Review of Forex Funnel

I tested the Forex Funnel a while ago back in October.  They mention that a minimum trading account of £2500 is needed and I totally agree.  The main reason is that the stop loss is set to 600 pips.  So one losing trade could wipe out your entire account very easily.  This is what happened to me during the wild trading in October, and when I interfered with the robot, stopping it trading I lost.  Then I got annoyed because it then went on to win, and so next time I could see a trade going the wrong way, instead of following my insticts and stopping the trade which would have lost me about 25% of my account, I decided that I would let it run.  In the morning my account was empty, and that was a live account with real money and I lost nearly £1000 (1000 UKP). When they say you need to set it to  .o1 lots per 2500 in your account I can understand why.   So if you only have a small account, do not use this Robot.  With further testing on a demo account, I found that by using settings half as big as they recommended it works quite well.  My mistake originally was to increase the lot sizes as my account increased, and I was risking 10 times as much as I should have as I ended up trading at nearly one full lot very quickly. The good thing about the Forex Funnel is that it starts to trade instantly no matter what the market conditions, and it keeps increasing the t but it does consistently make a gain. With an account balance of $5000 I had it set at .01 lots instead of the .02 lots they recommend. I’ve found that a more conservative approach works better in the long run.

Now how does it work?  It sells short in all market conditions.   So when the USD/EUR is going up, it buys one .01 lot and it sells one .01 lot and looks for a 25 pip pull back.  However if the price increased 25 pips, it opens another position at .02 lots with a 25 pip take profit target and it also changes the take profit of the first position to be the same as the second position.  If  it goes up another 25 pips before the target is triggered, it then opens up a third position of .4 lots with a 25 pip take profit and in turn it adjusts the other positions to the same new target price. When it gets it’s 25 pip pull back and closes the position, it closes them all out except for the long position that it keeps open indefinitely. This is why there are such good earnings,  several prositions being closed at the same time, and each one twice as big as the first one. But be careful, be conservative and test it in demo mode first to get an understanding of how it works.  In other words don’t let it entice you into setting it too high. It is easy to get hooked into fast profits, but these can also make massive losses when your 4 or 5 trades suddenly go wrong, and you lose them all at once as your stop losses are hit.

Another trick I tried, especially when the market may be rising, as this robot works best when it is trading a descending market, the trading gap gets wider and wider, and so by stopping the robot, by preventing it doing live trades, and then waiting till the market got into the middle of a recent range before starting it again, this seems to have reduced the losses happening so often.  So if you have a decent trading account, and are prepared to be conservative with your trading then this is where to find out more about it.

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