I’ve been doing some testing on various forex trading software and thought I’d let you know how things are going so far.

I bought Forex Killer, Forex AutoPilot, and Forex Range Trader. I also got the Forex Trading Machine, but it’s not software, it’s a system in an ebook. I’ll follow up with that later.

Forex Killer

I’ll start with Forex Killer. While Forex AutoPilot and Range Trader are Expert Advisors that plug right into MetaTrader, Forex Killer is a stand-alone software that analyzes and recommends a course of action. It doesn’t do everything for you like an Expert Advisor would, but in many ways, that’s a good thing

With Forex Killer, you input the last 10 trade prices into the software, change a couple of settings, and it calculates your next move. You then make your trade based on its recommendations. You can also import the data from MetaTrader, which is a little easier.

Click here to see an account history from 02-22-08 to 02-25-08 (opens in new window). Keep in mind that this is over a weekend, so the totals are really for a two day period.

While the numbers aren’t anything to get excited about, you have to keep in mind that I started small, trading with a 1:100 leverage, which means that each pip is only worth a buck. All things considered, the numbers aren’t too shabby

On the down side, the open trades look a little scary, but sometimes you just have to wait for the prices to make a rebound, so you have to keep an eye on it.

I’ve developed a philosophy of setting my take profit low and my stop loss higher. This lets me win a lot of small trades while minimizing the chance the trade will close before the rebound. The only problem with that philosophy is when you DO hit a stop loss, it can wipe out a whole bunch of those profits

So far I haven’t used Forex Killer enough to form a strong opinion, but the initial results look good. I would recommend getting it and testing it yourself on a demo account. The price is reasonable and it’s guaranteed, so you’re covered either way

Check it out at Forex-Killer.com

Next time I’ll report on some of the Expert Advisors.

Sawyer

PS. Please leave a comment. I want to get at least 5 comments before I post again.