Been trading Forex using Expert Advisor... 5% monthly

[FrankieCarbone]

Awhile back I posted about an ebay auction I saw of a person selling a forex trading E.A. that averaged 5% monthly returns with minimal-moderate risk/drawdown. I decided to purchase the E.A. about a year ago and ran it on a demo account for 5-6 months before I even put any money into a real account.

Here is a link to the auction: http://cgi.ebay.com/Forex-EA-automa...oryZ3148QQssPageNameZWDVWQQrdZ1QQcmdZViewItem


After averaging about 7%/month in the demo account, I went ahead and opened a real account with a small balance. Been trading it since March 1st and have accumulated 25% of my initial deposit in profit. That's 25% in 6 months.

I did my due diligence and called the seller (he listed his number in the auction). I spoke with him several times before purchasing the E.A., and felt comfortable with it. I was ultra skeptical at first, because 5%/month sounds absurd to me. After I bought the EA, it came with a huge help file/word document explaining how to trade the system, and I even called the seller a few times to make sure I had the settings correct.

The software runs itself and you just have to make sure you have an internet connection at all times. I use interbankfx.com to trade. The forex market trades 24 hours/day and is only closed from Friday at 4PM to Sunday at 6PM EST. I have a separate computer that just runs the software.

Also, I upgraded to the $5,000 E.A., which has substantially less risk involved. I know it's a steep price, but the return/risk is well worth it to me. I used to blow a couple grand a year gambling anyway, so I figured I'd spend it on this and give it a go.

If anyone has any questions, I can answer them. I was even thinking about putting a video on youtube to show how the system trades, but haven't gotten that far yet. Can also get you a discount if you are interested in purchasing.

 

[FrankieCarbone]

Here's a quick youtube video I made...just trying to help any fellow rx'ers who wanna delve into this like I did

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[FrankieCarbone]

Some of that video was blurry...so here are some still shots I took of the software running and my balance...etc.

 

[FrankieCarbone]

Just closed another cycle in the EURUSD. Dollar continues to strengthen. Great thing about this EA is doesn't matter which way market goes, you still profit.

 

[BigDon]

Frankie my man....

I saw your post over @the NFL and i was going to ask you how the forex was going. thanks for this post. I going to do some DD and check it out!
Thanks again..

:toast:

 

[FrankieCarbone]

Wow, currency markets going absolutely wild overnight...closed out many cycles for profit. Balance continues to grow.

 

[ArkhamB]

Does this software put in orders to buy/sell?

What exactly does it do?

Brian

 

[FrankieCarbone]

Brian,

This software, or "expert advisor" is 100% automated, and places the buy and sell orders for you. You do not need to know anything about forex to trade this system. You just have to make sure you are connected to the internet at all times and know how to enter numbers into the advisor's parameters based on your account balance. A huge help file comes with it. It really is ultra easy.

I'm in the process of building a website now, and am going to try and explain everything as well as give daily updates on how the system is trading.

Does this software put in orders to buy/sell?

What exactly does it do?

Brian

 

[desrat]

Never really looked into Forex trading but I have a question. I am assuming by your posts that you are not limited by the day/pattern trading rules of the SEC; needing a $25,000 account balance to day trade?

 

[FrankieCarbone]

Absolutely not. I have a mini account which is $10,000 and under. I would recommend you start with at least $6,000 if you can, however, you can start with less. There is no limit on how much you can trade either. There are a few people who trade this system with 7 figures in their account.

Never really looked into Forex trading but I have a question. I am assuming by your posts that you are not limited by the day/pattern trading rules of the SEC; needing a $25,000 account balance to day trade?

 

[FrankieCarbone]

Stock market continues to plummet, but my forex balance continues to go up!

 

[Ichiban]

I know nothing about Forex trading...what are the risks/possible downsides of this? Surely it is not just simply buy the program and you have purchased a money tree. Like I said, I know absolutely nothing about this, so I'm definitely curious what it is all about. Under what circumstances would you lose money? Also, there are plenty of times where I lose internet connection...would this be a major problem?

 

[FrankieCarbone]

I've been trading this system for awhile, and as long as you don't overleverage or overtrade your account, I don't see how you can lose money. Maybe I'll upload the help file I received when I bought the software because it may help to explain alot, although I will have to talk with the creator of the EA before I do that.

I would definitely recommend calling the creator of this EA if you want to get in depth about it. I can get you his number, and he would be happy to talk with anyone about it. Very nice guy. I talked with him numerous times before I bought the software, after I bought it, and still talk with him occasionally.

As far as your internet connection is concerned, you would need a stable connection, now if it goes out for a few minutes here or there, that is not a big deal, but if it's out for an hour or more, that could be a problem. I would recommend getting 2 different high speed connections, either DSL and cable or cable and satellite, and buy a router that will switch connections when one fails, that way you are always connected. If you are trading with alot of money, I would buy a generator to keep the power on in case of an outage.

