many people actually read the FAPS website, but if you sit down and go through all the claims, there is one claim that stands out:

“Since its inception 18-months ago FAPS has been responsible for the creation of a 8 millionaires with an additional 3,000 clients reporting earnings in excess of $100,000 per year.”

With a claim like that I had to take a deeper look, because it sounds too good to be true and if it is true I want a piece of it. (more…)

On the 9th I posted an entry about CMC, where I thought that CMC was under investigation by regulators for market manipulation and might be shaken out of the market.  Eva Diaz, from CMC, has asked me to post a retraction and delete the original article.

Just to let you know in re-rereading the original article, I did make a mistake and I would like to make a retraction.  It was indeed another company under investigation by regulators and not CMC.  Also CMC informs me that CMC has remained profitable over the Q2 2007 to Q2 2008 period, so CMC believe that they are in a very strong position and are not likely to be shaken out of the market.

To avoid potential future confusion, I have now removed the original posting from this site.

I was just reading the wikipedia entry on forex scams. It is good to see some prosecutions finally starting to emerge around the forex markets. Frankly, it has been a bit like the Wild West for the last few years. As regulators move in things should improve, but I still think we have a long way to go. (more…)