This particular program is called Avonko Elite and can be downloaded at http://www.avonko.com

It is an Expert Advisor, or EA, which attaches to your version of Meta Trader 4. I am not the one selling this EA, but I have been using it for about two months now and am very confident with its results. Unfortunately, I paid $300 for it when it first came out (if you visit the website, it is much less now ) but I am still satisfied with its results.

Avonko trades based on relative market times - the GBP/USD tends to form weak price trends during the lower volume Asian trading hrs, and then breakout into a new trend after the open of the London session. This program won't make you a millionaire overnight, but it consistently generates profits based on this simple pattern recognition.

I only write this here because I have used several EAs and in my experience, many have failed because they relied on a combination of too many complex technical indicators. I have come across a valuable few which have reduced Forex trading to simple strategies - and these have done the best.

I use relatively little leverage (100:1) and in the last two months my Forex account has ballooned from $5000 USD to over $9000 USD only using the Avonko EA. I'm waiting until I approach $20000 USD before I begin trading on my own decisions.

I just checked their website, there is no trial version of it available (is that even possible for an EA?), it's risky to pay 60 usd when you don't know what you get.

That return is pretty good, for only 100:1 leverage.

I don't think there is a trial version available for the Avonko System - is that normal for EAs? I have never seen any others with trial versions, you have to make your choices based on backtesting and word of mouth I guess. They have backtested results at their website, listed in the first post, and from what I can tell when they post to their blog their trades match the trades it places for my account, so it's legit there.

I agree, risky to pay $60 for something w/o trying it. I don't like saying this, but I actually paid 5x that, before they reduced their price. So far I'm happy with it though, and I'm looking for others to use as well - so plz let me know if you have any good experience.

As far as the leverage, yeah I thought the results were pretty good too. I'm on the fence about whether I should add more leverage. I'm afraid of risking too much by getting too greedy and regretting it later when I run into an inevitable patch of losing trades. Do you trade? What are your money mgmt principles?

Thx



If it's any consolation the system looks to be pretty straightforward. I've been cautioned away from "black box" systems by seasoned traders, and advised to stick to systems that are clear and easy to understand. This one fits the bill for me, since they provide detailed instructions with a good explanation of what the system does along with your purchase

Good luck whatever you do,

Adios
PAUL

Paul I've used Avonko too for a while now and its results have been so good for me that it's turned me on to FX trading.

I used to let my $$ sit in a pathetic MM fund account at like 5%, then someone suggested FX and I figured why not give it a try.

I started w/a bit more than you - 10k in my FX acct and let it run on conservative parameters. I couldn't help myself with the monitoring, I had to watch it when it traded. After a while I got more comfortable with it. I started right around thanksgiving of last year and I'm up to over $50k now thx to the Avonko EA, leveraging up as my balance increases.

I'm pretty pumped about seeing how long it works for, and I'm glad they give updates for free. I overpaid a bit too when I got it, but still well worth the dollars. Now they practically give it away at 60 bucks.

Paul, let me know if you have any other good EAs to recommend, I am trying to build an active portfolio run by EAs only to see what I can turn the 50k into by this time next year.

Daddy needs a new pair of shoes!

lol

Peace

JN

I've been replying in the thread in the Forex lounge as well.

Anyways - up $600 yesterday trading 2 lots, my balance has taken off this Jan, I thank God I pulled out of the equity markets when I did. No matter what anyone says about futures or FX trading, equity is way more volatile than FX, if you have a system trading for you.

I'm gonna be demo testing a portfolio of 23 EAs I found from a professional coder who designed them to turn 200k into 1.0M in one year. If they show any promise I'll give them to you guys here for free.

I'll let you know

do we get a refund if the ea dun perform well..

I emailed them before I purchased to ask this question and they told me that they do provide refunds if it loses you any money over a 1-2 month span (even if it's your demo testing account) they just would need to see proof that you used it correctly and that your trades coincided with their trades (to confirm)

Email them at avonkosystems@gmail.com in case you want to hear it from them too

Good luck in the markets!

Hi Paul (and jerrynebel) ,

Thanks for your precious comments about this EA
It seems very interesting and profitable to use it.
I used other EA but they didn't place any orders, apparently this one works fine !

I will test it next month, thanks for the updates !

