Forex trading robot, does it work?

[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

[tradermike2008]

I've been trading for ten years. I've never bought the forex trading robot so I can't tell you specifically about that product, but over the years I have seen hundreds of products appear with the same promises.

Most of the time what happens is that people backtest stock market data to try to come up with a system that would have made money using that data. Then they sell it.

What happens though is that what worked in the past always stops working at some point.

If you made a robot based on the past 20 years of data you are now facing the worst bear market in history right now - would the robot adjust to that? Robots don't adjust, they just get locked into a system and eventually any system based on backtesting will stop working.

If it worked everyone would be rich.

It takes hard work and research to make money trading. More money is made selling such systems then using them.

[Tim45]

Thanks Mike, I knew it was to good to be true.

[Fritzjoerg]

Hi Tim

I downloaded a free trial period of FOREX.

At first it is a little bit too much info on the screen and you have no clue what to do with it.
Eventually, you will understand, and in order to make it profitable, you need the latest info and subscribe to some additional service, such as newsletter etc etc at $200 a pop per month.
Then there is a steep learning curve and you need to invest big bucks, in order to make some money.

If you go in with six figures, they offer you a private account with a rep all for yourself, which is neat but really takes the fun out of the game! After all you want to do it yourself, otherwise you would open an account with a broker.

I am better off trading stocks and spend my time with more interesting(profitable) ventures, such as internet marketing!!!

[cima]

Hello,

i've been trading the forex for two years and i've just launched my forex blog where i'm reviewing all the forex services available on the internet... Anyway, concerning Forex Robot, this is such a difficult question... Of course if you have $20,000 to spend in an high ended expert advisor (that's not my case ), i guess you would make money... But as i'm not (yet) a millionaire i'm testing affordable expert advisor between $150 and $900... And then i can answer your question... What i do in order to review Expert Advisors is that i put them on a live account with conservative settings and then i watch them doing their work... And... i've had some good news those last times... Indeed, profitable expert advisors do exist, i'm having some great results :
-FAP Turbo (which is not a scam ($150)) : after 4 months with a $750 starting capital i'm now at $1979
-EA Shark ($270) after 8 months with a $1000 starting capital i'm around $2990

I'm currently testing others EA but still not for a long time enough to post them...

Just this little post to tell you that i's possible to make money with the EA... However, as said earlier, we don't know what the future reserves for those kind of products...

Regards, Samuel.

[cima]

Then i guess you should spend $300 and then try the EA's i advised...
Of course, some of the Clickbank forex products are complete scams but some are not and some works... Untill when ? Nobody knows.
Once again, you're not going to become a millionaire, what you can expect from these products is a +/- 15% increase of your starting capital, which is respectable for a software which trade automatically.
Regards, Samuel.

[dan90]

It always depends on the broker

[Oling]

Fap Turbo works to a certain degree but I guess you are better off doing it yourself rather than a mechanical thingy to do it for you...

[reapr]

After doing well with MT4 and various indicator and EA it is best to learn how the various indicators work. Are you a fundamental trader or technical trader? Regardless most EA's are based on technical indicators.

I suggest getting your hands on a copy of New Concepts in Technical Trading Systems by Welles Wilder. Yes its a little outdated but the info in it is golden. If you can get through the dry technical stuff you will be than much wiser than any cr@pturbine system.
The best systems are those devised by the user when they have proper understanding of the material, indicators and tools available to them.

[sgsmorgan]

Hmnnnnn So TA is snake oil? In the current climate TA is the only rule/system that works. Forget about Fundamental Analysis (by and large for the moment) and just deal with whats in front of you informationwise. If the charts and Analysis tell you the stock price is going down (or up) they are telling you this for a reason. Don't try and second guess the market with your interpretation of how you think the market is going down / up.

Anyone have any problems with this then pm me and we'll show live video proof of what we say works.

[sgsmorgan]

We also have three traders who in the last month manually whipped the butts of any of the so called Forex Robots - and we're not what we could call experts at Forex. CFD's and Spreads are more our area of expertise.

[ahefner33]

The reason that most of these robots do not work is that they cannot be configured to perform in the two type of market conditions. Without human discretion. Ranging or trending. Plus there are so many small factors in trading that CAN make a big difference in results. Especially in the currencies market.

