Forex trading robot, does it work?

[tradermike2008]

I do not believe you. I've looked at hte sales page and its unbelievable. Most of these bots are created by back testing historical data to get the most perfect results possible. Problem is market trends change and then when you try to use them in the future you lose your but. Can you provide proof of this claim?

I do not know a single person who has made money buying a bot. So that is why I'm skeptical. Also this is only your third post here so you don't have a history yet in the community here.

In my opinion these things are total scams.

[SMS]

I just found this thread. Very interesting discussion here.

I actually thought I would encounter hard evidence that these robots do work. Personally, I believe that 99% (I allow 1% because nothing is impossible) of these black box robots are scams.

It is heartening to see askloz and tradermike agree. These guys know what they are talking about. Unfortunately, the FOREX market is full of scammers. I've wanted to write an ebook on the FOREX market for ages, and I have decided to start by exposing the scams.

The scammers rely on the fact that a new sucker is born every minute. There is no way they could remain in business based on their appalling results.

If you want to play with money in the markets... speak to TraderMike. He does the StockMakert not FOREX. I still haven't come across any FOREX vendor that inspires me with confidence. There is one that looks good, and if he checks out I'll be promoting his website as an affiliate (until I can figure out FOREX for myself and then create my own product ).

The Stock Market is relatively easy compared to the FOREX Market. Unfortunately, high leverage, low starting stakes and promises of millions lure most newbies to the FOREX market... whereas they would be better off starting in the Stock Market.

The bottom line is that blackbox robots will wipe out your capital. I don't like to close my mind to anything, so I am hoping that one day there will be a FOREX robot that actually works.

Stay away from FOREX robots!

Sorry for the rant guys, but I hate seeing people being ripped off!

[SmartFX]

All robots will get margin call soon or later. Only if creator will tweak it on consistent basis as market changes everyday. If you have no experience, you need to get not robot but signals from real people. Robot can't consider all market conditions but human can. Check this out smartforexsignal dot com

[tradermike2008]

one thing about the forex robots and the stock market people used to sell these things in the stock market too, they probably still do I just don't pay attention. But ten years ago when I noticed they didn't call them "robots" but called them "black box programs" and computer programs that sort of thing.

Funny thing as far as I can tell the first robot was the "stock trading robot" sold on doublingstocks. At one time it was the hottest thing on clickbank in the investment category and it was a complete scam.

There was no robot. All the guy was doing was recommending a penny stock that he was being paid to tout.

His sales page never said that of course, it talked about a "robot."

But it was so successful that other Internet markets who focus on clickbank saw it rise up to the top so they copied the "robot" concept and applied it to forex where it really caught the imagination of the suckers - and like you said there are lots of them and has to be new ones every day.

But I think the "stock trading robot" was the first "robot" and it was a scam so other scammers and people who don't care what they sell just copied the idea.

[TheRichLife]

I agree with tradermike and askloz. Blindly trading with the use of a "robot" will eventually empty your account.

I've never traded Forex, but I have more than a decade of experience trading stocks and options. Even if you have the greatest robot program ever created, if you use it to trade, you're trading with one hand behind your back. Robots trade based on technical analysis, they don't consider fundamentals. How can a forex robot know if the Chairman of the Fed is speaking, or what he has said? How does the robot know the results of economic data , or even what's on the economic calendar? it doesn't consider employment data, interest rate changes, trade balances, budget changes, etc. I would never trade any security without doing fundamental analysis along with technical analysis.

There are no easy, get-rich-quick opportunities in the securities markets. If you buy into one, you'll lose.

[SMS]

You are right about blackboxes in the Stock Market, Mike. I guess that 'Robots' and 'Artificial Intelligence' (AI) just sound sexier than blackboxes.

To be honest, I was even partially fooled into thinking this new genre of software had something new (and of value) to add. I never bothered buying any of them of course, but I was hopeful that I would see or hear something that would prove these things worked.

I have a software background, and on the surface, there is no reason why decision making can't be programmed into software. I've never been able to do it though.