Hey can I ask which EA you used? You have to make sure the settings are set correctly in order for the system to place orders, for some people not used to MT4 or using EAs it can be overlooked.

If you get the avonko EA it comes with instructions on how to install. If you have any trouble they have been great with customer support, for me at least. And if you find it doesn't place a trade the first night just come back here and I'll try to help you out with the settings.

It places a pending trade EVERY night, so you should get some activity every day - if not then your settings are messed up, and I can show you how to fix that, or they'll tell you via customer support.

Let me know how it goes, and I'd love to hear what other EAs you've used, if I've heard of them before

Yeah I echo that, make sure you check your settings.

If you purchase avonko you have to enable live trading in your meta trader account and allow DLL downloads (I think that's the option, it's DLL something)

Good luck

40% drawdown in backtest results. Not exactly ideal if you ask me, but if you get it back I guess there isn't much to worry about.

40% is not good at all!! My ideal EA should have under 25% max drawdown, 55+% Win/Loss Ratio, 1:2 Risk/Reward ratio. Unfortunately, I have yet to come across any such EA!! And I bet I never will.

Yeah 40% is not ideal, but what's ideal? For me 0 % (lol)

Also from what I can tell, they often update their system to tweak their indicator when it appears to be losing effectiveness. I don't know the history of this system so I can't say for sure, but I feel like maybe the backtest overlaps one of the upgrades for the system?

either way, it still make a good deal of money, and for me that's the judge of quality considering it is an automated system, requiring no work on the part of the trader

newbie so pls bear with me
it can only be used with metatrader 4 which is another app, rite? what about the data feeds to MT4 then?

Hi ,

I used TotalEACompound-ver2.ex4, PipCollector v02g.ex4, AutoTrader2008.ex4,...

Everything is fine with the settings, i enable Expert Advisors + Allow live trading
+ Allow DLL imports + Confirm DLL function calls + Allow external experts imports,...
Expert is attached if its name and a smiley can be seen in the upper right corner of the chart.
So the EA is well configured, but after 1 week without interruption, i didn't see any orders placed ...

I have a miniforex account with LiteForex. (Mt4 inside)

Hi!
I've the same problem... Hi have downloaded the EA on 26th of january, it seems all ok... (the face smiley) but any trades in 2 days...
Only one thing... in the inputs the "cleaning hour" is 3. Is it wrong? I must write 19 as default?
Thanks.

No problem, I was a noob myself not too long ago, so I know the feeling.

From what I can tell I believe it only works on Meta Trader 4. But that's a totally free platform - if you want to check it out the site is http://www.metaquotes.net/metatrader - you can get it for free, and they even allow you to open up a free 30 day demo account to play around with your strategies and get a feel for how to trade.

As far as data feeds, one is provided with your broker, and also with the demo account if you want to test the system like that first. It's all very simple, once you have a real $ fx account you just link it to your meta trader 4.

It's an excellent tool considering it's totally free.

Hope that post was helpful to you!

Best Regards,
PAUL

If you're trading with a demo account then you probably won't get trades over the weekend, since the live feeds stop until monday

hope that helps!



Some forex EAs do not place trades every day, but only when their parameters are met in the market. Overtrading is not always the best way to go.

If you use avonko, you'll notice that every night at 3 am EST a pending buy is placed and a pending sell is placed. If the price of the gbp-usd trades through those levels, the order will be executed.

Obviously the price doesn't ALWAYS trade through those levels, so you won't always see an actual trade executed, but most of the days you will.

And remember, you want to avoid trading during big news events, because the system is not designed to take into account anomalous directional moves

I want 5-10% monthly.
But this isn't possible for long-term right?

From my experience, 5-10% monthly is highly possible. Obviously the same indicator won't deliver those types of results long term, but the good thing about the Avonko system is the developer continues to retool the indicator to ensure it's robustness, and then all customers who have purchased before get the updates for free, which IMO is a good practice for EA developers who are serious about what they're doing,

Regards

PAUL

System still goin strong, but I have a question for those out there who would consider themselves "experts" on EAs...

How could I possibly edit the code for an EA?

Is there any way to do this? I open the file in a text editor and it looks like plain insanity-quality jibberish

Any thoughts?

Paul - Have you had any luck with any other systems outside of Avonko? I want to "diversify" my automated trading portfolio and see what kind of results I can garner using a few different, consistent, moderately profitable systems like Avonko.

