Recently, thanks to the updates, smooth and reliable performance, the version of Leo Trader Pro trading on EURUSD and USDGBP pairs is popular again. I have multiple accounts running very well and it fits the WallStreet robot, too. You only have to pay attention to selecting the appropriate account. Leo is not sensitive to the broker and neither to VPS. But it is important to have an appropriate amount on the account. If the minimum trading unit is 0.1 lot, I would suggest to use it with an amount of at least $ 3000, less would be very risky. In this case, if the risk value is -10, it trades 0.1 lot, thus a losing trade means $ -350. But if you have $ 500 only, a losing trade of 0.1 lot means $ -350 as well. If you take 10% risk, you need at least a $ 3500 account. If you have $ 1,750, you can risk 20%, etc.
If you want to trade with less money, you need an account where you can trade 0.01 lot. For example, you can open a Ligth account with Goldstein Brokers with $ 500. A losing trade there means only $ 35, if the robot trades 0.01 lot.
More and more people ask me, if I am going to run the forex robots during the holidays. Well, the answer is different depending on the robot. Certainly, the demo accounts will run in order to see what happens to the forex robots in this period. The Million Dollar Pips trades the bigger short-term market movements, so I’m going to run it, maybe with a risk rate decreased to 1%. The WallStreet Forex robot will trade on one or two accounts, but only with minimal lots, just to see how it behaves. For more cautious traders, I would suggest to suspend trading from the 18th until January 6th. I will run Leo Trader Pro , but with smaller lot sizes, because if the developers consider it risky, it will not trade anyway. GridMeUpFx also runs on my live accounts, and I’m going to let it to work on one account during the holidays.
Wall Street Forex Robot supports the AUDUSD currency pair as default, there is no need to set the EURUSD pair. I think, the TP of 70 pips is somewhat big. It brought better results with a 15-pips TP when running the last few months on the strategy tester, but for the time being I will keep the default setting. I set Secure Profit and the trigger value of Secure Profit to 10/40. With this new setup, I let the ea trade the AUDUSD pair on my live accounts again.
I started to run a WS on my Think Forex demo account, because I think, there is some room for it beside the Million Dollar Pips. For now, the results are gathering on the demo account, and I will select the pairs that I will run on my live account on the basis of these tests.
I would like to note that in case you cannot devote 1-2 months to test a forex robot, it is better not to deal with it at all, because less time is usually not enough to find out what it is able to do.
Forex Robots, whose strategy allows longer time for trading, do not show a significant difference between the results of the live and the demo accounts. Such robots are, for example, the WallStreet and the Leo Trader Pro.
The Million Dollar Pips has however a significant difference between the results of the demo and the live accounts, because its strategy is to trade quickly, almost always within a minute. On the demo account, this can be carried out fast, because it does not need to find a trading partner, it only has to calculate with the current price on site. On the live account, the broker needs time to ask for bids from the partner banks and then actually carry out the trade, etc. In the meantime the price may change to the wrong direction, which worsens the results.
Is it worth using EA or not? Is this the best business on the world? Why is not everyone doing it?
Take a quick look at the answers: if you want to earn money with Forex, then I think it is worth using forex robots, expert advisors if you do not want to sit at your computer all day and get excited whether you have to buy or sell now. I’ve been doing this and I could not keep a single manual trading strategy because of the emotions.
The answer to the second question is no, this is not the world’s best business; there are many good businesses out there, which can make bigger profits in appropriate hands, than Forex does. But since not everyone is aware of these opportunities, or if they know, they do not believe in them, do not dare to start them, therefore does not everyone deal with Forex either!
Of course, this is my opinion. A few years ago I could not imagine that it was possible to achieve a profit up to 100% during one night with options trading. Today I know a few people who have succeeded in this, I have not. At that time I did not know that properties can earn over 100% compared to other types of investment in a short period of time. Not to mention the opportunities that entrepreneurship provides. So, the earning over 100% provided by Forex deals in a year is not unique.
In case of expert advisors you must not think that the previous earnings published on their websites will necessarily be achieved in the future, because they cannot see into the future either. With an appropriate group of robots, in my opinion, monthly returns of about 50% -100% may be achieved.