Forex Robot: ForexPortfolioTrader
Today we are going to talk about Forex Robot Forex Portfolio Trader. The system has been developed by BJF Trading Group. We received information and feedback about the system from the company’s website, and we’ve also had the opportunity to discuss Forex Portfolio Trader with the company over the phone. You can also find this information in a free webinar.
According to BJF Trading Group, Forex Portfolio Trader has about 200 systems. All of the systems have been tested in live trading accounts. They are also constantly monitored and tested for efficacy, so the process is always ongoing. Of the 200 systems, 5-8 systems are in active use at all times. The systems actively in use are the ones considered to be the best for the present market conditions. To qualify as being the best, a system has to demonstrate minimal drawdown and maximal profitability at the time of selection. The selection is done automatically. Systems that are not in active use are in standby mode. When the performance of a system begins to worsen vis-à-vis its historical performance, it is removed from use, also automatically, and another system is selected to replace it. This selection ensures a small drawdown and healthy profitability.
BJF Trading Group: the company
BJF Trading Group began its operations in 2000. It is considered to be one of the principal producers of automated trading systems for the forex market. The company’s robots are designed in the MQL4 and MQL5 programming languages. The company also designs robots for FIX API. It has an excellent reputation in the industry, and its products have received prizes in broker-sponsored contests and enjoy high recognition.
Forex Portfolio Trader
Forex Portfolio Trader uses a number of systems to withstand adverse market conditions and help protect its users. There are swing systems, which work in a fluctuating market, and sideways systems, which work when certain market levels are breached.
The system can accommodate up to 30 open orders at once. However, the total market value of these orders cannot exceed 10% of the account deposit. The ceiling is part of the system parameters. These settings help achieve a small drawdown by hedging orders through the use of divers currency pairs and systems.
Forex Portfolio Trader also has take-profit and stop-loss orders. Both are hidden. The system has equity stop-loss, usually set between 10% and 30%, depending on a client’s needs. Forex Portfolio Trader also contains equity take-profit, usually set between 8% and 10%.
The system allows for up to five open orders in the same currency. This setting helps a trader establish entry points, improving his or her profitability with any one position: it is more lucrative to establish entry points through multiple orders than through only one order.
According to BJF Trading Group, Forex Portfolio Trader has achieved a 35 percent monthly return and a drawdown of 14%. This is corroborated by our own testing. Furthermore, a trader has the option of using the money management system that has been built into Forex Portfolio Trader. It should be noted, though, that the system testing has been limited to a period of three months. We cannot with any certainty say whether the same performance can be replicated over longer periods of time. Therefore, to be prudent, we’d recommend starting with a fixed lot and increasing it gradually at regular time intervals – for example, monthly.
Flaws and disadvantages of the system
The cost of the system is its primary disadvantage. The system is expensive, although the price corresponds to the quality of the system.
There is no standard stop-loss order capability, only the hidden one. This might not be an issue for a certain category of traders, but we believe that the lack of the standard stop-loss order capability is a disadvantage to a forex trader. That said, we were made to understand that future upgrades would address this issue.
Testing has shown that negative equity can reach 10-15%. However, we feel that Forex Portfolio Trader users are sufficiently protected by the application’s features (the variety of systems used, equity stop-loss, the number of orders that can be placed) for these levels to be acceptable.
In short, we feel that Forex Portfolio Trader is one of the best products currently available on the market, and it shows a lot of promise.
ForexPortfolioTrader official website: http://iticsoftware.com/fpt3