I know nothing about Forex trading...what are the risks/possible downsides of this? Surely it is not just simply buy the program and you have purchased a money tree. Like I said, I know absolutely nothing about this, so I'm definitely curious what it is all about. Under what circumstances would you lose money? Also, there are plenty of times where I lose internet connection...would this be a major problem?

 

[FrankieCarbone]

Here's another youtube video...not sure if it will help...but here it is

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[desrat]

Long and short trades? You mention your profit number, $3 I think. Does the software automatically close the trade on this number or does it throw up a stop, trailing or otherwise, in order to lock in the profit.

If you can shoot me an e-mail at gmail, desratdr is the beginning of the address.

 

[FrankieCarbone]

I sent you an e-mail. Here is basically how the software trades:

In very simple terms we hedge the market. Imagine drawing a line across a chart and this becomes your starting point. Whenever the market goes up we buy and goes down we sell. As long as the market is stuck in a range you are hedged, meaning an equal number of buys will pretty much cancel out an equal number of sells. This allow you to stay in the market (not knowing the question of timing-when the market will move).


Then when the market begins to move (regardless of whether that be up or down) the software will add positions in the direction of that movement. If the market moves upward it will add buy positons. If it moves downward it adds sells positions.


Now in itself, this logic is lacking somewhat and is not hugely profitable. However we have tweaked this logic by adding some reverse logic. At some key areas we will sell as the market moves up and buy as the market moves down. Along with some other simple but effective proprietary rules (which we will explain in full in the manual) our system is almost 100% effective. The software calculates the total value of all losing trades and subtracts these from all winning trades. Once the market begins to trend in a particular direction and once the winning trades outweigh the losing trades and your profit target is hit it will liquidate all trades. Your profit equals all winning trades minus losing trades.


Once your profit target is hit, the software closes the "cycle" and your profit is credit to your account. Yes there will be losing trades, but there should not be losing cycles with this system. Keep your trading sane. Don't over trade and you should be able to achieve a near 100% success rate on profitable closed cycles.

In fact, as over the last months as I have been testing and trading this sytem I have yet to have the software close a cycle at a loss. If you look at the systems online you will find systems touting a 60% win ratio, or even a 9 to 1 win ratio. But what if you could literally have a 100% win ratio. Impossible? What if you could have a 99% win ratio?


Impossible you say.

I say NOT! Take my challenge. Buy my software. I provide a manual that explains the system. But remember the system is automated and once it is set up and running does all the buying and selling for you. You can reset the software after each cycle or you can let it run continuously. So take my 100% money back guarantee.

Long and short trades? You mention your profit number, $3 I think. Does the software automatically close the trade on this number or does it throw up a stop, trailing or otherwise, in order to lock in the profit.

If you can shoot me an e-mail at gmail, desratdr is the beginning of the address.

 

[gbogo]

the logic is flawed

buying and selling involves spread cost= decrease in profit and adding positions to a hedged position (which equals no position) basically involves more cost to you.

the market has to really move to generate any profit - so in reality if you entered just one position you would be better off in the long run.

if you buy and sell 6 positions - costs 2 in and 2 out = 4 pips times 2 to hold the other side = 8 pips to establish and close the hedge or what youve done is lost 8 pips.

anyway glad youve mismatched enough to generate a profit but get your money back.

 

[FrankieCarbone]

That's an extreme oversimplification of how the E.A. works, and probably not even accurate at all. I think the results speaks for itself. Almost 33% in just over 6 months.

the logic is flawed

buying and selling involves spread cost= decrease in profit and adding positions to a hedged position (which equals no position) basically involves more cost to you.

the market has to really move to generate any profit - so in reality if you entered just one position you would be better off in the long run.

if you buy and sell 6 positions - costs 2 in and 2 out = 4 pips times 2 to hold the other side = 8 pips to establish and close the hedge or what youve done is lost 8 pips.

anyway glad youve mismatched enough to generate a profit but get your money back.

 

[TTinCO]

I can't decide if this is legit or nothing but a $1k a pop ponzi scheme.

 

[gbogo]

frankie just the language the guy uses shows he knows very little about trading.

a "hedge" is non existant because a "hedge" means you are square = no opportunity to make a profit.

the word "hedge" applies to importers/exporters who sell a physical commodity in another currency and need to run a book to hedge against these flows.

so sure he might have more words etc but it makes little difference because just from reading what you posted its just a scam.

you would be better to take a 1/4/8 hourly and daily chart

put a 72 ma 200 ma on the chart and trade those in trending markets with a 20 point stop.


also your using interbank fx those guys are one of the worst rated brokers in the market- another mistake.