Google the 2008 EA Automated Trading Championship and watch how the different types of EA performed well and then crashed with changes in the markets.

[tradermike2008]

One thing you should do is read the disclaimers for these products. There is a stock trading product on the top of clickbank that says it uses a computer to pick its trades. When you read the disclaimer it says that there is no computer, the testimonials are paid actors, and that the person whose name is used as being the creator of the robot doesn't exist.

[Curtis007]

The robots do work, but not all of them are equal. Most are junk.

[TeamGlobal]

Originally Posted by tradermike2008

One thing you should do is read the disclaimers for these products. There is a stock trading product on the top of clickbank that says it uses a computer to pick its trades. When you read the disclaimer it says that there is no computer, the testimonials are paid actors, and that the person whose name is used as being the creator of the robot doesn't exist.

That's a very good point. Always read the disclaimer. In the example that Mike just gave I would would immediately ask myself the question, "What's wrong with this picture?".

I recently ran across a product claiming to provide "100 accurate Forex signals". I was laughing so hard that I could hardly contain myself. After that I stopped laughing because I realized that there are many people looking for a way to make some extra money in today's economy. These people might actually believe that there is such a thing as a 100% accurate trading system.

There are other Forex robots claiming accuracy above 90%. I feel as if these are created just to give unsuspecting newbie traders that warm and fuzzy feeling they think they will get with a high percentage of winning trades.

Perhaps I should be willing to give some Forex robot vendors the benefit of the doubt. Some of them may actually believe they are selling their customers something which will work in the long run.

All The Best,


Tony

[immick]

No system works in every market. Look how often we have to tinker with our own systems in IM, and IM is nowhere as sophistcated or as volatile as the financial markets.

If you are using trading robots you should use 2-3 that use different variables, look for the same or similar industry picks, then do more research.

Now is not the time to use leverage while investing.

[TeamGlobal]

Originally Posted by Robert Mugabe

Note that being 95% correct is not that difficult especially in a ranging market and if you are trading without a stop loss. It is just that the 5% of time you are wrong will likely wipe out your account.

Robert

You bring up a good point, Robert. Some people who are new to trading may not realize that a trading system with 95% wiining trades can be a consistently losing trading system. Gross Profit must be greater than Gross Loss for a trading system to be profitable.

All The Best,


Tony

[gnoud]

Bots just don't work, period. They can't adapt or adjust to new market conditions. Basically, they can't think, they are programmed to react given a certain condition.

[Sprocket57]

Thank you everyone for these posts. I am one of these so-called newbies who seems to have got stung by everything going, because, stupid me, I believed a lot of the information and relied on the guarantees for the products to be sensible. I don't mind putting in some work, but would like to come across something that is actually ethical and can be a good performer without taking my house and shirt!

[msatrader]

The FREE report, "The Truth About Trading" at scalpersgold is a good place to start for new traders. Don't fall for the high win % claims of so many vendors and gurus. If you read Jack Schwager's book, "Market Wizards" you find most of these top traders win 35% - 60% of the time. The key is they keep the losses small relative to their winners.

[VincentL]

Most of these Forex robots are "scalping robots". A lot of Metatrader brokers ban these EAs. The stop loss is huge compared to the profit targets. Risk/Reward ratio is no balanced. You need a reliable broker with very tight spreads or it won't work as well.

[badthriller]

Robots can be programmed to trade in both ranging and trending markets with appropriate stop loss/take profit and good risk/reward ratios. The main problem is to identify when the trending/ranging markets begin or end. The development in neural networks have greatly improved the ability of robots to forecast not only the price movements but also the type of market (ranging/trending). There is a good discussion forum in mql4 on Probabilistic Neural Network (PNN) that shows the basics. Now they can be programmed to sense the market changes and launch the appropriate strategy, combined with the mathematics of probabilities and statistics, the accuracy can be more than 60-70%.

My say, the heavily promoted robots are mostly rubbish (a cash cow selling cheap? Most are around USD100+/-) and are in fact 'snake oils'. Learn the programming (may take long but worth it) and construct your own robots.

[Intrepreneur]

My advice to you is to think hard before you start with Forex.

All it takes is for you to find the horror stories of Forex, and no matter how little there are, you've got to know that you too can become those same statistics.

I would point you in the direction of them, but I think that's best left to you to make your decisions.

