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Description:
The Forex Funnel has both extreme potential and extreme danger. It is a martingale strategy that will trade a small grid and double your lots each time it enters. By doing this, only a small retracement lets you exit with profits. MOST of the time this works OK and is very profitable but watch out for large 400+ pip runs (with no retracement) – they will cause margin calls and hurt if your account isn’t big enough to handle them. They recommend a $2,500 account per micro lot traded (for the initial trade of course).
Scott's Notes:
July 3rd, 2009 - While I may never trade a martingale strategy on my personal live account, I am still fascinated by them. Considering the strategy, I think they did a good job choosing the USD/JPY. This is one robot I really look forward to watching.
Aug 7th, 2009 - I was right - it's been fun to watch. Still too scary to put on a live account but the 1-month performance is reasonable. There's not much I can say about it other than keep on watching.... only time can tell how this robot will stand up to varying market conditions.
It's interesting to note that the Forex Peace Army demo was wiped out during the move on July 23rd. They were trading 10x the recommended number of lots. Let that be a lesson to you! It's a shame because people will see their statement and assume this is a bad robot. You just have to be careful with it.
November 11th, 2009 - Well, after 3 more months, including some trending months, it's still fun to watch. You have no idea how tempting it is to put on a live account but this robot can still be very dangerous. I'm bumping it up to 4 stars because of my optimism, but it's not on my live account just yet. Very close!
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