Sounds interesting... *looks at website* No, on second thoughts, I wouldn't touch that with a barge pole.
If you want automated Forex trading strategies, I'm posting NinjaTrader scripts over in Free Systems - T2W Day Trading & Forex Forums - they're not complete and ready to roll, you'll need to figure out stop loss/profit targets to optimise them, do your own backtesting, and generally polish them a bit, but they are at least free.
No?
Okay, lets take what I'm working on for example. Firstly, you have too many people trying to trade it, or even just trying to trade too much at once, the market will notice and start fighting it. That makes it probably unsuitable for the institutional trader except as a curio. Secondly, if (and I do, on Collective2) you feed people trades off your trade confirmation step, you can both sell it for a decent profit and not screw up your own trades.
That said; Forex auto pilot's entire site looks like half the spam I get day to day. To me, it sounds desperate, if that makes sense. I'd try Collective2, where you can see their own forward testing of systems, rather than having to trust the system developer's.
£10kLoser
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?
Surely when many people trade in one direction the market joins in, not fights it? That's the whole principle of how the market moves for most of the time and how big players can move the market.
Given the extremely large number of EAs on Collective2, it would be surprising if some didn't make a steady profit but that can be a result of pure luck. Given a roughly 50:50 chance of a randon win, you could take 1,000 coin flippers and one of them would be a winning trader every month for a year. But would you therefore place your life savings with this surviving guy?
Surely when many people trade in one direction the market joins in, not fights it? That's the whole principle of how the market moves for most of the time and how big players can move the market.
Given the extremely large number of EAs on Collective2, it would be surprising if some didn't make a steady profit but that can be a result of pure luck. Given a roughly 50:50 chance of a randon win, you could take 1,000 coin flippers and one of them would be a winning trader every month for a year. But would you therefore place your life savings with this surviving guy?
Magos
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On an individual trade, yes, which is why I'm feeding out of the order confirmation stage. However, it also discourages (by taking money from people who do) certain types of trading (in this case, too far outside the Bollinger bands, with some tweaks here and there). Do that too often, you'll lose the people you're making money from.
Decent point; to be honest, I think with the right risk management, it might even be possible to consistently break even on coin flippers. It's on my "to try" list. Somewhere a long way after sleep :-D