Let me know if you're aware of any other good ones man,

Jerry

i attached avanko on FXDD demo account since 01/28.... a week trade already costing me -100 pips

i'll see the performance during a month full if good result, i use it on live trading.

keep finger crossed

I think you will be fine - and remember, avoid using the system on news release days. You can find a good calendar of these on Forexfactory.com - whenever there's an announcement that forexfactory indicates will affect the GBPUSD pair, I don't use the system.

Otherwise it is a highly profitable system, that's where your discretion comes in though. It's based on breakouts, which are relatively well documented as solid indicators in the technical trading realm.

Good luck to you!

no i run this EA 24/7... doesn't matter if it's news day or not. In fact during NFP last Friday 1/02, I manage to get +30 pips with this EA.....

But the point is you want to avoid news days - they represent unpredictable directional price swings that are impossible to capture with the system's indicators. That is why if you pay attention, I'm not using it every day! This can cost you big

I recommend checking out the calendars on forexfactory.com and avoiding using Avonko on days with scheduled reports affecting the GBP-USD pair!

Trust me, you will see much better results if you follow their advice on this point,

Best Regards

PAUL


(I'm trading only non news days and have 8 winners vs 2 losing trades in the past few weeks, my account is up substantially. I suggest you consider this if you want to see good results too

Another $600.00 with Avonko Elite @ 100:1 leverage

Dear PaulScheele,

1.) What are the reasons made you buy AVONKO EA system?

2.) How about this http://www . addyourdollar . com/automatedforex . htm ?

3.) I personally THINK and FEEL that AVONKO is too slow and conservative. The Modeling Quality only 25%. If 90% is good. 25% I personally feel that is very difficult to accept.

4.) May I know averagely in how many months generate how many NET PROFIT you get from using the AVONKO system?

5.) Before that, what other system EA you have been tried.

Just ansking only, I am not talking any bad to AVONKO. All are my subjective personal feeling and subjective opinion to just ask for your advices.

Thank You.

I purchased Avonko because I am exceedingly comfortable with the indicators, its track record, its design team, and its ease of use. The most compelling reason I can give for using Avonko for automated FX trading centers around the inherent logic of the system. I find it hard to blindly follow a system which I do not understand - any system which is fraught with too many moving parts falls into this category for me.

On that note, this system is reliant on a simple trend-breakout strategy. It is designed for consistency and reliability. And please remember, backtested results are non-discretionary, meaning they do not take into account the manner in which you are instructed to trade with the system.

The design team advises (and they are exceedingly helpful via email) that you trade the system only on non-news days (no scheduled high impact economic releases) - and abiding by this "no news days" mantra yields returns far in excess of those supposed by the backtest.

The problem with complicated systems build around a plethora of indicators is that once the market dynamics change even slightly, affecting the robustness of but one indicator, your entire system is effectively garbage. Give anyone with a stats and coding background five days and they can devise an EA which appears to be 90% accurate - this is called curve fitting. It's very easy to develop a system that "would have worked" but it's very difficult to put together a host of indicators that will continue to work going forward.

This is why I like Avonko - it is trend breakout... not a whole bunch of unstable indicators. It is easy to understand, and easy to apply effectively if you follow the clear instructions. I have even expounded a bit on the instructions here to give those who are new to forex a good rule of thumb for when to trade the system.

For my part, I believe there are many systems out there that work. But those who are new to forex fall victim to a few fallacies...

1) The more indicators you have in a system, the better it must be

2) The more often you trade, the better


If you exercise enough mental strength to avoid getting whipsawed by these faulty beliefs, there can be a lot of money to be made in fx trading and system trading. And when you find something that works, stick to it.

Best Regards,
PAUL

Thanks Paul,

I am new in MMG and I am very new in FOREX (not yet start trading).

My best friend Steven Lee introduced to me FX is better than HYIP. I have lose USD390.04 in Minvestment.com HYIP. So, I still need to earn extra money. I choose FX to start invstment.

So, you understand how new am I in FX. I am searching some EA to help me in trading. I can only have cash flow USD1000.00 ~ USD1100.00 only for FX excluding deposit USD250.00 in IBFX.

