Summary: Forex Auto Pilot is an old, and well established work-horse. 93). It is the cheapest I’ve seen so far. Downside is that when it makes a loss, it is a big loss. I’ve seen it make 20 $20 profits in a row, then make 1 $200 loss. I’m not saying “no” to it – I’m probably only saying maybe – or “definitely yes” if you also buy Fap Winner so that they can advise you on the best settings to run it with. $97 – 60 days money back guarantee.
Forex Auto Pilot was a sophisticated automated Forex trading robot in its day.
Now the vendor pushes more his Fap Turbo product – at double the money. Forex Auto Pilot has been around a long time – 9 years. And it has the largest user base of 37,000 installs.
It runs on the Meta Trader 4 platform. Fully automated as the name implies, the robot makes it ideal for people looking to profit without spending hundreds of hours at their computers learning Forex.
Forex Auto Pilot, like all Expert Advisors is a custom set of trading rules to be executed when it sees certain trading conditions are met. If it does not recognise market conditions it likes, it does nothing.
So you install MetaTrader4 (free), and copy the Forex Auto Pilot file to the experts folder in MetaTrader4 (MT4), click a few buttons and you are up and running.
That’s the beauty of the MT4 metatrader platform. You can have multiple Forex Robots, each working a different chart – each chart working a different currency pair. A copy of Meta Trader 4 is included with Forex Auto Pilot, and the first thing metatrader does on start-up is check if it is the latest version.
With Forex Auto Pilot everything comes set at “default” and you are recommended to leave them that way until you have tested it on a demo account/s with your broker or brokers of choice. Leaving it to run while you read the user guide and other forex materials is interesting and fun.
Here are some details worth keeping in mind as you consider Forex Auto Pilot.
The user’s guide is 74 pages and is well written. It steps you through the installation and activation of the software quite nicely. Also on how to back test it against historical data. Back testing does confirm similar results as those claimed on the sales page. But back testing is not everything – nothing like live testing to know for sure, which is why demo accounts exist.
After purchase you’ll also receive an ebook to understand the mechanics of the Forex market. This book is a general guide to Forex and can be used with any forex system.
The retail price of $97 USD is probably fair – it is old, and there are better Forex robots around. When I say it is old, it works on the most up-to-date trading platform – MT4.
And trading strategies are timeless. However, algorithms developed by people over time do improve. New strategies do get developed.
Universally true for all reviews on this website – all Forex robots come with an 8 weeks unconditional 100 of profitable trades is incredibly high – though not as high as others. And it does incur some pretty large open trade draw downs (DD) to achieve this. What this means is that while it may have closed the trade at a profit, during the life of the trade maybe the market went against it and the trade was in the red (loss) for sometime before returning to close at its profit.
However, historical tests would indicate that over the long haul the many small wins will out pace the few large loses provided you’re willing to ride out the losing trades.
Although Forex Auto Pilot does place ‘take profit’ orders at 20 pips to ensure it captures some profit when it occurs, it does not use protective stops to protect your down side.
The documentation strongly recommends AGAINST adjusting the stop and take profit levels. I find this to be of concern – but when tried, it does indeed degrade performance.
Regarding position size, the default is to use a fixed position size rather than a fixed percentage position size.
This is not the best way to do it as it not only increases your risk per trade after each losing trade, but it also slows account growth after wining trades.
It is much better to have it set as a percentage of your available account size. Then as your balance grow, profits grow too by being compounded.
A fixed percentage of your account will adjust the position size up and down as the account grows or shrinks and is generally a better idea. And you can set Forex Auto Pilot to use a fixed percentage but this is not the default.
It’s old, its solid, its proven. It has the largest user base out there, and has a private member forum for advice and support (moderated so that you cannot complain about it). Forex Auto Pilot is not a “must have” in your arsenal – but as an entry level expert advisor Forex robot – you could do a lot worse. The occasional large losses are compensated for by the many smaller profits. $97 – full 60 day money back guarantee.
But I strong recommend that you also buy the Fap Winner silver membership to get the most out of Forex Auto Pilot. See the most up to date review of this robot at http://www.forex-robots-reviewed.info/forex-robot-reviews/forex-auto-pilot.php