A New No Loss Strategy EA Under Test
On November 9 I began testing on a new EA brought out by Don Steinitz of www.forexrobottrader.com. It is the No Loss Robot and can be found at www.forexrobotnoloss.com. This robot (the name says it all) uses a no-loss strategy similar in some ways to the Robominer. In fact, the no-loss strategy is about all that they have in common. No Loss Robot can be traded on any currency pair although the designer recommends those pairs which offer a relatively low spread for obvious reasons.
I am trading the No Loss Robot on 10 currency pairs suggested by Don Steinitz, and they are:
EUR/USD, GBP/USD, AUD/USD, USD/JPY, USD/CAD, USD/CHF, EUR/CHF, EUR/JPY,NZD/USD, CHF/JPY
By the way, all credit to Don Steinitz who was generous enough to allow me to test this robot free of charge. Most marketers of these EA’s don’t back their systems in this way so I am pretty confident that the trading results I have achieved so far will be sustainable.
As a side note, the robot appears to be a development of the MTF HAS expert advisor which has been available from www.forexrobottrader.com in the past, but with No Loss Robot it seems more attention has been paid to money management. Gone are the large drawdowns and losses of the past, in fact so far I am impressed that even with trades open on 10 currency pairs, the No Loss Robot is running less of a drawdown than Robominer. In addition (probably because there are more trades out there on 10 currency pairs as opposed to 2 with Robominer) the robot is making more trades, and, so far more profit in a shorter period of time. Time will tell, however, if this is sustainable with the more volatile currency pairs traded by No Loss Robot.
One thing I do like about the No Loss Robot is that it is possible to trade the minimum 0.01 lot size and still make a good profit. What this means is that one can potentially start with a smaller deposit. Personally, given the volatile nature of the forex beast however, I would not recommend anything smaller than a $1000 deposit. We’ll see how the test deposit goes over the coming months…
So here aremy predictions on forexfor this year:EUR/USD:1.2050Gbp/Usd:1.2130Usd/Jpy:75.60USD/CHF:1.0050Let’s see if I’m rightat the end of 2010..:-)
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So what exactly is a Forex robot ? To describe it in simpler terms it
So what exactly is a Forex robot ? To describe it in simpler terms it’s just a piece of software that you install in your meta-trader platform. After you’ve installed it it monitors the market continuously, and when the conditions are right it will open or close a trade as it needs to. As you can imagine trading comes almost automatic with these tools. In addition to that installation of the robot is very easy. It only takes about 10 minutes. Once you’ve installed it will begin trading automatically.
The GBPUSD fell sharply overnight – pushed lower after failing to break through the 200 hour MA at the 1.6266 and then on the fall through the 100 hour moving average as GDP came out much weaker than expectations. The fall has taken the price to a low so far of 1.6111. The low from yesterday came in at 1.6088 and the low from Friday came in at 1.6076. These levels should find some profit taking buyers, however, from a longer term perspective the picture is not that positive.
The EURUSD is testing support at the 1.4066 level. The level was a low price on January 21st and January 22nd. A move below will look toward the 2010 low of 1.4029 for the pair. Below that level is support at 1.4000 to 1.4007.The pairs move down today, is a break from the corrective phase that took the pair up to the 38.2% retracement resistance of the move down from the January 19th high to low range today. The level came in at the 1.4176. The high today reached 1.4178 and reversed.
The GBPUSD fell sharply overnight – pushed lower after failing to break through the 200 hour MA at the 1.6266 and then on the fall through the 100 hour moving average as GDP came out much weaker than expectations. The fall has taken the price to a low so far of 1.6111. The low from yesterday came in at 1.6088 and the low from Friday came in at 1.6076. These levels should find some profit taking buyers, however, from a longer term perspective the picture is not that positive.
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If the software program was any good, then the owners would be applying the application to make cash, not wasting their time marketing it to you …..