So, there are 3 EA that I am going to select one of them to use it to profit from it. I am a moderate risk-taker and willing to lose as not to regret in the future. At least I try my best to help myself in achieving better living with more cash to spend. I am going to have my dream to build my own small business in next 2 years and going to need extra cash for my merry in 2010 July.

I really need experienced people to help me to give me some helpful advise like you. I am not going to compare who and which EA is better or what. I just want to have better return in profit and reliable EA system for my long term investment. Please kindly help me a bit. Thanks.

Below are my option, I have no idea which good for me : -
1.) winning-solution.com they selling EA USD10.00 per month but need us to pay USD199.00 first for become member to receive indicator/signal/daily plan. More than 3000 traders follow winning-solution groups of expert trader result and daily plan. I start working from 6a.m. until back home is 8p.m.. I have no much time checking their daily plan to follow their way trading everyday. I just want their EA. But don't know o.k. or not. Their website is triple w dot winning-solution.com

2.) FOREX FX PROADVISOR 5 MT4 50~200% in return ROI. 3 weeks live tested. USD249.00
It is sound attractive and expevsive. I can share the cost with Steven Lee and he and me trade together in one account (we pool the fund and trade). As you said previous post. Many EA sound good result but is not long lasting and need update frequetly. But the return is high and maybe after one or two month I earned money and can change my EA to more stable EA like AVONKO?

3.) AVONKO, the lowest price amongst EA. I still not sure how much I can earn. The modeling quality (system accuracy is how many %). I have emailed to ask AVONKO, they said is about 25% in backtested. Is it means if we have 22 days in trading FX. So, calculation is 22 X 0.25 = 5.5 days profit? If one day profit is 10pips = 5.5 X 10 = 55pips per month. If 1 pip = USD0.01 as previously I said I invest USD1000.00 then, my ROI per month will be maximumUSD0.55 ? Some more we need to minus the lose. So, how to calculate the profit? I am very blur of it.

So, from your experience, let say you start using AVONKO in JULY 2007, what is your starting amount in FX and by today how much exactly in your balance (NET PROFIT)? Please share with me. I know is not good to ask just like asking other people their salary. I know it is Private and Confidential. Just give me other example if you feel good.

Please help me to decide which to start trading in FX , the EA which is better for me now?

I will start discussing it with my friend Steven Lee tonight and lately by Thursday evening. Thanks you.

Hello there - please check your private messages as I felt I could better answer your question there.

I recommend options 2 and 3 for your personal scenario. With 2, it helps you can split the cost. 3 is fairly cheap, and remember, the backtest results are not indicative of the performance you'll actually see. The reason being, the backtest doesn't take into account the instructions not to trade on high impact news days. I have been following these instructions diligently, and it's not uncommon to see 7-9 winners out of every 10 when you do so. That is why I'm so excited about Avonko - it's like a hidden gem, because most people are turned off by the (relatively) poor backtest, even though they forget that this backtest isn't indicative of how you are supposed to USE the system in practice. So sales slump, and they reduce the price

Good luck to you, and if you need any more help, please feel free to message me privately.

PAUL

Dear Paul,

I can not imagine your face. I just thinking the PS game of TEKKEN 5 -- Paul Phoenix. The strongest red shirt man with golden hair and hardest fist guy.

Trillions thanks for your answer. I will now be more relax because now I am selecting 2 EA to consider. AVONKO and FOREX KILLER by Andreas Kirchberger.

After Saturday. I will start buying one of the EA to start my journey. My feeling just like going to travel. With new hope and new view. Feel fresh air blowing to my face and feeling cold.

Hahahaa... Anyway, thank you very much for your help.

Bye.

Thanks I'm glad I could help,

I look forward to hearing of your progress. In fact, I'm thinking of starting to post my guidelines as far as which days to trade Avonko, by the way. As in which days have scheduled high impact news items coming out. I think this might be helpful, I'm just not sure if this is the best venue as I have no idea how many of the readers here actually use the system as well. I suppose it couldn't hurt, though.

Good luck!

Do you mean check the volital impact levels to see if they are high or low before placing trades? Also, I currently use MT4 and I thought it came with it's own EA. Is this different from Avonko's EA?

Thanks,
Adrianne

i purchased avonko but havent had a single trade with it.. it doesnt look like it even does much..

so far disapointed as it hasnt even made a trade yet.

