05 July, 2014: Many discretionary Forex traders experience high levels of frustration that are simply due to the realities of trading and the frailty of the human body and mind. They clearly recall instances where they closed a losing trade almost precisely where the market reversed and went back in their favor, or trades where they attempted to let a winner accumulate profits, only to see that trade take back the profits and turn into a loser.
Many of these traders turn to robotic trading systems that work in conjunction with their MetaTrader platform to eliminate the above scenarios, along with other scenarios where emotions and fatigue lead to bad trading decisions.
One of these robotic trading systems, Wallstreet Forex Robot, will undergo an examination today for the purpose of reviewing its effectiveness and validity for forex traders.
The developers of the this robot have as their main premise the idea that a successful trading strategy that has years of proven results is the one that seeks small profits from short to intermediate term trends.
This is indeed a valid tactic that has produced profits for many years.
So, employing this tactic, how does WallStreet Forex Robot perform?
To their eternal credit, the developers do not expect potential customers to blindly accept their performance claims. They make their trading results publicly available on MyFxBook, a third party website where all traders can track their own statistics and see the statistics of any other trader who chooses to make their results public. MyFxBook is something of a FaceBook for forex traders and MyFxBook functions by receiving permission from traders to link to their trading accounts to report results.
Here are some of the facts from MyFxBook regarding this robotic trading system. Anyone who is interested in verifying this information independently will find it by going to the MyFxBook website and searching for WallStreet.
The developers of the robot actually have more than one account listed with MyFxBook.
The account being examined is a live account, reported in USD. The broker is Alpari NZ. Trades are based on technical tactics, fully automated at 1:500 leverage on the MT 4 trading platform.
• This is a live account. For purposes of evaluation, always demand that reported results are from a live account and not a demo.
• The robot was launched on December 17, 2010, so it has been running for close to four years, another valuable criterion to consider.
• From an initial deposit of $1,089.87, the account has grown to a current balance of $5,821.46.
• This robot has made a total of 1,734 trades, approximately 40 per month.
• Currently, it has won 597 out of 808 long trades, for a winning percentage of 73 percent.
• 694 of 926 short trades have won-74 percent winners.
• The average winning trade is just over 10 pips, while the losing trade averages almost 25 pips. The fact that winning trades so greatly outnumber losing ones overcomes this statistic.
• The average win in terms of dollars is $18.07, while the losers average $41.99.
• Average holding period of trades is five hours and 42 minutes. This contributes greatly to the fact that the robot has only paid $127 in position interest, since not too many trades have been held overnight.
The cost of this robot is pretty minimal. A license for one real account and unlimited demo accounts can be purchased for $195 and a license for three real accounts and unlimited demo accounts is $299. Both packages offer a 60-day money-back guarantee, a free MT 5 version and lifetime updates.
Based on the availability of actual results from a live account that has had its track record and trading privileges verified by an objective third party, it would appear that the WallStreet Forex Robot Review is a legitimate option for traders who would like to minimize the mistakes of discretionary trading, or would like to trade forex but are living in areas where prime trading hours are inconvenient.