If it were me, I'd keep my money away from it all.

For someone that has no experience, and even for those who do, it's just like playing a slot machine.

[enterprice]

Listen up - I'm pro-stock/bond trader with some exp in Forex too and I've used some of these "black boxes" myself - if you are not a pro-trader - IT IS USELESS FOR YOU! It just gives you range of bids - but the range never so accurate to allow you to make real money (my best shot with it 60$ in a week).
Don't use - better sell it - you''l get much more!
for more info - look in -
Investment Strategies And Online Trading Tips

[thejackal]

yes it works...but if you give 100% automatically...it's not wise cause there's not ea works great..so t think you have to handle the 50% yourself and 50% your EA...you have to find you style...i have tested 15 most profitable EA...if you interesting just PM me

[Jenie0109]

So what tools do you need to start trading forex?

[ausmarketer]

Forex trading robots trade by a system of rules, a criteria for making buying and selling decisions. However, until they can develop a robot that can adapt to the 'ever changing' market conditions (especially Forex which is incredibly complex and dynamic), every one of these EAs will eventually hit the wall..and they do.

I've been trading forex for 7 years and I've not met a single trader who has had long-term success with a 'robot'. But I can tell you countless stories of robots incurring massive drawdowns and blowing up accounts.

Folks, there is no 'holy grail' when it comes to trading, except perhaps 'money management'. Buyer beware.

[blueice]

as ausmarketer says..

Today seen a few shifts in exchange rates as a reaction to some event that hasn`t happened yet. Those were the fundamentalists at work, no technical analysis trader would see any reason for the change looking as past history Bots would be clueless as your granny who keeps her money under the mattress.

You really need lots and lots and lots of money to do this, beware of "leverage" that will turn your $10,000 in to a trading million, a slight movement in the wrong direction and its all gone.

Leave it to the big boys with the banks behind them. 99% of the people here will be out of their depths to even think they can make money with forex*.

*Unless you happen to be selling a bot then you will make money from 99% of the people here :-)

[disi]

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,

Let me tell you someting. I and trader for 12 years now. 6 years on forex. I am well educated and I coach forex traders. I am also introducing broker for one of US biggest brokers.

ROBOTS ARE SCAM!!!! Period

Just ask yourselve - would you sell something that brings you money? I would just re-invest profits and soon be millionaire. That is about LOGIC.

Here is about forex itself. The most profitable traders I know do 20-30% per year! If you see any ROBOT results these are probably made of a system that calculates either 'future data' or is 'curve fitted'(designed to work good in history). They NEVER work in reality.

I can create for you any system that in testing brings a lot of money - but you will not earn single dollar in trading.

As a forex guy and internet marketer I am really ashamed that people do that - this undermines trust for whole forex industry. My personal opinion is that guys who sell that robots are not ethical. I understand that marketing is about selling but this is just selling based on lies. Below the belt.

[badthriller]

I beg to differ. My experience of trading forex for past 4 years is actually the other way around from you guys. I kept on blowing off accounts on manual trading. When I got hold of 2 robots (most ARE scam, it took me about 30 robots to sieve from), my trading for past 2 years have been profitable. Nothing great to boast but I have been having 10-20 % returns per YEAR. I realized that if I program the robot for anything more than these returns, I can potentially blow this account too.

The key point is, if you set realistic targets by setting conservative settings on a good robot, and most importantly STICK to the same robot for the long term, and long term profits are possible. Most people fail as the keep on switching robots in times of drawdown and overtrade. However I do agree that most of the robots out there are curve fitted and those are the ones that one should avoid. WORKING robots do exist, and few are willing to sell them

[DRC77]

Originally Posted by badthriller

I beg to differ. My experience of trading forex for past 4 years is actually the other way around from you guys. I kept on blowing off accounts on manual trading. When I got hold of 2 robots (most ARE scam, it took me about 30 robots to sieve from), my trading for past 2 years have been profitable. Nothing great to boast but I have been having 10-20 % returns per YEAR. I realized that if I program the robot for anything more than these returns, I can potentially blow this account too.

