There’s been a ton of questions and wondering about the Forex Robot World Cup. I don’t remember any single event that aroused so much excitement.
If you don’t know what the FRWC is, it’s a competition between 24 non-commerical Forex robots which are run live on a real account for two months. The first place prize money for the best robot is $100,000. The purpose is to find real and effective robots and help traders avoid the many useless and shady EAs that are sold on the market these days.
It seems that that the administrators of the competition have been swamped with questions themselves, so they’ve issued a special report that explains a lot of things about the FRWC, how it was run, how the robots were judged, and talks clearly about automatic trading in general.
If you’re interested in automatic trading at all, I urge you to read this report:
FRWC report <<===
Here’s some of the things this report teaches:
- The 3 types of testing to be done on a robot to know that it works.
- Why demo testing isn’t 100% accurate at all times.
- How EAs and robots actually work.
- Why so many robots are useless.
- How to really judge the quality of a robot.
- Why automatic trading is the style of choice for so many traders.
FRWC report <<===
There is one thing I don’t agree with on this report and that is what it says about manual trading.
The report suggests that manual trading is impractical since it can be very time consuming and may not yield too many trading opportunities. This is not true in all cases. Yes, manual trading requires more effort than automatic trading, by definition, but it doesn’t have to take too much of your time and does have many benefits.
This is why I always recommend never to trade automatically alone. That being said, this report is still very much worth reading:
FRWC report <<===
