If you are hearing about the latest forex trading service – Forex Executor – for the first time and you want to do some of your own investigation into it, you can research the Forex Accurate program in order to gain some insight. This newest entry into the forex field is based on the aforementioned Forex Accurate program, put together as it was by the same team of associates: Victor Harrisson and Richard Chandler. If you’d rather save yourself some time, you can read this article, wherein we will disclose a few of the dirty little secrets about Forex Executor and what you may expect from it.
Before we begin, we think it only prudent and fair to state that programs such as this are as dynamic as living organisms – progressing, changing, correcting, and improving all the time. What has happened in the past may not always be a reliable gauge for future performance. We assert that this applies to both the positive and the negative side of the coin.
Most people interested in the forex market are familiar with the proliferation of trading robots that have hit this market in recent years. What makes Forex Executor different from all the rest of these products?
For one thing, FX Executor is not a trading robot. It contains a trading copier software that allows it to enter trades on the member’s behalf based on an actual human trader’s activities. In other words, it duplicates that trader’s trades within the participant’s own account. Or at least, that is the stated objective. The early results in the Accurate program were hopeful, as members were impressed by the working functionality of the auto-execute trading aspect. But as time wore on, problems surfaced with disconnections so that trades were not being made. We’ll have to wait and see if any of these problems have been addressed in the Executor program.
Another aspect that is different is the availability of a variety of trading styles – based on the models of conservative, moderate, and aggressive – from which program members are able to choose. The run-of-the-mill robot product usually utilizes only one trading style. So you’re stuck with that, whether it works well or not. In the case of the Executor program, though, each member’s trading portfolio can consist of a combination of one or more trading systems. Members can have any combination of up to five different trading styles associated with their trading portfolio. This factor provides members with the ability to diversify their investing objective to balance poor performing trade styles with good performers and to eliminate any trading style that is not performing.
Clients of FX Executor have the capability to filter the currency pair, setting the money management parameters to suit their individual risk profile. Trading decisions are centered in one master account, managed and monitored 24 hours a day by a human trader. If you want to limit, for example, the lot sizes chosen by the trader for your automated account, you can make those adjustments from the Control Panel. The same goes for stop-loss settings. Though there are settings that are recommended for each style, you can change those settings if you wish.
One fact that stood out from the Accurate program was that the aggressive trade setting seemed to gather more losses than winners during the early months of its operation. And that one of the traders at the time would use a martingale betting sequence in order to recoup his losses, a strategy that often led to further losses. While the Administrators of the Accurate program can be praised for recognizing this and making changes, the fact that it happened at all was a little unsettling. For this reason, Administrators cautioned members to be careful of trading systems which were labeled as “Aggressive.” They recommended staying with either the conservative or moderate trading styles while adjustments were being made with the Aggressive style.
What you will get with the Forex Executor program is a service that monitors the trading results of the traders inside its system and informs the membership of each trader’s performance, good or bad, in real-time. If the trader’s performance is bad, then they replace him with another trader. They make it very clear that what they are selling is this service and not software, Expert Advisors, or signals.
If you can live with that, then perhaps you can use this service to help you build a trading portfolio that finds winning trades without having to find them yourself. As most experienced traders will tell you, it takes time to uncover a successful trading style, so make sure you test this for the full two months allowed (it carries an 8-week money back guarantee) before coming to any conclusion.
As a likely comparison of results that one might expect using the Forex Executor service, during a two month period earlier this year (2011) the Forex Accurate system boasted of delivering over 8,000 pips in profits. Although they neglected to mention their losses during this same time period, this number would be easy enough to find as their results are published on the Internet at neutral third-party sites like mt4i.com and myfxbook.com.
It is worthy to note that some users who initially bought the service are still using it: “I’m still using the service. The performance is not bad,” one user posted in late May. However he qualified his statement by adding: “I run it with low risk settings because nobody knows the logic behind the systems.” Our verdict is: it seems to be interesting enough to try out, and may even prove to be a useful addition to your forex trading. Just take it slow and easy and test, Test, TEST before bringing it online in a live account.