The key point is, if you set realistic targets by setting conservative settings on a good robot, and most importantly STICK to the same robot for the long term, and long term profits are possible. Most people fail as the keep on switching robots in times of drawdown and overtrade. However I do agree that most of the robots out there are curve fitted and those are the ones that one should avoid. WORKING robots do exist, and few are willing to sell them

I completely agree with you badthriller, I have also lost all my money on manual trading and actually make some with a pair of robots. Right now I'm using the Megadroid but I trades rarely (a few too low for me), can you recommend me the EAs you're using??

[jacksonlin]

To me Forex Robots are like internet marketing courses that promise to make you money - if you know what you're doing and set it up correctly.

Some people still don't believe that there are people who will teach you how to make money online.

Just like... some people don't believe that there are forex software available that will make you cash online.

I had great results trading options and many people on the options forums always said that if someone had a winning strategy they would never share it.

The funny thing was, I made money using the trading strategies that people supposedly would never share.

I think it's all about the mindset, are you thinking in terms of scarcity or abundance?


J

[DRC77]

hey jacksolin,

could you recommend me a good Forex Strategy (be it manual or automated, robot)?

thx

D

[DRC77]

guys, I've found this site forex-robots.com, Forex Robots Competition Trading Real Money, they have a real money competition between EAs, it had help a lot to decide which robot to buy and which one is a scam

[califmike2003]

Hmm this is a very interesting thread, so all robots are scams ? that i dont believe, i have never used one myself, but im just getting into forex trading, always looking for tips and tricks. Would love to hire one of you pro traders to write on my website , and teach me a few things.

[DRC77]

check forex-robots.com, they have a real money competition between EAs, those tests are the best way to know if a certain robot works or it is a scam

[askloz]

I'm looking for beta testers if anyone is interested?
Ask-Me-About Forum • View topic - WE ARE READY FOR BETA TESTING!!!

[keenstyle1]

Forex? Why trade forex. If you are going to trade Forex Make sure your money is held in a U.S. only account. If not and the firm goes upside down, you don't have legal rights to your $$. I watched this happen with a huge player REFCOFX, they also owned and cleared tons of other firms. An any case, I trade, there are two signals that have constantly worked. Hedge funds and managed money move everything, end of story. The trick is seeing where they are and being on there side, anything else is useless fundamentals on the same level as CNBC.

I will give you the sigs if you want to email me, they can be used for any market.

[askloz]

That's probably the worse advice I've ever heard!

First off, by keeping your money in an US Bank account, leaves you open to investigation, you have no rights what so ever when you leave your money in a US Bank account, they can freely freeze it when ever they want.

Secondly, the money you leave in your US Bank account just makes the Feds even stronger!

And you do have rights if your money is kept offshore. You just need to know the right ppl to speak to get your money back. But before anyone trades with an offshore broker, do ones research first. Not all of them out there are scams.

REFCOFX, was part of FXCM. FXCM is a scammy broker any way, they hunt your stops out! And FXCM started their company via a HYIP program called C-Currency, a forex program who ran off with over $5 million.

Originally Posted by keenstyle1

Forex? Why trade forex. If you are going to trade Forex Make sure your money is held in a U.S. only account. If not and the firm goes upside down, you don't have legal rights to your $$. I watched this happen with a huge player REFCOFX, they also owned and cleared tons of other firms. An any case, I trade, there are two signals that have constantly worked. Hedge funds and managed money move everything, end of story. The trick is seeing where they are and being on there side, anything else is useless fundamentals on the same level as CNBC.

I will give you the sigs if you want to email me, they can be used for any market.

[DRC77]

Originally Posted by askloz

That's probably the worse advice I've ever heard!

First off, by keeping your money in an US Bank account, leaves you open to investigation, you have no rights what so ever when you leave your money in a US Bank account, they can freely freeze it when ever they want.

Secondly, the money you leave in your US Bank account just makes the Feds even stronger!

And you do have rights if your money is kept offshore. You just need to know the right ppl to speak to get your money back. But before anyone trades with an offshore broker, do ones research first. Not all of them out there are scams.

REFCOFX, was part of FXCM. FXCM is a scammy broker any way, they hunt your stops out! And FXCM started their company via a HYIP program called C-Currency, a forex program who ran off with over $5 million.

I agree with you, as long as the broker is regulated by a national agency, you don't have to worry. You can easliy trust Alpari UK for instance.

On top of that, having your money with a US broker doesn't make sense at all, as you will be really limited as per federal law they don't allow hedging any more, among others.

