review::FX-Bandit EA
name of Expert Advisor : FX-Bandit
current tested version : v1.31 (initially v1.3 which had a bug in the stop-loss logic)
start date : 21th Oct 2007
current settings :
from the default setting files that came with the demo
pairs traded : GBPUSD, EURUSD, EURJPY, USDJPY, all on H1 on InterbankFX
manual intervention : still undecided… but likely to stop prior to news
live statement (updated every 10 mins) :
http://www.ckowyong.com/blog/statements/fxbandit
http://www.ckowyong.com/blog/statements/fxbandit2
http://www.ckowyong.com/blog/statements/fxbandit3
performance :
Oct 2007 : ……
Nov 2007 : ……testing history :
21 oct 2007 : received v1.3 demo and started testing. amazing 1st day with a +19% gain in capital, but had a floating loss that grew over the next few days.
25 oct 2007 : after studying the manual and clarifying with Bill on a few doubts, i realised that FX-Bandit is based on a mean-reversion theory (ie. theory that prices will always return back to it’s mean price if one waits long enough) this did not aline with my trading philosophy, hence i modified the settings and ran a parallel demo with new settings that had a tighter stop-loss as opposed to holding on to loosing trades in the hope that prices will come back :
>> http://www.ckowyong.com/blog/statements/fxbandit2
29 oct 2007 : received a new version of FX-Bandit v1.31 from Bill Austin. he mentioned that v1.3 had an issue with the stops and suggested that i change to the new version v1.31. i wanted to leave v1.3 running to see how it gets itself out of the mess… hence started a new demo with the new version v1.31 :
>> http://www.ckowyong.com/blog/statements/fxbandit3
31 oct 2007 : i’ve sent a query to Bill asking why v1.3 was doing so badly when v1.31 is showing fantastic results. for the record, his reply has been archived here : 
due to the reported bug in the stops and also based on his recommendation, the 1st run using v1.3 has been retired and the detailed statement archived in a PDF for future reference.
* more to come *
buy ck a coffee :O)