The one time I tried delegating 100% of decision making to software (in a FOREX simulated test account), I got slaughtered and this was after a very promising start. That maybe why (subconsciously) I think that FOREX is harder that the Stock Market.

You are right about doublingstocks. The thing I don't get is how all these guys (and gals?) are able to get away with the obviously fake reviews on their sales pages and the incredibly fantastic genius.

Wasn't the doublingstocks guy meant to be some computer programming genius or something?

Originally Posted by tradermike2008

one thing about the forex robots and the stock market people used to sell these things in the stock market too, they probably still do I just don't pay attention. But ten years ago when I noticed they didn't call them "robots" but called them "black box programs" and computer programs that sort of thing.

Funny thing as far as I can tell the first robot was the "stock trading robot" sold on doublingstocks. At one time it was the hottest thing on clickbank in the investment category and it was a complete scam.

There was no robot. All the guy was doing was recommending a penny stock that he was being paid to tout.

His sales page never said that of course, it talked about a "robot."

But it was so successful that other Internet markets who focus on clickbank saw it rise up to the top so they copied the "robot" concept and applied it to forex where it really caught the imagination of the suckers - and like you said there are lots of them and has to be new ones every day.

But I think the "stock trading robot" was the first "robot" and it was a scam so other scammers and people who don't care what they sell just copied the idea.

[Ken_Caudill]

Originally Posted by Tim45

Hi Warriors, I'm not sure this is the right forum to ask this question but I had to sart some where.

Is this forex trading robot thing a scam?

I have has mixed reviews on the subject form people I know and from search results on google. Has anyone here made money with this on a consistent basis?

Thanks in advance,
Tim

All static trading programs work until they fail.

The benefit to these programs is that they contribute to market discipline.

[aslko]

I THink no it is real,

Originally Posted by Tim45

Hi Warriors, I'm not sure this is the right forum to ask this question but I had to sart some where.

Originally Posted by Tim45

Is this forex trading robot thing a scam?

I have has mixed reviews on the subject form people I know and from search results on google. Has anyone here made money with this on a consistent basis?

Thanks in advance,
Tim

_________________

[aslko]

it is not a scam

[wyomble]

There are very few full-time traders that use EAs. There are some things that just can't be programmed. There are however some auto forex trading systems that do make money. Forexpeacearmy.com has independent tests of EA's running on live accounts. Always pay attention to "weeks running" on their website to see how long those particular robots have been tested. They also have user comments and they do a pretty good job of filtering out fake comments. If you really want to make money you will have to learn everything you can for 2 years or so and trade on a demo account. After 2 - 5 years depending on how much you put into it you will dominate any robot in existence.

[cam9]

forex and all bots for trading = scam lol, IMHO

[mbphoenix]

I have been trading for over 10 years. Over the past two years or so, I tested over 30 Forex trading robots (Expert Advisors). If you do a backtest things often look great but... in real live trading it is very different. I would put them in small live accounts using the providers settings and let them run. Nearly all of them ended up blowing the account.

There are only two that I am still running: FapTurbo (only with 1pair) and EA_Shark.
I also like MegaDroid but I currently have it paused since it was going thru a rough period.

[Slin]

My co-worker used to trade a lot of forex stuff. He started at the age of 12 and got pretty good.

He explained to me that forex is like gambling, you can set up your own system, but nothing is guaranteed.

He tried out the forex megadroid just for fun, after he lost tons of money in the real estate crash.

It doesn't make many trades a week, but I will say this, the megadroid was profitable.

His suggestion to me was, don't trade in the market unless you have money that you can burn. As in if you could take it and light it on fire right now, and not worry about it.

Because it disappears pretty easily in that market.

But yes, we found the megadroid to be a profitable bot.

[jeffhard]

i am kinda new in this.. fourm.. and getting alot great information.. here.. thank you guys..

