Automated forex trading has long been considered as a convenient tool to help you reduce screen time and monitor the market on your behalf. One of the key representative robots is Forex Autopilot. It claims to help you profit with little market monitoring on your side. But does it really deliver what it promises? Here is my personal experience of using Forex Autopilot.
The tool is very easy to set up. You will need MetaTrader to run it, because Forex Autopilot is an expert adviser itself, which is a tool to monitor trading for you. Preliminary setting is very straight forward. The software only works for 1 minute time frame, and is applicable to the EUR/USD currency pair. After some little configurations, you can just sit and watch. Trades won't appear instantly after launching the program. It trades when there is an indication of profits.
I am using a demo account with 5000 dollars as initial deposit. After a day, I am surprised the software has made me 400 bucks in profits! In later days, the software doesn't trade sometimes at all, but I have made no losses. I notice that apparently there is no hard stop-loss configured. According to the official site, there is an automated stop-loss system which will activate when conditions are met. The default setting without a hard stop-loss assumes you to accept risk as is. One more note, you have to keep running Forex Autopilot in order not to miss a profitable trade. If you cannot let the tool trade continuously, you can always close the position before exit.
Recommendation
Can you profit from Forex Autopilot in a long run? I can't guarantee, but I have achieved positive returns in a short period of time. There are also positive reviews about Forex Autopilot. However, I highly recommend you to take a formal course on manual Forex Trading instead of automated forex trading. In particular, learning forex scalping techniques will be useful for you to achieve consistent results.
1 comment:
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