ZENERGY posted: i bought the system back in october 2010 and quickly realised it was very similar to other ea products, just that there was a hefty price , very high subscription etc. and gill was clearly not as experienced as the advertising made out. she says she has made all the mistakes so we dont have to lose, she has cracked it . i quickly got a refund ! if i had traded the month i joined my money would have been wiped out. what is the difference between midas and ffr ? as they are run by the same people.
I don't think there's any difference for most of the known EA's. I believe it's the same people, only changing the EA name and advertising campaign, just so they can sell it again.
In any case, why would anyone sell a working EA for several hundreds? It just doesn't make sense, no matter how you look at it.
wilkinson posted: So basically it's a martingale system - I would avoid using such a system. It will work well in ranging markets, however in trending ones it won't survive. How can you be sure it will bounce back? And in which point? This is very risky trading and goes against the basic rule of letting your profits go long, and cutting your losses short.
You are correct in that FFR is indeed a Martingale system (I didn't realise it had a name but a little research confirmed that is what it is). I do agree that it is risky, but all Forex trading is high risk. The FFR system allows you to spread the risk through being able to set the EA to turn trading off at the riskier days or times (for example mid-month, when currencies tend to get a bit jumpy with the various economic announcements). I have found that spreading the risk with small lot sizes over multiple charts is working well, with good returns so far.
I will raise the points you mentioned with Gill to get her take on the ranging markets issue...I do agree, but the EA does give plenty of options to limit the exposure to such risk, but a large surprise in the markets can increase that risk...I totally accept that.
One of the FFR users on myfxbook has done well with multiple charts and fixed lot sizes...he traded through the problems on 25 January comfortably, and from an investment of $3000 in September last year has made over $15,000 profit, which is encouraging.
Re the Midas question, I hadn't spotted that this was run by the same people, so thanks for the heads-up. The difference (I expect) between them is that FFR does give you a lot of support, rather than an EA system that you run yourself. Gill's team provide guidance on using the system, a helpdesk, Family Days where traders get together with Gill to exchange experience and suggestions, etc. I am not sure whether any other EA 'package' has such a set-up, and this is what the extra cost of FFR is for.
I am happy with how things are going, but will raise some of the issues mentioned here with Gill at the next family day.
I have found out today that Gill Fielding is amending her Fielding Financial Robot (FFR) EA next week so that you can set the number of maximum strings the EA will start as part of the system settings...which effectively means that you can control the risk against trending currencies, and it will be possible to prevent any drawdown losses, even though this is a Martingale system.
Of course if the number of strings hits your maximum, that chart will just sit there earning nothing until the currency pairing bounces back again and you eventually close out a profit, but it does protect you from losing all your momey (or indeed can stop you losing ANY of it) and the only down side I can see is a reduction in profits on a temporary basis.
Sounds like Gill has removed the biggest threat with Martingale.
Having tested FFR I found it not to be a martingale system, as the are many settings the user can adjust, Lots Percentage, DrawDown percentage, Max Lots, hedge, trade direction, stop loss, to name but a few. Even if it was used straight out of the box!
Of course non-subscribers or people new to forex trading will assume it is such a system just by looking at the limited information they have access to or reading to much in to the assumptions of non subscribers of the robot.
If this robot traded in one direction doubling up it's stake traded until it took profit or blew the account balance and without having any access to settings enabling you to change them to suit your circumstances, then yes it would be martingale.
FFR does have all those settings already, straight out of the box. The latest upgrade just improves it significantly by allowing the user to restrict the length of any string of trades, and thus protect your money from a 100% loss event, which is clearly a risk with the double-down approach.
Given there has been criticism of the system here I felt it only proper to clarify this significant upgrade in the control environmnet within the package.
Like many of the more experienced FX traders I worried about the Martingale system they have been using but have to admit it has worked well for me now over 3 months making $3200 from a $16000 start. There have been some nail biting moments and a couple of hiccups but it has all come good in the end, trading over the tsunami disaster and the wobble in the £ at the end of January. The new version gives subscribers the opportunity to make more cautious setttings and the team are very responsive to any problems subscribers may have. I must add I have known both Peter and gill for some time and have found them both to be a pleasure and a delight to work with. Had it been a company unknown to me I would have probably not subscribed but in 3 months I have leant a lot and made a good return.
I too was cautious about signing up to FFR (not that I was an experienced trader, just that what Gill said on her Riches presentation seemed to good to be true), but like yourself, I too trust Gill and Peter, and I have found the FFR team very helpful, and my returns since my initial loss in January have been good.
The latest version has good some great enhancements, and these will offer a great deal of protection to the risk of loss.
Interested to read comments about the FFR as we have just started using this system having no forex experience at all to date. Gill says it's simple and on the face of it that's correct but there's a lot to learn. However I have put in some fairly cautious settings and it's made about 2.5% in a few days so seems OK.
Quite a high investment but in addition to the support, which is great, I think what I'm paying for is to rent a virtual server and internet connection somewhere. That way I can just leave it going and don't have to worry about my own broadband going down mid-trade. Or, being new to this, perhaps that's what everyone does? I would be interested to know!
That's positive to read Pete. I also started with no Forex experience and have learned a lot very quickly. The FFR system includes a lot of settings that require a decent amount of awareness and knowledge, and I will be the first to admit that the advertising for it did over-simplify what you need to do to make it work well, but with the latest refinements it is shaping up to be a pretty reliable system, and the advice and support is very good.
I am very pleased with the returns I am getting, having now made up my initial loss, and am aiming to repay my initial investment within a year, which looks perfectly achievable. My money is split into two accounts at the moment, with about 60% of my money running on reasonably safe settings (and earning around 4-5% a month) and the remaining funds are trading 24/5 and earning approx 15-20% per month, which certainly exceeded my initial expectations.
I understand that other systems may include remote server subscription (for a price) but the extra support appears unique to Gill's FFR solution.
Your FFR3 doesn't look so good, in fact pretty scary. Your equity is currently over 60% down from your deposit. You are at the mercy of USD to show some strength against AUD? Could you comment on this please?
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