[NickA]

Ok let's get real people. If you are trading forex at home by yourself, in any capacity, without access to a reasonably large pool of money (anything below 10 million doesn't count) and further crippled by lack of access to hardcore trading algorithms...

...you are not in the game. Forex is a zero-sum game, and you have to have enough chips to survive the small blind, so to say. So yes, any such robot/whatever is a scam - please realize this when you're selling it.

[jacksonlin]

It's interesting that a lot of people here commenting are not actual traders.

I traded options, not FX, but still trading and all my lecturers are university were telling me how impossible it was to make money.

It's interesting to note that none of them traded before.

I would love to see an options bot, because for the amount of money you put in an risk, options are the best!

[Underground SEO]

I would stay clear of forex robots, despite some positive reviews, no automated system can be better than doing it yourself.

[DrGUID]

I bet a few forex novice traders got a spanking in the last couple of weeks. GBP/YEN moved over 5% in one day last week. Ouch if you were on the wrong side of that!

[writestuph]

To be honest you are better off doing your own research and implementing your own investment strategies. Despite ease of use, programs lack the fundamental adaptability and creativity of a human being. They don't think outside the box, but you do. Educate yourself and invest for yourself, in the long run, it'll be far more worth it. Hope this helps.

[David Ogden]

I have been running a Forex demo account for a month or more with a few hundred dollars and using FapTurbo. It does seem to make money on the default setting. I have however picked up some new setting from a Forex trader which provide a better return with a bigger risk.

I am going to be going live soon and think it should produce similar results if it only provides half the gains as demo account I will be happy.

Now I do know there are a lot of scams out there and have seen quite a few so you need to do background research.

[darkonetoo]

Originally Posted by David Ogden

I have been running a Forex demo account for a month or more with a few hundred dollars and using FapTurbo. It does seem to make money on the default setting. I have however picked up some new setting from a Forex trader which provide a better return with a bigger risk.

I am going to be going live soon and think it should produce similar results if it only provides half the gains as demo account I will be happy.

Now I do know there are a lot of scams out there and have seen quite a few so you need to do background research.

Hi David-

I'm glad you've been researching my favorite occupation.

My recommendation: Don't risk very much!

I've been trading forex (living off it) for over 20 years;the late 80's to 2003 using futures contracts, and forex since then because of higher leverage and flexible position sizes.

There are no real short-cuts to trading successfully. There are market probabilities that can be utilized to get a strong edge. Like - trading high probability breakouts.

They aren't sexy, but they do work, if you use precise money management.

Fap Turbo does not work reliably, and the other posters above are correct about NO PROFESSIONALS using ea's.

There must be good reasons. (I trade for a Chicago hedge fund and absolutely no autotrading is allowed)

Best of success to you.

DarkOneToo

PS: It really does take money to make money in this business. If you get really good, which can take 4 - 5 years; expect to make 40 - 60% annual returns on your money, with sizeable drawdowns in between profit peaks. The real payoff is when you have a 5+ year track record and you get offers to trade millions!

[JMartin]

It's pretty simple.

If you're a gambler, use a robot or whatever gimmick you want.

When you're ready to be a professional, do what professionals do. And none of them involve using $99.99 poorly designed "bots" created by unsuccessful traders.

Treat investing like a casino and a trip to the casino is the outcome you can expect. Unfortunately, you won't even get a free cocktail.

[spiny]

no, it does not work at all.

[forexsignals]

I would tell that if these robots are handled in correct manner then you can surely earn huge..

Still before buying any robot you need to make sure that it really has some good reviews..

[highbrid]

A bot is actually not a bad thing... having managed other people's money professionally for more than 5 years, I can say with confidence that the #1 cause of losing money in markets is human emotion coming in the way of a trader's ability to follow simple and proven trading rules - bots remove this.

With this in mind, the bot needs to be programmed with the right rules - which are not that hard to find. That said, any trader will tell you that the entry and exit signals are only 10% of the game... the remaining 90% is money management/risk management.