[bobmcalister]

my 2 cents.
havent found one yet . Have found that the TA works because most traders and institutions use it. simple moving averages for long term trades seems to work if you take every trade. Fibs are good for goals and exits. and the MACD is interesting for short term trades. All of these are using the emini for day trading.

[blueice]

Originally Posted by bobmcalister

my 2 cents.
havent found one yet . Have found that the TA works because most traders and institutions use it. simple moving averages for long term trades seems to work if you take every trade. Fibs are good for goals and exits. and the MACD is interesting for short term trades. All of these are using the emini for day trading.

Sorry this is totally cack. There is absolutely no mathematical reason for the rate and directon of currency. It`s all an illusion. There are no inverted shoulders and no teacups. it`s al in your minds, just like if you look at clouds enough you will see rabbits and dolphins.

If TA was possible then it would not be possible, Traders predicting the end of a trend would buy at that point and the trend would reverse. Other more shrewed trades would see this and buy just before the bottom and the trend would change. The same with those waiting to sell. Everybody would buy and sell at a narrower range to get in front of everybody else. The end result would be stagnation and no movement.

The fact that TA does not work means rates do change.

[DRC77]

Hi guys,

I think that we're deviating ourselves a little bit from the topic of this thread, which is the forex robots, does anybody know about a third party site that tests EA on Real Money Accounts other than forex-robots.com

[makingmoneyagain]

Remember that the problem with most forex bots are that they are first back tested. Back testing looks good but it is never the same as a real live account.

Greg

[askloz]

innit, and loads of newbies get sucked in.

i bet 99% of those bots out there aren't even used by the owners cos they know when it comes to cutting the real mustard with their bot, it'll be all over the face... Bib anyone?

Originally Posted by makingmoneyagain

Remember that the problem with most forex bots are that they are first back tested. Back testing looks good but it is never the same as a real live account.

Greg

[askloz]

I'll be setting up service like that as soon as my automated fx price action is ready.

Originally Posted by DRC77

Hi guys,

I think that we're deviating ourselves a little bit from the topic of this thread, which is the forex robots, does anybody know about a third party site that tests EA on Real Money Accounts other than forex-robots.com

[askloz]

Originally Posted by blueice

Sorry this is totally cack. There is absolutely no mathematical reason for the rate and directon of currency. It`s all an illusion. There are no inverted shoulders and no teacups. it`s al in your minds, just like if you look at clouds enough you will see rabbits and dolphins.

so I wonder why the "Fibonacci" and "Elliot wave trend analysis" was created. Oh, I know, to find the mathematical patterns that appear all the time.

[askloz]

Yeah, another bright move by the land of the free... oopps, is it really the land of the free any more? UK was reknowned for "Great Britian", now they dont refer it to that any more. I wonder why. The entire world is going ass up.

FTC forced those regulations for a reason. they knew dang well that it would cause a lot of problems with US Brokers. So what they gonna do? make them all move offshore, fxcm-uk for instance. where does all that money go? offshore.

what does that do? gives the US Govt more snooping rights to see if they can force that bank to handle over clients details like they did when clinton was in power.

roll 10 years forward, what happens? 911, inside job? I reckons so. but why? Was it Oil? Well, kinda related. Their main goal, since Bush's father was in power: "One World Government, One World Currency"...

But how do they even get to that point of making it happen? By scaring the living daylights out of the worlds economy. That's only way they can enforce laws of such magnitude.

Once they have snooping rights, give it another 10 years and watch a ton more banks go down hill and be nationalized.

Before long, US will own majority of the banks, or have a say so in them, then force the one world currency / government plans.

prolly wont happen in my life time, or my kids...

oh hum... s**t happens i guess

Originally Posted by DRC77

On top of that, having your money with a US broker doesn't make sense at all, as you will be really limited as per federal law they don't allow hedging any more, among others.

[DRC77]

Originally Posted by makingmoneyagain

Remember that the problem with most forex bots are that they are first back tested. Back testing looks good but it is never the same as a real live account.

Greg

I agree with you Greg, that why I recommend that site forex-robots.com , they do not do backtests nor demo, they just test the robots on real money accounts.

[askloz]

I'm looking for some beta testers for my fx price action bot, if anyone is interested, let me know, i got about 65 spots left.