Well, with a system like Avonko (I just starting using it myself), any big financial news indicators affecting whichever systems it works on should be avoided as it messes with the pattern this system exploits. You do this simply by disabling Avonko until the next day. I only put it on GBP/USD because I'm not sure what settings to use for others pairs. But that's also less news to respond to, as I'm an automated kind of guy.





I'm kind of in the same boat. I believe I might have messed up the initial configuration the first day. I think I have it right now. I'll post back here with my experiences as often as I remember.

Thanks for the reply. I am considerg FXCM as my broker bt understand it does not yet have MT4 on it. Does this mean Avonko wont work? Sorry if my Qs seem 'stupid' but all ths EA stff is new to me. So far my trades have been manual, also been having best results from EUR and AUD, so are there tested settings for those pairs?


Thanks for the reply. I am considerg FXCM as my broker bt understand it does not yet have MT4 on it. Does this mean Avonko wont work? Sorry if my Qs seem 'stupid' but all ths EA stff is new to me. So far my trades have been manual, also been having best results from EUR and AUD, so are there tested settings for those pairs?


Thanks for the reply. I am considerg FXCM as my broker bt understand it does not yet have MT4 on it. Does this mean Avonko wont work? Sorry if my Qs seem 'stupid' but all ths EA stff is new to me. So far my trades have been manual, also been having best results from EUR and AUD, so are there tested settings for those pairs?

Paul,

I have the Avonko system but I was wondering how to set it up with Oanda??? As I have my account set up with Oanda and I have been trading with them for over 4 years and do not really want to change to other.

I do have Avonko running on Metatrader 4 but I do not know how to connect/attach to my Oanda account. Any help would be appreciated.

You can post the info here or PM me a message so I can give you my email.

I also think Avonko needs to set up a free forum for those that purchase the EA so we can discuss what is working or anything else relating to the EA.

Thanks,
Brad

forXtune

yes agree sir

Sorry I've been away for a while, but I'll try to offer my two cents here!

You can't directly use Avonko with Oanda, as Oanda is NOT an MT4 compliant account. You have to set up Avonko in MT4 to feed you the trade parameters (it does this every night at 3 AM EST) and then input those parameters into your broker account via sell/stop buy/stop and t/p, s/l parameters. That is the only way to do it if you want to use a non MT4 broker. It's a pain, but easy enough if you're stuck in your ways.

FYI, I'm now using North Finance, just to avoid this hassle.

And I agree, there should be a forum specifically for Avonko users, but alas, this is not the case, so we have to rely on more broad based forums, like this one (which I love )

Another $300 (30 pip) profit with Avonko!

I'm thinking about demo testing with the usdjpy pair, a bit different than the recommended gbpusd pair but I have a feeling it may be fruitful. If anyone else has tried this please let me know, I'm very curious to see if I could perhaps increase my profits while spreading my risk a bit thinner.

Another 30 pip capture today. I'm thinking this system is consistent enough to warrant an attempt at exploiting patterns in the usdjpy and maybe even the eurjpy as well.

Any thoughts out there in EA land?

Hey Paul, JW and or Bryce (whicever alias you are today)

You certainly are spamming the boards with YOUR avoko ea. Can you do me a favor? I challenge you to post the Avonko trades for the week as I did on Babypips. Get up when YOUR avonko makes a trade, post what trades the system made (ie, bustop, sellstop) and we can check if YOUR avoko really did make a profit.

Will you accept the challenge?

obviously not ...

well i think it was a waste of money to me.. it hasnt ever placed a single trade yet.. i dont even understand how to get it to work.. i have it attached to my charts though..

post some proof paul that its actually making you money.. the actual avkon thing is just a simple indicator is there any reasoning behind it why it does the trades even??

mine trade regularly... why don't you contact the author at avonkosystems@gmail.com? I think he can solve your problem quickly.

My i ask for avonko's result ? Do you make profit by this ea ?

Where are Paul and Jerry Need some entertainment over here

well... actually this EA is good, the only drawback is that you can't run this EA on high impact news days. So in a month usually you can turn this EA ON safely about 8-10 days. Out of the 10 days if you lucky you get 7 winning trades which is not bad...

But lately I turn my back to new EA which the creator claims his EA never lost a single trade. I'm in demo at current and so far his claim is nothing but the truth. I'll put them on live account next month if the result remain the same. 1 word to describe this EA : AWESOME!!!