If a bot is risking more that 5% of your capital on any given trade, its most likely going to run your capital to $0 eventually. Bear in mind, this is the way bots can generate huge % returns, i.e. simply by upping the risk... but backtest this money management strategy over a long period of prior data and you will inevitably see your capital run to $0.

If a bot is claiming ~10% - 20% returns whilst risking around 1-3% of your capital on any given trade, then i'd be comfortable trusting it.

A lot of proprietary system traders that earn the banks millions every year use electronically generated signals (even if its to sms them on their blackberry so they can call the desk and place a trade). But they know exactly how much of their capital they are risking on every trade, they know the win/loss ratio of the strategy, the sharpe ratio, the maximum drawdown, etc etc.

Unless you know this, then do NOT buy a bot and trust it for a second unless your comfortable spinning the roulette wheel and betting on black.

If the bot provides (at the very least) information about its:

- backtested results over 10 years of prior data (over multiple asset classes, to avoid over optimisation)

- the precise money management rules, including the % of total capital risked on any given trade

- the maximum drawdown over the prior 10 years

Then i am prepared to trust it - i dont even need to know the entry and exit strategy as it is near irrelevant if you have the above factors sorted.

If it talks about 30+% returns then be skeptical but do your research and ask for the above data.

If it talks about 50+% returns, then it is almost certainly breaking the money management rules required of a sustainable trading strategy and thus you are rollin the dice... you may make money, you may lose it all.

my 2 cents.

[Ken_Caudill]

Originally Posted by Tim45

Hi Warriors, I'm not sure this is the right forum to ask this question but I had to sart some where.

Is this forex trading robot thing a scam?

I have has mixed reviews on the subject form people I know and from search results on google. Has anyone here made money with this on a consistent basis?

Thanks in advance,
Tim

All static trading systems work until they fail. The only thing certain about them is that they will fail. The only question is when.

On the plus side, they're great for market discipline. If you keep an eye on them, and pay close attention to your stop loss orders, they can be useful.

There's something to be said for anything that takes the emotion factor out of trading.

[asiaforexmentor]

Trading Psychology – Conquering Your Emotions

A lot of traders can actually feel their emotions in place when they place their trades. And seeing their trades taking place.

Emotions include:
- Heart Thumping (Beating faster)
- Sense of Anxiety
- Nervousness
- Excitement
- Irrational Behavior
- Frustration
- Desperation
- Hatred & Revenge mindset
- Devastated
- Always feel that the market is going against you
- Etc,

If you feel any of the above in trading, it is normal. The market is set for you to feel this way.

Which is why to be a successful trader, 80% is about conquering and mastering trading psychology.

And some of the reasons that you could be feeling any of the emotions above include:
- You are trading way beyond your risk level (Trading too high an amount of your capital)
- You have not calculated your proper risk size before entering
- You entered based on Gut feel
- You fully expect and anticipate that the market will go your way according to your previous experience or something which you had learnt – but it Didn’t..
- You are trading on a money that you desperately need. (Eg. borrowed money, food money, life saving money etc..)
- Etc.

If you have experienced the above, stop trading for the moment.

Remedy:
- Go get a shower and analyze what had gone wrong
- Go for a stroll in the park, beach etc..
- Self Reflection
- Meditation, calming exercise

Ask yourself, are you trading the right way?
Are you actually trading or gambling?
Do you have a proper trading system?
Did you entered on proper setups (eg. price action) or you entered based on your gut feel?

Trading is about self analyzing, discipline, self control, and sticking to your trading system.

It may sound tough at first, but once you start practicing the stuffs here for 20 days. It will then become part of you and you are no longer putting any conscious effort in applying the above.

Start with learning and trading with a proper system today.
Learn the full system at Asia Forex Mentor Price Action Forex Trading System

To an awesome trading as always,
Ezekiel Chew

[oludimu1]

I still can not comprehend the intelligence behind robot software for trading. Since it has got to do with the behavior of man which is unpredictable.

[dagaul101]

From what I have heard the chances of making a profit with it is marginal to say the least